Everi reports net income of $21m for Q1 2021

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Everi reports net income of $21m for Q1 2021

Supplier Everi Holdings has reported $76.2m in gaming revenue for the three months ended 31 March, against $57.3m the previous year.

Net income was $20.5m, compared to $13.5m net loss for the same period the previous year. Operating income for Q1 2021 was $40.2m.

Game revenues were $58.1m, while fintech revenue stood at $62.9m. Gaming equipment and systems brought $18m in revenue, still not reaching the $23.1m recorded for Q1 in 2019. Digital revenue nearly doubled to $2.4m in the first quarter of 2021 compared to $1.1m a year ago.

The company’s total revenues for Q1 were $139.1m, a record for the first quarter compared to $113.3m in 2020 and $123.8m in Q1 2019. Adjusted EBITDA was $75.4m, against $61.3m in the 2019 first quarter.

“We are off to a strong start in 2021 with first quarter record revenue; and all-time quarterly record net income,” said Michael Rumbolz, CEO. “The substantial improvement in our operating results demonstrates the significant ongoing demand for our products in both our games and fintech segments.”

“Our strong start to 2021, which has continued into the second quarter, is a great indication that we are already regaining our pre-pandemic momentum, including our expectation that 2021 full year results will exceed the levels achieved in 2019.”

According to the statement, despite the recovery in revenue figures, Covid-19 still negatively impacted the business; as the company had to comply with social distancing rules and deal with reduced demand for Everi services and products, which resulted in reduced salaries or furloughs.