Light & Wonder ended its final full quarter as a Nasdaq-listed company on a high note, reporting stronger-than-expected results and record performance in its iGaming business as it prepares to complete its transition to an exclusive listing on theAustralian Securities Exchange (ASX).
Strong finish before Nasdaq departure
For the three months ending September 30, 2025, Light & Wonder recorded $841 million in revenue, a 3% increase from the same period last year, while net income jumped 78% to $114 million. Consolidated AEBITDA rose 18% to $375 million, underscoring a quarter of continued momentum across its core business lines.
Chief Executive Matt Wilson called the results “another strong quarter” that reflects the company’s disciplined strategy, content-driven performance, and seamless execution. “I want to thank all stakeholders for their continued support, as we work toward completion of our transition to a sole primary listing on the Australian Securities Exchange (ASX),” Wilson said. “Our R&D engine continues to deliver world-class content, reflected in another strong quarter for Gaming operations and record iGaming performance.”
The company noted that it remains on schedule to finalize its Nasdaq delisting on November 13, marking the end of a dual-listing era that began in 2022. The move, Wilson added, will streamline operations and boost visibility in a market with a deep understanding of the gaming sector.
iGaming shines as digital business expands
The company’s iGaming segment delivered record results, with revenue surging 16% to $86 million and AEBITDA climbing 42% to $34 million. Executives credited the growth to rising player engagement, the popularity of proprietary content, and an expanding partner network. Bets placed through the platform reached a record $28 billion for the quarter.
“We delivered 18% growth, so clearly we’re ahead of expectations,” Wilson said, pointing to iGaming’s rapid expansion as a core driver of the company’s digital momentum.
SciPlay, Light & Wonder’s social gaming arm, generated $197 million in revenue, a slight 4% year-over-year decline, though its direct-to-consumer channel continued to grow, accounting for 20% of total revenue in that division.
Grover integration adds momentum to gaming operations
On the land-based front, Gaming revenue increased 4% to $558 million, fueled by a 38% rise in gaming operations and a steady climb in the North American installed base, now marking its 21st consecutive quarter of growth.
The integration of Grover Gaming, acquired earlier in 2025, added $40 million to quarterly revenue and boosted Light & Wonder’s charitable gaming footprint. Wilson said the merger is progressing smoothly, with Grover’s technology already enhancing the company’s omnichannel ecosystem.
CFO Oliver Chow highlighted the firm’s financial discipline and robust cash generation, noting $136 million in free cash flow and continued share buybacks totaling $111 million in Q3 alone.
As it completes its transition to the ASX, Light & Wonder leaves U.S. markets not with a retreat but with momentum — ending its Nasdaq chapter amid record performance, deepened digital engagement, and a confident outlook for 2026.
Source:
“Light & Wonder, Inc. Reports Third Quarter 2025 Results”, explore.investors.lnw.com. Nov 5, 2025
The post Light & Wonder Marks Record Quarter as It Prepares to Exit U.S. Market first appeared on RealMoneyAction.com.