Company: ACEL
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001698991-25-000023
Chunk: 42

Company: Accel Entertainment, Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 1
Chunk 42
---
,606 12,183 7,423 60.9 %Income tax expense4,993 4,767 226 4.7 %Net income$14,613 $7,416 $7,197 97.0 %

31

Net revenues

Total net revenues for the three months ended March 31, 2025 were $323.9 million, an increase of $22.1 million, or 7.3%, compared to the prior-year period. This increase was primarily driven by higher net gaming revenue of $13.8 million, which reflected an increase in gaming locations and terminals, and higher ATM fees and other revenue of $12.2 million, an increase of $6.9 million, or 128.3%, which included revenue from our racing operations. Net revenues by state are presented below:

(in thousands)Three Months EndedMarch 31,Increase / (Decrease)20252024Change ($)Change (%)Net revenues by state:Illinois$233,479 $224,863 $8,616 3.8 %Montana41,136 38,141 2,995 7.9 %Nevada27,617 29,209 (1,592)(5.5)%Louisiana9,025 — 9,025 N/ANebraska7,230 5,834 1,396 23.9 %Georgia4,325 2,624 1,701 64.8 %Other1,100 1,146 (46)(4.0)%Total net revenues$323,912 $301,817 $22,095 7.3 %

Cost of revenue

Cost of revenue for the three months ended March 31, 2025 was $221.5 million, an increase of $12.3 million, or 5.9%, compared to the prior-year period, driven by higher net gaming revenue and revenue from our racing operations, as described above.

Cost of manufacturing goods sold

Cost of manufacturing goods sold for the three months ended March 31, 2025 was $2.1 million, an increase of $0.9 million, or 79.1%, compared to the prior-year period .

General and administrative

General and administrative expenses for the three months ended March 31, 2025 were $53.0 million, an increase of $5.4 million, or