High Roller Technologies, Inc. reported its financial results for the third quarter of 2025, revealing a net income of $3.7 million, a significant turnaround from a net loss of $501,000 in the same period last year. For the nine months ending September 30, 2025, the company recorded a net loss of $201,000, a notable improvement compared to a loss of $3.9 million during the same timeframe in 2024. Revenue for the third quarter was $6.3 million, down from $7.5 million year-over-year, while total revenue for the nine months increased slightly to $20 million from $19.8 million in 2024.
The company experienced a 14.3% decline in net gaming revenue, which fell to $15.8 million for the nine months ended September 30, 2025, compared to $18.5 million in the prior year. This decrease was attributed to the company's strategic exit from less profitable markets, including Norway, as it pivots towards more sustainable revenue streams. Conversely, revenue from non-core services surged by 210.2% to $4.1 million, reflecting successful marketing optimization efforts.
Operationally, High Roller Technologies has been focusing on expanding its brand portfolio, launching its third brand, Kassuuu.com, in September 2025. The company reported a total of 21,800 active users for the third quarter, down from 25,326 in the previous year, while unique depositing customers also decreased to 20,128 from 23,224. Despite these declines, the company continues to enhance its customer engagement strategies and aims to enter regulated markets in North America by the end of 2026.
The company’s financial position showed a decrease in cash and cash equivalents, which stood at $2.7 million as of September 30, 2025, down from $6.9 million at the end of 2024. High Roller Technologies reported a working capital deficiency of $4.8 million and an accumulated deficit of $27.3 million. The company has expressed substantial doubt about its ability to continue as a going concern, emphasizing the need for additional financing to meet its operational obligations and support future growth.
Looking ahead, High Roller Technologies is committed to leveraging its multi-brand strategy and optimizing its marketing efforts to drive revenue growth. The company is also focused on improving its internal controls and financial reporting processes, following the identification of material weaknesses in its internal control over financial reporting. The management remains optimistic about its strategic direction and the potential for future profitability as it navigates the competitive landscape of the online gaming industry.
About High Roller Technologies, Inc.
High Roller Technologies, Inc. is a global online gaming operator specializing in real money casino platforms. It offers a wide range of iCasino games from leading providers, targeting high-value customers through a multi-brand strategy. The company leverages proprietary technology, strategic licensing, and marketing partnerships to attract and retain players in regulated and pre-regulated markets worldwide. Its focus is on operational excellence, customer experience, and market expansion.
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