Everi Holdings Inc. (EVRI): Business Model Canvas [Dec-2025 Updated]

You're looking at Everi Holdings Inc. right after a massive shift-the July 2025 integration into the new Apollo/IGT gaming tech group. Honestly, understanding their business model now means looking past the old structure to see how they blend high-volume FinTech processing, like their CashClub Wallet, with proprietary gaming content, which generated preliminary Q1 2025 revenue between $176-$186 million. This new setup fundamentally changes how they manage risk and capture value from casino floors, so let's break down the nine essential blocks of this newly configured powerhouse to see exactly where the money flows and what the key dependencies are now.

Everi Holdings Inc. (EVRI) - Canvas Business Model: Key Partnerships

You're looking at the critical alliances that underpin Everi Holdings Inc.'s (EVRI) operations, especially now that it's integrated under the new structure. These partnerships are where the rubber meets the road for their FinTech and gaming solutions.

Apollo Global Management and IGT Gaming & Digital (new parent company structure)

The biggest structural partnership is the one that created the new entity. Apollo Global Management completed its $6.3 billion all-cash acquisition of International Game Technology PLC's (IGT) Gaming & Digital Business and Everi Holdings Inc. on July 1, 2025. As part of this transaction, Everi common stock was delisted from the New York Stock Exchange, with former stockholders receiving $14.25 per share in cash. The resulting privately held global gaming enterprise operates under the IGT name. This combined company is organized into three distinct business units:

• Gaming
• Digital
• FinTech

This integration aims to create a platform with the scale and technology to lead the future of gaming, supported by Apollo's capital.

Churchill Downs Incorporated (seven-year FinTech services agreement)

Everi, now operating as an IGT brand, secured a significant, long-term deal with Churchill Downs Incorporated (CDI). This is a seven-year strategic relationship announced on October 8, 2025. CDI is rolling out a wide range of Everi FinTech products across its live and historical racing entertainment venues and regional gaming properties. This partnership builds on existing work, as Everi's BeOn™ Venue Platform already powers the Churchill Downs Racetrack mobile app.

The services deployed under this agreement include:

• CashClub® services
• ATM, debit, credit and check services
• Everi Compliance anti-money laundering ("AML") technology to enhance Title 31 compliance

Major casino operators like PENN Entertainment for digital wallet deployment

PENN Entertainment, Inc. is a key partner for Everi's digital wallet expansion. PENN currently uses the CashClub Wallet technology across 22 properties situated in 11 jurisdictions. A notable milestone was the deployment of the "PENN Wallet" at M Resort Spa Casino in Henderson, NV, announced on May 5, 2025, which represented Everi's first mobile wallet installation in Nevada. The CashClub Wallet is described as the most widely adopted land-based digital gaming wallet in the U.S..

This solution incorporates several funding sources to offer frictionless, omni-channel payments:

• PayPal integration
• Apple Pay integration
• Funding via debit card, credit card, or directly from a bank account

Financial institutions and payment processors for cash access services

While the specific names of all financial institutions are not detailed in the latest announcements, the core partnership involves the infrastructure supporting the services deployed to operators like CDI. The services themselves define the nature of these necessary financial relationships:

Bitline for crypto liquidity solutions in casino environments

Everi partnered with Bitline to pioneer direct casino chip access from cryptocurrency holdings. This collaboration launched with Choctaw Casinos & Resorts. The formal rollout of this industry-first functionality began on March 7, 2025, at the Choctaw Casino & Resort-Durant in Oklahoma. The solution leverages Everi's CashClub infrastructure for verification and custody of digital assets.

The cryptocurrencies accepted for this liquidity solution include:

• Bitcoin (BTC)
• Ethereum (ETH)
• Tether (USDT)
• Circle (USDC)

If you're mapping out the FinTech segment, focus on how the $6.3 billion acquisition sets the stage for scaling these specialized partnerships, like the seven-year CDI deal, across the newly combined IGT platform.

Everi Holdings Inc. (EVRI) - Canvas Business Model: Key Activities

You're looking at the core engine room of Everi Holdings Inc., the things they absolutely must do well to keep the lights on and the revenue flowing. Honestly, it boils down to creating the games, building the hardware, and running the money movement behind the scenes.

Developing and licensing proprietary land-based and iGaming content

This activity centers on the Games segment, which is about getting new, engaging content onto casino floors and into the digital space. For the first quarter of 2025, preliminary Games revenue was in the range of $\$83-\$88$ Million. That's down from the $\$97.1$ Million seen in the first quarter of 2024. You see the pressure here; the daily win per unit (DWPU) in the third quarter of 2024 was reported at $\$33.63$, which represented a $7\%$ drop year-over-year. Still, the company is focused on transitioning to its newest cabinet families, like the Dynasty Sol, to drive future performance.

