INSEMEDIUM SIGNALOPERATIONAL10-K

INSE demonstrated strong operational improvement with substantially higher operating cash flow and revenue growth of 30%, while significantly reducing its workforce from approximately 1,600 to 1,020 employees.

The combination of meaningful revenue growth, improved cash generation, and substantial workforce reduction suggests successful operational efficiency initiatives or business restructuring. The company appears to be generating more output with fewer resources, which could indicate either strategic optimization or response to market pressures requiring cost management.

Comparing 2026-03-10 vs 2025-03-26View on EDGAR →
FINANCIAL ANALYSIS

INSE showed strong financial performance with revenue growing 30% to $199.8M and operating cash flow substantially higher at $52.0M versus $31.7M previously. The balance sheet strengthened considerably with cash increasing 62% to $47.1M while working capital components like inventory and receivables declined meaningfully, suggesting improved operational efficiency. Total debt increased modestly by 16% to $363.2M, but the improved cash position and working capital management indicate enhanced liquidity management.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-75%
$1.6M→$400K

Buyback activity reduced 75% — capital being redeployed elsewhere or cash conservation underway.

Operating Cash Flow
Cash Flow
+64%
$31.7M→$52.0M

Operating cash flow surged 64% — exceptional cash generation, highest quality earnings signal.

Cash & Equivalents
Balance Sheet
+61.9%
$29.1M→$47.1M

Cash position surged 61.9% — strong cash generation or capital raise providing significant financial cushion.

Inventory
Balance Sheet
-33.9%
$28.0M→$18.5M

Inventory drawn down 33.9% — strong sell-through or deliberate destocking; watch for supply constraints.

Accounts Receivable
Balance Sheet
-32.9%
$65.4M→$43.9M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Current Liabilities
Balance Sheet
-31.9%
$104.0M→$70.8M

Current liabilities reduced — improved short-term financial position and working capital health.

Revenue
P&L
+30.2%
$153.4M→$199.8M

Strong top-line growth of 30.2% — accelerating demand or successful expansion into new markets.

Total Debt
Balance Sheet
+16%
$313.2M→$363.2M

Debt rose 16% — additional borrowing for investment or operations; monitor coverage ratios.

R&D Expense
P&L
-14.5%
$22.7M→$19.4M

R&D spending cut 14.5% — could signal cost discipline or concerning reduction in innovation investment.

LANGUAGE CHANGES
NEW — 2026-03-10
PRIOR — 2025-03-26
ADDED
As of March 5, 2026, there were 27,059,573 shares of the registrant s common stock, par value $ 0.0001 per share, outstanding.
Our content and other products can be found through the consumer-facing portals of our customers operating digital channels, on aggregator platforms, and in licensed betting offices, adult gaming centers, pubs, bingo halls and motorway service areas for our customers operating land-based venues.
Our customer base includes licensed lotteries, sports bookmakers, operators of gaming and bingo halls, casinos, online operators, adult gaming centers, pubs and motorway service areas.
(OPAP.), Entain, DraftKings, FanDuel, the Pennsylvania Lottery, the Alberta Gaming, Liquor and Cannabis ( AGLC ), the Western Canada Lottery Corporation ( WCLC ), Moto, Welcome Break, Buzz Bingo, Mecca Bingo, JD Wetherspoon, Merkur Slots and Luxury Leisure.
We are licensed by regulators in other jurisdictions such as the Malta Gaming Authority (Malta), the Licensing Authority of Gibraltar (Gibraltar), the Alderney Gambling Control Commission (Channel Islands), the Belgian Kansspel Commissie (Belgium), Oficiul National pentru Jocuri de Noroc (Romania), Spelinspektionen, the Swedish Gaming Authority (Sweden), Ministerio de Comercio Exterior y Turismo (MINCETUR) in Peru, and we hold licenses with the U.S.
As of December 31, 2025, we had approximately 1,020 employees, approximately 920 of whom were full-time.
We generated total revenue of $304.1 million and adjusted earnings before interest, taxes, depreciation and amortization ( Adjusted EBITDA ) of $111.4 million for the year ended December 31, 2025.
The Company had an equity market capitalization of approximately $251.5 million as of December 31, 2025 (based upon a closing stock price of $9.36 on December 31, 2025).
1 Gaming Segment Our Gaming segment supplies gaming terminals, gaming software and/or games content for terminals located in Licensed Betting Offices ( LBOs ), casinos, gaming halls and adult gaming centers ( AGCs ).
We either supply products that utilize our Server Based Gaming ( SBG ) technology to supply gaming content to our customers global land-based gaming venues, available on approximately 38,000 terminals, or we may deploy our games or game assets on terminals which are purchased from us outright, or licensed for use on third-party platforms.
REMOVED
As of March 26, 2025, there were 26,904,832 shares of the registrant s common stock, par value $ 0.0001 per share, outstanding.
Our content and other products can be found through the consumer-facing portals of our customers operating digital channels, and, in licensed betting offices, adult gaming centers, pubs, bingo halls, airports, motorway service areas and leisure parks for our customers operating land-based venues.
Our customer base includes licensed operators of lotteries, licensed sports bookmakers, gaming and bingo halls, casinos, online operators, adult gaming centers, pubs, holiday parks, and motorway service areas.
(OPAP.), Entain, Draftkings, FanDuel, the Pennsylvania Lottery, Bourne Leisure, Greentube, Stonegate, Mitchells Butler, Butlins, Moto, Welcome Break, Buzz Bingo, Mecca, Marstons, Greene King, JD Wetherspoon, Parkdean Resort, Centre Parcs Resorts, and Novomatic.
We are licensed by regulators in other jurisdictions such as the Malta Gaming Authority (Malta), the Licensing Authority of Gibraltar (Gibraltar), the Alderney Gambling Control Commission (Channel Islands), the Belgian Kansspel Commissie (Belgium), Oficiul National pentru Jocuri de Noroc, Spelinspektionen (Romania), the Swedish Gaming Authority (Sweden) and we hold licenses with the U.S.
As of December 31, 2024, we had approximately 1,600 employees, approximately 1,420 of which were full-time.
We generated total revenue of $297.1 million and adjusted earnings before interest, taxes, depreciation and amortization ( Adjusted EBITDA ) of $100.1 million for the year ended December 31, 2024.
The Company had an equity market capitalization of approximately $240.6 million as of December 31, 2024 (based upon a closing stock price of $9.05 on December 31, 2024).
1 Gaming Segment Our Gaming segment supplies gaming terminals as well as gaming software and games for the terminals provided to Licensed Betting Offices ( LBOs ), casinos, gaming halls and adult gaming centers ( AGCs ).
It supplies products and utilizes our Server Based Gaming ( SBG ) technology to supply gaming content to our customers global land-based gaming venues.
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