NYSE:ROLR
High Roller Technologies Announces Financial Results for the Three Months Ended September 30, 2024
-Company Delivers 30% Quarter-Over-Quarter Revenue Growth
-Filing Follows High Roller’s Recent IPO on NYSE in October 2024 Raising Gross Proceeds of $10 Million
Las Vegas, Nevada, Dec. 04, 2024 (GLOBE NEWSWIRE) — High Roller Technologies, Inc. (“High Roller” and the “Company”) (NYSE American: ROLR), operator of www.HighRoller.com and www.Fruta.com, each a premium brand in online gaming and a destination for high rollers, announced today that it has filed its financial results for the three months ended September 30, 2024.
Third Quarter 2024 Summary
- Company reported total revenue of $7.5 million for the three months ended September 30, 2024, consisting of net gaming revenue and services generated through intra-group arrangements
- 30% increase in quarter-over-quarter revenue resulting from the Company’s continued focus on marketing efficiencies and cost optimization
- Net loss per share of ($0.07) for the three months ended September 30, 2024, compared to net loss per share of ($0.03) for the three months ended September 30, 2023
- Company ended the quarter with cash, cash equivalents of $2.9 million, inclusive of restricted cash
- Achieved positive Adjusted EBITDA for the three months ended September 30, 2024 of $40 thousand, marking a significant improvement from the negative EBITDA of ($1.0 million) reported in the three months ended June 30, 2024
Third Quarter 2024 Financial Summary
The Company reported revenue from operations of $7.5 million for the third quarter ending September 30, 2024, reflecting a 30% increase over the previous quarter’s revenue of $5.8 million.
Revenue from operations for the three months ended September 30, 2024 was $7.5 million, compared to $7.6 million for the three months ended September 30, 2023, representing a slight decrease of less than 1%. Growth in primary gaming markets offset the impact of High Roller’s exit from a jurisdiction due to regulatory changes in late 2023.
Operating expenses for the three months periods ended June 30, 2024 and September 30, 2024 were $7.3 million and $8.0 million respectively and were $7.8 million for the three months ended September 30, 2023 driven by increased investment into advertising and promotional costs in key markets to increase player acquisition.
For the three months ended September 30, 2024, the Company recorded a GAAP net loss of $(0.5 million) as compared to a GAAP net loss of $(0.2 million) for the three months ended September 30, 2023. Sequentially, the Company reported a GAAP net loss of $(1.5 million) in the three months ended June 30, 2024. During the three months ended September 30, 2024, the Company achieved Adjusted EBITDA of $40 thousand, marking an improvement from ($1.0 million) in Adjusted EBITDA deficit reported in three months ended June 30, 2024. Additionally, as compared to the three months ended June 30, 2023, the Company reported Adjusted EBITDA of $0.2 million in the three months ended June 30, 2024. This improvement over consecutive quarters was driven by cost optimization efforts and disciplined operational execution.
The Company reported a net loss per share of ($0.07) in three months ended September 30, 2024, compared to a net loss per share of ($0.03) in the three months ended September 30, 2023.
At the close of September 30, 2024, the Company reported $2.9 million in cash and cash equivalents, including restricted cash. This amount does not give effect to proceeds received by the Company from its IPO that closed in October 2024 and that raised gross proceeds of $10 million to support strategic growth initiatives.
Ben Clemes, Chief Executive Officer at High Roller Technologies, commented, “We’re extremely proud to have completed our recent IPO on the NYSE, a milestone that reflects the confidence and trust of our shareholders. We sincerely thank our investors for their support as we move into this exciting new chapter. We believe that our quarter-over-quarter most accurately reflects the direction of our Company as we focused on optimizing costs and creating more efficient and effective marketing efforts to grow our user base. Looking ahead, we remain committed to executing our growth strategy, delivering value to our stakeholders, and driving innovation in the gaming industry.’”
Financial Results
Additional information with respect to the Company’s business, operations and financial condition as of and for the three months and nine months ended September 30, 2023 is contained in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, which has been filed with the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov.
About High Roller Technologies, Inc.
High Roller Technologies, Inc. operates as a global online gaming operator. The Company offers a compelling real money online casino platform with enhanced search engine optimization, direct API integrations, faster load times, and better scalability. High Roller Technologies has a global customer base.
Forward Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the SEC, not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Use of Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements presented in accordance with GAAP, High Roller Technologies uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP adjusted EBITDA. Reconciliations to the nearest GAAP measures of all non-GAAP measures included in this press release can be found in the tables below.
Non-GAAP measures are provided to enhance investors’ overall understanding of the Company’s current financial performance, prospects for the future and as a means to evaluate period-to-period comparisons. The Company believes that “Adjusted EBITDA,” a “non-GAAP financial measure,” as such term is defined under the rules of the U.S. Securities and Exchange Commission (the “SEC”), is useful in evaluating our operating performance. Adjusted EBITDA is used to evaluate the Company’s ongoing operations and for internal planning and forecasting purposes. Adjusted EBITDA is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.
