Executive Summary

Preliminary Q1 2025 revenue of $176–$186M and Pro Forma Adjusted EBITDA of $66–$72M reflected continued Games softness offset by steadier FinTech; net income was $3–$5M. Year-over-year, total revenue trended below Q1 2024 ($189M) and Pro Forma Adjusted EBITDA declined from $80M, while capex was reduced to $30–$32M from $43M .
No formal guidance was provided; results were furnished to support lender discussions as Everi and IGT Gaming pursue simultaneous acquisition by an Apollo-led newco, with EVRI shareholders to receive $14.25 per share in cash, subject to customary conditions .
FinTech product momentum continued: Everi launched the Gulfstream Racing mobile app with integrated CashClub Wallet funding (Jan) and announced first-of-its-kind crypto liquidity enablement at Choctaw Casinos via Bitline integration (Mar) .
Consensus comparison: S&P Global estimates were unavailable in our dataset; third-party reports indicated EPS of $0.04 vs $0.11 consensus (miss) and revenue ~$181.3M vs consensus essentially in-line/slight beat, implying the mix and margin profile, not the top line, drove the downside in per-share earnings (non-S&P source) .
Primary stock catalysts remain regulatory and closing milestones for the Apollo/IGT Gaming transaction and execution in FinTech’s cashless and mobile platforms .

What Went Well and What Went Wrong

What Went Well
- FinTech resilience: preliminary FinTech revenue of $93–$98M grew vs Q1 2024 ($92M), demonstrating stable transaction volumes and continued adoption of payments/loyalty software .
- Strategic FinTech wins: management highlighted expanding cashless/mobile capabilities—“integrated solutions… enabling convenient, end-to-end mobile funding”—in M Resort’s PENN Wallet rollout (NV) and new horse-racing venue apps (Gulfstream), underpinning wallet ubiquity across use-cases .
- Liquidity strengthened: cash and cash equivalents increased to $677–$749M as of March 31, 2025 (from $401M at Dec 31, 2024), adding financial flexibility during the transaction process .
What Went Wrong
- Games slowdown persisted: preliminary Games revenue of $83–$88M fell year-over-year vs $97M in Q1 2024, echoing prior quarters’ unit and daily win per unit pressure (Q3 2024 daily win per unit $33.63, down 7% YoY) .
- Profitability headwind: Pro Forma Adjusted EBITDA of $66–$72M declined vs $80M in Q1 2024 amid Games revenue pressure; net income was $3–$5M vs $5M a year ago .
- Prior-quarter operational costs elevated: Q3 2024 showed higher depreciation (shortened useful lives), inventory reserves, and purchase commitment charges in Games—indicative of portfolio realignment and cost absorption that likely carried into early 2025 (context) .

Financial Results

Headline metrics vs prior quarters (oldest → newest)

Metric	Q2 2024	Q3 2024	Q1 2025 (Prelim)
Total Revenues ($M)	191.190	187.851	176–186
Net Income ($M)	9.173	(2.574)	3–5
Diluted EPS ($)	0.11	(0.03)	n/a (not disclosed)
Operating Income ($M)	30.061	11.429	n/a (not disclosed)
Pro Forma Adjusted EBITDA ($M)	n/a	n/a	66–72
Capital Expenditures ($M)	n/a	n/a	30–32

Year-over-year — Q1 2025 vs Q1 2024

Metric	Q1 2024	Q1 2025 (Prelim)
Total Revenues ($M)	189	176–186
Games Revenues ($M)	97	83–88
FinTech Revenues ($M)	92	93–98
Net Income ($M)	5	3–5
Pro Forma Adjusted EBITDA ($M)	80	66–72
Capital Expenditures ($M)	43	30–32

Segment revenue breakdown (oldest → newest)

Segment Revenues ($M)	Q2 2024	Q3 2024	Q1 2025 (Prelim)
Games	97.671	91.546	83–88
FinTech	93.519	96.305	93–98

KPIs (context from last reported quarters; Q1 2025 not disclosed)

KPI	Q2 2024	Q3 2024	Q1 2025
Daily Win Per Unit ($)	34.28	33.63	n/a
Games Units Sold (units)	1,099	1,009	n/a
Average Sales Price ($)	20,554	20,619	n/a
Total FinTech Value Processed ($B)	12.522	12.540	n/a

Balance sheet snapshots

Balance Sheet ($M)	Dec 31, 2024	Mar 31, 2025 (Prelim)
Cash & Cash Equivalents	401	677–749
Settlement Receivables	110	89–99
Settlement Liabilities	461	693–766
Total Debt (before issuance costs)	961	904–1,000

Guidance Changes

No formal quantitative guidance updates were issued with the Q1 2025 preliminary results. Preliminary financials were disclosed in connection with anticipated lender discussions for the pending Apollo/IGT Gaming transaction .

