Company Overview - Rush Street Interactive, Inc. (RSI) is a leading online casino and sports betting company operating in the United States and the Americas [3] - The company offers real-money mobile and online operations in fifteen U.S. states and several international markets including Colombia, Ontario, Mexico, and Peru [3] - RSI operates under brands such as BetRivers, PlaySugarHouse, and RushBet, and has been recognized with multiple awards for customer service and operational excellence [3] Upcoming Event - Richard Schwartz, CEO, and Kyle Sauers, CFO of RSI will participate in a fireside chat at Oppenheimer's Technology, Internet & Communications Conference on August 13 at 9:55 a.m. Eastern Time [1] - Access to the webcast will be available through the "Investors" section of RSI's website, with a replay archived for 90 days [2]

Company Announcement - Rogers Sugar Inc. (RSI) will hold a conference call to discuss their 2025 third quarter results on August 12, 2025, at 8:00 a.m. Eastern Time [1] - The conference call will be chaired by Mr. Michael Walton, Chief Executive Officer, and Mr. Jean-Sébastien Couillard, Chief Financial Officer [1] Participation Details - Interested participants can join the call by dialing 1-800-717-1738 [2] - A recording of the conference call will be available by dialing 1-888-660-6264, access code 08258, until September 12, 2025 [2] - The discussion and presentation will also be accessible through a webcast [2] Contact Information - Jean-Sébastien Couillard serves as Vice President of Finance, Chief Financial Officer, and Corporate Secretary [3] - Contact number for further information is (514) 940-4350 [3]

```markdown [PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The company's financial statements for the period ended June 30, 2025, show significant revenue growth and a shift to profitability, with total assets increasing to $543.0 million and a substantial Tax Receivable Agreement (TRA) liability recognized [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $240,592 | $229,171 | | Deferred tax assets, net | $145,388 | $522 | | **Total assets** | **$543,021** | **$379,466** | | **Liabilities & Equity** | | | | Total current liabilities | $161,160 | $163,130 | | Tax receivable agreement liability, non-current | $112,707 | $739 | | **Total liabilities** | **$290,780** | **$181,150** | | **Total stockholders' equity** | **$252,241** | **$198,316** | - Total assets grew significantly, primarily driven by a substantial increase in net deferred tax assets from **$0.5 million to $145.4 million**[16](index=16&type=chunk) - Total liabilities increased, mainly due to the recognition of a **$112.7 million** non-current liability related to the Tax Receivable Agreement (TRA)[16](index=16&type=chunk) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 (Unaudited) | Q2 2024 (Unaudited) | Six Months 2025 (Unaudited) | Six Months 2024 (Unaudited) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $269,217 | $220,379 | $531,624 | $437,807 | | Income from operations | $24,324 | $4,197 | $39,246 | $5,729 | | Tax receivable agreement expense | ($112,692) | $0 | ($113,037) | $0 | | Income tax (benefit) expense | ($115,017) | $6,396 | ($109,952) | $11,696 | | **Net income (loss)** | **$28,830** | **($282)** | **$40,041** | **($2,491)** | | Diluted EPS | $0.12 | ($0.00) | $0.17 | ($0.01) | - Revenue for Q2 2025 increased **22%** year-over-year to **$269.2 million**[18](index=18&type=chunk) - The company reported a net income of **$28.8 million** in Q2 2025, compared to a net loss of **$0.3 million** in Q2 2024, significantly impacted by a **($112.7 million)** TRA expense and a **($115.0 million)** income tax benefit[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary - Six Months Ended June 30 (in thousands) | Activity | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Net cash provided by operating activities | $54,499 | $51,118 | | Net cash used in investing activities | ($19,111) | ($18,919) | | Net cash used in financing activities | ($33,851) | ($455) | | **Net change in cash, cash equivalents and restricted cash** | **$9,196** | **$27,877** | - Net cash from operating activities remained stable at **$54.5 million** for the first six months of 2025[26](index=26&type=chunk) - Cash used in financing activities increased significantly to **$33.9 million**, primarily due to **$24.2 million** for employee taxes on share vesting and **$7.6 million** for stock repurchases[26](index=26&type=chunk)[192](index=192&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Revenue by Type - Six Months Ended June 30 (in thousands) | Revenue Type | 2025 | 2024 | | :--- | :--- | :--- | | Online casino and online sports betting | $528,401 | $434,471 | | Retail sports betting | $791 | $1,169 | | Social gaming | $2,432 | $2,167 | | **Total