Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY), an internationally regulated sports betting and media company, today announced financial results for the three and six-month period ended June 30, 2025 (“Q2 2025”). All dollar figures are quoted in Canadian dollars unless otherwise noted.

Q2 2025 marks Rivalry’s second full quarter operating under its restructured business model initiated in late 2024, centered on efficiency, improved player monetization, and deeper operational discipline. The Company’s results continue to demonstrate the impact of this shift, with record net revenue per player, reduced expenses, and a significantly narrowed net loss.

“We’ve rebuilt Rivalry into a lean, high-performance engine,” said Steven Salz, Co-Founder and CEO of Rivalry. “Player monetization is at all-time highs, the product is stronger than ever, and we’re doing more with less.”

Key Highlights

• Net revenue in Q2 2025 increased 24% sequentially to $1.6 million, up from $1.3 million in Q1 2025, despite a declining expense base and completely flat marketing spend.
• Operating expenses declined 62% YoY to $3.6 million, down from $9.5 million in Q2 2024, reflecting substantial cost reductions and improved operational focus.
• Net loss narrowed 59% YoY to $2.19 million, down from $5.37 million in Q2 2024, and improved sequentially from $2.99 million in Q1 2025.
• Average Customer Acquisition Cost payback across H1 2025 was approximately 1.5 months, reflecting improved funnel conversion, higher player value, and stronger retention – all achieved under constrained spend conditions.
• Run-rate monthly operating expenses remain approximately $600,000 USD, consistent with the Q1 2025 press release.

Adjusted Operating Metrics

As with Q1 2025, a meaningful portion of Q2 2025 expenses were non-recurring or non-operational, including annual audit costs, regulatory fees, and legacy vendor payments from prior periods. On a run-rate basis:

• Adjusted G&A expense¹ was $1.7 million, compared to the reported $2.5 million.
• Adjusted Technology and Content expense¹ was approximately $440,000, versus $854,000 reported.

These adjustments reinforce that Rivalry is operating increasingly closer to breakeven on a structural basis, with the Q2 2025 reported net loss largely a function of historical payables and costs from prior quarters.

Record Player Economics

Performance improvements continued in Q2 2025, with record-high player monetization across multiple dimensions. These gains were driven by an improving product, high value player segmentation, enhanced onboarding, retention, and engagement improvements across the platform.

• Net revenue per player increased 49% quarter-over-quarter, and was 210% higher than the historical average prior to the Q4 2024 transformation.
• Wagers per player rose 7% quarter-over-quarter, and nearly 300% above the pre-rebuild average.
• Average monthly deposits per player increased 28% quarter-over-quarter, following a 175% increase in Q1 from historical levels.
• Deposit frequency per player climbed 22% quarter-over-quarter, compounding earlier gains, up 115% from historical levels in Q1.

Strategic Review and Operational Focus

Rivalry’s previously announced evaluation of strategic alternatives (the “Strategic Review”) remains ongoing. The Company continues to explore a range of potential outcomes aimed at maximizing shareholder value. There is no assurance regarding the timing or results of the Strategic Review.

As part of the Strategic Review, Rivalry is focused on:

• Normalizing the cost base to the aforementioned run rate by resolving non-recurring liabilities and payables from prior periods.
• Activating a controlled growth strategy, supported by high marketing efficiency and a 1.5-month Customer Acquisition Cost payback average observed throughout 2025.
• Targeted cost optimization, with additional reductions being assessed for H2 2025.

“This Strategic Review is about enabling growth from a fundamentally stronger base,” said Salz. “We’ve rebuilt the engine. Now we’re focused on unlocking its full potential.”