We reconcile our non-GAAP financial measure of Adjusted EBITDA to our net income (loss), adjusted to exclude interest expense, provision for (benefit from) income taxes, share-based compensation, foreign exchange loss (gain), depreciation and amortization, impairment, and certain charges or gains resulting from non-recurring or irregular events, if any. For the periods presented we did not have any such non-recurring events.
Contact:
[email protected]
800-460-1039
HIGH ROLLER TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| (in thousands, except shares and per share data) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues | $ | 7,516 | $ | 7,569 | $ | 19,826 | $ | 22,484 | ||||||||
| Operating expenses | ||||||||||||||||
| Direct operating costs: | ||||||||||||||||
| Related party | 598 | 1,992 | 2,020 | 3,242 | ||||||||||||
| Other | 2,671 | 1,242 | 7,740 | 6,887 | ||||||||||||
| General and administrative: | ||||||||||||||||
| Related party | 2 | 59 | 167 | 309 | ||||||||||||
| Other | 1,877 | 2,436 | 7,169 | 7,212 | ||||||||||||
| Advertising and promotions: | ||||||||||||||||
| Related party | 194 | 1,222 | 408 | 1,570 | ||||||||||||
| Other | 2,289 | 629 | 5,367 | 3,786 | ||||||||||||
| Product and software development: | ||||||||||||||||
| Related party | 46 | 58 | 193 | 157 | ||||||||||||
| Other | 313 | 116 | 541 | 278 | ||||||||||||
| Total operating expenses | 7,990 | 7,754 | 23,605 | 23,441 | ||||||||||||
| Loss from operations | (474 | ) | (185 | ) | (3,779 | ) | (957 | ) | ||||||||
| Other expenses | ||||||||||||||||
| Interest expense, net | (27 | ) | (29 | ) | (77 | ) | (91 | ) | ||||||||
| Other income (expenses) | — | 15 | 2 | (39 | ) | |||||||||||
| Total other expenses | (27 | ) | (14 | ) | (75 | ) | (130 | ) | ||||||||
| Loss before income taxes | (501 | ) | (199 | ) | (3,854 | ) | (1,087 | ) | ||||||||
| Income tax expense | — | 9 | — | 9 | ||||||||||||
| Net loss | $ | (501 | ) | $ | (208 | ) | $ | (3,854 | ) | $ | (1,096 | ) | ||||
| Other comprehensive income | ||||||||||||||||
| Foreign currency translation adjustment | 145 | (123 | ) | 17 | (121 | ) | ||||||||||
| Comprehensive loss | $ | (356 | ) | $ | (331 | ) | $ | (3,837 | ) | $ | (1,217 | ) | ||||
| Net loss per common share: | ||||||||||||||||
| Net loss per common share – basic and diluted | $ | (0.07 | ) | $ | (0.03 | ) | $ | (0.55 | ) | $ | (0.17 | ) | ||||
| Weighted average common shares outstanding – basic and diluted | 7,013,302 | 6,951,385 | 7,005,541 | 6,533,276 | ||||||||||||
HIGH ROLLER TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| As of | As of | |||||||
| September 30, | December 31, | |||||||
| (in thousands, except shares and per share data) | 2024 | 2023 | ||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 1,329 | $ | 2,087 | ||||
| Restricted cash | 1,592 | 1,958 | ||||||
| Prepaid expenses and other current assets | 977 | 836 | ||||||
| Total current assets | 3,898 | 4,881 | ||||||
| Due from affiliates | 1,227 | 702 | ||||||
| Deferred offering costs | 1,058 | 580 | ||||||
| Property and equipment, net | 399 | 250 | ||||||
| Operating lease right-of-use asset, net | 1,029 | — | ||||||
| Intangible assets, net | 5,235 | 5,117 | ||||||
| Other assets | 45 | 255 | ||||||
| Total assets | $ | 12,891 | $ | 11,785 | ||||
| Liabilities and stockholders’(deficit) equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 1,658 | $ | 686 | ||||
| Accrued expenses | 4,522 | 4,300 | ||||||
| Player liabilities | 791 | 499 | ||||||
| Due to affiliates | 5,090 | 3,972 | ||||||
| Short-term unsecured notes payable to stockholders | 500 | — | ||||||
| Operating leases obligation, current | 113 | — | ||||||
| Total current liabilities | 12,674 | 9,457 | ||||||
| Other liabilities | 23 | 23 | ||||||
| Operating lease obligation, noncurrent | 973 | — | ||||||
| Total liabilities | 13,670 | 9,480 | ||||||
| Stockholders’ (deficit) equity | ||||||||
| Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023 | — | — | ||||||
| Common stock, $0.001 par value; 60,000,000 shares authorized; 7,015,017 shares and 6,967,278 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | 7 | 7 | ||||||
| Additional paid-in capital | 22,805 | 22,052 | ||||||
| Accumulated deficit | (25,074 | ) | (21,220 | ) | ||||
| Accumulated other comprehensive income | 1,483 | 1,466 | ||||||
| Total stockholders’ (deficit) equity | (779 | ) | 2,305 | |||||
| Total liabilities and stockholders’ (deficit) equity | $ | 12,891 | $ | 11,785 | ||||
HIGH ROLLER TECHNOLOGIES, INC. AND SUBSIDIARIES
GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA
(Unaudited)
| For the Three Months Ended September 30, | ||||||||
| (in thousands) | 2024 | 2023 | ||||||
| Revenues | $ | 7,516 | $ | 7,569 | ||||
| Net loss | (501 | (208 | ) | |||||
| Add back items: | ||||||||
| Stock-based compensation expense | 80 | 60 | ||||||
| Depreciation and amortization | 65 | 2 | ||||||
| Interest expense, net | 27 | 29 | ||||||
| Other income (expense), net | – | 15 | ||||||
| Foreign exchange transaction loss | 369 | 327 | ||||||
| Income tax provision (benefit) | – | 9 | ||||||
| Adjusted EBITDA | $ | 40 | $ | 234 | ||||
| Adjusted EBITDA margin | 1 | % | 3 | % | ||||
NYSE:ROLR
High Roller Schedules Conference Call to Discuss First Quarter 2025 Financial Results and Business Update
Las Vegas, Nevada, May 07, 2025 (GLOBE NEWSWIRE) — High Roller Technologies (“High Roller” and the “Company”) (NYSE: ROLR), operator of the premium online casino brands High Roller and Fruta, today announced that the Company will host a conference call regarding its first quarter 2025 financial results and business update on May 15, 2025 at 4:30 PM Eastern Time (ET).
To join the live conference call, please dial 877-405-1216 (U.S. and Canadian callers) or +1 201-689-8336 (international callers outside of the U.S. and Canada) 10 to 15 minutes prior to the scheduled call time. Participants can also click this link for instant telephone access to the event. The link will become active approximately 15 minutes prior to the start of the conference call. The conference ID# is 13753785.
Participating on the call will be Ben Clemes, CEO of High Roller Technologies and Seth Young, SVP Corporate Strategy & Investor Relations, who will discuss upcoming strategic initiatives and financial highlights for the quarter ended March 31, 2025. Management will also be available for a Q&A session during the call after Company remarks.
About High Roller Technologies, Inc.
High Roller Technologies, Inc. is a leading global online gaming operator known for its innovative casino brands, High Roller and Fruta, listed under the ticker ROLR on the NYSE. The Company delivers a cutting-edge real-money online casino platform that is intuitive and user-friendly. With a diverse portfolio of over 5,000 premium games from more than 90 leading game providers, High Roller Technologies serves a global customer base, offering an immersive and engaging gaming experience in the rapidly expanding multi-billion iGaming industry. The online casino features enhanced search engine optimization, machine learning, seamless direct API integrations, faster load times, and superior scalability.
As an award-winning operator, High Roller Technologies continues to redefine the future of online gaming through innovation, performance, and a commitment to excellence. For more information, please visit the High Roller Technologies, Inc. investor relations website, X, Facebook, and LinkedIn pages.
Forward Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the SEC, not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Contact
[email protected]
800-460-1039
CEO Ben Clemes and team to join top iGaming leaders at Europe’s premier industry summit
Las Vegas, Nevada, May 01, 2025 (GLOBE NEWSWIRE) — High Roller Technologies (“High Roller” and the “Company”) (NYSE: ROLR), operator of the premium online casino brands High Roller and Fruta, today announced that Ben Clemes, CEO of High Roller Technologies and Seth Young, Senior Vice President (SVP) of Corporate Strategy & Investor Relations will be attending the NEXT Summit: Valletta 2025, which will take place on 7-8 May at the Mediterranean Conference Center in Valletta, Malta. Mr. Young will also participate as a guest on the panel, “Smart Money: The Power of Investment in a Changing World”.
The NEXT Summit: Valletta is one of the iGaming industry’s premier events, bringing together more than 6,000 delegates for a dynamic, operator-led forum focused on innovation, growth, and collaboration within the online gaming ecosystem.
“We look forward to attending this prestigious summit and networking with other experts in our industry,” said Ben Clemes, CEO of High Roller Technologies. “This is a great opportunity to explore what leading gaming operators are doing in the iGaming space while identifying new opportunities for collaboration and potential partnerships. As an award-winning operator offering more than 4,400 premium games, we’re excited to showcase how we continue to innovate and influence the future of online gaming.”