The licensing and recurring nature of the Games Operations revenue, often under participation agreements, is key to stability. For context, recurring revenue across the business in the Last Twelve Months ending Q3 2023 was $\$598$ million, showing a $12\%$ Compound Annual Growth Rate (CAGR) since Fiscal Year 2018.

Manufacturing and distributing specialized gaming cabinets and systems

This is the hardware side of the Games segment. Manufacturing and distributing these specialized cabinets and systems is capital-intensive and subject to sales cycles. For the full fiscal year 2024, revenues from Gaming Equipment and Systems saw a significant drop, declining by $19\%$. This decline was mainly because fewer units were sold, even though the average selling price saw some upward movement.

The activity involves managing inventory and placement agreements. The company has an estimated installed base of approximately 60,000 gaming units across the U.S. and Canada, which represents an estimated $+/- 6\%$ of the total installed units in those markets, based on prior data.

Processing high-volume financial access and compliance transactions

This is the backbone of the FinTech segment, where Everi Holdings Inc. processes the money movement for patrons. Preliminary FinTech revenue for the first quarter of 2025 was strong, landing between $\$93-\$98$ Million, which was an increase versus the $\$92$ Million reported in the first quarter of 2024. This resilience shows the stickiness of these services.

Within FinTech, the Financial Access Services revenue stream, which is based on the total value and number of transactions processed, increased by $2\%$ in fiscal year 2024. To give you a sense of scale, in a prior period presentation, Everi noted providing $\$35$ billion of funding to casino floors on a same-store basis year-to-date. The relationships here are long-lasting; the average length of Everi Holdings Inc.'s Top 30 customer relationships is in excess of 12 years.

Integrating CashClub Wallet and mobile loyalty platforms (BeOn™)

This activity focuses on the software and recurring services that enhance the patron experience and operational efficiency. Software and Other revenues, which include support for kiosks, loyalty, and compliance solutions, grew by $5\%$ in fiscal year 2024. This is where platforms like CashClub Wallet and BeOn™ fit in, enabling cashless funding and loyalty tracking.

Recent wins highlight this focus, such as launching the Gulfstream Racing mobile app with integrated CashClub Wallet funding in January 2025, and enabling crypto liquidity at Choctaw Casinos via Bitline integration in March 2025. However, the hardware component of FinTech, primarily kiosk and loyalty unit sales, declined by $15\%$ in fiscal year 2024, which partially offset the software growth.

Research and development (R&D) for new FinTech and Games products

Continuous investment here fuels future value propositions. For the year ended December 31, 2024, the Research and development expense increased by approximately $\$9.7$ million, or $14\%$, reaching approximately $\$77.3$ million compared to the prior year. Management cited this as continued investment to generate future growth across both segments.

Here's a quick look at how the segments performed based on the latest full-year and preliminary data you have:

The FinTech segment showed resilience, with its preliminary Q1 2025 revenue range growing versus Q1 2024, while the Games segment revenue saw a year-over-year decline in that same preliminary quarter.

• Financial Access Services revenue growth (FY 2024): $2\%$ increase.
• Software and Other revenue growth (FY 2024): $5\%$ increase.
• Gaming Equipment and Systems revenue decline (FY 2024): $19\%$ decrease.
• FinTech Hardware revenue decline (FY 2024): $15\%$ decrease.

The company's liquidity position supports these ongoing activities; cash and cash equivalents stood between $\$677-\$749$ Million as of March 31, 2025, up from $\$401$ Million at the end of 2024.

Everi Holdings Inc. (EVRI) - Canvas Business Model: Key Resources

You're looking at the core assets that make Everi Holdings Inc. tick, the stuff they own or control that lets them deliver their value proposition. It's a mix of tech, IP, and physical footprint, which is pretty standard for this sector.

Proprietary FinTech platforms (CashClub Wallet, Everi Compliance)

The technology stack is a major resource here. You've got the CashClub Wallet, which is described as the most widely adopted land-based digital gaming wallet in the US. For instance, Penn Entertainment uses this technology to power its Penn Wallet across 22 venues in 11 jurisdictions. Then there's Everi Compliance, which includes the fourth-generation AML (Anti-Money Laundering) Platform called Entegrity, plus new modules like Form Manager and Analytics Manager. These compliance tools are deployed in hundreds of gaming establishments worldwide.

