- Planned launch of ROLR-branded
U.S. prediction markets product, supported byCrypto.com |Derivatives North America agreement, ROLR consumer website, Big 4 licensing advisor, applied AI capabilities and strategic marketing partnerships - According to one third-party estimate, prediction market trading volumes grew nearly 4x to
$64 billion in 2025, are on pace to exceed $325 billion in 2026, and could exceed $1.1 trillion by 20301 - Conference call today,
May 12, 2026 , at4:30 PM ET
Management Commentary
“This was a transformative quarter for High Roller as we significantly strengthened our balance sheet and announced major planned growth initiatives,” said
“During Q1 2026, we continued to reshape High Roller around a more focused, better-capitalized, high-upside growth strategy, while bringing strong operating discipline to the underlying business,” continued Young. “Lower operating expenses contributed to improved YoY Adjusted EBITDA while we increased strategic capital allocations. Net revenues of
“Strong investor interest supported our equity capital build during the quarter, and we boosted working capital from a
“We have a clear plan, clear timing, we’re bullish, and we’re in full-on execution mode. We plan to communicate further updates in due course as we trend towards this exciting new launch,” Young concluded.
Recent Strategic & Corporate Highlights
Prediction Markets (
- Established ROLR as the consumer-facing brand for its planned
U.S. prediction markets platform, including the acquisition of ROLR.com as the primary digital destination for the product. The brand aligns with the Company’s NYSE ticker and is intended to support consumer awareness around the planned prediction markets launch. - Executed a Definitive Agreement with
Crypto.com |Derivatives North America to launch an event-based prediction markets offering, initially inthe United States . The agreement is intended to enable High Roller to offer CDNA event contracts across multiple categories, marking the Company’s formal entry into the prediction markets sector. - Engaged a Big 4 consultancy to support the licensing process for the Company’s planned
U.S. prediction markets launch. The advisor is expected to counsel High Roller through licensing and regulatory approval workstreams tied to its planned launch. - Executed a definitive strategic marketing agreement with Lines.com, owned by
Spike Up Media , to support customer acquisition and brand awareness for the Company’s plannedU.S. prediction markets rollout. Lines.com is expected to serve as a key media and distribution partner, leveraging its sports audience, automation infrastructure and conversion capabilities. - Executed a definitive, exclusive strategic marketing agreement with Forever Network, establishing High Roller as Forever Network’s exclusive prediction markets partner across its owned and operated properties. Forever Network reported more than 20 billion impressions in 2025 and reach of 450 million people globally.
- Executed a definitive strategic marketing partnership with Leverage Game Media, to support customer acquisition, brand awareness and audience engagement for the planned
U.S. event-based prediction markets product. - Expanded applied AI capabilities ahead of the planned
U.S. prediction markets launch, creating the new role of Head ofApplied AI and appointingNicholis Muller to lead initiatives across compliance automation, product personalization, customer engagement and internal development workflows.
Capital Markets
- Completed a
$1.0 million strategic investment bySaratoga Casino Holdings through a private placement. - Completed a
$25 million registered direct offering (priced at$13.21 per share, 1,892,506 shares), with proceeds earmarked for sales & marketing, geographic expansion, product development/diversification, and general corporate purposes. - Regained compliance with NYSE American continued listing standards, resolving its prior deficiency under Section 1003(a)(ii) related to stockholders’ equity after demonstrating compliance for two consecutive quarters.
First Quarter 2026 Financial Results Summary
- Net revenues were
$3.4 million , a decrease of$1.8 million , or 35%, compared to$5.2 million for Q1 2025. - Total operating expenses were
$6.4 million , a decrease of 28%, as compared to$8.9 million for the quarter endedMarch 31, 2025 , primarily as a result of lower direct operating costs and advertising and promotions in Q1 2026 vs. Q1 2025. - Loss from operations improved to
$3.0 million compared to$3.7 million in Q1 2025, primarily due to cost cutting, operational improvements, and focusing on more profitable opportunities. - Net loss from continuing operations was also
$3.0 million , or ($0.29 ) per common share, compared to a net loss from continuing operations of$3.3 million , or$(0.44) per common share in Q1 2025. - Adjusted EBITDA improved
$1.7 million to negative$1.3 million , or$(0.12) per common share, from negative$3.0 million , or$(0.36) per common share, in Q1 2025.