revenue** | **$531,624** | **$437,807** | Revenue by Geography - Six Months Ended June 30 (in thousands) | Geographic Region | 2025 | 2024 | | :--- | :--- | :--- | | United States and Canada | $457,475 | $377,050 | | Latin America, including Mexico | $74,149 | $60,757 | | **Total revenue** | **$531,624** | **$437,807** | - The company recognized a TRA liability of **$113.8 million** as of June 30, 2025, resulting in a TRA expense of **$113.0 million** for the first six months of the year, primarily due to RSILP Unit exchanges and the determination that deferred tax assets are likely to be utilized[93](index=93&type=chunk) - A significant income tax benefit of **$110.0 million** was recorded for the first six months of 2025, primarily due to the release of the valuation allowance on U.S. deferred tax assets based on current and forecasted future income[87](index=87&type=chunk)[88](index=88&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 attributes the strong performance to continued growth in existing markets and expansion into new ones, with Q2 2025 revenue growing 22% YoY to $269.2 million and Adjusted EBITDA reaching $40.2 million, while maintaining a strong liquidity position [Trends in Key Metrics](index=31&type=section&id=Trends%20in%20Key%20Metrics) - Average Monthly Active Users (MAUs) in the United States and Canada increased for the six months ended June 30, 2025, compared to the same period in 2024, due to growth in existing markets and effective marketing[121](index=121&type=chunk) - Average Revenue Per MAU (ARPMAU) in the United States and Canada also increased year-over-year, driven by growth in online casino markets and a focus on retaining quality players[126](index=126&type=chunk) - In Latin America, MAUs increased due to growth in Colombia, Mexico, and expansion into Peru, though ARPMAU decreased primarily due to increased bonusing related to a new value-added tax in Colombia and unfavorable foreign exchange rates[123](index=123&type=chunk)[129](index=129&type=chunk) [Non-GAAP Information](index=34&type=section&id=Non-GAAP%20Information) Adjusted EBITDA Reconciliation (in thousands) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | $28,830 | ($282) | $40,041 | ($2,491) | | Adjustments | $11,419 | $21,725 | $33,434 | $40,992 | | **Adjusted EBITDA** | **$40,249** | **$21,443** | **$73,475** | **$38,501** | - Adjusted EBITDA for Q2 2025 was **$40.2 million**, an **88%** increase from **$21.4 million** in Q2 2024[133](index=133&type=chunk) [Results of Operations](index=37&type=section&id=Results%20of%20Operations) Comparison of Three Months Ended June 30, 2025 and 2024 (in thousands) | Item | 2025 | 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $269,217 | $220,379 | $48,838 | 22% | | Costs of revenue | $174,147 | $144,477 | $29,670 | 21% | | Sales and marketing | $37,132 | $36,944 | $188 | 1% | | General and administrative | $23,787 | $27,206 | ($3,419) | (13)% | | Income from operations | $24,324 | $4,197 | $20,127 | n/m | - Q2 2025 revenue increased **22%** YoY, driven by growth in existing markets and expansion into new markets like Peru[155](index=155&type=chunk) - Sales and marketing expense as a percentage of revenue decreased from **17% to 14%** in Q2 2025, reflecting a strategy to rationalize marketing spend[157](index=157&type=chunk) - General and administrative expense decreased by **13%** in Q2 2025, primarily due to lower share-based compensation expense[158](index=158&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) - The company's principal sources of liquidity are cash on hand (**$240.6 million** as of June 30, 2025) and cash flows from operations[177](index=177&type=chunk)[178](index=178&type=chunk) - Material cash requirements for the next 12 months include **$10.9 million** for marketing, **$4.3 million** for license/market access fees, and **$2.6 million** for leases[179](index=179&type=chunk) - Future obligations include payments under the Tax Receivable Agreement (TRA), which are expected to be substantial but are mostly non-current, and tax distributions to RSILP unitholders as profitability increases[180](index=180&type=chunk)[181](index=181&type=chunk) - The company believes existing cash and operating cash flow are sufficient to fund operations and capital expenditures for at least the next 12 months[182](index=182&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to market risks including interest rates, foreign currency exchange, and inflation, but currently considers these risks not to be material to its financial condition or results of operations - The company is exposed to interest rate, foreign currency exchange, and inflation risks, but currently considers them not material[196](index=196&type=chunk) - Foreign currency exposure is mainly from the Colombian Peso, Canadian Dollar, and Mexican Peso, which