Company: ACEL
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001698991-25-000051
Chunk: 51

Company: Accel Entertainment, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 51
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,187 70,087 8,100 11.6 %Interest expense, net26,078 26,730 (652)(2.4)%Loss from unconsolidated affiliates55 1 54 5,400.0 %Loss on change in fair value of contingent earnout shares1,209 4,190 (2,981)(71.1)%Loss on debt extinguishment1,090 — 1,090 N/AIncome before income tax expense49,755 39,166 10,589 27.0 %Income tax expense14,575 12,269 2,306 18.8 %Net income$35,180 $26,897 $8,283 30.8 %

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Net revenues

Total net revenues for the nine months ended September 30, 2025 were $989.5 million, an increase of $76.1 million, or 8.3%, compared to the prior-year period. This increase was primarily driven by higher net gaming revenue of $53.1 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 $41.5 million, an increase of $25.2 million, or 154.9%, which included revenue from our racing operations. Net revenues by state are presented below:

(in thousands)Nine Months EndedSeptember 30,Increase / (Decrease)20252024Change ($)Change (%)Net revenues by state:Illinois$717,954 $675,294 $42,660 6.3 %Montana121,715 120,372 1,343 1.1 %Nevada80,933 86,881 (5,948)(6.8)%Louisiana28,119 — 28,119 N/ANebraska23,612 18,621 4,991 26.8 %Georgia14,231 9,171 5,060 55.2 %Other2,950 3,118 (168)(5.4)%Total net revenues$989,514 $913,457 $76,057 8.3 %

Cost of revenue

Cost of revenue for the nine months ended September 30, 2025 was $676.7 million, an increase of $43.4 million, or 6.