Core Insights - High Roller Technologies has launched a new online casino brand named Kassuuu, specifically targeting the Finnish market [1][4] - The brand name Kassuuu is derived from Finnish slang, with "Kassu" meaning casino and "KASSUUU!" representing a celebratory cheer for winning [2][3] - Kassuuu aims to provide a player-first entertainment experience by emphasizing responsible gaming, clear communication, and localized cultural elements [3][4] Company Overview - High Roller Technologies operates multiple online casino brands, including High Roller, Fruta, and Kassuuu, and is listed on the NYSE under the ticker ROLR [4] - The company offers a comprehensive online gaming platform featuring over 6,000 premium games from more than 90 providers, catering to a global audience [4] - High Roller Technologies is recognized for its innovative approach and commitment to excellence in the rapidly growing multi-billion iGaming industry [5] Unique Features of Kassuuu - Kassuuu incorporates Finnish language and humor into its branding, enhancing local engagement [7] - The platform features a story-driven promotional strategy with recurring characters to create a rhythm for offers [7] - Kassuuu emphasizes trusted payment solutions that are fast, secure, and familiar to local users [7] - The brand promotes a premium positioning strategy, focusing on "everyday luxury" for VIP and player rewards [7] - Responsible gaming is a core principle, with transparent terms, visible limits, and accessible support [7]

Leadership Transition - High Roller Technologies has announced the appointment of Seth Young as the new CEO, effective September 1st, succeeding Ben Clemes [1][2] - Ben Clemes, who has been CEO since 2024, is stepping down to spend more time with his family, leaving the company well-positioned for future growth [2][3] - Seth Young, previously the Chief Strategy Officer, has over 20 years of experience in the gaming industry and is recognized for his vision and leadership [3][5] Company Performance and Future Outlook - Under Clemes' leadership, High Roller achieved significant accomplishments and is positioned for continued growth [2][4] - Young expressed gratitude for Clemes' contributions and aims to build on the foundation established during his tenure to drive future growth and value for stakeholders [4][5] Company Overview - High Roller Technologies operates premium online casino brands, including High Roller and Fruta, and is listed on the NYSE under the ticker ROLR [7] - The company offers a user-friendly online casino platform with over 6,000 games from more than 90 providers, catering to a global customer base in the expanding iGaming industry [7] - High Roller is recognized for its innovative approach and commitment to excellence in online gaming [8]

Core Points - High Roller Technologies has had its plan to regain compliance with NYSE American's continued listing standards accepted, allowing it to remain listed during the plan period until December 4, 2026 [1][4][5] - The company was previously notified of non-compliance due to stockholders' equity of approximately $2.8 million and reported losses in three of the last four fiscal years [2][3] - The company submitted a compliance plan by the required deadline, which has been accepted by NYSE American, and it will be subject to periodic monitoring during the plan period [3][4] Company Overview - High Roller Technologies operates premium online casino brands, including High Roller and Fruta, and is recognized for its innovative gaming platform [1][7] - The company offers over 5,600 premium games from more than 90 leading game providers, catering to a global customer base in the multi-billion iGaming industry [7] - High Roller Technologies emphasizes enhanced user experience through advanced technology, including machine learning and superior scalability [7][8]

Summary of High Roller Technologies Conference Call Company Overview - **Company Name**: High Roller Technologies (Ticker: ROLAR) - **Industry**: Online Gambling - **Key Brands**: High Roller and Frutza [9][10] Core Points and Arguments - **Leadership Experience**: CEO Ben Plemis has over 20 years in the online gambling industry, previously co-founding Gaming Innovation Group [3][4]. Chief Strategy Officer Seth Young also has extensive experience, including taking Points Bet Sportsbook public [6][8]. - **Market Position**: High Roller operates in a rapidly growing online gambling market, valued at approximately $200 billion, with a total global gambling market nearing $681 billion [20][21]. - **Customer Acquisition**: The partnership with SpykeUp Media is