Total Revenue

+8.3% (from $651.2M to $706.0M)

Revenue grew by 8.3% YoY driven by strong performance across segments—with Third-party Platforms generating $526.8M (≈75% of revenue) and Direct-to-Consumer Platforms contributing $179.2M (≈25% of revenue)—indicating a robust increase over the previous period. " " " " "

Operating Cash Flow

Declined by 87.5% (from $150.5M to $18.8M)

The operating cash flow dropped dramatically primarily due to a sharp decline in net income—from $53.0M in Q1 2024 to $30.6M in Q1 2025—and adverse changes in working capital, including larger increases in accrued expenses, liabilities, and accounts receivable compared to the prior period. " "

Net Income / Net Margin

Approx. –42.3% net income drop (from $53.0M to $30.6M); net margin at 4.3%

Despite the revenue growth, net income fell by about 42%, resulting in a modest net margin of 4.3% in Q1 2025. This decline suggests that rising operating costs or other challenges impacted profitability relative to the higher revenue achieved. " " "

Cash and Cash Equivalents

Declined (from $567.7M to $434.8M)

Liquidity decreased significantly, with cash and cash equivalents dropping by roughly $132.9M, which can be linked to the severe decline in operating cash flow and potential strategic reallocations, reflecting a reduction in available funds compared to the previous period. " "

Revenue

FY 2025

Expected to be between $2.8B and $2.85B "

no guidance

no guidance available in Q1 2025

Adjusted EBITDA

FY 2025

Expected to be between $715M and $740M "

no guidance

no guidance available in Q1 2025

Capital Expenditures

FY 2025

Expected to be $95M "

no guidance

no guidance available in Q1 2025

Effective Tax Rate

FY 2025

Estimated to be 35% "

no guidance

no guidance available in Q1 2025

Disney Solitaire

Q4 2024 discussions focused on a globally scheduled launch in Q2 2025 with promising early metrics and high expectations. " "

Q1 2025 saw the actual global launch on April 17, 2025, with strong KPIs and accelerated revenue potential compared to earlier hits. " "

Transition from anticipation to proven strong performance.

Direct-to-Consumer (DTC) Strategy

In Q2-Q4 2024, DTC was consistently highlighted with revenues between $173–175 million; it was seen as a key growth engine with strong performance in titles like Bingo Blitz, June’s Journey, and Solitaire Grand Harvest. " " "

In Q1 2025, record DTC revenue of $179.2 million was reported with sequential and YoY gains, reinforcing its role in offsetting declines elsewhere. " "

Consistently positive outlook with incremental growth confirming strategic importance.

Slotomania Performance and Revitalization

Across Q2–Q4 2024, Slotomania was noted for declining revenues, game economy challenges, and efforts to revitalize it through new content and licensing (IGT deals). " " "

Q1 2025 continued to report revenue declines (down 5.5% sequentially and 17.4% YoY) with game economy issues resurfacing, even as plans for a new slot game were emphasized. " " "

Persistent challenges with ongoing revitalization efforts; sentiment remains cautious.

Marketing Effectiveness and Ad Spend

Q2–Q4 2024 highlighted increased performance marketing spend, shifts from offline to performance-driven approaches, and the impact of policy changes (e.g. Google Ads personalization). " " " "

Q1 2025 acknowledged high Q1 marketing spend affecting EBITDA with an expectation of sequential declines and continued focus on optimizing ROI. " " "

Ongoing focus on targeting and cost control amid high spending; cautious sentiment persists.

Profitability, Margin Pressure, and Cost Management

Q2–Q4 2024 discussions noted margin pressures from acquisitions and slot title declines, balanced by cost management measures (R&D, G&A reductions). " " "

In Q1 2025, despite record DTC revenue, overall profitability was under pressure—with lower net income and EBITDA margins due to marketing and slot challenges. " "

Continued margin pressures with active cost management; a cautious yet strategic outlook for long‑term benefits.

Acquisitions and M&A Strategy

Q2–Q4 2024 emphasized strategic acquisitions (e.g. SuperPlay) and positive performance from acquired studios like Governor of Poker III and Animals & Coins, framing M&A as a core growth lever. " " " "

Q1 2025 showcased positive early outputs from acquired studios (Disney Solitaire by SuperPlay) and continued investment in integrating new properties. " " "

Steady and positive strategy, with acquisitions proving their value as key growth drivers.

Social Casino Genre Challenges

Q2–Q4 2024 discussed market maturity, competition from free-to‑play alternatives, and challenges in revitalizing titles in the social casino space, notably with Slotomania and related offerings. " " " "

Q1 2025 reiterated these challenges by highlighting Slotomania’s persistent revenue declines and the need for new slot game launches to recapture market share. " " "

Ongoing challenges with a cautious outlook despite attempts to stabilize and capture market share.

Legacy Titles and Portfolio Optimization

In Q2–Q4 2024, legacy titles like Bingo Blitz were performing strongly while others (e.g. Slotomania) suffered; the strategic focus was on optimizing the portfolio via targeted investments and divesting from declining assets. " " " "

Q1 2025 continued to showcase strong legacy performance from titles like Bingo Blitz with efforts to balance the overall portfolio—emphasizing DTC growth and strategic capital allocation. " "

Shift toward reinforcing high-performing legacy titles and optimizing the overall portfolio amid mixed performance.

Strategic Partnerships and Licensing Agreements

Q2 and Q3 2024 highlighted licensing deals—such as with IGG for real-world slot content and with IGT (Cleopatra II) for Slotomania enhancements—to bolster game offerings. " " " "

Q1 2025 did not emphasize new partnerships beyond the implied collaboration with Disney for Disney Solitaire; explicit mention of new licensing was reduced. " "

Reduced explicit focus in the current period, though licensing remains an active background strategy.

New Game Investments and Revenue Impact

Q2–Q4 2024 conversations pointed to a robust new game pipeline (e.g. Claire Chronicles, upcoming slot game, planned Disney Solitaire) with modest short‑term revenue impact and long‑term growth expectations. " " " " "

Q1 2025 showcased immediate positive revenue impact with the strong launch of Disney Solitaire and anticipatory plans for a new slot game, alongside solid performance from other new titles like Dice Dreams and Domino Dreams. " " "

Evolving from cautious, forecasted impacts to tangible early revenue gains, indicating a healthy shift in sentiment.