Inspired Entertainment requires additional time for Q3 financial statements

Inspired Entertainment requires additional time to complete its financial statements for Q3 2023 and to restate certain of its previously issued financial statements. The company identified certain accounting errors relating to the compliance with U.S. GAAP in connection with the company’s accounting policies for capitalizing software development costs. The company is currently undertaking a review of other financial statement line items and related accounting policies to ensure U.S. GAAP compliance. The company is currently unable to determine whether this review will result in further adjustments being required. The Audit Committee determined that the company’s consolidated financial statements for the Subject Periods should no longer be relied upon and should be restated. The company will implement changes to remediate the identified material weaknesses and intends to restate its consolidated financial statements and the notes thereto with respect to the Subject Periods. The company does not believe that the foregoing changes will have any impact on the company’s cash position or overall business plan. Although the company cannot at this time estimate when it will file the amended reports, it is pursuing completion of the restatement and intends to make such filings as soon as reasonably practicable.