Everi highlights Q3 recovery following H1 losses
Gaming technology and payment solutions provider Everi Holdings says its business is showing signs of recovery in the early weeks of the third quarter, after seeing revenue plummet and losses mount in the first half of the year.
Revenue for the six months to 30 June declined 40.0% to $152.0m (£115.9m/€128.3m), with the business posting a loss of $81.9m for the period, compared to an $11.3m profit in the prior year.
This followed a 70.2% year-on-year decline in revenue for the second quarter of 2020 to $38.7m, which Everi noted reflected the impact of casino closures across the US from mid-March. During this period, the business saw revenue decline to zero – which already impacted first quarter performance – before venues began to reopen in May, ramping up through June.
As a result of the industry shut-down, Everi began to implement cost-saving measures in March, to lower its cash burn rate, with these largely in effect by the beginning of Q2, from 1 April.
For the three months to 30 June, games revenue amounted to $20.8m, down 70.0%, with a further $17.9m coming from Everi’s financial technology arm, 70.3% less than the prior year.