Everi (EVRI) Q1 2025 earnings summary

Executive summary

• Total revenues for Q1 2025 were $181.3M, down 4% year-over-year, driven by a 12% decline in Games segment revenues, partially offset by a 4% increase in FinTech revenues.

• Net income for Q1 2025 was $3.9M, compared to $4.6M in Q1 2024, reflecting lower operating income and higher depreciation and amortization.

• A proposed all-cash merger with IGT Gaming was announced, under which Everi shareholders will receive $14.25 per share and Everi will be taken private.

Financial highlights

• Games revenues fell to $85.7M (down 12%), mainly due to lower daily win per unit and a smaller installed base; FinTech revenues rose to $95.6M (up 4%) on higher hardware and software sales.

• Operating income decreased 19% to $20.0M; operating margin was 11% versus 13% a year ago.

• Net cash provided by operating activities surged to $342.3M, up $287.1M year-over-year, mainly due to settlement activity timing.

• Cash and cash equivalents at March 31, 2025 were $712.5M; total debt was $960.5M.

• EPS was $0.05 (basic and diluted) for Q1 2025, compared to $0.04–$0.05 in Q1 2024.

Outlook and guidance

• The proposed merger with IGT Gaming is expected to close as early as the end of Q2 or during Q3 2025, subject to regulatory approvals.

• Everi expects its cash, cash flows, and credit facility to be sufficient for operating and capital needs in the foreseeable future.