Extensive portfolio of licensed gaming content and patents

The content library is what keeps players coming back. At the Indian Gaming Tradeshow & Convention in early 2025, Everi showcased over 40 diverse games across seven of its latest hardware platforms. Post-acquisition integration, the combined entity planned to show off a portfolio of more than 240 games at G2E 2025. Separately, Everi Digital offers over 100 engaging titles running on its Spark Remote Game Server.

Here's a quick look at the content breadth:

Installed base of gaming machines and financial kiosks on casino floors

The physical presence on the casino floor is critical for both Games and FinTech services. While the most recent specific installed base unit count isn't immediately available for 2025, the prior period showed significant scale. The company's focus remains on driving growth in the gaming operations installed base. Financial kiosks are integrated into the FinTech suite, powering cash access and other services across the floor.

Regulatory licenses across numerous US and international jurisdictions

Operating legally requires a deep bench of licenses. Everi Payments Inc. (NMLS ID# 938881) holds licenses and is regulated in multiple US states. You should know they are licensed in jurisdictions including:

• Arizona Department of Insurance and Financial Institutions
• California Department of Financial Protection and Innovation
• Connecticut Department of Banking
• Florida Office of Financial Regulation
• Illinois Department of Financial and Professional Regulation
• Kansas Office of the State Bank Commissioner
• Maine Department of Professional and Financial Regulation
• Maryland Commissioner of Financial Regulation
• Nevada Financial Institutions Division

Cash and cash equivalents of $677-$749 million as of March 31, 2025

Financially, the balance sheet provided significant flexibility heading into mid-2025. As of March 31, 2025, Everi Holdings Inc. reported cash and cash equivalents in the range of $677 million to $749 million. That was a jump from $401 million at the end of 2024, giving them more financial headroom during the ongoing acquisition process. Honestly, that liquidity position is a key resource for any M&A activity.

Finance: draft 13-week cash view by Friday.

Everi Holdings Inc. (EVRI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why casino operators chose Everi Holdings Inc. before the July 1, 2025, acquisition by Apollo Funds closed. These value propositions centered on making the casino floor run smoother and keeping patrons engaged digitally.

Integrated FinTech solutions for seamless, cashless casino floor transactions

This is where the money was. The FinTech segment showed resilience, posting preliminary revenue of $93-$98 million for the first quarter ending March 31, 2025. That was a year-over-year increase from Q1 2024's $92 million. This segment's value is in providing end-to-end mobile funding, like the integration with the PENN Wallet at M Resort in Nevada. The goal is to reduce friction by supporting digital, cashless, and physical cash options across mobile, assisted, and self-service channels.

High-performing, differentiated gaming content and hardware (e.g., Dynasty Sol™ cabinet)

For the Games segment, the value proposition was fresh entertainment. Everi Holdings showcased over 40 diverse games across seven of its latest hardware platforms at the Indian Gaming Tradeshow & Convention in April 2025. Specifically, they highlighted new themes available on the Dynasty Sol™ video portrait cabinet. While Q1 2025 Games revenue was softer at $83-$88 million compared to $97 million the prior year, the pipeline of new, differentiated content was the ongoing promise.

Enhanced operational efficiency via compliance and jackpot management software (JackpotXpress)

Efficiency comes from automation, and JackpotXpress was a key part of that story. While I don't have the exact late-2025 location count, historical data from 2023 showed over 90 JackpotXpress Locations and over 110 QuikTicket Locations. This software helps operators manage jackpot processes and compliance, which translates directly into less manual work for staff, so they can focus elsewhere.

Player loyalty and mobile engagement through the BeOn™ venue platform

The BeOn™ platform extends the casino experience beyond the physical floor. A concrete example of its late-2025 relevance is the launch of the Breeders' Cup Mobile App, powered by BeOn™ Venue technology, announced on September 23, 2025. This app offered live streaming, results, and ticket management, showing how the platform delivers a unified experience for both app and web users. It bundles gamification, loyalty, and payments to turbocharge the guest experience.

Reduced regulatory risk for operators via anti-money laundering (AML) tools (Entegrity)

Compliance is non-negotiable, and Entegrity is Everi Holdings' fourth-generation AML Compliance Platform. Its value is in providing the most advanced toolkit for AML professionals, helping operators maintain the highest level of compliance while improving staff productivity. Key modules that deliver this value include:

• Subject Manager for patron risk quantification.
• Transaction Manager for anomaly identification.
• SAR Manager for suspicious activity workflow management.
• CTR Manager for Currency Transaction Report lifecycle handling.

