INSEInspired Entertainment, Inc.

Services-Prepackaged Software

Revenue: $304M; 2.4% YoY
Operating margin: 10.0%; 2.9% YoY
EBITDA: $83M; 12% YoY
Market cap: $94M
Employees: 1,020; $298K revenue each
Net debt / EBITDA: 3.0×; $251M net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
1% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
16% of assets
Over 40% of assets
Shareholder dissentNo
87% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$298K · 23rd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 49th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$94M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$206M	$285M	$323M	$297M	$304M	2.4%
Operating income	−$5M	$47M	$39M	$31M	$31M	0.7%
Net income	−$41M	$21M	$7M	$65M	−$17M	126%
Operating cash flow	$2M	$30M	$55M	$32M	$52M	64%
Capex	$11M	$21M	$32M	$17M	$36M	110%
Stock-based comp	$13M	$11M	$11M	$8M	$7M	12%
Buybacks	—	$10M	$2M	—	$400K

Deal filings

Filed	Form	Acquirer	Price	Premium
Nov 23, 2016	DEFM14A	—	$10.00	100%
Aug 8, 2016	PREM14A	DMWSL 633 Limited	$10.00	100%

13D filers

Filed	Filer	Form	Stake	Intent
Mar 31, 2026	WEIL A LORNE	SCHEDULE 13D/A	10.9%	Passive
Jul 2, 2024	WEIL A LORNE	SC 13D/A	15.8%	Passive
May 23, 2024	Weil Carly M.	SC 13D/A	10.2%	Passive
Nov 29, 2021	WEIL A LORNE	SC 13D/A	3.6%	Passive
Jun 2, 2021	Landgame S.A.R.L.	SC 13D/A	0.0%	Passive
Apr 21, 2021	Landgame S.A.R.L.	SC 13D/A	26.8%	Passive
Mar 29, 2021	Landgame S.A.R.L.	SC 13D/A	28.0%	Passive
Dec 23, 2020	Landgame S.A.R.L.	SC 13D/A	29.3%	Passive
Dec 16, 2020	Alvarez Luke Lyon	SC 13D/A	4.0%	Passive
Mar 27, 2019	Landgame S.A.R.L.	SC 13D/A	29.7%	Passive

Insider trading

Open-market buys, 12 mo: $1M · 11
Open-market sells, 12 mo: $0 · 0
Net: $1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$4M	$3M	78	—
FY2024	$3M	$2M	71	—
FY2023	$5M	$3M	74	—