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Ainsworth Game Technology
(Sydney:AGI)
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Rating:50Neutral
Price Target:
AU$1.00
▼(-9.09% Downside)
Action:Reiterated
Date:08/26/26
Overall score reflects a resilient balance sheet and constructive operational/cash-flow signals from the latest call, but it is held back most by weak recent cash-flow conversion in the financial statements and a clearly negative technical trend (price below major moving averages with negative MACD). Valuation is mixed: the headline yield is high, but losses (negative P/E) and the dividend suspension noted on the call temper the support.
Positive Factors
Conservative balance sheet
Low leverage and a substantial equity base provide financial flexibility to fund product development, manage market volatility and support customer deployments without balance-sheet stress.
Negative Factors
Weak recent cash conversion
Persistent negative operating and free cash flow indicates that reported earnings have not reliably converted into liquidity, potentially constraining investment capacity and increasing dependence on financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage and a substantial equity base provide financial flexibility to fund product development, manage market volatility and support customer deployments without balance-sheet stress.
Read all positive factors
Ainsworth Game Technology (AGI) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$355.32M
Dividend Yield18.1%
Average Volume (3M)317.26K
Price to Earnings (P/E)―
Beta (1Y)0.04
Revenue Growth-13.43%
EPS Growth-208.54%
CountryAU
Employees575
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)-0.06
Shares Outstanding336,793,900
10 Day Avg. Volume831,918
30 Day Avg. Volume317,262
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)1.03
Price to Sales (P/S)1.17
P/FCF Ratio-21.16
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.06
Revenue Forecast (FY)AU$284.30M
Ainsworth Game Technology Business Overview & Revenue Model
Company Description
Ainsworth Game Technology Limited designs, develops, manufactures, sells, and distributes gaming content and platforms, including electronic gaming machines, and other related equipment and services. The company also offers online real-money and s...
How the Company Makes Money
AGI primarily makes money by commercializing electronic gaming machines and the game content that runs on them. Key revenue streams typically include: (1) outright sale of gaming machines to casinos and other licensed gaming operators, where AGI e...
Ainsworth Game Technology Earnings Call Summary
Earnings Call Date:Aug 25, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 04, 2027
Earnings Call Sentiment Neutral
The call presented a balanced picture: material top-line and profit declines (notably a 23% revenue fall and lower underlying profit) concentrated in North America and Latin America, but offset by clear operational strengths — gross margin expansion to 62%, positive operating cash flow of $8.9m, reduced net debt to $8.5m, strong product evidence (Dragon Legacy and Raptor cabinet performance) and sustained R&D/AI investment. Management emphasized a credible recovery plan (consistent release cadence, A865/A832 rollouts, HHR scale) but execution and cadence in North America will determine whether the recovery converts into sustained revenue growth.Positive Updates
Gross Margin Expansion
Gross margin improved to 62% (up 6 percentage points from 56%) driven by a tariff refund and higher average selling prices despite lower volumes.
Negative Updates
Material Revenue Decline
Group revenue was $116.5 million, down $35.6 million or 23% on the prior corresponding period and down $22.2 million on the prior half, driven primarily by North America and Latin America.
Read all updates
Q2-2026 Updates
Positive
Negative
Gross Margin Expansion
Gross margin improved to 62% (up 6 percentage points from 56%) driven by a tariff refund and higher average selling prices despite lower volumes.
Read all positive updates
Company Guidance
Guidance: Management expects a product‑led recovery in H2 — Dragon Legacy reaches Class 2/HHR in September, the A865 will roll into North America and low‑denomination A832/A832L releases will broaden placement opportunity — with continued Asia Pacific momentum, subdued Latin America and a focus on Interactive development velocity; financially the company will maintain elevated R&D (22% of revenue), expand AI‑enabled development capacity, prioritise debt reduction and liquidity over dividends (dividends suspended), and convert product performance into revenue growth: key metrics heading into H2 are underlying PBT $4.7m, underlying EBITDA $17.1m (margin 14.7%), gross margin 62% (up 6 pts), positive operating cash flow $8.9m, net debt $8.5m (from $11.8m), closing cash $12.3m, recurring revenue 37% (HHR >10,000 units) and H1 revenue of $116.5m, supported by a $27m Western Alliance Bank facility.Ainsworth Game Technology Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
74
