Pollard Banknote Ltd
TSX:PBL
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Pollard Banknote Ltd
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Pollard Banknote Ltd
Pollard Banknote Ltd. engages in the provision of lottery and charitable gaming products and services. The company is headquartered in Winnipeg, Manitoba and currently employs 2,064 full-time employees. The company went IPO on 2005-08-05. The firm operates through two segments: Lotteries and charitable gaming, and Diamond Game. The Lotteries and charitable gaming segment is engaged in the manufacture of instant tickets and related products. The Diamond Game segment is engaged in the development of game systems. Pollard produces and provides a range of instant tickets and lottery services, including licensed products, distribution, SureTrack lottery management system, iLottery, digital gaming, PlayOn loyalty programs, retail management services, ScanACTIV, lottery ticket dispensers and play stations and vending machines, including charitable game systems marketed under the Diamond Game and Compliant Gaming trade names. In addition, Pollard’s charitable gaming product line includes pull-tab tickets, bingo paper, pull-tab vending machines and ancillary products such as pull-tab counting machines.
Pollard Banknote Ltd. engages in the provision of lottery and charitable gaming products and services. The company is headquartered in Winnipeg, Manitoba and currently employs 2,064 full-time employees. The company went IPO on 2005-08-05. The firm operates through two segments: Lotteries and charitable gaming, and Diamond Game. The Lotteries and charitable gaming segment is engaged in the manufacture of instant tickets and related products. The Diamond Game segment is engaged in the development of game systems. Pollard produces and provides a range of instant tickets and lottery services, including licensed products, distribution, SureTrack lottery management system, iLottery, digital gaming, PlayOn loyalty programs, retail management services, ScanACTIV, lottery ticket dispensers and play stations and vending machines, including charitable game systems marketed under the Diamond Game and Compliant Gaming trade names. In addition, Pollard’s charitable gaming product line includes pull-tab tickets, bingo paper, pull-tab vending machines and ancillary products such as pull-tab counting machines.
Revenue: Q4 revenue was $150.8 million, up from $140.3 million a year earlier; consolidated sales including the NPi JV were $185 million (+10% YoY).
Margins: Gross margin pressured in Q4 (14.9%) by Kansas iLottery start-up losses, higher amortization for Catalyst, and Minnesota eTab regulatory headwinds; management expects steady margin improvement through 2026.
iLottery momentum: Catalyst platform went live in Kansas (Feb 2025) and is performing above expectations but incurred start-up losses; management expects Kansas to move toward profitability through 2026.
Big new contracts: Won Belgium National Lottery central system (~CAD 289 million incl. VAT) and primary instant-ticket supply role for California Lottery (12-year), plus a ~USD 10 million Oklahoma loyalty/website/CRM contract.
Profitability: Q4 net income was $4.6 million vs. a net loss of $1.8 million in Q4 2024; adjusted EBITDA for the quarter was $27.7 million (vs. $25.2 million).
CapEx & investment: Invested more than $58 million in 2025 (PP&E and intangibles, including Catalyst, ICON eTab machines, game content); expect lower total CapEx and intangible additions in 2026.
Charitable/eTab update: Minnesota regulatory changes reduced eTab revenue and margins in 2025 (Q4 eTab down ~10% vs prior year), but management reports steady improvement and expects 2026 to be positive vs 2024.
Risks & outlook: Management sees no immediate impact from recent geopolitical or macro events; timing of margin recovery depends on contract ramp-ups (Belgium, California) and jackpots/player retention in iLottery.
