Core Viewpoint - NorthStar Gaming Holdings Inc. has announced a leadership transition, with Michael Moskowitz stepping down as CEO and Chair of the Board, effective immediately [1][2]. Leadership Changes - Corey Goodman, the Chief Development Officer and General Counsel, has been appointed as the Interim CEO. He is a co-founder of NorthStar and has significant experience in online gaming and corporate restructuring [2][3]. - Dean MacDonald, who has been on the Board since 2023, has been appointed as the new Chair of the Board following Moskowitz's departure [4]. - Barry Shafran has resigned from the Board, and the company will announce a new independent director and Chair of the Audit Committee soon [5]. Company Overview - NorthStar operates NorthStar Bets, a Canadian casino and sportsbook platform that aims to provide a premium gaming experience tailored for high-stakes players [6][7]. - The company emphasizes its commitment to responsible gaming standards and aims to set a new industry benchmark for quality and personalized service [7]. - NorthStar is listed on the TSX Venture Exchange under the symbol "BET" and on the OTCQB under "NSBBF" [8].

Core Insights - NorthStar Gaming reported a year-over-year growth in both revenue and gross margin for Q3 2025, with ongoing operational improvements enhancing player experience and reducing expenses [3][6][9] Financial Highlights for Q3 2025 - Revenue reached CAD 6.9 million, a 4% increase from CAD 6.6 million in Q3 2024, including CAD 0.8 million from managed services, up 167% from CAD 0.3 million [6] - Gross Margin was CAD 2.4 million, a 14% increase from CAD 2.1 million in Q3 2024, with a gross margin percentage of 34.7%, up from 31.7% [6] - Profit before marketing and other expenses was CAD 0.2 million, improving by CAD 0.7 million compared to a loss of CAD 0.5 million in Q3 2024 [6] - General and administrative expenses decreased by 16% to CAD 2.2 million, representing 31.6% of revenue compared to 39.4% in Q3 2024 [6] - Marketing expenses decreased by 21% to CAD 2.3 million, representing 32.6% of revenue compared to 42.9% in Q3 2024 [6] Financial Highlights for YTD 2025 - Revenue for the nine-month period was CAD 23.3 million, a 17% increase from CAD 20.0 million in YTD 2024, including CAD 1.9 million from managed services, up 138% from CAD 0.8 million [6] - Gross Margin was CAD 8.9 million, a 32% increase from CAD 6.8 million in YTD 2024, with a gross margin percentage of 38.2%, up from 33.9% [6] - Profit before marketing and other expenses was CAD 1.5 million, improving by CAD 2.2 million compared to a loss of CAD 0.6 million in YTD 2024 [6] - General and administrative expenses were CAD 7.37 million, a slight decrease of 1% from CAD 7.42 million in YTD 2024 [6][7] Recent Operating Highlights - Launched "The Boost" website to enhance customer acquisition in Ontario [14] - Recognized at the Clio Sports Awards for innovative marketing campaigns [14] - Implemented enhancements to onboarding processes, resulting in 9% faster registration times and an 8% uplift in completion rates [14] Outlook - The company anticipates moderate top-line growth in 2026, focusing on optimizing player acquisition and retention aligned with financial resources and market conditions [9] - Management has developed a cash flow forecast indicating the ability to meet obligations, though there are risks related to potential breaches of debt-related covenants [10]

Core Insights - NorthStar Gaming Holdings Inc. has launched a new website called "The Boost" aimed at Canadian gaming enthusiasts, featuring original casino and sports betting content [1][2] - The Boost will enhance customer acquisition by making content more accessible through search and social media, leveraging existing content from NorthStar Bets [2][3] - The site aims to increase brand awareness in Alberta as the company anticipates entering a regulated market in the province in 2026 [3] Content Features - The Boost will provide daily updated content from local staff writers, including original articles on sports events, betting strategies, and casino tips [5][7] - The site will also feature comprehensive statistics for major sports, injury updates, and responsible gaming resources [7][8] - Content will be supported by a newly branded X account "@TheBoostCA" to direct followers to timely articles [5] Business Strategy - The launch of The Boost reflects NorthStar's commitment to providing premium, locally relevant betting content, which is a core differentiator for the company [3][8] - The Boost branding is designed to enhance bettors' confidence and knowledge, promoting responsible gambling practices [4][8] - NorthStar aims to set a new standard in the industry by delivering a high-quality product and exceptional personalized service [8]

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].

Core Viewpoint - NorthStar Gaming Holdings Inc. has approved the grant of equity incentive awards to non-executive directors as a substitute for cash compensation, reflecting the company's strategy to reduce costs [1][2]. Group 1: Equity Incentive Awards - The company granted a total of 5,078,913 deferred share units (DSUs) to non-executive directors for their services in 2024 [2]. - The DSUs will vest immediately and can only be redeemed when a director ceases to hold their position [2]. - This move is part of the company's ongoing efforts to manage expenses effectively [2]. Group 2: Company Overview - NorthStar operates NorthStar Bets, a Canadian casino and sportsbook platform designed for high-stakes players, offering a premium gaming experience [3]. - The platform features a curated selection of popular games and an exclusive Sports Insights feature that integrates betting guidance, statistics, and scores [3]. - NorthStar aims to set a new standard in the industry by providing high-quality products and exceptional personalized service [4].