Ainsworth Game Technology Limited

For the 6 months ended 30 June 2026, revenue was $116.5 million, down $35.6 million or 23% from the prior corresponding period. Reported EBITDA was $10.2 million versus $14.6 million in the PCP, underlying EBITDA was $17.1 million versus $26.9 million, and underlying EBITDA margin was 14.7% versus 17.7%. Gross profit was $72.7 million and gross profit margin expanded to 62% from 56%; diluted EPS was $0.003 versus $0.014. Reported loss before tax was $2.2 million, income tax benefit was $3.3 million, and reported profit after tax was $1.1 million. For the balance sheet, net debt fell to $8.5 million from $11.8 million at 31 December 2025, total debt was $20.8 million, and closing cash was $12.3 million. Management did not give formal next-half or full-year financial guidance; instead, it said the second half focus is on North America recovery, continued Asia Pacific momentum, subdued Latin America conditions, continued R&D, and debt reduction rather than distributions.

Ryan Comstock framed the half as a transitional period marked by weak consumer sentiment and a product roadmap that had “gone too long without a compelling new release” in North America. He emphasized that the decline was concentrated and explainable, and pointed to early evidence that the product reset is working, including Dragon Legacy’s third-party performance data and strong cabinet performance in Australia and Latin America. His tone was candid and corrective rather than promotional, with repeated emphasis on consistency, cadence, and rebuilding operator trust.

Lynn Mah focused on the financial mechanics: revenue of $116.5 million, underlying EBITDA of $17.1 million, gross margin of 62%, and underlying EBITDA margin of 14.7%. She said total operating costs fell $2.7 million, net debt improved to $8.5 million, operating cash flow was positive $8.9 million versus an outflow in the prior period, and closing cash was $12.3 million. She also noted R&D rose to 22% of revenue, dividends remain suspended to preserve liquidity and fund development, and all financial covenants were met.

There was no analyst Q&A, so no live follow-up concerns were raised. The closest thing to Q&A was management’s own discussion of key issues: North America’s weak unit sales were tied to an inconsistent single-screen roadmap, Latin America was pressured by Mexico’s gaming tax increase from 30% to 50%, and Interactive still has not yet delivered. Management’s answer across these issues was that new content, the A865 and A832 rollouts, test-bank launches, and faster development via governed AI adoption are the planned fixes.