highlighted as a significant advantage for customer acquisition, allowing for low-cost entry into high-value markets [13][22]. - **Technology and Product Offering**: The company owns its front-end and middleware technology, enabling quick adaptation to new markets and efficient operations [12][48]. They utilize AI and machine learning for personalization and user experience [17][48]. - **Market Focus**: High Roller is concentrating on regulated markets with stable revenue streams, specifically targeting Finland, Ontario, and Alberta [14][31][35]. Finland currently accounts for 60% of their net gaming revenue [31]. - **Regulatory Environment**: The company is navigating a shift from lottery monopolies to regulated markets, which is expected to enhance revenue opportunities [32][38]. Financial Insights - **Revenue Model**: The company generates revenue through games with a built-in house advantage, expecting to make approximately 5% on every dollar wagered [24][25]. - **Profitability Outlook**: The total addressable revenue in their target markets is estimated at over $4 billion, with a potential market share of 5% leading to a projected $200 million in revenue [59][60]. The company aims for a 20% EBITDA margin, translating to $40 million in EBITDA [61]. - **Cost Management**: A strategic shift led to a 75% reduction in costs and a positive adjusted EBITDA of nearly $400,000 in Q2 [65][66]. - **Cash Position**: The company has approximately $3.5 million in cash, indicating no immediate need for capital raises within the next 12 months [67][68]. Additional Important Points - **Market Differentiation**: High Roller differentiates itself through strong branding, a wide game library, and effective customer retention strategies [56][58]. - **Future Growth**: The company plans to expand into new markets through direct licensing, partnerships, and potential joint ventures [42][43]. They are particularly focused on leveraging their relationship with SpykeUp Media for growth [70][71]. - **Investor Value Proposition**: High Roller presents itself as a unique investment opportunity in the online gambling space, emphasizing its experienced team, strong technology, and strategic partnerships [69][72]. Conclusion High Roller Technologies is positioned for growth in the online gambling industry, leveraging its strong leadership, technology, and strategic partnerships to capitalize on emerging regulated markets. The company is focused on efficient customer acquisition and retention, with a clear path towards profitability and expansion.

Financial Data and Key Metrics Changes - High Roller Technologies reported a positive adjusted EBITDA of $362,000 in Q2 2025, a significant turnaround from an adjusted EBITDA loss of approximately $2,500,000 in Q1 2025 [6][11] - Total revenue for Q2 2025 increased by 2% from Q1 2025, reaching $6,900,000, with net gaming revenue increasing by 12% [11][12] - Adjusted earnings per share improved to 4¢ in Q2 2025, compared to an adjusted loss per share of 30¢ in Q1 2025 [11][12] - The net cash position at the end of Q2 2025 was approximately $3,600,000, down from $4,500,000 in Q1 2025 [12][13] Business Line Data and Key Metrics Changes - Unique deposits and customers were down for another quarter, but net gaming revenue per unique deposit and customer increased nearly 80% to $340 [9][12] - Revenue in the core market of Finland was up nearly 55% year-over-year compared to the previous six-month period ending June 30, 2024 [9][12] Market Data and Key Metrics Changes - Finland represented 57% of net gaming revenue for 2025, up from 39% in 2024, indicating a strong focus on regulated markets [12] Company Strategy and Development Direction - The company underwent a strategic realignment, focusing on high-potential markets like Finland and Canada, and is launching a third market-specific brand [3][5] - A new executive leadership team was established to enhance operational efficiency and scalability [6][21] - The company is actively participating in investor conferences and roadshows to raise awareness within the investment community [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's direction and operational improvements, emphasizing the importance of transparency and credibility with shareholders [16][20] - The company is optimistic about its future performance, particularly with the upcoming launch in Ontario, which is expected to be a significant growth opportunity [36][39] Other Important Information - The company received a notice of noncompliance with NYSE listing standards but has addressed it with relevant filings and a compliance plan [4] - The marketing and retention departments have been reconstituted with senior localized talent to enhance execution in strategic markets [21][22] Q&A Session Summary Question: What drove the improvement in average revenue per user (ARPU) and what should be expected going forward? - The improvement in ARPU was driven by a refocus of marketing spend on acquiring high-value users and stronger operational execution [29][30] - Management did not provide specific guidance on future ARPU but expressed confidence in continued growth [31] Question: How comfortable is the company with current liquidity given expansion plans, and is there an expectation to raise capital soon? - Management is comfortable with the current cash position and does not anticipate raising capital from the market but is exploring strategic opportunities [32][34] Question: Can you provide details on the Ontario launch timeline and marketing strategy? - The Ontario launch is expected to be a significant step for the company, with strong marketing support from Psycho Media [36][38] - Ontario is identified as a major regulated online gambling market with substantial revenue potential [37][39]

[Management Commentary & Business Highlights](index=1&type=section&id=Management%20Commentary%20%26%20Business%20Highlights) High Roller Technologies achieved positive adjusted EBITDA in Q2 2025 through strategic realignment, increased revenue, and optimized marketing - CEO Ben Clemes stated that the company's strategic plan is delivering intended results, achieving positive adjusted EBITDA in Q2 through increased revenue, optimized marketing, and cost efficiencies[3](index=3&type=chunk) - The upcoming launch in Ontario, in partnership with SpikeUp Media, is viewed as a transformative event for the company[4](index=4&type=chunk) - Strong execution in Q2 led to consistent improvement in key performance indicators, particularly in the core market of Finland[3](index=3&type=chunk) [Second Quarter 2025 Financial Summary](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Summary) Q2 2025 revenue grew **20% to $6.9 million**, achieving positive **Adjusted EBITDA of $362 thousand** and **Adjusted EPS of $0.04** Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | YoY Change | Q1 2025 | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $6.9M | $5.8M | +20% | $6.8M (approx) | +2% | | Adjusted EBITDA | $362K | ($931K) | Positive Turnaround | ($2.5M) | Positive Turnaround | | Adjusted EPS | $0.04 | ($0.13) | Positive Turnaround | ($0.30) | Positive Turnaround | - Cash and cash equivalents totaled approximately **$3.6 million** as of June 30, 2025, down from **$4.5 million** as of March 31, 2025[12](index=12&type=chunk) [Q2 2025 Operational & Strategic Highlights](index=1&type=section&id=Q2%202025%20Operational%20%26%20Strategic%20Highlights) Q2 operational highlights include leadership team enhancements, strategic market entry, marketing optimization, and game portfolio expansion - Strengthened leadership with key hires including a Chief Legal & Compliance Officer, CFO, Chief Strategy Officer, and Managing Directors for Finland and Canada[4](index=4&type=chunk)[8](index=8&type=chunk) - Announced a strategic technology partnership with Playtech to enter Ontario's regulated market, with launch anticipated in H2 2025[8](index=8&type=chunk) - Average Revenue Per User (ARPU) increased approximately **80% quarter-over-quarter**[8](index=8&type=chunk) - Re-optimized marketing spend, resulting in a **65% YoY increase** in Finland Net Gaming Revenue from the previous 6-month period[8](index=8&type=chunk) - Expanded its game portfolio by adding **330 new games**, bringing the total to over **5,600 games** from more than **90 providers**[8](index=8&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including the Statement of Operations and Balance Sheet, for High Roller Technologies [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenues grew to **$6.9 million**, reducing loss from operations to **($502) thousand** and narrowing net loss to **($592) thousand** Statement of Operations Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenues, net | $6,936 | $5,803 | $13,707 | $12,310 | | Total operating expenses | $7,438 | $7,283 | $17,421 | $15,615 | | Loss from operations | ($502) | ($1,480) | ($3,714) | ($3,305) | | Net loss | ($592) | ($1,504) | ($3,868) | ($3,353) | | Net loss per share | ($0.07) | ($0.21) | ($0.46) | ($0.48) | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets decreased to **$12.3 million**, primarily due to reduced cash, with total liabilities and stockholders' equity also declining Balance Sheet