collectively accounted for less than **20%** of revenue in the first half of 2025[198](index=198&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[201](index=201&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[202](index=202&type=chunk) [PART II. OTHER INFORMATION](index=45&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to any material legal proceedings and is not aware of any material pending or threatened claims, with current proceedings not expected to materially affect its financial condition or results - The company states that the amount of ultimate liability from any current legal actions is unlikely to materially affect its financial condition, results of operations, or liquidity[205](index=205&type=chunk) [Item 1A. Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K - No material changes to the risk factors disclosed in the Annual Report have occurred[206](index=206&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company continued its stock repurchase program, authorized for up to $50 million, repurchasing 234,397 shares of Class A Common Stock for approximately $2.5 million during Q2 2025 Share Repurchases - Q2 2025 | Period | Total Shares Purchased | Average Price Paid Per Share | Approximate Dollar Value Remaining | | :--- | :--- | :--- | :--- | | April 1 - 30, 2025 | 234,397 | $10.55 | $42,366,000 | | May 1 - 31, 2025 | 0 | N/A | $42,366,000 | | June 1 - 30, 2025 | 0 | N/A | $42,366,000 | | **Total** | **234,397** | **$10.55** | **$42,366,000** | - The Board of Directors authorized a stock repurchase program of up to **$50 million** on October 24, 2024[207](index=207&type=chunk) [Item 5. Other Information](index=46&type=section&id=Item%205.%20Other%20Information) During the second quarter of 2025, Paul Wierbicki, the company's Chief Legal Officer and Director, adopted a Rule 10b5-1 trading plan for 35,000 securities, effective from August 5, 2025, to August 5, 2026 - Paul Wierbicki, Chief Legal Officer and Director, adopted a Rule 10b5-1 trading plan on May 5, 2025, for the potential sale of **35,000** securities[209](index=209&type=chunk) [Item 6. Exhibits](index=47&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications from the CEO and CFO pursuant to the Sarbanes-Oxley Act of 2002 and XBRL data files - The exhibits filed with this report include CEO and CFO certifications under Sections **302** and **906** of the Sarbanes-Oxley Act[212](index=212&type=chunk) ```

Financial Data and Key Metrics Changes - The company reported record revenue of $269 million, representing a 22% year-over-year increase [14] - Adjusted EBITDA grew 88% year-over-year, reaching a record $40.2 million, indicating strong profitability flow-through from revenue growth [6][16] - Gross margin improved to approximately 35.3%, up about 80 basis points year-over-year, reflecting ongoing revenue diversification [15] Business Line Data and Key Metrics Changes - Online casino revenue grew 25% year-over-year, while online sports betting revenue increased by 15% [7] - Monthly Active Users (MAUs) in North America grew by over 30%, with a notable increase in iCasino markets [8] - In Latin America, MAUs grew over 40% year-over-year, with Mexico showing over 125% growth [9][11] Market Data and Key Metrics Changes - Michigan's revenue grew 42% year-over-year, West Virginia grew 47%, and Delaware grew 74% [10] - Ontario in Canada saw a 25% growth year-over-year, the fastest since 2023 [11] - Colombia's Gross Gaming Revenue (GGR) increased over 70% year-over-year, although net revenue was flat due to higher bonusing [11] Company Strategy and Development Direction - The company is focusing on expanding its presence in Alberta and has launched multi-state poker with shared player pooling [12] - The strategy emphasizes markets where the full suite of gaming offerings can be deployed to maximize player value [8] - The company is optimistic about future growth despite headwinds from increased taxes in the U.S. and Colombia, raising full-year revenue and EBITDA guidance [13][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's positive momentum, which outweighs tax-related headwinds [13] - The company anticipates continued player engagement and growth in markets, particularly in Colombia post-VAT tax [39] - Management highlighted the importance of maintaining a strong cash position to invest in new market opportunities [30] Other Important Information - The company remains debt-free with cash reserves of $241 million as of the quarter-end [17] - A deferred tax asset of approximately $145 million was recognized, reflecting expected future tax benefits [19] Q&A Session Summary Question: What are the assumptions regarding taxes in the guidance? - The company has included the impacts of higher state taxes in Illinois and New Jersey in its guidance, along with the temporary VAT tax