Company: ACEL
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001698991-25-000051
Chunk: 73

Company: Accel Entertainment, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 73
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N/AIncome before income tax expense17,797 8,464 9,333 110.3 %Income tax expense4,492 3,569 923 25.9 %Net income$13,305 $4,895 $8,410 171.8 %

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Net revenues

Total net revenues for the three months ended September 30, 2025 were $329.7 million, an increase of $27.5 million, or 9.1%, compared to the prior-year period. This increase was primarily driven by higher net gaming revenue of $18.6 million, which reflected an increase in gaming locations, terminals and revenue from our casino operations, as well as higher ATM fees and other revenue of $14.6 million, an increase of $9.1 million, or 164.9%, which included revenue from our racing operations. Net revenues by state are presented below:

(in thousands)Three Months EndedSeptember 30,Increase / (Decrease)20252024Change ($)Change (%)Net revenues by state:Illinois$239,041 $223,338 $15,703 7.0 %Montana40,471 39,648 823 2.1 %Nevada26,238 28,350 (2,112)(7.4)%Louisiana9,465 — 9,465 N/ANebraska8,501 6,538 1,963 30.0 %Georgia5,092 3,410 1,682 49.3 %Other885 943 (58)(6.2)%Total net revenues$329,693 $302,227 $27,466 9.1 %

Cost of revenue

Cost of revenue for the three months ended September 30, 2025 was $225.5 million, an increase of $14.7 million, or 7.0%, 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 September 30, 2025 was $0.9 million, which is essentially flat compared to the prior-year period.

General and administrative

General and administrative expenses for the three months ended September 30, 2025 were $55.6 million, an increase of $7.7 million, or 16