Key Highlights

  • AGI (ASX:AGI): Half-year Revenue decreased 23% to A$116.5 million. On 29 October 2026, AGI shares were priced at A$1.125, and fell 7.79%.
  • Underlying EBITDA was A$17.1 million versus A$26.9 million a year earlier.
  • The group reported 5,644 gaming operation units and A$8.5 million of net debt.

Ainsworth Game Technology designs, manufactures and supplies gaming machines and related products for regulated gaming venues. Its operations span machine sales, gaming participation and product development across several regions. Revenue for the six months ended 30 June 2026 was A$116.5 million, a 23% decrease against the prior corresponding period, and Underlying Profit before tax excluding currency and one-off items was A$4.7 million, compared with A$13.9 million. On 29 October 2026, Ainsworth shares were A$1.125, down 7.79%. The Business has continued work on new cabinet platforms, game libraries and its historical horse-racing systems. AGI (ASX:AGI) traded at AUD 1.125 on 29 October 2026, with a daily decline of 7.79%. The following sections cover half-year revenue and EBITDA, gaming operations, geographic performance and debt.

Half-Year Financial Performance

Ainsworth Game Technology reported A$116.5 million in revenue for the six months ended 30 June 2026, compared with A$152.1 million in the prior corresponding half-year. Underlying EBITDA was A$17.1 million, down from A$26.9 million, with the underlying EBITDA Margin declining to 14.7% from 17.7%. Underlying profit before tax was A$4.7 million versus A$13.9 million a year earlier. Reported profit after tax was A$1.1 million, compared with A$4.9 million in the prior corresponding period. The presentation noted that gross margin improved with a Tariff refund and higher average selling prices across Asia Pacific and North America.

Gaming Operations and Products

Ainsworth reported 5,644 gaming operations units, down from 6,091 units at 31 December 2025. Recurring revenue, including historical horse racing connection fees, was A$43.3 million against A$50.7 million in the prior corresponding half-year. The company discussed its Raptor cabinet range, including the A849, A832 and A865 systems. The presentation described the A865 hybrid platform as allowing portrait and dual-screen content to run on the same cabinet. It also referred to more than 10,000 connected units in its historical horse racing systems.

Balance Sheet and Development Programs

The company reported net Debt of A$8.5 million at 30 June 2026, compared with A$11.8 million at 31 December 2025. It stated that dividends remained suspended while Liquidity was maintained for product development. Ainsworth also outlined its use of AI tools across engineering, art and animation, sound and administrative functions, under an internal AI steering committee. The presentation said all developers had access to agentic AI coding tools. Other reported measures included underlying profit after tax of A$6.2 million, compared with A$14.0 million in the prior corresponding period.

Gaming Unit Base and Recurring Revenue

For the six months to 30 June 2026, Ainsworth reported 5,644 gaming operations units compared with 6,091 at 31 December 2025. Recurring Revenue including historical horse racing connection fees was A$43.3 million, versus A$50.7 million in the prior corresponding half-year. The presentation also referred to a historical horse racing system with more than 10,000 connected units. Ainsworth presents machine sales, gaming operations and connected-system activity separately, so installed units and recurring revenue should not be read as the same measure. The revenue figure of A$116.5 million represented a 23% year-on-year decrease in the consolidated half-year results.

Cabinet Models and Content Libraries

The product section covers three cabinets in the Raptor lineup. The A849 portrait cabinet was introduced in 2024 and features a 49-inch curved portrait monitor with a separate topper. The A832, introduced in 2025, is described as a dual-screen model with three 32-inch displays and an 18.5-inch touchscreen button deck. The 2026 A865 was presented as a hybrid cabinet capable of carrying both portrait and dual-screen game content on the same platform. Ainsworth showed more than 100 global titles associated with the A849 and more than 70 with the A832. It discussed a planned second-half rollout of the A865 in Latin America and North America.

Development Practices and Funding

The company identified artificial-intelligence tools in engineering and development, art, animation, audio production and administrative work. According to the presentation, all software developers had been enabled with agentic AI coding tools, subject to governance processes established by an executive AI steering committee. The governance framework covered tool approval, data security, intellectual-property protection, regulatory alignment and training. The half-year financial section showed underlying profit before tax of A$4.7 million versus A$13.9 million and reported profit after tax of A$1.1 million versus A$4.9 million. Net debt was A$8.5 million at 30 June 2026, down from A$11.8 million at the previous year-end.

The Raptor hardware range incorporates the A849 portrait cabinet, A832 dual-screen cabinet and newer A865 portrait configuration. The A849 library contains more than 100 global titles, while the A832 supports more than 70. The group described plans to extend the A865 rollout in Latin America and North America during the second half of the calendar year. Its historical horse-racing system had more than 10,000 units connected. Ainsworth also stated that its development teams were using agentic AI coding tools under an internal steering committee overseeing technology approvals, security and regulatory considerations.

Key Insights

For AGI (ASX:AGI), Half-year revenue and underlying EBITDA declined against the comparison period. Gaming operation units, regional business activity and net debt provide additional context for the reported performance.