in Colombia [23] Question: What is the growth outlook for Mexico? - Mexico is expected to become one of the largest markets in Latin America due to its population size and the company's early success compared to Colombia [25][27] Question: How is cash being utilized, and are there plans for M&A? - The company is focused on investing in new markets, particularly iCasino, while being opportunistic with share repurchases [30][32] Question: What is the outlook for Colombia post-VAT tax? - Management expects an increase in revenue and player engagement once the VAT tax is lifted, with a significant uplift in margins and free cash flow anticipated [39] Question: How does the company view the prediction markets? - The company is monitoring the situation closely, believing that increased prediction markets could accelerate the legalization of iCasino, which is a priority [58] Question: What is the strategy for Live Dealer offerings? - The company is focusing on enhancing the Live Dealer experience by offering a diverse range of games and exclusive content [70][72] Question: What is the outlook for G&A expenses? - G&A expenses are expected to rise sequentially, but the company aims to maintain leverage over this line item [75]

Company Performance - Rush Street Interactive, Inc. (RSI) reported quarterly earnings of $0.11 per share, exceeding the Zacks Consensus Estimate of $0.07 per share, and up from $0.04 per share a year ago, representing an earnings surprise of +57.14% [1] - The company posted revenues of $269.22 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 5.74%, compared to year-ago revenues of $220.38 million [2] - Over the last four quarters, the company has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Stock Performance - Rush Street Interactive shares have increased approximately 13.9% since the beginning of the year, outperforming the S&P 500's gain of 8.3% [3] - The current consensus EPS estimate for the upcoming quarter is $0.07 on revenues of $259.63 million, and for the current fiscal year, it is $0.32 on revenues of $1.06 billion [7] Industry Outlook - The Gaming industry, to which Rush Street Interactive belongs, is currently ranked in the top 36% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]

Financial Highlights - RSI achieved record revenue of $269 million in 2Q25, up 22% year-over-year[8] - Adjusted EBITDA grew to a record $40 million in 2Q25, an 88% year-over-year increase[9] - The company is raising FY25 revenue guidance to $1.05 billion - $1.1 billion, implying 16% year-over-year growth at the midpoint[9] - FY25 Adjusted EBITDA guidance is raised to $133 million – $147 million, implying 51% growth at the midpoint[9] User Growth - U S and Canada Monthly Active Users ("MAUs") grew 21% year-over-year[10] - LATAM MAUs grew 42% year-over-year[10] Business Performance - Online Casino revenue grew 25% and OSB (Online Sports Betting) revenue grew 15% year-over-year[12] - Revenue from markets outside of Illinois and Pennsylvania reached 65% of total revenue in 2Q25, the highest since going public[15] - Delaware GGR annual run rate increased to over $146 million during 2Q25, with iCasino revenue exceeding 7x the previous operator's best quarter[13] Market Positioning - The total addressable market (TAM) is estimated to be approximately $145 billion, including ~$76 6 billion for OSB, ~$5 2 billion for Canada, and ~$14 9 billion for Latin America[18]

[Financial Performance and Outlook](index=1&type=section&id=Financial%20Performance%20and%20Outlook) This section details RSI's strong financial results for Q2 2025, including record revenue, profitability, and updated full-year guidance [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) RSI reported record Q2 2025 revenue of **$269.2 million** (up 22%), a significant net income of **$28.8 million**, and **88% Adjusted EBITDA growth** to **$40.2 million** Q2 2025 Key Financial Metrics (vs. Q2 2024) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | Change | | :--- | :--- | :--- | :--- | | Revenue | $269.2 | $220.4 | +22% | | Net Income (Loss) | $28.8 | ($0.3) | N/A | | Adjusted EBITDA | $40.2 | $21.4 | +88% | - The strong performance was driven by broad-based growth, with online casino revenue up **25%** and online sports betting revenue up **15%** year-over-year[3](index=3&type=chunk) - The company repurchased **$2.5 million** of its Class A common stock during the quarter under its authorized buyback program, with approximately **$42 million** remaining[4](index=4&type=chunk) [Key Operating Metrics](index=1&type=section&id=Key%20Operating%20Metrics) RSI saw strong user growth, with U.S. & Canada MAUs up **21%** to **197,000** and Latin America MAUs up **42%** to **403,000**, while U.S. & Canada ARPMAU reached a new high of **$391** Q2 2025 Monthly Active Users (MAU) | Region | Q2 2025 