In the gaming sector, Canterbury Park Holding Corporation (CPHC) and High Roller Technologies, Inc. (ROLR) represent two distinctly different operating models. Over the past six, High Roller shares have gained 30.2%, comfortably outpacing Canterbury Park’s 6% decline. Both companies outpace the sub-industry’s 29.2% decline. However, superior stock performance alone does not necessarily signal a better investment. Image Source: Zacks Investment Research Stock price movements often reflect near-term sentiment ...

LAS VEGAS, Nevada, March 17, 2026 (GLOBE NEWSWIRE) -- High Roller Technologies, Inc. (“High Roller” or the “Company”) (NYSE: ROLR), operator of the award-winning, premium online casino brands High Roller and Fruta, today announced that management will participate at the 38th Annual ROTH Conference being held in Dana Point, California. During the event, Seth Young, Chief Executive Officer of High Roller, will be available for one-on-one meetings with investors throughout the day to discuss the Company’s stra ...

Core Viewpoint - High Roller Technologies, Inc. (ROLR) is undergoing a transformation aimed at improving operational efficiency and preparing for future growth, despite experiencing a decline in revenues and stock performance in the fourth quarter of 2025 [8][10]. Financial Performance - ROLR reported net revenues of $4.7 million in Q4 2025, down 21% from $5.9 million in Q4 2024 [2] - For the full year 2025, net revenues were $20.5 million, a decrease of 11.9% from $23.2 million in 2024 [4] - The company achieved net income of $2.7 million in Q4 2025, a significant improvement from a net loss of $3 million in Q4 2024 [3] - Total net income for 2025 was $3.2 million, compared to a net loss of $5.9 million in 2024 [4] Operational Metrics - Adjusted EBITDA from continuing operations improved to negative $427,000 in Q4 2025 from negative $2.3 million in Q4 2024 [3] - For the full year, adjusted EBITDA improved to negative $3.7 million from negative $5.7 million in 2024, reflecting a $2.0 million improvement [5] - Operating expenses decreased to $26.6 million in 2025 from $31.7 million in 2024, a reduction of about 16% [6] Strategic Initiatives - The company is focusing on entering regulated U.S. prediction markets through a partnership with Crypto.com | Derivatives North America [12] - ROLR signed non-binding agreements with Lines.com, Forever Network, and Leverage Game Media to support marketing efforts for the prediction markets launch [13] - A non-binding agreement with Altenar aims to develop a fully managed business-to-business sportsbook platform [13] Leadership and Financial Position - ROLR received a $1.0 million strategic investment from Saratoga Casino Holdings and completed a $25 million registered direct offering [14] - The company expanded its executive team with several key appointments to enhance operational and marketing capabilities [15] - Cash and cash equivalents at year-end totaled approximately $2.7 million, down from $3.5 million at the end of Q3 2025 [7]