Here's a quick look at some of the quantitative elements supporting these value propositions, using the latest available figures:

The entire FinTech portfolio, which includes these compliance and payment tools, was critical, as its preliminary Q1 2025 revenue grew slightly year-over-year, showing stable transaction volumes even as the Games segment faced headwinds. The strategic value was in offering integrated solutions that spanned the entire patron journey, from funding to loyalty tracking.

Finance: draft 13-week cash view by Friday.

Everi Holdings Inc. (EVRI) - Canvas Business Model: Customer Relationships

You're looking at how Everi Holdings Inc. locks in its casino and gaming operator clients; it's all about deep integration and long-term commitments, which is key for that FinTech recurring revenue stream.

Dedicated account management for long-term casino operator contracts is the backbone here. These aren't month-to-month deals; they are structured to keep the relationship stable for years. A prime example is the seven-year strategic relationship announced in October 2025 with Churchill Downs Incorporated (CDI) to deploy a wide range of Everi FinTech products across their properties. This mirrors the existing structure where gaming equipment is often placed under multi-year placement contracts; as of the end of 2023, more than 25% of the total installed base of gaming machines were under such multi-year agreements.

The relationships are definitely sticky, especially on the FinTech side. Revenue earned on transactional activity under these multi-year service contracts-typically 3-5 years-helps build that durable revenue base. To give you a sense of the depth, the average length of Everi Holdings Inc.'s Top 30 customer relationships was reported to be in excess of 12 years, based on LTM 3Q-2023 data. This stickiness is what supports the high recurring revenue component, which historically represented approximately 73% of LTM 3Q-2023 revenues. For Q1 2025, FinTech total revenues hit $95,570 thousand.

Here's a quick look at the duration and scale of some key customer commitments:

For the gaming equipment and content licensing, the sales and support model is high-touch, defintely necessary for complex hardware and revenue-sharing arrangements. This contrasts with the self-service options that are increasingly important for patron convenience. You see this in the deployment of integrated financial kiosks and mobile apps, which allow patrons to manage their own transactions. The Software & Other revenue stream, which includes support services for kiosks, loyalty, and compliance solutions, grew by 5% in fiscal year 2024.

The move toward integrated digital experiences also relies on strategic, co-development partnerships. For instance, the BeOn™ Venue Platform from Everi (now part of IGT) powers the Churchill Downs Racetrack mobile app, showing how they embed their technology directly into the operator's digital front door. This integration helps Everi Holdings Inc. expand its footprint; as of December 31, 2024, approximately 59.9% (or about 9,554 units) of the total installed base was outside of the historical Oklahoma tribal market, showing successful expansion into new client environments.

• Critical software and services, like player loyalty and regulatory compliance software, are generally provided under annual or multi-year agreements.
• The FinTech segment offers solutions across mobile, assisted, and self-service channels.
• Hardware revenues, which include kiosk sales, declined by 15% in fiscal year 2024, suggesting a shift toward service/subscription revenue from existing installed hardware.

Finance: draft 13-week cash view by Friday.

Everi Holdings Inc. (EVRI) - Canvas Business Model: Channels

Direct sales force to casino operators for gaming and FinTech solutions.

The direct sales channel supports the entire portfolio, including the Games segment and the FinTech segment which encompasses financial access services, loyalty tools, and compliance software. Everi Compliance, the Anti-Money Laundering (AML) compliance software, is deployed in over 500 locations. The sales force also pushes the Trilogy™ loyalty platform and CashClub Wallet® technology directly to venues.

Integrated FinTech kiosks and ATMs on casino floors.

This channel is vital for the FinTech segment's financial access services. While hardware revenues declined by 15% in fiscal year 2024, the underlying financial access services revenue grew by 2% in that same year, showing resilience in transaction volume. The FinTech segment revenue for Q1 2025 was US$95.6 million, a 3.6% year-on-year rise. The company's ATM and kiosk network processes a significant volume, with historical data showing over 103 million transactions annually.

Digital distribution via iGaming platforms and mobile app stores.

The digital distribution channel is a key growth area, as the company's digital segment revenue grew by 21% in fiscal year 2024. Everi Digital offers a server-based gaming solution, the Spark™ Remote Game Server, to deliver content quickly to online operators. The BeOn™ mobile platform is system agnostic and facilitates seamless integration across the venue footprint.

