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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Rivalry
Rivalry (RVLY) investor relations material
Rivalry Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary1 Dec, 2025
Executive summary
Achieved third consecutive quarter of sequential net revenue growth, with a 19% increase to $1.93 million in Q3 2025, up 47% since the start of the year.
Operating expenses declined 58% year-over-year to $3.52 million, reflecting a streamlined cost base.
Net loss improved 67% year-over-year to $1.96 million, compared to $5.89 million in Q3 2024.
Ontario market delivered its best quarter ever, now nearing 40% of net revenue.
Financial highlights
Adjusted G&A expense was $1.6 million, compared to reported $2.5 million; adjusted technology & content expense was $0.6 million versus $0.7 million reported.
Net revenue per player reached a new all-time high, 36% above the previous quarter and 210% above pre-transformation levels.
Wagers per player rose 7% quarter-over-quarter, nearly 300% above pre-rebuild average.
Average monthly deposits per player increased 24% quarter-over-quarter.
Outlook and guidance
Focus remains on disciplined marketing expansion, further product enhancements, and maintaining a normalized cost base.
Priorities include unlocking scale potential and executing with precision as the company enters 2026.
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Latest events from Rivalry
- Record player monetization and cost cuts drove a 59% YoY net loss reduction in Q2 2025.RVLY
Q2 2025 - Operating expenses fell 58% YoY and net loss narrowed 43%, with user metrics surging.RVLYQ1 2025
- Net loss narrowed and efficiency improved as restructuring drove better player metrics.RVLYQ4 2024
- Record user revenue, 50% lower OpEx, and $3M in token sales drive near-term profitability.RVLYQ3 2024
- Record margin, crypto revenue, and cost controls drive H2 profitability focus.RVLYQ2 2024
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Frequently asked questions
Rivalry Corp. is a sports betting and media company that focuses on esports, traditional sports, and online casino gaming. It offers regulated online wagering in various markets, including Ontario, Canada, and globally through its Isle of Man license. Rivalry's platform is designed primarily for the under-30 demographic, catering to gamers and digital enthusiasts. It features proprietary products such as Rushlane, an in-house casino game, and Casino.exe, a platform housing third-party games. Additionally, the company introduced Same Game Combos, allowing users to place parlay bets on esports events like League of Legends and Counter-Strike. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.