High Roller Technologies Reports $3.854 Million Net Loss for Nine Months Ending September 30, 2024

High Roller Technologies, Inc. reported a net loss of $3.854 million for the nine months ending September 30, 2024, compared to a loss of $1.096 million during the same period in 2023. Revenue for the nine-month period decreased by 12% to $19.826 million, down from $22.484 million in the prior year. The decline in revenue was attributed primarily to the company's exit from the Hungarian market due to regulatory changes, alongside decreases in other existing markets, although this was partially offset by growth in Finland. For the third quarter alone, revenue was relatively stable, decreasing slightly to $7.516 million from $7.569 million year-over-year.

The company's operating expenses for the nine months ended September 30, 2024, totaled $23.605 million, a marginal increase from $23.441 million in the previous year. Notably, direct operating costs related to related parties decreased significantly by 70% to $598,000, while other direct operating costs rose by 12% to $7.740 million. General and administrative expenses also saw a decrease in related party costs, down to $167,000 from $309,000, reflecting a reduced reliance on affiliated companies for administrative services.

High Roller Technologies has been actively expanding its operational footprint, launching its second brand, Fruta.com, in February 2024, following a soft launch in December 2023. The company is also exploring opportunities for additional brand launches within the next year. As of September 30, 2024, the company had 7,015,017 shares outstanding, reflecting a slight increase from 6,967,278 shares at the end of 2023. The company’s cash and cash equivalents stood at $1.329 million, down from $2.087 million at the end of the previous fiscal year, indicating a tightening liquidity position.

Looking ahead, High Roller Technologies has expressed intentions to enter regulated markets in North America, utilizing proceeds from its recent initial public offering (IPO) completed in October 2024, which raised approximately $9.028 million. However, the company has acknowledged substantial doubt regarding its ability to continue as a going concern, contingent on its capacity to generate sufficient cash flows from operations and secure additional financing. The management is focused on improving operational efficiencies and expanding its market presence to enhance revenue generation in the coming months.