$158.9m Revenue, $8.1m Net Income: Pollard Banknote Reports Q3 2026 Results Under John and Doug Pollard
Pollard Banknote Limited has released its financial results for the three and nine months ended 30 September 2026. Third quarter revenue reached $158.9 million, up 1.7% from $156.3 million in the same period last year.
Combined sales, which include Pollard’s 50% proportionate share of its NeoPollard Interactive joint venture, reached $193.7 million, up 3.4% from $187.3 million a year earlier.
In the results announced on 6 November 2026, the company paired its quarterly numbers with a run of digital and lottery contract wins that build out its forward pipeline. For a supplier that sits at the centre of the instant-ticket and iLottery markets, the quarter is as much about where the business is heading as where it landed.
Pollard Banknote Q3 2026 revenue of $158.9 million and adjusted EBITDA of $28.3 million
Revenue rose to $158.9 million for the quarter. Gross profit was $24.3 million, or 15.3% of sales, compared with $28.1 million, or 18.0%, a year earlier.
Adjusted EBITDA came in at $28.3 million against $32.3 million in the third quarter of 2025, and net income was $8.1 million versus $10.3 million. Earnings per share were $0.30 on both a basic and diluted basis, compared with $0.38 a year earlier.
Income from operations was $14.9 million, down 16.3% year on year, or down 5.1% once the contribution from the Michigan iLottery contract is excluded.
Pollard Banknote nine-month 2026 revenue reaches $455.4 million
Across the first nine months of 2026, Pollard reported revenue of $455.4 million, up from $445.3 million in the same period last year.
Gross profit for the nine months was $68.9 million, or 15.1% of sales, compared with $77.4 million, or 17.4%, a year earlier, and net income was $20.2 million against $30.0 million. Adjusted EBITDA for the period was $80.9 million, compared with $92.2 million in 2025, and nine-month earnings per share were $0.75 on a basic and diluted basis.
How the Michigan iLottery contract accounted for $2.1 million of the EBITDA change
Part of the year-on-year change traces to a scheduled contract conclusion. Pollard’s Michigan Lottery iLottery contract ended on 17 July 2026, and the company reported that its conclusion accounted for $2.1 million of the adjusted EBITDA change.
The company also pointed to a shift in instant-ticket customer mix and to production factors during the quarter. It said it has brought in new manufacturing management in its print operations, with initiatives focused on improving throughput and lowering costs going forward.
Pollard Banknote combined NPi joint venture contributes $15.3 million in Q3 2026
Pollard reported that its combined NPi joint venture iLottery operations contributed $15.3 million in income before profit share and income tax margin in the third quarter, down $2.1 million compared with $17.4 million a year earlier. The company said this reduction was primarily due to the expiry of the Michigan iLottery contract on 17 July 2026.
During the quarter, Pollard also purchased 64,200 of its common shares for cancellation under its previously approved Normal Course Issuer Bid.
Pollard Banknote named apparent successful bidder for Kansas iLottery contract on a 5-year term
The quarter was active on the contract board. On 22 October 2026, the Kansas Lottery notified Pollard that it had been selected as the apparent successful bidder for the Kansas iLottery contract, following a formal competitive bid process. The new contract is expected to start in late 2026 and extends for a five-year term with one two-year extension available.
The Colorado Lottery published a notice of intent to award Pollard its lottery digital solution contract, with go-live anticipated in the later part of 2027. Norway’s Norsk Tipping announced its intent to award Pollard a new instant ticket contract starting in December 2026 on a three-year term plus a one-year extension, extending a supply relationship running since 2004.
Pollard also launched its playON player engagement solution with the Oklahoma Lottery on 2 September 2026, and its NeoPollard Interactive joint venture secured a one-year extension with the North Carolina Education Lottery, taking that contract to June 2029.
What the Pollard Banknote CFO appointment effective 1 January 2027 signals for continuity
Alongside the results, Pollard confirmed a change in its finance leadership. Verica Simic will join the company on 16 November 2026 and will be appointed Chief Financial Officer effective 1 January 2027.
She succeeds Rob Rose, who will retire as CFO on 31 December 2026 after more than three decades with the business. The company said Simic brings over 30 years of senior financial leadership experience, most recently as Senior Vice President, Finance at Spin Master Corporation.
What do Pollard Banknote’s Q3 2026 results mean for the lottery industry?
The quarter leaves Pollard pairing current performance with a growing contract pipeline. Co-Chief Executive Officer John Pollard summed up the balance in the release:
“Although our third quarter operating results were disappointing, our contract wins and extensions over the past number of months validate our ongoing strategic investments in both the digital and retail parts of our business and provide the foundation for continued growth.”
His counterpart focused on the digital momentum. “A number of significant positive developments occurred during the third quarter helping to grow and position our digital business for greater future success,” said Doug Pollard, Co-Chief Executive Officer.
For the wider lottery and iGaming supply chain, the pipeline Pollard is assembling across Kansas, Colorado, Oklahoma, Norway and North Carolina is weighted toward 2027 and beyond. The company’s own outlook points to a more typical product and customer mix returning in the fourth quarter, with revenue from its growing portfolio of digital contracts expected to build from here. How that pipeline converts into results is the question the coming quarters will answer.
Source: Pollard Banknote Limited