Metric	Period	Previous Guidance	Current Guidance	Change
Company Guidance	FY/Q1 2025	None disclosed	None disclosed	Maintained (no guidance)

Earnings Call Themes & Trends

(Transcript for Q1 2025 was not available in our document set; themes below draw on the last two quarters’ filings and Q1 press releases.)

Topic	Previous Mentions (Q2 & Q3 2024)	Current Period (Q1 2025)	Trend
Cashless/mobile & wallet adoption	FinTech revenues supported by higher software/transaction volumes; wallet and loyalty software highlighted in MD&A .	Expanded deployments: Gulfstream Racing mobile app with CashClub Wallet; ongoing PENN Wallet rollout in Nevada .	Positive adoption; broadening use-cases.
Games performance	Units sold and DWP down YoY; Games revenue decline pressured operating income .	Preliminary Games revenue down YoY to $83–$88M (from $97M) .	Persistent headwind.
Regulatory/compliance (AML/RegTech)	Compliance software part of FinTech value proposition .	Entegrity (4th-gen AML platform) and new analytics modules emphasized; Form Manager workflows .	Product enhancements advancing.
Crypto & new funding rails	Not highlighted in Q2/Q3 filings.	First U.S. crypto liquidity enablement for VIPs at Choctaw via Bitline integration and Everi CashClub infrastructure .	Emerging opportunity; early phase.
M&A/transaction milestones	New all-cash acquisition agreement with Apollo/IGT Gaming; stockholder and regulatory approvals required .	Preliminary results furnished to support financing of the Proposed Transaction .	Regulatory/financing path ongoing.
Macro/interest & liquidity	Interest expense moderated due to higher interest income; liquidity supported by undrawn revolver .	Cash $677–$749M; debt $904–1,000M (pre-issuance costs) as of 3/31/25 .	Strong cash position, transaction-driven flows.

Management Commentary

“Self-service capabilities are increasingly favored by consumers… providing M Resort patrons with convenient, end-to-end mobile funding through our delivery of comprehensive, integrated solutions.” — Darren Simmons, EVP and FinTech Business Leader (PENN Wallet at M Resort announcement) .
“The collaboration between Everi and 1/ST is about delivering an intuitive, convenient and engaging experience for our fans… a simplified direct betting interface… ticketing, dining and key venue event highlights, putting everything you need… in one easy-to-use platform.” — 1/ST Technology President, on Gulfstream Racing app launch developed with Everi .
Bitline CEO: “We’re entering an era where digital assets can fundamentally enhance the gaming experience… [with] a transferable blueprint” (crypto liquidity via Everi integration at Choctaw Casinos) . Everi SVP Payments: integration enables “seamless, secure, and regulatory compliant financial transactions… significantly reduces risk for our casino customers” .

Q&A Highlights

The Q1 2025 earnings call transcript was not available in our document set and could not be located via our search. We therefore cannot provide Q&A themes or management clarifications for the quarter. (Search conducted across company documents and public transcript aggregators; none found as of this analysis.)

Estimates Context

S&P Global consensus data were unavailable in our dataset due to a missing mapping for EVRI; thus, S&P-based comparisons cannot be provided at this time.
Third-party coverage indicated: EPS of $0.04 vs consensus $0.11 (miss), and revenue ~$181.3M vs consensus essentially in-line/slight beat (non-S&P; for context only) .

Key Takeaways for Investors

Mix matters: FinTech continues to underpin stability while Games revenue remains the swing factor; preliminary Q1 results (Games down, FinTech up) reinforce focus on cashless/mobile monetization to offset unit and DWP headwinds .
Profitability watch: Pro Forma Adjusted EBITDA of $66–$72M vs $80M a year ago underscores sensitivity to Games volume and mix; capex restraint ($30–$32M vs $43M) supports FCF resiliency .
Strategic moat in payments: New wallet deployments, AML/RegTech expansion, and early crypto-liquidity enablement broaden Everi’s FinTech rails and venue reach—key pillars during industry hardware cycles .
Liquidity/transaction path: Elevated cash ($677–$749M) and ongoing lender-marketing disclosures point to continued execution toward the Apollo/IGT Gaming transaction; deal milestones remain the primary stock driver near term .
Risk skew: Games recovery timing, regulatory/closing timeline for the transaction, and interest-rate impacts on vault-cash usage/term loan costs remain core variables for scenario analysis .
Trading setup: In the absence of guidance and with transcript unavailability, near-term price action will likely track transaction headlines and evidence of FinTech deal flow (wallet, AML modules) offsetting Games softness .

Notes:

All Q1 2025 figures are preliminary ranges disclosed in Everi’s 8-K/Exhibit 99.1 and may change upon completion of financial close and review .
Prior-quarter and operational context sourced from Q2 and Q3 2024 10-Q filings .
Where S&P Global consensus data were unavailable, we explicitly state that fact; any consensus/beat-miss commentary from third parties is cited via public sources as context (non-S&P).

Everi Holdings Inc. (EVRI)·Q1 2025 Earnings Summary