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NorthStar Gaming Holdings (BET) investor relations material
NorthStar Gaming Holdings Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 results showed double-digit year-over-year revenue growth and record gross margin, with revenue up 15% and gross margin up 25%.
Managed services revenue more than doubled year-over-year in Q2 2025, now contributing 10% of total revenue.
Customer retention reached record levels, supported by new promotions, upgraded casino UI/UX, and improved cost per acquisition by 10% from Q2 2024.
Focus remains on operational excellence, product innovation, strategic partnerships, and prudent cost management to drive growth.
Financial highlights
Q2 2025 revenue was $8.5M, up 15% year-over-year; H1 2025 revenue reached $16.4M, up 23% year-over-year.
Gross margin for Q2 was $3.5M, up 25% year-over-year, with margin percentage at a record 40.8%; H1 gross margin was $6.5M, up 39%.
Profit before marketing and other expenses hit $700K in Q2, up 87% year-over-year; H1 figure was $1.3M, compared to a loss of $0.1M in 2024.
Marketing expense in Q2 fell 16% to $3.1M, dropping from 48.8% to 35.8% of revenue.
General and administrative expense was $2.7M, up 14%, including $0.3M in one-time restatement costs.
Outlook and guidance
Expect continued gross margin expansion and narrowing net losses as breakeven approaches, driven by improved business fundamentals and KPIs.
Alberta is targeted as the next major market, with regulation expected by 2026.
Focus on cost discipline and leveraging operating scale to reach profitability.
Anticipates growth opportunities in other Canadian regions as regulatory frameworks evolve.
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