Core Viewpoint - NorthStar Gaming reported strong financial results for Q2 2025, showcasing double-digit revenue growth and a record gross margin, indicating a scalable growth model and a path towards profitability [1][2]. Financial Highlights for Q2 2025 - Revenue reached CAD 8.5 million, a 15% increase from CAD 7.4 million in Q2 2024, with managed services revenue more than doubling to CAD 0.9 million, up 125% from CAD 0.4 million [5]. - Gross margin was CAD 3.5 million, a 25% increase from CAD 2.8 million in Q2 2024, with the gross margin percentage rising to 40.8%, up from 37.6% [5]. - Profit before marketing and other expenses was CAD 0.7 million, an 87% increase compared to CAD 0.4 million in Q2 2024 [5]. - General and administrative expenses were CAD 2.7 million, a 14% increase from CAD 2.4 million in Q2 2024, primarily due to one-time expenses related to financial restatement [5]. - Marketing expenses decreased by 16% to CAD 3.1 million, representing 35.8% of revenue compared to 48.8% in Q2 2024 [5]. Financial Highlights for YTD 2025 - Revenue for the six-month period was CAD 16.4 million, a 23% increase from CAD 13.4 million in YTD 2024, including CAD 1.1 million from managed services, up 120% from CAD 0.5 million [5]. - Gross margin was CAD 6.5 million, a 39% increase from CAD 4.7 million in YTD 2024, with the gross margin percentage increasing to 39.7% from 34.9% [5]. - Profit before marketing and other expenses was CAD 1.3 million compared to a loss of CAD 0.1 million in YTD 2024 [5]. - General and administrative expenses were CAD 5.2 million, an 8% increase from CAD 4.8 million in YTD 2024, with a decrease in G&A as a percentage of revenue to 29.7% from 35.9% [5][6]. Recent Operating Highlights - The "Summer of Spoils" marketing campaign was launched, focusing on brand loyalty and player engagement [12]. - Customer retention reached record levels, with a 10% decrease in cost per acquisition of a customer compared to Q2 2024 [12]. - A comprehensive upgrade of the Casino UI/UX was initiated to enhance customer experience [12]. - A new partnership with Snappy Inc. was established to provide personalized gifting for NorthStar ELITE members [12]. Outlook - The company expects continued solid year-over-year growth driven by improvements in business fundamentals and KPIs, with a focus on financial discipline and cost management [8].