Core Insights - Rivalry Corp. has achieved its third consecutive quarter of revenue growth, with a significant reduction in operating expenses and an improvement in net loss, indicating a strengthened financial position as it approaches 2026 [1][3][6] Financial Performance - Net revenue for Q3 2025 increased by 19% sequentially to CAD 1.93 million, up from CAD 1.6 million in Q2 2025 and CAD 1.3 million in Q1 2025, representing a 47% growth since the beginning of the year [6] - Operating expenses decreased by 58% year-over-year to CAD 3.52 million, down from CAD 8.47 million in Q3 2024, reflecting a disciplined cost structure [6] - Net loss improved by 67% year-over-year to CAD 1.96 million, compared to CAD 5.89 million in Q3 2024 [6] Operational Improvements - The company has focused on high-value users, efficient acquisition, deeper lifecycle retention, and improved product performance as part of its rebuilt operating model [4][9] - Key performance indicators (KPIs) showed record player economics, with net revenue per player increasing approximately 36% from the previous all-time high set in Q2 2025 [8] - Wagers per player rose by 7% quarter-over-quarter, and average monthly deposits per player increased by 24% quarter-over-quarter [8] Strategic Developments - Rivalry completed a non-brokered private placement raising gross proceeds of CAD 4.26 million and a debt settlement to eliminate a significant portion of historical liabilities [11] - The company has outlined priorities for Q4 2025, including major site-performance upgrades, enhancements to the casino experience, and the rollout of new promotional types [10] Market Position - Rivalry's regulated market in Ontario has shown significant growth, increasing from under 20% of company net revenue to nearly 40% in Q3 2025, supporting long-term market durability [6] - The company is positioned as a leading sports betting and media entity, operating in over 20 countries and focusing on digital-first users [12]