Summary (in thousands) | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $2,682 | $6,869 | | Total current assets | $3,855 | $8,779 | | Total assets | $12,308 | $16,625 | | Total current liabilities | $8,880 | $10,168 | | Total liabilities | $9,678 | $10,904 | | Total stockholders' equity | $2,630 | $5,721 | [Non-GAAP Financial Measures](index=6&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP measures like Adjusted EBITDA and Adjusted EPS to evaluate core operating performance by excluding non-recurring or non-cash items - The company uses **Adjusted EBITDA** and **Adjusted Earnings (Loss) Per Share** as non-GAAP measures to evaluate operating performance[19](index=19&type=chunk) - Adjusted EBITDA is calculated as net loss adjusted for interest, taxes, depreciation, amortization, stock-based compensation, and other non-recurring items[20](index=20&type=chunk) - Adjusted Earnings (Loss) Per Share is basic EPS adjusted for amortization of acquired intangibles, stock-based compensation, and other non-recurring items[21](index=21&type=chunk) [Reconciliation of Net Loss to Adjusted EBITDA](index=6&type=section&id=GAAP%20Net%20Loss%20to%20Non-GAAP%20Adjusted%20EBITDA) Reconciliation shows a significant improvement in Q2 2025, achieving a positive **Adjusted EBITDA of $362 thousand**, a turnaround from prior-period losses Adjusted EBITDA Reconciliation (in thousands) | Metric | Q2 2025 | Q2 2024 | Q1 2025 | | :--- | :--- | :--- | :--- | | Net loss | ($592) | ($1,504) | ($3,276) | | Add back items | $954 | $673 | $753 | | **Adjusted EBITDA** | **$362** | **($931)** | **($2,523)** | | Adjusted EBITDA margin | 5.22% | (16.04)% | (37.26)% | [About High Roller Technologies, Inc.](index=2&type=section&id=About%20High%20Roller%20Technologies%2C%20Inc.) High Roller Technologies, Inc. (NYSE: ROLR) is a global online gaming operator of High Roller and Fruta casino brands, offering over 5,600 games - High Roller Technologies is a global online gaming operator listed on the NYSE under the ticker **ROLR**[10](index=10&type=chunk) - The company operates the innovative casino brands **High Roller** and **Fruta**[10](index=10&type=chunk) - It offers a diverse portfolio of over **5,600 premium games** from more than **90 leading game providers**[2](index=2&type=chunk)[8](index=8&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward%20Looking%20Statements) This section contains a standard legal disclaimer regarding forward-looking statements, cautioning that actual results may differ due to inherent risks and uncertainties - The press release contains "forward-looking statements" which are not guarantees of future performance and are subject to inherent uncertainties, risks, and changes in circumstances[13](index=13&type=chunk) - Investors are cautioned not to rely on these statements as actual results and financial conditions may differ materially from those indicated[13](index=13&type=chunk)

Core Viewpoint - High Roller Technologies reported a solid second quarter in 2025, achieving positive adjusted EBITDA and increased revenue due to strategic realignment and cost efficiencies [2][5]. Financial Performance - The company reported total revenue of $6.9 million for Q2 2025, a 20% increase year-over-year from $5.8 million in Q2 2024 [4][7]. - For the first half of 2025, revenue reached $13.7 million, an 11% increase from $12.3 million in the same period of 2024 [5]. - Adjusted EBITDA for Q2 2025 was $362 thousand, a significant turnaround from an adjusted EBITDA loss of $931 thousand in Q2 2024 and a loss of approximately $2.5 million in Q1 2025 [12][21]. - The average revenue per user (ARPU) increased approximately 80% quarter-over-quarter [6]. Strategic Initiatives - The company is preparing to launch in Ontario, which is expected to be transformative, supported by a partnership with SpikeUp Media [3]. - High Roller Technologies has strengthened its leadership team with key hires, including a new Chief Legal & Compliance Officer and Chief Financial Officer [3][6]. - A strategic technology partnership with Playtech has been announced to facilitate entry into Ontario's regulated online casino market, with a launch anticipated in H2 2025 [6]. Market Position and Growth - High Roller Technologies offers over 5,600 games from more than 90 providers, positioning itself as a leading global online gaming operator [9]. - The company has initiated a brand refresh for its casino brands, High Roller and Fruta, in anticipation of market expansion [6]. - The company reported a 65% year-over-year increase in net gaming revenue in Finland, indicating strong market performance [6].