Strategic partner integrations (e.g., PENN Wallet, Gulfstream Racing app).

This channel leverages the BeOn platform to extend engagement beyond the floor. Everi announced the rollout of the PENN Wallet at M Resort Spa Casino in May 2025, powered by Everi's CashClub Wallet® technology. Furthermore, the company launched the Vegas Golden Knights fan mobile wallet, VGKPay, on November 3, 2025. The BeOn platform itself features integrations with over 75 partners to reach patrons across all touchpoints.

Industry trade shows and conventions (e.g., IGA 2025) for product showcase.

Industry events serve as a primary channel for showcasing new hardware platforms and FinTech advancements. Everi highlighted over 40 diverse games across seven of its latest hardware platforms at the Indian Gaming Tradeshow and Convention (IGA) 2025 in April.

Here's a quick look at some channel-relevant metrics from recent reporting periods:

The distribution of Everi Holdings Inc.'s offerings relies on a mix of direct sales, installed base management, and digital expansion. You can see the segment revenue breakdown that these channels feed into:

• Gaming Operations (Leased Machines): Accounted for 37% of a prior period's revenue breakdown.
• Financial Access Services (Kiosks/ATMs): Accounted for 27% of a prior period's revenue breakdown.
• Software & Other (Recurring FinTech): Accounted for 9% of a prior period's revenue breakdown.

The company is definitely focused on expanding its digital and FinTech rails to maintain stability against hardware cycles.

Everi Holdings Inc. (EVRI) - Canvas Business Model: Customer Segments

You're looking at the customer base for Everi Holdings Inc. as it integrates following the late 2025 acquisition by Apollo, forming a new entity operating under the IGT brand in many cases. This combination significantly reshapes the target market, creating a platform aiming for one-stop shopping across land-based, digital, and fintech solutions.

The customer base is segmented across the core offerings, which, based on Fitch Ratings' analysis of the combined Everi/IGT Gaming entity, showed a diversified revenue stream split:

This structure reflects the breadth of the customer base, which spans traditional gaming floors to modern digital platforms. Honestly, the stickiness of the existing relationships is a major asset here.

Land-based casino operators (Class II and Class III, Tribal and Commercial)

This group forms the historical core. Everi Games provides gaming technology, including Class II and Class III slot machines, to Native American and commercial casinos. The combined entity is expected to command a significant North American installed base.

• Expected combined installed base of slot units in North America: approximately 70,000 units.
• Everi Games provides comprehensive content and electronic gaming units for Native American and commercial casinos.
• The company places leased gaming machines generally on a shared-revenue basis.

Digital iGaming and online sports betting operators

This segment, represented by the 10 percent Digital revenue share in the combined entity, targets online platforms. Everi develops and supplies content for iGaming operators.

Hospitality and entertainment venues (e.g., T-Mobile Arena)

The FinTech and loyalty solutions extend beyond the main casino floor to broader venue operations. Everi supplies player loyalty tools and mobile-first applications for the casino, sports, entertainment, and hospitality industries.

• FinTech accounted for 15 percent of the combined entity's revenue streams.
• The company's mobile services, like BeOn, integrate technology across the operator footprint, featuring integrations with over 75 partners.

International gaming markets (Canada, Australia, UK/EU expansion)

Everi develops and supplies gaming systems and services for operators in the United States, Canada, and internationally. Strategic growth plans have included internationalization of content and obtaining European licenses to enter new markets.

Gaming patrons using financial access and loyalty services

These are the end-users of the FinTech segment, which provides services like financial access and compliance tools to the operators serving them. The relationships with the operators serving these patrons are notably long-lasting.

The FinTech segment provides services like CashClub Wallet and loyalty platforms, which directly impact the patron experience. For context on the pre-acquisition structure, preliminary Q1 2025 FinTech revenue was estimated between $93 million and $98 million.

Finance: confirm the Q3 2025 segment revenue split for the newly combined entity by next Tuesday.

Everi Holdings Inc. (EVRI) - Canvas Business Model: Cost Structure

You're looking at the expense side of Everi Holdings Inc. (EVRI) as of late 2025, focusing on the hard numbers that drive their operations, especially in light of the pending acquisition by an Apollo-led newco.

Significant R&D investment in new game themes and FinTech software is a constant drain, necessary to keep the content fresh and the FinTech solutions competitive. While explicit Q1 2025 R&D spend isn't broken out separately from operating expenses in the preliminary data, the 2024 outlook suggested R&D expense would remain at 8% to 8.5% of consolidated revenues. Using the reported Q1 2025 total revenue of \$181.30 million, this implies an R&D spend in the range of approximately \$14.50 million to \$15.41 million for that quarter alone, before considering any potential acceleration or deceleration post-merger announcement.