Financial Data and Key Metrics Changes - For the full year 2025, net revenues from continuing operations were $20.4 million, down from $23.2 million in 2024, reflecting an 11.9% decrease [3][11] - Net income from continuing operations improved to nearly $700,000 in 2025, compared to a net loss of $8.6 million in 2024, indicating a significant turnaround [4][12] - For Q4 2025, net revenues were $4.6 million, down from $5.9 million in Q4 2024, but net income rose to $2.5 million from a net loss of $3 million in the previous year [4][10] Business Line Data and Key Metrics Changes - The company has exited certain markets to focus on higher-quality revenue streams, which contributed to the decrease in revenue but improved overall financial performance [4][11] - Adjusted EBITDA from continuing operations improved to -$427,000 in Q4 2025 from -$2.3 million in Q4 2024, showing operational efficiency gains [10] Market Data and Key Metrics Changes - The prediction markets opportunity is estimated to have a trading volume of $30 billion to $40 billion in 2025, with potential long-term U.S. market volume reaching hundreds of billions [7][22] - The company is targeting a total addressable market (TAM) estimate of about $10 billion annually based on contract trading volume, which is considered conservative [22] Company Strategy and Development Direction - The company is focused on expanding into prediction markets in the U.S. and iGaming in Ontario, with plans to provide updates on launch timings [2][3] - A recent capital raise of $26 million is intended to support market expansion, product development, and compliance investments [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, emphasizing a disciplined approach to execution and the significant opportunities in prediction markets [16] - The company aims to position itself for rapid revenue growth in 2026 and beyond, with a focus on compliant and sustainable revenue streams [9][16] Other Important Information - The company has strengthened its leadership team with new appointments, including a Chief Operating Officer and a Chief Marketing Officer, to enhance operational execution and marketing efforts [8] - A partnership with Crypto.com for launching an event-based trading product in the U.S. is seen as a strategic inflection point for the company [5][6] Q&A Session Summary Question: Can you elaborate on your marketing strategy for prediction markets? - Management highlighted partnerships with distribution channels like Forever Network and Lines.com, emphasizing their performance marketing expertise in competitive markets [18] Question: How large do you see the U.S. prediction markets? - Management believes the market is larger than current estimates suggest, with a TAM of about $10 billion annually based on contract trading volume [22] Question: Can investors expect a material step-up in revenue growth? - Management indicated that they are very bullish on the opportunity and expect it to be a significant driver for the company [25]

Financial Data and Key Metrics Changes - For the full year 2025, net revenues from continuing operations were $20.4 million, down from $23.2 million in 2024, reflecting an 11.9% decrease [3][11] - Net income from continuing operations improved to nearly $700,000 in 2025, compared to a net loss of $8.6 million in 2024, driven by cost management and a $3 million tax benefit [4][12] - For Q4 2025, net revenues were $4.6 million, down from $5.9 million in Q4 2024, but net income rose to $2.5 million from a net loss of $3 million in the previous year [5][10] Business Line Data and Key Metrics Changes - The company has exited certain markets to focus on higher-quality revenue streams, which contributed to the decrease in revenue but improved overall financial performance [4][11] - Adjusted EBITDA from continuing operations improved to -$427,000 in Q4 2025 from -$2.3 million in Q4 2024, indicating better operational efficiency [10] Market Data and Key Metrics Changes - The prediction markets opportunity is estimated to have a trading volume of $30 billion to $40 billion in 2025, with potential long-term U.S. market volume reaching hundreds of billions [7] - The company is targeting a total addressable market (TAM) of about $10 billion annually based on contract trading volume, which is considered conservative [22] Company Strategy and Development Direction - The company is focused on expanding into prediction markets in the U.S. and iGaming in Ontario, with plans to provide updates on launch timings [2][3] - A recent capital raise of $26 million is intended to support market expansion, product development, and compliance investments [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the groundwork laid for growth and the significant opportunities in prediction markets [16] - The company aims to maintain a disciplined approach to cost control while pursuing growth in new markets [8][9] Other Important Information - The company has strengthened its leadership team with new appointments, including a Chief Operating Officer and Chief Marketing Officer, to enhance operational execution [8] - A partnership with Crypto.com for launching an event-based trading product in the U.S. is seen as a strategic inflection point [6] Q&A Session Summary Question: Can you elaborate on your marketing strategy for prediction markets? - Management highlighted partnerships with distribution channels like Forever Network and Lines.com, emphasizing their performance marketing expertise in competitive markets [18] Question: How large do you see the U.S. prediction markets? - Management believes the market is larger than current estimates suggest, with a TAM of about $10 billion annually based on contract trading volume [22] Question: Can investors expect a material step-up in revenue growth? - Management indicated that they are very bullish on the opportunity and expect it to be a significant driver for the company [25]