```markdown PART I – Financial Information [Item 1. Condensed Consolidated Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) The company reported a net loss of $3.9 million for the six months ended June 30, 2025, an increase from a $3.4 million loss in the same period of 2024. As of June 30, 2025, the company had a working capital deficiency of $5.0 million and an accumulated deficit of $31.0 million. These factors, along with historical reliance on affiliate financing, have led management to conclude there is substantial doubt about the company's ability to continue as a going concern. The financial statements include condensed balance sheets, statements of operations, stockholders' equity, cash flows, and accompanying notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets decreased to $12.3 million from $16.6 million at year-end 2024, primarily due to a significant reduction in cash and cash equivalents. Total liabilities also decreased to $9.7 million from $10.9 million, while total stockholders' equity fell from $5.7 million to $2.6 million, driven by the accumulated deficit Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $2,682 | $6,869 | | Total current assets | $3,855 | $8,779 | | Total assets | $12,308 | $16,625 | | **Liabilities & Equity** | | | | Total current liabilities | $8,880 | $10,168 | | Total liabilities | $9,678 | $10,904 | | Accumulated deficit | $(31,011) | $(27,143) | | Total stockholders' equity | $2,630 | $5,721 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For the six months ended June 30, 2025, revenues increased to $13.7 million from $12.3 million year-over-year. However, total operating expenses also rose to $17.4 million from $15.6 million, resulting in a larger loss from operations of $3.7 million compared to $3.3 million in the prior year. The net loss for the six-month period widened to $3.9 million from $3.4 million Statement of Operations Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenues, net | $6,936 | $5,803 | $13,707 | $12,310 | | Total operating expenses | $7,438 | $7,283 | $17,421 | $15,615 | | Loss from operations | $(502) | $(1,480) | $(3,714) | $(3,305) | | Net loss | $(592) | $(1,504) | $(3,868) | $(3,353) | | Net loss per share | $(0.07) | $(0.21) | $(0.46) | $(0.48) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities significantly increased to $4.4 million from $1.1 million in the prior-year period. Net cash used in investing activities was slightly higher at $296 thousand. Financing activities used $90 thousand in cash, a reversal from providing $337 thousand in the same period of 2024. Overall, cash, cash equivalents, and restricted cash decreased by $4.3 million during the period Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(4,448) | $(1,130) | | Net cash used in investing activities | $(296) | $(242) | | Net cash (used in)/provided by financing activities | $(90) | $337 | | **Net change in cash, cash equivalents, and restricted cash** | **$(4,338)** | **$(824)** | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Key notes highlight the company's operational structure, including the recent incorporation of several subsidiaries for licensing in Curacao and Ontario. A significant disclosure is the management's conclusion of substantial doubt about the company's ability to continue as a going concern due to a working capital deficiency and accumulated deficit. Revenue is primarily generated from net gaming revenue, with Finland being the largest market. The notes also detail significant related-party transactions, particularly with Spike Up for marketing services, and provide reconciliations for non-GAAP measures like Adjusted EBITDA - Management has concluded there is **substantial doubt** about the Company's ability to continue as a going concern due to a **$5.0 million** working capital deficiency, a **$31.0 million** accumulated deficit, and historical reliance on affiliate financing[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) Revenue by Geography (Six Months Ended June 30) | Country | 2025 Revenue (in thousands) | % of Total | 2024 Revenue (in thousands) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Finland | $7,942 | 57% | $4,813 | 39% | | New Zealand | $2,954 | 22% | $3,096 | 25% | | Canada | $1,355 | 10% | $1,776 | 14% | | Norway | $909 | 7% | $1,878 | 15% | - The company has significant related-party balances, with **$1.3 million** due from affiliates and **$2.4 million** due to affiliates as of June 30, 2025, primarily with Spike Up and Happy Hour Entertainment Holdings[100](index=100&type=chunk) - The company has pending litigation in Austria and Germany regarding player claims, for which it has recorded a provision in accrued expenses[108](index=108&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's evolution as an iCasino operator, focusing on European markets with plans for North American expansion. Key performance indicators showed mixed results, with a decrease in quarterly active users and wagers in Q2 2025 compared to prior quarters. Revenue for the first six months of 2025 increased 11% to $13.7 million, driven by a strategic shift