Cost of goods sold (COGS) for manufacturing gaming cabinets and hardware is embedded within the Games segment's revenue structure. The gross margin for the three months ended March 31, 2024, expanded to 80.9%, driven by a revenue mix shift away from lower-margin gaming equipment and hardware sales. For Q1 2025, Hardware revenue in the FinTech division was \$12.83 million. The COGS for the Games segment, which generated \$85.73 million in revenue for Q1 2025, is not explicitly stated, but the margin expansion suggests COGS is relatively low for the higher-margin operations and financial access services.

Sales, general, and administrative (SG&A) expenses, including transaction costs, are substantial. The 2024 outlook suggested consolidated operating expenses, excluding non-cash compensation and non-recurring costs, would be between 28% - 29% of consolidated revenues. Based on Q1 2025 revenue of \$181.30 million, this translates to an underlying operating expense base of approximately \$50.76 million to \$52.58 million for the quarter. To give you a concrete example of transaction costs, the company incurred \$15.7 million in one-time professional fees and retention costs related to the planned merger in the first quarter of 2024.

Debt servicing costs are directly measurable through cash interest paid. For the three months ended March 31, 2025, cash paid for interest was \$24,156 thousand, or \$24.16 million. This cost is serviced against the backdrop of the specified debt load.

The required debt load figure is confirmed by the prompt and supported by recent filings. The debt load as of March 31, 2025, is approximately \$904-\$1,000 million. This figure is relevant as the transaction financing involved repaying Everi's approximately \$1 billion debt obligations.

Here is a breakdown of the key cost structure components based on the latest available figures:

You should note the structure of the liabilities as well. Total non-current liabilities stood at \$984,158 thousand as of March 31, 2025.

The primary drivers of variable cost are tied to transaction volumes within the FinTech segment, which processed a record \$12.4 billion of funding to customers in Q1 2024.

• FinTech segment preliminary revenue for Q1 2025 was \$93-\$98M.
• Games segment revenue for Q1 2025 was \$85.73 million.
• Net Income for Q1 2025 was \$3,923 thousand.
• Diluted Earnings Per Share for Q1 2025 was \$0.04.

Finance: draft 13-week cash view by Friday.

Everi Holdings Inc. (EVRI) - Canvas Business Model: Revenue Streams

You're looking at how Everi Holdings Inc. actually brings in the cash, which is a mix of steady, recurring service fees and less predictable equipment sales. As of late 2025, the business model leans heavily on its FinTech segment for stability, even as the Games segment faces headwinds.

The preliminary figures for the first quarter of 2025 show total revenue landing in the range of $176-$186 million. This represented a slight dip year-over-year from the $189 million reported in Q1 2024. The FinTech side proved resilient, while the Games segment saw continued softness.

Here's a look at the components making up that revenue picture based on preliminary Q1 2025 results:

The recurring nature of the FinTech business is key here. For the full fiscal year 2024, for example, recurring revenues hit $607.2 million, which was 75% of the total revenue for that year. That's the engine that keeps things running smoothly.

Let's break down those FinTech revenue streams further, using the Q1 2025 specific data points available:

• Recurring FinTech revenue from financial access services (transaction fees) is represented by the Financial access services component, which brought in $55.45 million in Q1 2025.
• Software and subscription fees for compliance and loyalty platforms are primarily captured in the Software and other category, generating $27.29 million in Q1 2025.
• Hardware sales within FinTech added $12.83 million in the quarter.

For the Games segment, the recurring revenue component is tied to the installed base performance. The daily win per unit (DWPU) metric is critical for this. We saw pressure on this in the prior period, with the Q3 2024 DWPU at $33.63, which was down 7% year-over-year. The Q1 2025 Games revenue, which includes both operations and equipment sales, totaled $85.73 million.

One-time sales of gaming equipment and systems are clearly delineated. In Q1 2025, this revenue stream amounted to $22.23 million. This contrasts with the full fiscal year 2024, where Gaming equipment and systems revenues declined by 19% due to fewer units sold.

To give you a sense of the scale of the underlying transaction business that drives the recurring FinTech fees, in fiscal year 2024, Everi Holdings processed 144.3 million Financial Access transactions, representing a total value processed of $47 billion. That's a massive flow of money that the transaction fees are based on. Finance: draft 13-week cash view by Friday.