High Roller Technologies continues to position itself as a key player in the global iGaming market through cutting-edge platforms, a player-first approach, and a commitment to excellence across all its products and partnerships.
About Next.io Summit: Valletta
NEXT Summit: Valletta is the beating heart of iGaming. This week-long festival of events shapes the future of our industry through unparalleled networking, opportunities to tap into emerging markets, insights from 300 industry-leading voices, and a showcase of the world’s best iGaming innovations.
NEXT Summit: Valletta 2025 will take place on 7-8 May at the Mediterranean Conference Center in Valletta, Malta. More than 6,000 delegates will be part of iGaming’s leading operator-led event.
About High Roller Technologies, Inc.
High Roller Technologies, Inc. is a leading global online gaming operator known for its innovative casino brands, High Roller and Fruta, listed under the ticker ROLR on the NYSE. The Company delivers a cutting-edge real-money online casino platform that is intuitive and user-friendly. With a diverse portfolio of over 4,400 premium games from more than 80 leading game providers, High Roller Technologies serves a global customer base, offering an immersive and engaging gaming experience in the rapidly expanding multi-billion iGaming industry. The online casino features enhanced search engine optimization, machine learning, seamless direct API integrations, faster load times, and superior scalability.
As an award-winning operator, High Roller Technologies continues to redefine the future of online gaming through innovation, performance, and a commitment to excellence. For more information, please visit the High Roller Technologies, Inc. investor relations website, X, Facebook, and LinkedIn pages.
Forward Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the SEC, not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Contact
[email protected]
800-460-1039
NYSE:ROLR
High Roller Announces Hiring of Seth Young as Senior Vice President Corporate Strategy and Investor Relations
Las Vegas, Nevada, April 08, 2025 (GLOBE NEWSWIRE) — High Roller Technologies (“High Roller” and the “Company”) (NYSE American: ROLR), operator of the premium online casino brands High Roller and Fruta, is pleased to announce the appointment of Seth Young as Senior Vice President (SVP) of Corporate Strategy & Investor Relations. In his new role, Mr. Young will collaborate with the management team to shape and implement the Company’s long-term business strategy.
“We are thrilled to welcome Seth Young to our team,” said Ben Clemes, CEO of High Roller Technologies. “His over 20 years of industry experience, combined with his extensive knowledge of gaming technologies, strategic planning, and business development, will be invaluable as we continue to build on High Roller’s strong position in the industry.”
Mr. Young is a widely recognized interactive gaming expert with a successful track record of continuously being at the forefront of new gaming technologies and strategies.
Prior to joining High Roller, Mr. Young served as Chief Innovation Officer at PointsBet, where he was responsible for strategic corporate development efforts including fundraising, new market development, government affairs, regulatory affairs, and more. He also previously served as Chief Operating Officer at FSG Digital, Executive Director of Online Gaming at Foxwoods Resort Casino, Chief Operating Officer at Flower City Gaming, and Director of Strategy for TexasHoldem.com.
Additionally, Mr. Young is a founding partner of GMA Consulting, an internationally respected consulting firm serving the gaming, sports, entertainment, and hospitality sectors. Young also serves on the Board of Directors for Kinectify, EQL Games, Kindbridge Behavioral Health, and Aquimo.
Mr. Young has been recognized for his contributions to the gaming industry, receiving the Innovation Group’s 2018 Emerging Leaders of Gaming Award and being named to Global Gaming Business Magazine’s 40 Under 40 list in the same year.
On his new role, Seth Young commented, “It is a privilege to join High Roller and work alongside such a highly reputable, innovative, and deeply experienced team. The Company offers a world-class consumer entertainment experience through its highly premium brands, and I have no doubt High Roller is uniquely positioned for continued growth and success.”
About High Roller Technologies, Inc.
High Roller Technologies, Inc. is a leading global online gaming operator, known for its innovative casino brands, High Roller and Fruta, listed under the ticker ROLR on the NYSE American. The Company delivers a cutting-edge real-money online casino platform that is intuitive and user-friendly. With a diverse portfolio of over 4,400 premium games from more than 80 leading game providers, High Roller Technologies serves a global customer base, offering an immersive and engaging gaming experience in the rapidly expanding multi-billion iGaming industry. The online casino features enhanced search engine optimization, machine learning, seamless direct API integrations, faster load times, and superior scalability.
As an award-winning operator, High Roller Technologies continues to redefine the future of online gaming through innovation, performance, and a commitment to excellence. For more information, please visit the High Roller Technologies, Inc. investor relations website, X, Facebook, and LinkedIn pages.
Forward Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the SEC, not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Contact
[email protected]
800-460-1039
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