High Roller Technologies, Inc. reported a net revenue of $6.8 million for the first quarter of 2025, reflecting a 4% increase from $6.5 million in the same period of 2024. However, the company experienced a significant decline in net gaming revenue, which fell by 18% to $5.2 million, down from $6.3 million year-over-year. This decrease was attributed to reduced revenue in key casino markets as the company refines its strategy to focus on more sustainable and profitable revenue streams. The increase in overall revenue was primarily driven by a substantial rise in net revenue generated through intra-group services, which surged by 783% to $1.6 million, compared to $179,000 in the prior year.
In terms of operational metrics, High Roller Technologies reported approximately 29,946 active users during the first quarter of 2025, a 34% increase from around 22,370 in the same quarter of 2024. The company also noted a significant rise in unique depositing customers, which grew by 31% to 27,289. Despite these positive user engagement metrics, the average revenue per user decreased to $190 from approximately $304 in the previous year, indicating a shift in user spending patterns. The total amount of real money bets placed by users was approximately $153 million, down from $187 million in the same quarter of 2024.
The company's total operating expenses increased to $10 million for the first quarter of 2025, up from $8.3 million in the same period of 2024. This rise was largely driven by increased marketing expenditures, which escalated by 89% to $4.1 million, as the company sought to enhance customer acquisition efforts. Additionally, general and administrative expenses rose slightly to $2.8 million, reflecting higher salaries and operational costs. As a result, High Roller Technologies reported a loss from operations of $3.2 million, compared to a loss of $1.8 million in the first quarter of 2024.
High Roller Technologies continues to expand its geographic footprint and product offerings. The company operates under the HighRoller.com and fruta.com domains, primarily utilizing its Curacao gaming license and agreements with Happy Hour Solutions for additional revenue generation. The company soft-launched its second brand, Fruta.com, in December 2023, and is exploring further brand launches to tap into new demographics. However, the company faces challenges, including a substantial accumulated deficit of $30.4 million and negative working capital of $3.9 million as of March 31, 2025, raising concerns about its ability to continue as a going concern.
Looking ahead, High Roller Technologies aims to leverage its scalable platform to enter regulated markets in North America and expand its presence in Europe and South America. The company plans to raise equity capital to support its growth initiatives and address its liquidity needs. However, management has expressed uncertainty regarding its ability to secure sufficient financing, which could impact its operational sustainability and growth trajectory.
About High Roller Technologies, Inc.
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