High Roller Technologies reported its Q3 2025 results, posting total revenue of $6.3 million and net gaming revenue of $4.9 million. The company also posted a positive net income of $0.07 per share, its first quarterly profit since becoming public. The profit was largely driven by a $3.64 million tax benefit from releasing a valuation allowance at a Maltese subsidiary, offsetting a prior quarter’s $0.50 million loss.
Revenue fell 16% year‑over‑year to $6.3 million, a decline attributed to the company’s strategic exit from less profitable markets and a focus on higher‑margin regions. Segment data show Finland contributed $2.69 million of net gaming revenue, while non‑core services added $1.42 million, underscoring the shift toward core casino offerings and high‑value customers.
Operating income improved from a $474,000 loss in Q3 2024 to $80,000 in Q3 2025, driven by a 22% reduction in operating expenses to $6.2 million. Adjusted EBITDA rose to $622,000, a 9.9% margin, reflecting tighter cost control and a more favorable revenue mix. Adjusted EPS increased to $0.07 from $0.01, illustrating the impact of the tax benefit and improved operating efficiency.
Cash and cash equivalents stood at $2.7 million, while the company reported a net working‑capital deficiency of $4.8 million and a “substantial doubt” about its ability to continue as a going concern. These liquidity concerns temper the positive earnings narrative and highlight the need for continued capital discipline.
Management indicated that the company will launch in the Ontario market in the first half of 2026, a move that signals confidence in regulatory expansion and a broader customer base. The focus on high‑value customers, cost discipline, and strategic market exits is intended to build sustainable profitability without reliance on one‑time tax benefits.
CEO Seth Young said, “High Roller delivered a standout third quarter, achieving quarterly profitability for the first time since becoming a public company — a major milestone that underscores the strength of our strategic transformation. This success reflects the dedication of our incredible team, disciplined financial management, and unwavering commitment to operational excellence.”
Investors viewed the earnings as a positive step toward financial stability, but the company’s liquidity challenges and reliance on a significant tax benefit suggest that continued focus on cost control and market expansion will be critical for long-term resilience.
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