MAUs | YoY Growth | | :--- | :--- | :--- | | United States & Canada | ~197,000 | +21% | | Latin America (incl. Mexico) | ~403,000 | +42% | Q2 2025 Average Revenue per Monthly Active User (ARPMAU) | Region | Q2 2025 ARPMAU ($) | Q2 2024 ARPMAU ($) | | :--- | :--- | :--- | | United States & Canada | $391 | Not Stated | | Latin America | $30 | $38 | [Full Year 2025 Guidance](index=2&type=section&id=Full%20Year%202025%20Guidance) RSI raised its full-year 2025 guidance, with revenue midpoint at **$1,075 million** (up **16%**) and Adjusted EBITDA midpoint at **$140 million** (up **51%**), reflecting strong confidence Updated Full Year 2025 Guidance | Metric | New Guidance Range ($M) | Midpoint ($M) | Implied YoY Growth | | :--- | :--- | :--- | :--- | | Revenue | $1,050 - $1,100 | $1,075 | +16% | | Adjusted EBITDA | $133 - $147 | $140 | +51% | - The guidance is based on the assumption that RSI continues to operate only in its currently live markets and under similar tax structures[6](index=6&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) This section presents RSI's Q2 2025 financial statements, highlighting significant revenue growth and a shift from net loss to substantial net income, further adjusted for foreign currency translation [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) RSI's Q2 2025 revenue increased **22%** to **$269.2 million**, with operating income rising to **$24.3 million** and net income attributable to RSI reaching **$16.7 million** or **$0.12 per diluted share** Q2 2025 vs Q2 2024 Statement of Operations | Line Item | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | | :--- | :--- | :--- | | Revenue | $269,217 | $220,379 | | Income from operations | $24,324 | $4,197 | | Net income (loss) | $28,830 | ($282) | | Net income (loss) attributable to RSI, Inc. | $16,688 | ($100) | | Diluted EPS | $0.12 | ($0.00) | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) RSI's Q2 2025 comprehensive income attributable to RSI was **$16.9 million**, a significant improvement from a **$1.4 million** loss in Q2 2024, including a **$1.5 million** foreign currency translation adjustment Q2 2025 vs Q2 2024 Comprehensive Income | Line Item | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | | :--- | :--- | :--- | | Net income (loss) | $28,830 | ($282) | | Foreign currency translation adjustment | $1,549 | ($3,734) | | Comprehensive income (loss) attributable to RSI, Inc. | $16,905 | ($1,427) | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=8&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP measures to non-GAAP metrics like Adjusted EBITDA, Adjusted Operating Costs, and Adjusted EPS, detailing adjustments for items such as share-based compensation and tax receivable agreement expense [Adjusted EBITDA Reconciliation](index=8&type=section&id=Adjusted%20EBITDA%20Reconciliation) Q2 2025 Adjusted EBITDA was **$40.2 million**, reconciled from net income by adjusting for a **$112.7 million** tax receivable agreement expense, a **$115.0 million** income tax benefit, and other standard items Q2 2025 Adjusted EBITDA Reconciliation | Line Item | Q2 2025 ($ thousands) | | :--- | :--- | | Net income (loss) | $28,830 | | Interest income, net | ($2,181) | | Income tax (benefit) expense | ($115,017) | | Depreciation and amortization | $9,827 | | Share-based compensation expense | $6,098 | | Tax receivable agreement expense | $112,692 | | **Adjusted EBITDA** | **$40,249** | [Adjusted Operating Costs and Expenses Reconciliation](index=8&type=section&id=Adjusted%20Operating%20Costs%20and%20Expenses%20Reconciliation) Q2 2025 total adjusted operating costs and expenses were **$238.8 million**, derived from GAAP costs of **$244.9 million** by excluding **$6.1 million** in share-based compensation expense - For Q2 2025, total GAAP operating costs of **$244.9 million** were adjusted by removing **$6.1 million** in non-cash share-based compensation to arrive at total adjusted operating costs of **$238.8 million**[30](index=30&type=chunk) [Adjusted Net Income and EPS Reconciliation](index=9&type=section&id=Adjusted%20Net%20Income%20and%20EPS%20Reconciliation) Q2 2025 Adjusted Net Income was **$26.5 million**, yielding an Adjusted EPS of **$0.11**, after adjusting diluted net income for share-based compensation and tax receivable agreement expense Q2 2025 Adjusted Net Income & EPS | Metric | Q2 2025 ($) | Q2 2024 ($) | | :--- | :--- | :--- | | Adjusted Net Income | $26.5M | $9.4M | | Adjusted EPS | $0.11 | $0.04 | [Supplementary Information](index=2&type=section&id=Supplementary%20Information) This section provides background on Rush Street Interactive, definitions of non-GAAP financial measures, and important forward-looking statements [About Rush Street Interactive](index=2&type=section&id=About%20Rush%20Street%20Interactive) RSI is an online gaming and sports