High Roller Technologies (ROLR) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue rose 20% year-over-year to $6.9 million, driven by a strategic realignment, focus on profitable markets, and increased intra-group services revenue.

• Achieved positive adjusted EBITDA of $362,000 in Q2 2025, reversing prior losses and reflecting improved cost management.

• Net loss narrowed to $592,000 in Q2 2025 from $1.5 million in Q2 2024, with adjusted EPS improving to $0.04.

• Strategic focus on high-potential markets, notably Finland and Canada, with Ontario entry expected in H2 2025 and a third brand launch imminent.

• Strengthened executive team and insider stock purchases signal management's confidence in the business trajectory.

Financial highlights

• Q2 2025 revenue: $6.9 million, up 20% year-over-year and 2–3% sequentially; H1 2025 revenue: $13.7 million, up 11% year-over-year.

• Adjusted EBITDA: $362,000 in Q2 2025 versus a $2.5 million loss in Q1 2025 and $931,000 loss in Q2 2024.

• Net loss for Q2 2025: $592,000; adjusted EPS: $0.04; net cash at June 30, 2025: $3.6 million (including $934,000 restricted).

• Average revenue per user (ARPU) rose nearly 80% year-over-year to $340, with each customer wagering an average of $8,000 in Q2.

• Advertising and promotional costs reduced from 61% of revenue in Q1 to 26% in Q2.

Outlook and guidance

• Ontario launch on track for H2 2025, with expectations of strong performance due to robust partnerships and favorable market dynamics.

• Management plans to enter new regulated North American markets within 12 months, focusing on profitable customer acquisition and operational scale.

• No formal revenue guidance provided for new markets; management highlights ongoing need for additional capital to support growth.