Financial Data and Key Metrics Changes - For the full year 2025, net revenues from continuing operations were $20.4 million, down from $23.2 million in 2024, reflecting an 11.9% decrease [3][11] - Net income from continuing operations improved to nearly $700,000 in 2025, compared to a net loss of $8.6 million in 2024, driven by disciplined cost management and a $3 million tax benefit [4][12] - For Q4 2025, net revenues from continuing operations were $4.6 million, down from $5.9 million in Q4 2024, while net income for the quarter was $2.5 million, compared to a net loss of $3 million in the previous year [4][10] Business Line Data and Key Metrics Changes - The company has exited certain markets to focus on higher-quality revenue streams, which contributed to the decrease in revenue but improved overall financial performance [4][11] - Adjusted EBITDA from continuing operations improved to -$427,000 in Q4 2025 from -$2.3 million in Q4 2024, indicating better operational efficiency [10] Market Data and Key Metrics Changes - The prediction markets opportunity is estimated to have a trading volume of $30 billion to $40 billion in 2025, with long-term U.S. market volume potentially reaching hundreds of billions [6] - The company is targeting a total addressable market (TAM) estimate of about $10 billion annually based on contract trading volume, which is considered conservative [23] Company Strategy and Development Direction - The company is focused on expanding into prediction markets in the U.S. and iGaming in Ontario, with plans to provide updates on launch timings [2][3] - A recent capital raise of $26 million is intended to support market expansion and product development while maintaining a disciplined approach to cost control [14][15] - The company aims to prioritize operational efficiency and strong unit economics rather than pursuing growth in less favorable regulatory environments [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the significant opportunities in prediction markets and the groundwork laid for future growth [16] - The company is preparing for a rapid revenue ramp in 2026 and beyond, with a focus on execution and strategic initiatives [9][16] Other Important Information - The company has made key leadership appointments to strengthen its operational execution and marketing capabilities [8] - A partnership with Crypto.com for launching an event-based trading product in the U.S. is seen as a strategic inflection point for the company [5] Q&A Session Questions and Answers Question: Can you elaborate on your marketing strategy for prediction markets? - The company plans to leverage distribution channels like Forever Network and Lines.com, emphasizing performance marketing expertise in regulated markets [18] Question: How large do you see the U.S. prediction markets? - Management believes the market is larger than current estimates suggest, with a TAM of about $10 billion annually based on contract trading volume [23] Question: Can investors expect a material step-up in revenue growth? - Management indicated a strong internal belief in the opportunity, suggesting that significant revenue growth is anticipated as the company scales its operations [26]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ____________ TO ____________ Commission File Number: 001-42202 High Roller Technologies, Inc. (Exact name of registrant as specified in its charter) | Delaware | 87-4159815 | ...

Financial Performance - Net revenues from continuing operations for Q4 2025 were $4.7 million, a decrease of 20.3% from $5.9 million in Q4 2024[12] - Full year net revenues from continuing operations were $20.5 million, down $2.8 million or 11.9% from $23.2 million in 2024[12] - Total revenues for the year ended December 31, 2025, were $20,453,000, a decrease of 11.1% from $23,206,000 in 2024[23] - The company reported a net income of $690,000 for 2025, a significant improvement compared to a net loss of $8,618,000 in 2024[23] - Net income from continuing operations for Q4 2025 was $2.7 million, compared to a net loss of $3.0 million in Q4 2024[12] Operating Expenses - Total operating expenses for the full year 2025 were $26.6 million, a decrease of 16% from $31.7 million in 2024[12] - Adjusted EBITDA for 2025 was $(3,737,000), an improvement from $(5,692,000) in 2024, resulting in an adjusted EBITDA margin of (18.00)% compared to (25.00)% in the previous year[23] - Adjusted EBITDA from continuing operations improved by $1.9 million to negative $427 thousand in Q4 2025 from negative $2.3 million in Q4 2024[12] - Stock-based compensation expense increased to $1,374,000 in 2025 from $1,052,000 in 2024[23] Financial Position - Cash and cash equivalents as of December 31, 2025, totaled approximately $2.7 million, down from $3.5 million as of September 30, 2025[12] - Total stockholders' equity rose to $9,642,000 as of December 31, 2025, compared to $5,721,000 in 2024, reflecting a growth of 68.1%[23] - Total liabilities and stockholders' equity increased to $18,519,000 in 2025 from $16,625,000 in 2024[23] - The accumulated deficit improved to $(24,299,000) in 2025 from $(27,143,000) in 2024, showing a reduction of 10.5%[23] - Interest expense decreased to $74,000 in 2025 from $124,000 in 2024, indicating improved financial management[23] - The company experienced a foreign exchange transaction loss of $498,000 in 2025, down from $1,137,000 in 2024[23] Strategic Initiatives - The company raised $26 million in gross proceeds post year-end 2025, including $1 million from a strategic investment and $25 million from a registered direct offering[12] - The company plans to expand into regulated iGaming markets like Ontario, leveraging its core expertise[2] - The company entered into a binding LOI with Crypto.com to launch an event-based prediction markets product in the U.S., targeting a market estimated to exceed $1 trillion in annual trading volume[1] Leadership Changes - The company appointed new executives, including Jake Francis as COO and Carlo Scappaticci as CMO, to strengthen leadership[5]

