High Roller Technologies, Inc. reported a net revenue of $3.4 million for the first quarter of 2026, a decrease of 35.2% from $5.2 million in the same period of 2025. The company attributed this decline to its exit from various markets and the ongoing implementation of a refined marketing strategy. The net loss for the quarter was $3.0 million, compared to a loss of $3.7 million in the prior year. The adjusted EBITDA also improved, showing a loss of $1.3 million, an improvement from a loss of $3.0 million in the previous year.
The company experienced significant changes in its operational metrics, with active users dropping to 11,213 from 29,946 year-over-year. Unique depositing customers also fell to 8,533 from 27,289, and total wagers decreased to $74.4 million from $153.3 million. Despite these declines, the average revenue per user increased to $394, compared to approximately $190 in the same period last year. The company’s cash and cash equivalents rose significantly to $22.5 million as of March 31, 2026, up from $2.1 million at the end of 2025, primarily due to a successful registered direct offering that generated $25 million in gross proceeds.
Strategically, High Roller Technologies has made notable advancements, including the establishment of a Mutual Collaboration Agreement with Foris DAX Markets, Inc., d/b/a Crypto.com, to serve as a guaranteed introducing broker for event-based derivative contracts. This agreement, effective from April 14, 2026, is expected to enhance the company’s revenue streams and market presence in the emerging prediction market sector. The company also launched its second brand, Fruta.com, in December 2023, and its third brand, Kassuuu.com, in September 2025, as part of its multi-brand strategy.
Operationally, the company has focused on cost efficiencies, resulting in a reduction of direct operating costs to $1.3 million from $2.5 million year-over-year. General and administrative expenses increased to $4.5 million, driven by stock-based compensation related to warrants issued in a private placement. The company continues to face challenges in customer engagement and market competition, which could impact future performance. Looking ahead, High Roller Technologies aims to expand its geographical reach and enhance its product offerings while navigating the evolving regulatory landscape in 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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