to more profitable markets, particularly Finland. However, increased operating expenses, mainly from marketing, led to a higher net loss of $3.9 million. The discussion reiterates the significant liquidity challenges and the 'going concern' warning, highlighting the company's negative working capital and reliance on future financing [Our Business and Key Performance Indicators](index=30&type=section&id=Our%20Business%20and%20Key%20Performance%20Indicators) The company operates as a growth-oriented iCasino company, primarily under the HighRoller.com and Fruta.com domains. Its strategy involves a multi-brand approach, focusing on regulated markets in Europe with intentions to enter North America. Key performance indicators for Q2 2025 showed a decline, with quarterly active users dropping to 19,675 from 29,946 in Q1 2025, and wagers remaining flat at approximately $153 million - The company is implementing a multi-brand strategy, having soft-launched its second brand, Fruta.com, in December 2023, to target new demographics and leverage its existing platform and licenses[127](index=127&type=chunk) Key Performance Indicators (Q1 2025 vs Q2 2025) | Metric | Q2 2025 | Q1 2025 | Change | | :--- | :--- | :--- | :--- | | Quarterly Active Users | 19,675 | 29,946 | (34.3)% | | Quarterly UDCs | 17,036 | 27,289 | (37.6)% | | Quarterly Wagers (in thousands) | $153,150 | $153,298 | (0.1)% | - User deposits increased to **$24.4 million** in Q2 2025 from **$21.3 million** in Q2 2024, while active users decreased from 22,505 to 19,675 over the same period[132](index=132&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) For the six months ended June 30, 2025, revenue grew 11% year-over-year to $13.7 million, largely due to a 841% increase in intra-group services revenue and a strategic focus on more profitable markets like Finland. Despite this, net loss widened to $3.9 million from $3.4 million, driven by a $2.0 million increase in advertising and promotions expenses. For Q2 2025, the company saw a significant improvement, with the loss from operations narrowing to $502 thousand from $1.5 million in Q2 2024, reflecting a new marketing strategy focused on cost-effectiveness - Revenue for the six months ended June 30, 2025, increased by **11%** to **$13.7 million**, primarily due to a strategic focus on more favorable markets and a **$2.4 million** (**841%**) increase in net revenue from intra-group services arrangements[148](index=148&type=chunk)[150](index=150&type=chunk) - Advertising and promotions expenses for the six months ended June 30, 2025, increased by **$2.0 million** to **$5.9 million** compared to the prior year, attributed to increased marketing spend utilizing funds from the initial public offering[167](index=167&type=chunk)[168](index=168&type=chunk) - Loss from operations for Q2 2025 improved to **$502 thousand** from **$1.5 million** in Q2 2024, attributed to an updated marketing strategy and better cost management[175](index=175&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) The company faces significant liquidity challenges, with cash and cash equivalents at $2.7 million as of June 30, 2025, an accumulated deficit of $31.0 million, and negative working capital of $5.0 million. Net cash used in operations for the first six months of 2025 was $4.4 million. The independent auditor's report includes a 'going concern' explanatory paragraph, indicating substantial doubt about the company's ability to continue operations without securing additional financing - As of June 30, 2025, the company had **$2.7 million** in cash and cash equivalents, an accumulated deficit of **$31.0 million**, and negative working capital of **$5.0 million**[186](index=186&type=chunk) - The independent auditor's report for fiscal year 2023 included a 'going concern' paragraph, expressing **substantial doubt** about the company's ability to continue[188](index=188&type=chunk) Cash Flow Summary (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(4,448) | $(1,130) | | Net cash used in investing activities | $(296) | $(242) | | Net cash (used in) provided by financing activities | $(90) | $337 | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, High Roller Technologies, Inc. is not required to provide the information for this item - The company is not required to provide quantitative and qualitative disclosures about market risk as it qualifies as a smaller reporting company[211](index=211&type=chunk) [Item 4. Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that as of June 30, 2025, the company's disclosure controls and procedures were not effective. This is due to a previously identified material weakness in internal control over financial reporting related to the company's internal ability to prepare consolidated financial statements. The company is implementing a remediation plan, which includes expanding its financial and accounting staff and retaining outside consultants, a process expected to continue through 2025 - Management concluded that as of June 30, 2025, the company's disclosure controls and procedures were **not effective** at a reasonable assurance level[212](index=212&type=chunk) - The ineffectiveness is due to a material weakness in internal control over financial reporting, specifically related to the internal ability to prepare consolidated financial statements[212](index=212&type=chunk)[217](index=217&type=chunk) - Remediation measures are underway, including hiring a CFO, Controller, and other staff, and retaining outside consultants. The process is expected to continue through 2025[214](index=214&type=chunk)[217](index=217&type=chunk) PART II – Other Information [Item 1. Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to legal claims in the normal course of business. Specifically, its subsidiary, Ellmount Entertainment, Ltd., has pending litigation in Austria and Germany related to player claims and legal fees. The company has made provisions for these claims and is not currently targeting these markets - The company's subsidiary, Ellmount Entertainment, Ltd., has pending litigation in Austria and Germany concerning player claims and associated legal fees[220](index=220&type=chunk) [Item 1A. Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) A material new risk factor has emerged. On June 4, 2025, the company was notified by NYSE American LLC that it is no longer in compliance with the exchange's continued listing standards due to its stockholders' equity falling below the required $4 million threshold. The company has submitted a compliance plan, but there is no assurance it will be accepted or that compliance will be regained, which could lead to the delisting of its securities - On June 4, 2025, the company was notified by NYSE American LLC of non-compliance with continued listing standards because its stockholders' equity of approximately **$2.8 million** was below the required **$4 million** minimum[223](index=223&type=chunk) - The company has submitted a plan to regain compliance by December 4, 2026, but if the plan is not accepted or if compliance is not achieved, the company's stock will be subject to **delisting** procedures[223](index=223&type=chunk) - Potential **delisting** could negatively impact the stock's liquidity and market price, and hinder the company's ability to raise equity financing[224](index=224&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the period - **None**[225](index=225&type=chunk) [Item 3. Defaults Upon Senior Securities](index=47&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the period - **None**[228](index=228&type=chunk) [Item 4. Mine Safety Disclosure](index=47&type=section&id=Item%204.%20Mine%20Safety%20Disclosure) This item is not applicable to the company - **Not applicable**[229](index=229&type=chunk) [Item 5. Other Information](index=48&type=section&id=Item%205.%20Other%20Information) During the last fiscal quarter, no director or officer of the company adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the last fiscal quarter[230](index=230&type=chunk) [Item 6. Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the report, including certifications from the Principal Executive Officer and Principal Financial Officer as required by the Sarbanes-Oxley Act, and Inline XBRL documents ```

Group 1 - High Roller Technologies will present at the Sidoti Micro-Cap Virtual Conference on August 21, 2025, at 11:30 AM ET [1] - The presentation will include a company overview, recent highlights, and upcoming catalysts, with management available for one-on-one meetings with registered investors [1] - High Roller Technologies operates premium online casino brands, including High Roller and Fruta, and is listed on the NYSE under the ticker ROLR [3] Group 2 - High Roller Technologies is recognized as a leading global online gaming operator, offering a user-friendly real-money online casino platform [3] - The company features a diverse portfolio of over 5,000 premium games from more than 90 leading game providers, catering to a global customer base [3] - The iGaming industry is rapidly expanding into a multi-billion dollar market, and High Roller Technologies is positioned to capitalize on this growth through innovation and performance [3][4]

Core Viewpoint - High Roller Technologies will host a conference call on August 12, 2025, to discuss its second quarter 2025 financial results and business updates [1]. Group 1: Conference Call Details - The conference call is scheduled for August 12, 2025, at 4:30 PM Eastern Time [1]. - Participants can join the call by dialing 877-407-6176 for U.S. and Canadian callers or +1 201-689-8451 for international callers [2]. - The conference ID for the call is 13755026, and a link for instant access will be available 15 minutes prior to the call [2]. Group 2: Management Participation - Key executives participating in the call include Ben Clemes (CEO), Adam Felman (CFO), and Seth Young (Chief Strategy Officer) [3]. - The management team will discuss financial highlights for the quarter ended June 30, 2025, and will be available for a Q&A session [3]. Group 3: Company Overview - High Roller Technologies 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 5,000 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].