Core Viewpoint - High Roller Technologies, Inc. is advancing its strategic partnership with Crypto.com to enter the U.S. prediction markets, which are projected to exceed $1 trillion in annual trading volume, while also reporting its financial results for Q4 and full year 2025 [1][2]. Financial Performance - For Q4 2025, net revenues from continuing operations were $4.7 million, a decrease from $5.9 million in Q4 2024, primarily due to exiting certain markets [13]. - The company reported a net income from continuing operations of $2.7 million, compared to a net loss of $3.0 million in Q4 2024 [13]. - Adjusted EBITDA from continuing operations improved to negative $427 thousand from negative $2.3 million in Q4 2024 [13]. - For the full year 2025, net revenues were $20.5 million, down 11.9% from $23.2 million in 2024 [13]. - Total operating expenses decreased by 16% to $26.6 million from $31.7 million in 2024, attributed to lower direct operating costs and reduced advertising [13]. - The company achieved a net income of $3.2 million for the full year, compared to a net loss of $5.9 million in 2024 [13]. Strategic Developments - High Roller has entered into a binding LOI with Crypto.com to launch an event-based prediction markets product in the U.S., marking a significant strategic milestone [7]. - The company signed non-binding LOIs for marketing and distribution relationships with Lines.com, Forever Network, and Leverage Game Media to support its U.S. prediction markets [7]. - High Roller has strengthened its balance sheet with $26 million in capital and added experienced executives to its leadership team to support growth [2]. Leadership Changes - The company appointed Jake Francis as Chief Operating Officer and Carlo Scappaticci as Chief Marketing Officer, among other leadership changes [12]. Capital Investments - High Roller received a $1.0 million strategic investment from Saratoga Casino Holdings at $2.80 per share and completed a $25 million registered direct offering priced at $13.21 per share [8]. Market Expansion - The planned entry into regulated iGaming markets like Ontario is seen as a natural extension of the company's core expertise, alongside the new U.S. prediction market opportunity [2].

Core Viewpoint - High Roller Technologies, Inc. will host a conference call on March 10, 2026, to discuss its fourth quarter 2025 financial results and business updates [1]. Company Overview - High Roller Technologies, Inc. is a leading global online gaming operator known for its casino brands High Roller and Fruta, listed under the ticker ROLR on the NYSE [4]. - The company offers a real-money online casino platform with over 6,000 premium games from more than 90 game providers, catering to a global customer base [4]. - High Roller Technologies emphasizes innovation, performance, and excellence in the rapidly expanding multi-billion iGaming industry [5]. Conference Call Details - The conference call will feature CEO Seth Young and CFO Adam Felman, who will review the financial results for Q4 2025 and discuss corporate developments and strategic initiatives [3]. - A Q&A session will follow the prepared remarks to address participant questions [3]. - Participants can join the call by dialing specific numbers or using a provided link [2].