High Roller Technologies (ROLR) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformative year with improved operational efficiency, a refined geographic footprint, and a strengthened business foundation, positioning for growth in prediction markets and iGaming expansion in Ontario and the U.S.

• Strategic focus shifted to high-quality, sustainable revenue streams, exiting certain B2C markets due to regulatory changes and preparing for new launches in 2026.

• Entered a binding letter of intent with Crypto.com | Derivatives North America for a U.S. event-based trading product, marking a major entry into prediction markets.

• Strengthened balance sheet with $26 million in new capital and expanded leadership team to support growth initiatives.

• Added seasoned executives and formed key partnerships to support expansion and operational execution.

Financial highlights

• Full year 2025 net revenues from continuing operations were $20.5 million, down from $23.2 million in 2024, reflecting market exits.

• Net income from continuing operations was $690,000 in 2025, compared to a net loss of $8.6 million in 2024, aided by a $4 million gain on intangible assets and a $3 million tax benefit.

• Q4 2025 net revenues were $4.7 million, down from $5.9 million in Q4 2024; Q4 net income was $2.7 million versus a $3 million loss in the prior year.

• Adjusted EBITDA for 2025 improved to -$3.7 million from -$5.7 million in 2024; Q4 2025 adjusted EBITDA improved to -$427,000 from -$2.3 million in Q4 2024.

• Total operating expenses for 2025 were $26.6 million, down 16% from $31.7 million in 2024.

Outlook and guidance

• Focused on launching prediction markets in the U.S. and iGaming in Ontario, with updates on launch timing forthcoming.

• Anticipates scaling consumer base and revenue through U.S. prediction market entry and new iGaming markets like Ontario.

• Expecting a rapid and sustained revenue ramp in 2026 and beyond, driven by new product launches and market entries.

• Management expresses strong conviction in material revenue growth as new initiatives scale.

• Expects to leverage new capital and leadership to execute on growth strategy in 2026.