Light & Wonder’s Momentum Continues with 16th Quarter of Revenue Growth

Leading gaming content supplier Light & Wonder has published its financial report for the first quarter of 2024, highlighting continued growth in revenue. This notably marked the 16^th consecutive quarter of year-on-year consolidated revenue growth.

The Sixteenth Consecutive Quarter of Growth

Light & Wonder’s financials for the here months ended March 31, 2025, show consolidated revenue of $774 million for the period, representing a 2% increase from the $756 million in Q1 2024.

The company’s Gaming division experienced a 4% increase in revenue to $495 million. The iGaming revenue, meanwhile, experienced a comparable increase, rising 4% year-on-year to $77 million. Conversely, the SciPlay division experienced a slight decline of 2% to $202 million, although it continued to outpace the market regardless.  

In the meantime, Light & Wonder reported a net income of $82 million, which was consistent with the prior-year period. Net income per share, however, increased by 7% to $0.94.

In Q1 2025, the gaming supplier also highlighted consolidated AEBITDA of $311 million, up from $281 million in Q1 2024. This figure is equivalent to an increase of 11% and was driven by the continued growth of the Gaming and iGaming divisions.

The company added that its net cash from operating activities increased to $185 million and that its free cash flow increased to $111 million. The latter figure reflected strong earnings and lower capital expenditures but was partially offset by unfavorable changes in working capital.

As of March 31, the principal value of Light & Wonder’s outstanding debt stood at $3.9 billion, translating to a net leverage ratio of 3x, in line with the company’s net leverage target.

Light & Wonder Highlighted Other Q1 Achievements

In addition to maintaining its growth momentum, Light & Wonder reported that it has added 2,900+ North American Operations Units year-on-year and approximately 500 units sequentially.

The company also returned a staggering $166 million of capital to shareholders via share buybacks. The company elaborated that it has repurchased some 1.9 million shares.

Additionally, Light & Wonder announced its strategic acquisition of Grover Gaming’s charitable gaming assets.

In the meantime, the provider provided an update on the Dragon Train litigation, saying that its experts have completed a review, finding no evidence that either Dragon Train or Jewel of the Dragon used Aristocrat’s math values.

CEO Wilson Applauded the Results

Matt Wilson, Light & Wonder’s president and chief executive officer, commented on the results, highlighting the company’s continued omni-channel growth.

We remain confident in the various avenues of growth that we see for 2025 with continued execution on our robust product roadmap driving performance across the business. We are committed to executing off the strong foundation of world class talent and game portfolio that we have built for long-term success.

Matt Wilson, president & CEO, Light & Wonder

Oliver Chow, the company’s chief financial officer, was likewise pleased with the sixteenth consecutive quarter of growth, calling it a “further testament to the company’s commitment to value creation.”