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2025 | Dec 2024 | Dec 2023 | Jun 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 290.78M | 290.78M | 201.48M | 284.86M | 248.29M | 220.16M |
| Gross Profit | 166.62M | 166.62M | 97.67M | 175.25M | 167.27M | 138.02M |
| EBITDA | 47.32M | 47.50M | -42.13M | 58.66M | 41.04M | 26.67M |
| Net Income | -19.25M | -19.25M | 30.32M | -9.04M | 11.85M | 11.75M |
Balance Sheet | ||||||
| Total Assets | 436.16M | 436.16M | 438.12M | 418.45M | 425.67M | 406.54M |
| Cash, Cash Equivalents and Short-Term Investments | 11.68M | 11.68M | 19.77M | 23.65M | 37.09M | 50.32M |
| Total Debt | 38.89M | 32.46M | 19.49M | 10.10M | 14.20M | 13.99M |
| Total Liabilities | 107.49M | 107.49M | 77.56M | 105.30M | 105.43M | 95.21M |
| Stockholders Equity | 328.67M | 328.67M | 360.56M | 313.15M | 320.24M | 311.33M |
Cash Flow | ||||||
| Free Cash Flow | -16.08M | -16.08M | -8.17M | 10.36M | -9.85M | 49.63M |
| Operating Cash Flow | -12.77M | -12.77M | -2.95M | 26.47M | -5.91M | 51.34M |
| Investing Cash Flow | -5.71M | -5.71M | -1.55M | -29.74M | -3.84M | -5.45M |
| Financing Cash Flow | 11.27M | 11.27M | 5.99M | -1.34M | -427.00K | -41.51M |
Ainsworth Game Technology Technical Analysis
Negative
1.10
Price Trends
1.28
Negative
1.28
Negative
1.16
Negative
Market Momentum
-0.06
Negative
37.69
Neutral
60.65
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:AGI, the sentiment is Negative. The current price of 1.1 is below the 20-day moving average (MA) of 1.13, below the 50-day MA of 1.28, and below the 200-day MA of 1.16, indicating a bearish trend. The MACD of -0.06 indicates Negative momentum. The RSI at 37.69 is Neutral, neither overbought nor oversold. The STOCH value of 60.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:AGI.
Ainsworth Game Technology Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | AU$36.43B | 25.38 | 23.15% | 1.63% | -1.22% | 10.79% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | AU$11.42B | 39.44 | 94.29% | 2.99% | -4.64% | -22.15% | |
57 Neutral | AU$2.09B | 48.61 | 2.62% | 2.82% | 0.13% | 26.25% | |
50 Neutral | AU$355.32M | -18.36 | -5.86% | 13.67% | -13.43% | -208.54% | |
46 Neutral | AU$235.26M | -16.80 | -13.44% | ― | 5.38% | 71.46% | |
45 Neutral | AU$862.58M | -1.41 | -57.00% | ― | -26.19% | 89.24% |
* Consumer Cyclical Sector Average
AU:AGI
Ainsworth Game Technology
1.05
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Ainsworth Game Technology Corporate Events
Ainsworth Game Technology Releases Half-Year 2026 Investor Presentation
Aug 26, 2026
Ainsworth Game Technology has lodged an investor presentation detailing its financial results for the six months ended 30 June 2026. The document, authorised by the Board and released via the ASX Market Announcements platform, provides stakeholder...
Ainsworth Profit Slips as Tough Markets Hit Revenue but New Games Show Promise
Aug 26, 2026
Ainsworth Game Technology reported a 23% fall in first-half 2026 revenue to $116.5 million, with statutory profit after tax sliding to $1.1 million amid weaker consumer sentiment and adverse macroeconomic conditions. Performance was further pressu...
Ainsworth Secures Aristocrat Patent Licence to Support Australian Growth
Aug 13, 2026
Ainsworth Game Technology has signed a patent licence and settlement agreement with Aristocrat Technologies, securing rights to use key Aristocrat game feature patents, including the Hold Spin family, for Ainsworth-branded machines and online and...
Ainsworth Game Technology lifts H1 outlook after U.S. tariff refund
Jul 2, 2026
Ainsworth Game Technology Limited, an ASX-listed developer and supplier of slot machines and gaming technology, operates globally with a significant U.S. footprint through its Ainsworth Game Technology Inc. subsidiary. Its revenue is driven by sal...
Ainsworth Confirms Departure of Director Daniel Gladstone With No Equity Interests
Jun 10, 2026
Ainsworth Game Technology Limited announced that director Daniel Eric Gladstone has ceased to be a director of the company as of 5 June 2026. The final director’s interest notice confirms that Gladstone held no relevant interests in Ainswort...
Ainsworth Game Technology Overhauls Board as U.S. Licence Review Clears Subsidiary
Jun 4, 2026
Ainsworth Game Technology has overhauled its board and company secretariat after independent chair Danny Gladstone and company secretary Mark Ludski resigned, following media reports about personal payments made to them more than eight years ago. ...
Ainsworth Hit With First Strike on Pay at 2026 AGM
May 27, 2026
Ainsworth Game Technology has released the voting results of its 2026 annual general meeting, detailing outcomes for all resolutions put to shareholders. Most resolutions, including several director elections, were carried with solid majorities, i...
Ainsworth Resets Strategy After Corporate Turmoil as Asia-Pacific Growth Lifts Revenue
May 26, 2026
Ainsworth Game Technology used its 2026 AGM to brief shareholders on a year marked by intense corporate activity, including a terminated scheme of arrangement, a takeover bid from majority shareholder Novomatic, and competing proportional offers f...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.