entertainment company operating under BetRivers, PlaySugarHouse, and RushBet brands across fifteen U.S. states and international markets, recognized for its customer service - RSI operates real-money mobile and online gaming in **fifteen U.S. states** and regulated international markets such as Colombia, Ontario (Canada), Mexico, and Peru[10](index=10&type=chunk) - The company has received multiple industry awards, including EGR North America Awards Customer Services Operator of the Year for **five consecutive years** (2020-2024)[10](index=10&type=chunk) [Non-GAAP Financial Measures and Key Metrics Definition](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Key%20Metrics%20Definition) This section defines non-GAAP financial measures like Adjusted EBITDA, Adjusted Operating Costs, and Adjusted EPS, along with key operating metrics such as Monthly Active Users (MAU) and Average Revenue per Monthly Active User (ARPMAU) - RSI uses non-GAAP measures like Adjusted EBITDA to evaluate core operating performance, make strategic decisions, and provide comparability with competitors[12](index=12&type=chunk)[18](index=18&type=chunk) - Adjusted EBITDA is defined as net income (loss) excluding interest, taxes, depreciation & amortization, share-based compensation, and certain one-time or non-recurring items[14](index=14&type=chunk) - Key metrics are defined as: MAU (Monthly Active Users) are unique users placing at least one real-money bet per month, and ARPMAU is the average revenue divided by the average MAUs for the period[19](index=19&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section includes a standard safe harbor statement, cautioning that forward-looking statements regarding future performance and guidance involve significant risks and uncertainties, and actual results may differ materially - The report includes forward-looking statements concerning revenue and Adjusted EBITDA guidance, future results, strategic plans, and player growth[21](index=21&type=chunk) - Readers are cautioned not to place undue reliance on these statements as they involve significant risks and uncertainties, many of which are outside of RSI's control[21](index=21&type=chunk)[22](index=22&type=chunk)

Core Insights - Rush Street Interactive, Inc. (RSI) reported record quarterly revenue of $269 million, representing a 22% year-over-year increase [1][6] - The company achieved a record net income of approximately $29 million, compared to a net loss of $0.3 million in the same quarter last year [1][6] - Adjusted EBITDA reached over $40 million, marking an 88% year-over-year growth [1][6] - RSI raised its full-year 2025 revenue guidance to a range of $1,050 to $1,100 million, indicating a 16% growth at the midpoint [4] - Adjusted EBITDA guidance for 2025 was also increased to between $133 and $147 million, reflecting a 51% year-over-year growth at the midpoint [5] Financial Performance - Revenue for Q2 2025 was $269.2 million, up from $220.4 million in Q2 2024 [6] - Net income for Q2 2025 was $28.8 million, a significant improvement from a net loss of $0.3 million in Q2 2024 [6] - Adjusted EBITDA for Q2 2025 was $40.2 million, compared to $21.4 million in Q2 2024 [6] - Monthly Active Users (MAUs) in the U.S. and Canada increased by 21% year-over-year to approximately 197,000, while MAUs in Latin America grew nearly 42% to approximately 403,000 [6] Strategic Focus - The growth in adjusted EBITDA was attributed to strong performance across the business, with online casino revenue increasing by 25% and online sports betting revenue up by 15% [3] - The company emphasized its strategic focus on markets where it can deploy its full suite of gaming offerings, which has driven exceptional performance and maximized player value [3] Shareholder Returns - RSI repurchased $2.5 million of Class A common stock during the second quarter under its $50 million authorized buyback program, leaving approximately $42 million available for future buybacks [6]

The market expects Rush Street Interactive, Inc. (RSI) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on July 30, might help the stock move higher if these key numb ...

Group 1 - Rogers Sugar Inc. (RSI) will hold a conference call to discuss their 2025 third quarter results on August 12, 2025, at 8:00 a.m. Eastern Time [1] - The conference call will be chaired by Mr. Michael Walton, Chief Executive Officer, and Mr. Jean-Sébastien Couillard, Chief Financial Officer [1] - Participants can join the call by dialing 1-800-717-1738, and a recording will be available until September 12, 2025 [2] Group 2 - A webcast of the discussion along with a presentation will be accessible through a specific online link [2] - For further inquiries, contact Jean-Sébastien Couillard, Vice President of Finance and Chief Financial Officer, at the provided telephone number [3]