Inspired Entertainment, Inc.INSE

Inspired Entertainment, Inc. (NASDAQ: INSE) turned in another quarter where revenue outpaced profit. For the three months ended 31 March 2026, the company booked $57.2 M of revenue but still managed to tip into the red with net income of -$0.5 M, according to its 10-Q filed on 7 May 2026. Operating income was a healthier $9.2 M, which at least kept the lights on, but the headline loss underlines how thin the operating margin still is after nearly two years of “leading B2B” roll-outs.

What Inspired actually does is turn out server-based gaming content and compliant cabinets for retail operators across the UK, Italy, Greece, Norway and Colombia. The product page promises “player-proven features, high-performing multi-games, visually stunning graphics, and G2S and server-based compliant games,” which sounds impressive until you notice that 60 % of revenue still lands in the UK alone. Three new games hit the market in the last fortnight-Happy Money Hens™, Bigger Piggy Bank Super Wheel™ and Cops ’n’ Robbers Smash ’N’ Grab™-but the filing does not say whether any of them moved the needle on margin or concentration risk.

The numbers themselves are pulled directly from the 10-Q: revenue $57.2 M, net loss -$0.5 M, operating income $9.2 M, assets $421.2 M, liabilities $433.6 M, stockholders’ equity -$12.4 M, operating cash flow +$26.7 M, capex $3.7 M, R&D expense $19.4 M for the year ended 31 December 2025, inventory $15.8 M and a sequential inventory drawdown of $2.4 M. Diluted EPS came in at -$0.02 on 29.3 M shares. Two customers contributed at least 10 % of revenue in the quarter; the UK represented 60 % of revenue versus 65 % in the same quarter last year. (source: INSE 10-Q, period ending 2026-03-31, https://www.sec.gov/Archives/edgar/data/1615063/000149315226021634/form10-q.htm)

If you want a chart, the company’s SEC EDGAR index and companyfacts JSON live at the regulator; the renderer will place the supplied product image alongside the filing data so you can see the game cabinet the numbers are supposed to justify. There is no invented chart level or technical analysis here-just the primary filings and the product rail that Inspired itself maintains.

One feature that jumps off the page is the $19.4 M of R&D expense booked for the year to 31 December 2025. For a company that describes itself as a content provider, that is a high multiple of revenue and raises the question of whether the group is building IP it can monetise outside a handful of concentrated customers. The 10-K/A also confirms that some customers “run the solution in their own environment without connection to Inspired’s platform,” which sounds like a polite way of saying the company’s software is being white-labelled elsewhere and may not carry margin in future quarters. (source: INSE 10-K/A, filed 22 May 2026, https://www.sec.gov/Archives/edgar/data/1615063/00014931526025028/form10-ka.htm)

The cash flow from operations of $26.7 M is the one genuinely cheering number, but it sits inside a structure that still carries $433.6 M of liabilities against $421.2 M of assets. Until the equity turns positive, the optics of buy-backs or dividend cover remain aspirational. The board’s latest 8-K shows no new share repurchases in the quarter; instead, the company quietly raised gross proceeds of $11 M in May 2026 via a private placement, diluting the share count without shrinking the liability stack. (source: INSE 8-K, filed 18 May 2026, https://www.sec.gov/Archives/edgar/data/1615063/000149315226024183/form8-k.htm)