Ainsworth Game Technology has issued a trading update for the six months ending 30 June 2026, signalling a significant earnings contraction driven primarily by weaker performance in North America.
The company expects to report profit before tax, excluding currency impacts and one-off items, of approximately AU$1m for H1 2026, compared with AU$13.9m in the previous corresponding period. Total revenue is forecast at around AU$116m, representing a 24% decrease from AU$152.1m a year earlier and below the AU$138.7m recorded in the second half of 2025.
Management indicated that lower revenue in North America was the principal factor behind the decline, reflecting reduced outright sales and fewer units under gaming operations. Competitive pressures and challenging economic conditions in the region contributed to the shortfall, as the company continues to refine product offerings to regain momentum.
Ainsworth revenue comparison (AU$M)
Regional performance divergence
While North America remains under pressure, the Asia-Pacific region is expected to deliver modest growth. Revenue in APAC is forecast to increase by approximately 4% compared with the prior corresponding period, supported by continued installations of the Raptor™ cabinet in Australia and the release of cabinet variations in early 2026. APAC is anticipated to contribute around 31% of total revenue, up from 23% previously, with segment margins improving to 25% from 23%.
In Latin America and Europe, segment results are expected to remain broadly consistent with the prior period. Revenue is forecast to decline by approximately 13%, although improved segment margins are expected to offset part of the revenue reduction.
Overall segment margins are projected to remain broadly stable, aided by improved operating leverage in Australia. However, underlying EBITDA, excluding currency impacts, is expected to decline to approximately AU$13m, compared with AU$26.9m in the prior corresponding period.
Investment and balance sheet position
Investment in research and development remains a strategic priority, increasing 7% year-on-year and expected to represent approximately 22% of total revenue, compared with 18.5% in the second half of 2025. Management reiterated its commitment to product innovation despite near-term earnings pressure.
The company expects to generate positive operating cash flow of around AU$2m during the period. Nevertheless, higher investing and financing outflows are anticipated to lift net debt to approximately AU$14m, compared with AU$11.8m at 31 December 2025. Ainsworth confirmed it retains undrawn debt facilities to support ongoing operations and strategic initiatives.
AGI Chief Executive Officer, Ryan Comstock, commented: “The expected results outlined above were impacted by organisational changes which occurred during the latter period of FY25. Following these changes new sales and product strategy leadership have now been appointed within North America to ensure a more targeted approach is established to improve these financial outcomes. Our strategy reflects initiatives implemented, resulting in the improvements in Australian revenues , which is helping to offset ongoing challenging market conditions and competitive pressures across our international markets, while maintaining investment in product development.”
Mr Comstock added: “In response to the expected results, we continue to review all areas of the business aimed at reducing the cost base, improving product performance, and achieving market share gains across all geographical regions to positively improve financial performance for the remainder of FY26.”
Leadership confirmation and shareholding update
Ryan Comstock was formally appointed Chief Executive Officer on 11 May 2026, having served as Acting CEO since October 2025. Previously Chief Operating Officer, Mr Comstock’s leadership was confirmed following a board review of his performance and strategic initiatives. His remuneration includes a base salary of US$625,000 per annum and participation in incentive plans subject to performance targets.
The leadership confirmation followed the close of Kjerulf David Hastings Ainsworth’s proportional off-market takeover offer, which concluded with an 8.24% voting power. Novomatic AG continues to hold 67.39% of issued capital, maintaining its position as controlling shareholder.
Management stated it is reviewing all areas of the business to reduce costs, strengthen product competitiveness and improve financial performance for the remainder of FY26.
APAC is projected to account for 31% of total revenue in H12026, up from 23% in the prior corresponding period