Conference Call
As previously announced, High Roller will host a conference call to provide a business update and discuss first quarter results today,
To join the live conference call, please dial 877-407-6176 (
About
For more information, please visit the Company’s investor relations website and follow
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. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include such factors as discussed throughout Part I, Item 1A. Risk Factors and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended
Contact
ir@highroller.com
800-460-1039
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
| For the Three Months Ended | ||||||||
| (in thousands, except share and per share data) | 2026 | 2025 | ||||||
| Revenues, net | $ | 3,366 | $ | 5,195 | ||||
| Operating expenses | ||||||||
| Direct operating costs: | ||||||||
| Related party | 187 | 313 | ||||||
| Other | 1,071 | 2,235 | ||||||
| General and administrative: | ||||||||
| Related party | — | 14 | ||||||
| Other | 4,519 | 3,321 | ||||||
| Advertising and promotions: | ||||||||
| Related party | 119 | 701 | ||||||
| Other | 228 | 2,071 | ||||||
| Product and software development: | ||||||||
| Related party | — | — | ||||||
| Other | 238 | 201 | ||||||
| Total operating expenses | 6,362 | 8,856 | ||||||
| Loss from operations | (2,996 | ) | (3,661 | ) | ||||
| Other income (expense) | ||||||||
| Interest income (expense), net | 46 | (46 | ) | |||||
| Other (expense) income | — | (1 | ) | |||||
| Total other income (expense) | 46 | (47 | ) | |||||
| Loss before income taxes | (2,950 | ) | (3,708 | ) | ||||
| Income tax expense (benefit) | 16 | 17 | ||||||
| Net loss from continuing operations | $ | (2,966 | ) | $ | (3,725 | ) | ||
| Net income from discontinued operations net of taxes | $ | — | $ | 449 | ||||
| Net loss | $ | (2,966 | ) | $ | (3,276 | ) | ||
| Other comprehensive loss | ||||||||
| Foreign currency translation adjustment | (211 | ) | 48 | |||||
| Comprehensive loss | $ | (3,177 | ) | $ | (3,228 | ) | ||
| Net income (loss) per common share: | ||||||||
| Continuing operations | $ | (0.29 | ) | $ | (0.44 | ) | ||
| Discontinued operations | $ | — | $ | 0.05 | ||||
| Net loss per common share – basic and diluted | $ | (0.29 | ) | $ | (0.39 | ) | ||
| Weighted average common shares outstanding – basic and diluted | 10,396,906 | 8,374,928 | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
| As of | As of | |||||||
| (in thousands, except share and per share data) | 2026 | 2025 | ||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 22,451 | $ | 2,076 | ||||
| Restricted cash | 626 | 589 | ||||||
| Prepaid expenses and other current assets | 1,172 | 779 | ||||||
| Deferred tax asset, current | 2,298 | 2,368 | ||||||
| Total current assets | 26,547 | 5,812 | ||||||
| Deferred offering costs | — | 80 | ||||||
| Property and equipment, net | 392 | 417 | ||||||
| Operating lease right-of-use asset, net | 755 | 826 | ||||||
| Intangible assets, net | 10,717 | 10,507 | ||||||
| Deferred tax asset, non-current | 796 | 817 | ||||||
| Other assets | 76 | 60 | ||||||
| Total assets | $ | 39,283 | $ | 18,519 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 495 | $ | 804 | ||||
| Accrued expenses | 2,686 | 3,373 | ||||||
| Player liabilities | 793 | 816 | ||||||
| Due to affiliates | 1,912 | 1,993 | ||||||
| Operating leases obligation, current | 225 | 166 | ||||||
| Total current liabilities | 6,111 | 7,152 | ||||||
| Other liabilities | 1,101 | 1,084 | ||||||
| Operating lease obligation, noncurrent | 573 | 641 | ||||||
| Total liabilities | 7,785 | 8,877 | ||||||
| Stockholders’ equity | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 11 | 8 | ||||||
| Additional paid-in capital | 57,960 | 32,930 | ||||||
| Accumulated deficit | (27,265 | ) | (24,299 | ) | ||||
| Accumulated other comprehensive income | 792 | 1,003 | ||||||
| Total stockholders’ equity | 31,498 | 9,642 | ||||||
| Total liabilities and stockholders’ equity | $ | 39,283 | $ | 18,519 | ||||
This Report includes Adjusted EBITDA and Adjusted Earnings (Loss) Per Share, which are non-GAAP financial measures that we use to supplement our results presented in accordance with
Adjusted EBITDA and Adjusted Earnings (Loss) Per Share are not intended to be a substitute for any
We define and calculate Adjusted EBITDA as net income (loss) before the impact of interest income and expense, income tax provision or benefit, and depreciation and amortization, and further adjusted for the following items: stock-based compensation; and other non-recurring and non-operating costs or income, as described in the reconciliation below.
We define and calculate Adjusted Earnings (Loss) Per Share as basic earnings (loss) per share attributable to common stockholders before the impact of amortization of acquired intangible assets; stock-based compensation; and other non-recurring and non-operating costs or income, as described in the reconciliation below.
We include non-GAAP financial measures because they are used by management to evaluate our core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Adjusted EBITDA and Adjusted Earnings (Loss) Per Share exclude certain expenses that are required in accordance with
GAAP NET INCOME (LOSS) TO NON-GAAP ADJUSTED EBITDA
| For the Three Months Ended | ||||||||
| (in thousands) | 2026 | 2025 | ||||||
| Revenues | $ | 3,366 | $ | 5,195 | ||||
| Net loss from continuing operations | (2,966 | ) | (3,725 | ) | ||||
| Net income from discontinued operations net of taxes | — | 449 | ||||||
| Add back items: | ||||||||
| Stock-based compensation expense (1) | 260 | 308 | ||||||
| Issuance of warrants | 1,003 | — | ||||||
| Depreciation and amortization (2) | 71 | 76 | ||||||
| Interest expense, net | (46 | ) | 46 | |||||
| Income tax | 16 | 17 | ||||||
| Foreign exchange transaction loss | 72 | 178 | ||||||
| Other (3) | 310 | 127 | ||||||
| Adjusted EBITDA | $ | (1,280 | ) | $ | (2,973 | ) | ||
(1) Includes restricted shares, stock options, equity-settled restricted share units, cash-settled restricted share units and equity-settled performance-based restricted share units granted to employees and directors (including related employer payroll taxes).
(2) Includes amortization of intangible assets generated through business acquisitions and depreciation of property and equipment, amortization of contract costs, and amortization of internally developed software and other intangible assets. Excludes amortization of right of use assets.
(3) Includes severance costs and non-recurring compensation.
