Pollard Banknote Posts $154.8M Revenue in Q2 2026 Under John Pollard and Doug Pollard 

Pollard Banknote reported second-quarter 2026 revenue of $154.8m, up 8.5% from $142.7m a year earlier, with adjusted EBITDA of $31.1m and gross margin climbing to 18.1%. The Colorado Lottery moved to award the supplier a digital solutions contract during the quarter – its third iLottery win since 2024. Shortly after the quarter closed in July, its long-running Michigan iLottery contract ended. New business in, old business out. That tension runs through the whole report.

Inside the Pollard Banknote Q2 2026 Results

Start with the numbers, because they were good. Revenue reached $154.8m, up 8.5%. Adjusted EBITDA came in at $31.1m, up 6.5% on the $29.2m earned a year earlier. Gross margin rose to 18.1% from 16.7%, and net income edged up to $8.7m, or $0.32 a share.

The sequential move was the sharper one. Adjusted EBITDA rose $9.6m, or over 44%, from a soft first quarter. “Our second quarter results have returned to expected levels,” said Co-CEO John Pollard, who pointed to strong earnings and revenue across a number of product lines. The read there is simple: Q1 was the anomaly, not Q2.

What Drove the Instant Ticket and Charitable Gaming Numbers

Two engines carried the quarter. Instant ticket volumes returned to historic levels, helped by a new California primary contract that Pollard says is running ahead of expected volumes. Average selling prices rose on a better customer mix.

The second engine was charitable gaming. The Minnesota eTab market – electronic pull-tab games – hit record revenue after 2025 regulatory changes had squeezed the entire market and cut revenue across all suppliers, Pollard included. That recovery matters. It shows how quickly a charitable-gaming market can rebound once the regulatory dust settles, and Pollard says other jurisdictions are now showing interest.

The iLottery Read for a B2B Gaming Supplier

Here’s the part that decides the year, not the quarter. On June 15, the Colorado Lottery published a notice of intent to award Pollard a digital solutions contract covering loyalty and iLottery – the company’s third iLottery win in two years. Doug Pollard, Co-CEO, said the company was “extremely excited and honoured to have the opportunity to provide our digital solutions to the Colorado Lottery.” The Belgium Lottery build is also moving from onboarding into development, which lifts revenue recognition over time.

But the iLottery base is under pressure at the same time. Pollard’s combined iLottery income before profit share and taxes – its Michigan contract plus its NPi joint venture with NeoGames – came to $17.3m, down $2.2m year on year, which the company attributes partly to the earlier loss of its New Hampshire contract and to foreign exchange. And while Michigan iLottery revenue actually rose by $0.6m during Q2, the contract – first won back in 2013 – ended in July and moved to another supplier. 

Pollard Banknote’s Six-Month Results Tell a Different Story

The quarter rebounded, but the half-year picture is softer. H1 revenue was $296.5m, only modestly ahead of last year, while H1 net income fell to $12.2m from $19.8m and H1 adjusted EBITDA slipped to $52.6m from $59.8m – dragged by a weak first quarter and lower instant-ticket margins earlier in the year. There’s also a live renewal to settle: the Kansas iLottery contract expires on October 31, 2026, and while Pollard has submitted what it calls a compelling RFP response, the outcome isn’t decided. New wins ramp slowly. Lost contracts leave immediately. That asymmetry is the thing to watch.

What Comes Next for the Regulated Gaming Market?

The forward story for Pollard, and for the wider lottery supply market, is whether the digital pipeline can outpace the run-off. Colorado and Belgium add future revenue; Michigan and New Hampshire have already removed some. Over the next six to twelve months, the Kansas renewal decision and the pace of the Belgium ramp will tell operators whether Pollard is growing its iLottery book or simply holding it. For a B2B gaming supplier, the lesson in this quarter is that winning contracts and keeping them are two different disciplines – and both decide the number at the bottom of the page.

Source: Pollard Banknote Limited