Inspired Entertainment, Inc.

Operating-profitable gaming-tech vendor dragged to a net loss with negative equity and slow growth.

Strengths

• Operating profitability — operating margin 10.0% (66th)
• Positive FCF, decent liquidity — FCF $16.3M, current ratio 2.23 (73rd)

Risks

• Net loss and negative equity — net margin -5.6%, net income -126.2% (11th), D/E -21.31
• Slow growth — +2.4% (34th)
• Thin FCF margin — 5.4%

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• Negative equityNegative book equity (debt/equity -21.31)
• Net lossNet loss (net margin -5.6%)
• Material weaknessThese risks are discussed more fully below and include, but are not limited to, risks related to the following: ● During the year ended December 31, 2025, except for the items mentioned in Item
• Customer concentration~73% of revenue from one customer/distributor — For the twelve-months ended December 31, 2024, we derived approximately 73% of our revenue from the UK (including customers headquartered in the UK but whose revenue is generated globally), 7% from Gr
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
• Insider buyingInsider buying — 8 open-market buy(s) by 3 insider(s) (cluster of 3 insiders, ~$545,789, last 6mo) Form 4 ↗
• Revenue declineRevenue -25.9% YoY
• Notable holderHeld by 4 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)