Core Viewpoint - Rivalry Corp. has successfully implemented a strategic overhaul, resulting in significant reductions in operating expenses and net loss, while achieving record user metrics in Q2 2025, indicating a strong foundation for scalability and growth [1][2][3]. Financial Performance - Net revenue for Q1 2025 was $1.3 million, consistent with preliminary results [6]. - Operating expenses decreased by 58% year-over-year to $4 million in Q1 2025, down from $9.6 million in Q1 2024 [6]. - Net loss narrowed by 43% to $3.0 million in Q1 2025 from $5.2 million in the prior-year quarter [6]. - Average Customer Acquisition Cost payback across H1 2025 was approximately 1.5 months, reflecting improved funnel conversion and higher player value [6]. User Metrics and Engagement - Q2 2025 set new records with net revenue per player increasing by 49% compared to Q1 2025, and 210% higher than the historical average prior to the Q4 2024 transformation [6]. - Wagers per player rose by 7% quarter-over-quarter, nearly 300% above the pre-rebuild average [6]. - Average monthly deposits per player in Q1 2025 were over 175% higher than the historical average, increasing a further 28% in Q2 2025 [6]. - Monthly deposit frequency per player in Q1 2025 was up 115% over the historical average, rising another 22% in Q2 2025 [6]. Strategic Initiatives - The company is exploring strategic alternatives to maximize shareholder value and evaluating non-dilutive capital options to accelerate growth [8]. - Key initiatives for H2 2025 include deploying a new promo engine, enhancing CRM for high-value player segmentation, and further operating cost reductions [11]. Structural Advantages - Rivalry has established a leaner, more efficient operating model with a lower fixed-cost base and proven user economics [7][9]. - The company possesses strong regulatory licenses in Ontario and the Isle of Man, proprietary technology, and a globally recognized brand, positioning it as a differentiated operator in the online gambling market [9].