Aristocrat settlement wipes out Light & Wonder profits for fourth quarter

The payment accounted for 72 per cent of the company’s restructuring expenses of US$177m in Q4 2025.

Australia.- The ASX-listed gambling supplier Light & Wonder has reported a US$15m net loss in the fourth quarter of 2025, down from a US$107m gain in Q4 2024. The group attributed the sharp decline primarily to a US$128m legal settlement paid to Aristocrat to resolve claims that its Dragon Train game incorporated intellectual property and mathematical data without consent.

The payment accounted for 72 per cent of the company’s restructuring expenses of US$177m in Q4 2025, which also included US$18m linked to its Nasdaq delisting and transition to a sole Australian Securities Exchange (ASX) listing.

While the settlement weighed on profit, the group recorded record quarterly growth in gaming operations revenue and machine sales, which rose 35 per cent to US$237m and 20 per cent to US$243m, respectively.

Total revenue for Light & Wonder’s gaming division climbed 17 per cent to US$602m, driving AEBITDA growth of 26 per cent year on year to US$323m. During the quarter ending December 31, the group sold 7,000 gaming machines in North America, contributing to a 20 per cent year-on-year revenue increase of US$39m. Of these, 604 units were sold to new and expanding casinos, while 6,393 were replacement units.

Installed units in the US and Canada rose to 38,326, up from 34,004 in Q4 2024. Installed units in the International segment declined to 18,898, compared with 20,165 in Q4 2024. However, new unit sales increased to 5,361 from 3,609 a year earlier.

SciPlay, the group’s social gaming division, saw quarterly revenue decline 4 per cent year on year to US$195m, largely due to a decline in average monthly payers for Jackpot Party Casino. AEBITDA increased 8 per cent year on year to US$80m, driven mainly by growth in its direct-to-consumer platform, which generated US$48m, or 25 per cent, of segment revenue.

The group’s igaming segment also delivered record quarterly results, with revenue rising 21 per cent to US$94m and AEBITDA increasing 44 per cent to US$36m.

Commenting on the performance, Light & Wonder CEO Matt Wilson said the results reflected strong operational momentum. He highlighted the integration of Grover and expansion in the charitable gaming market.

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The payment accounted for 72 per cent of the company’s restructuring expenses of US$177m in Q4 2025. Australia.- The ASX-listed gambling supplier Light & Wonder has reported a US$15m net loss in the fourth quarter of 2025, down from a US$107m gain in Q4 2024. The group attributed the sharp decline primarily to a US$128m…