High Roller Technologies, Inc. reported a net income of $3.2 million for the fiscal year ending December 31, 2025, a significant improvement from a net loss of $5.9 million in the previous year. The company's revenue decreased by 11.9% to $20.5 million, down from $23.2 million in 2024, primarily due to exiting certain markets like Norway, which accounted for a $3 million revenue drop. However, the company saw growth in Finland, contributing an additional $1.7 million in revenue. The average revenue per user increased to $258, compared to $252 in 2024, indicating a shift towards more profitable markets despite a decline in overall user engagement.
Operationally, High Roller Technologies experienced a decrease in active users, with approximately 88,364 active users reported in 2025, down from 104,849 in 2024. The number of unique depositing customers also fell by 18%, reflecting a strategic focus on profitability over sheer volume. The company has been actively expanding its market presence, with plans to enter the regulated Ontario market in the second half of 2026. The launch of new brands, including Fruta.com and Kassuuu.com, is part of a multi-brand strategy aimed at diversifying its offerings and attracting different demographics.
In terms of strategic developments, High Roller Technologies completed the acquisition of Happy Hour Solutions Ltd. on December 31, 2025, which holds a valid remote gambling license in Estonia. This acquisition is expected to enhance the company's operational capabilities and market reach. Additionally, the company raised approximately $26 million through a private placement and a registered direct offering in January 2026, which is intended to support its growth initiatives and operational costs.
The company reported total assets of $18.5 million as of December 31, 2025, with cash and cash equivalents amounting to $2.1 million, a decrease from $6.9 million in 2024. The total liabilities stood at $8.9 million, leading to a stockholders' equity of $9.6 million. High Roller Technologies has also been focusing on improving its internal controls and governance, with a commitment to enhancing its financial reporting processes following the identification of material weaknesses in its internal controls.
Looking ahead, High Roller Technologies aims to leverage its recent capital raises and strategic acquisitions to drive growth in new and existing markets. The company is optimistic about its ability to adapt to changing market conditions and regulatory environments, although it acknowledges the inherent risks associated with the competitive online gaming industry. The management believes that its focus on profitability, combined with a robust marketing strategy and a diverse product offering, will position the company for sustainable growth in the future.
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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