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 Wins Affiliate Marketing Campaign Award at the International Gaming Awards 2025
The Latest Award Adds to Company’s Growing Achievements and Accolades in the Gaming Industry
Las Vegas, Nevada, Jan. 23, 2025 (GLOBE NEWSWIRE) — High Roller of High Roller Technologies, Inc. (“High Roller” and the “Company”) (NYSE American: ROLR), today announced it has won the Affiliate Marketing Campaign of the Year at the International Gaming Awards 2025 which was held on January 19, 2025 at the Intercontinental Hotel in Barcelona, Spain. Sven Kaltenegger, Chief Marketing Officer of High Roller accepted the Affiliate Marketing Campaign of the Year award on behalf of the Company.
From Strategy to Success: High Rollers Dominate Affiliate Marketing
High Roller’s Affiliate Marketing campaigns prioritize fostering mutual partnerships and shared return on investment success. Recognizing the dynamic nature of player acquisition, High Roller prioritizes strong partnerships. With a data-driven approach on both the affiliate and operator sides, High Roller ensures mutual benefits through continuous optimization efforts. Committed to long-term collaboration, High Roller emphasizes transparent communication and strategic planning with partners, focusing on sustainable growth.
“On behalf of the High Roller team, we are honored to receive the Affiliate Marketing Campaign of the Year award. This recognition reflects our commitment to strategic marketing and revenue generation. As we continue to push the boundaries of innovation in online gaming, this award serves as a powerful validation of our relentless pursuit of excellence and groundbreaking results,” said Sven Kaltenegger, CMO at High Roller.
About the International Gaming Awards
The International Gaming Awards (IGA 2025) is a prominent event that is supported by industry insiders, gaming executives, and gaming companies. To view the IGA 2025 video recap and see High Roller win at the 1:56 mark: IGA 2025 Barcelona
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 4,000 premium games from more than 50 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
800-460-1039
Company Nominated for Affiliate Marketing Campaign of the Year, Innovator of the Year Award (Operator), Mobile Operator of the Year, and Rising Star of the Year
Las Vegas, Nevada, Jan. 17, 2025 (GLOBE NEWSWIRE) — High Roller Technologies, Inc. (“High Roller” and the “Company”) (NYSE American: ROLR), operator of High Roller and Fruta, each a premium brand in online gaming and a destination for high rollers, today announced it has been nominated in four different prestigious categories at the renowned International Gaming Awards being held on January 19, 2025 at the Intercontinental Hotel in Barcelona, Spain. High Roller Chief Marketing Officer Sven Kaltenegger will be an attendee at the event.
The International Gaming Awards (IGA 2025) is a prominent event that is supported by industry insiders, gaming executives, and gaming companies.
High Roller Is a Finalist in the Following Categories
- Affiliate Marketing Campaign of the Year
- Innovator of the Year Award (Operator)
- Mobile Operator of the Year
- Rising Star of the Year
“We are honored to be nominated in these categories. This is a true testament to the dedication and hard work of the entire High Roller team, and we are grateful for the recognition of our efforts. I look forward to attending the event and being able to share, learn, and network with industry peers,” said Sven Kaltenegger, CMO at High Roller.
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 4,000 premium games from more than 50 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 Technologies Enters Strategic Partnership with iConvert to Focus on Player Acquisition
New Partnership Gives the Company the Ability to Potentially Increase Player Acquisition, Player Retention, User Deposits, and Access to Full Suite of Gamification Tools
Las Vegas, Nevada, Jan. 16, 2025 (GLOBE NEWSWIRE) — High Roller Technologies, Inc. (“High Roller” and the “Company”) (NYSE American: ROLR), operator of High Roller and Fruta, each a premium brand in online gaming and a destination for high rollers, today announced that it has entered a strategic partnership with iConvert to focus on player acquisition, player retention, and helping to convert more users into depositors across all of the Company’s markets. This strategic move could help increase High Roller’s top-line growth in the future.
iConvert, is a leading operator in acquisition services and iGaming conversion. It provides its partners with on-site engagement tools, gamification suite that helps create positive player experiences, retention and conversion, enhance loyalty, and provide value. High Roller began campaigns with iConvert in Q4 2024, focusing on select international markets using iConvert’s personalized on-site engagement and behavioral technologies.
High Roller Technology’s brands will now utilize iConvert’s exit intent pre-registration overlays to convert more traffic to register and deposit. Combined with iConvert’s comprehensive gamification suite of tools, this technology will enhance user engagement, elevate users’ onsite experiences, and drive new player revenue growth.
Collaboration Between High Roller and iConvert Accelerates Revenue Potential
Ashley Wood, CEO at iConvert stated, “Partnering with High Roller has been one of the easiest decisions we’ve ever made. The High Roller team already has an extremely strong presence across its markets, and we’re looking forward to helping them continue to grow.”
“Achieving a high conversion rate is crucial in the rapidly evolving iGaming ecosystem. The partnership with iConvert strengthens our acquisition and retention strategies, boosting conversion rates and enhancing player experience, while taking player retention to the next level,” said Sven Kaltenegger, CMO at High Roller.
About iConvert
iConvert is a cutting-edge technology platform designed to help online casinos maximize their new player revenues. By leveraging advanced data-driven solutions and proprietary technology, iConvert enables operators to optimize their onboarding and conversion processes, ensuring seamless player experiences and increased profitability.
Focused on delivering measurable results, iConvert partners with online casinos to enhance player engagement, boost retention, and drive sustainable growth. With a proven track record in the industry, iConvert is trusted by leading operators to turn potential players into loyal customers.
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 4,000 premium games from more than 50 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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