As it winds down its life as a publicly traded company in the U.S., Light & Wonder reported on Wednesday that its final full quarter as a Nasdaq-listed firm was better than it had hoped, and a record one for its iGaming arm.
The company’s iGaming revenue climbed 16% to an all-time high of $86 million and adjusted EBITDA for that segment soared 42% to $34 million, also a record. CEO Matt Wilson and other executives put that down to growing demand and “a genuine affinity” for the expanding online content portfolio it offers. The number of bets processed through Light & Wonder’s iGaming platform reached a quarterly record of $28 billion.
Overall, Light & Wonder’s total revenue rose 3% to $841 million for the three months ended Sept. 30. Total adjusted EBITDA rose 18% to $375 million and net income increased 78% to $114 million as the company performed above its own projections for Q3.
“We delivered 18% growth, so clearly we’re ahead of expectations,” said Wilson.
Grover Gaming onboarding provides boost
On the land-based gaming front, revenue rose 4% to $558 million, encompassing a 38% increase in gaming operations revenue and a 9% rise in gaming installations at brick-and-mortar North American venues.
The addition of charitable gaming specialist Grover Gaming, which Light & Wonder acquired early this year, contributed $40 million to the quarterly revenue, noted executives. Continuing to integrate and monetize Grover Gaming’s operations under the Light & Wonder umbrella will remain a focus for the rest of Q4 and into 2026, said Wilson and Co.
In less positive news, SciPlay revenue dipped 4% to $197 million year over year, although Wilson noted that the firm saw significant progress in its direct-to-consumer platform.
Overall, while the total revenue gains were slim, Q3 2025 was the company’s 21st consecutive quarter of growth. Wilson called it a “fantastic result,” noting that Light & Wonder has launched more games in 2025 than in any past year.
Living in a land down under
Light & Wonder expects to complete its delisting from Nasdaq on Nov. 13. Starting next week, it will be solely listed on the Australian Stock Exchange.
The company said it is making that move to align with its strategic focus on realizing its long-term growth plans and utilizing its capital markets presence, while consolidating its trading liquidity. The firm considers the ASX to be a deep, liquid market with a strong understanding of the gaming sector.
“We’re really excited about what’s to come,” concluded Wilson on Wednesday’s earnings call. “We wouldn’t be here without the collective efforts of all of you and the flawless execution and unwavering support from all of you to our U.S. shareholders. This is not the end. We would love to have you continue on this journey with us on the ASX moving forward.”
