While quarter-over-quarter growth was strong, Q3 2024 revenue showed a slight 1% decline compared to $7.6m in Q3 2023.
The company said growth in primary gaming markets offset the impact of High Roller’s exit from a jurisdiction in late 2023 due to regulatory changes.
Net loss narrowed
High Roller reported a net loss of $0.5m for the quarter, widening from $0.2m in Q3 2023 but significantly narrowing from the $1.5m loss in Q2 2024.
The company achieved positive adjusted EBITDA of $40,000 in Q3 2024, a turnaround from the $1m deficit reported in the previous quarter.
High Roller ended the quarter with $2.9m in cash and cash equivalents, including restricted cash.
This does not account for the $10m raised during its October IPO, which will bolster investments in marketing and operational efficiencies.Operating expenses rose to $8m in Q3 2024, reflecting increased spending on advertising and promotional activities aimed at expanding its user base in key markets.
CEO commentary
High Roller CEO Ben Clemes expressed optimism about the company’s trajectory following its IPO.
“We’re extremely proud to have completed our recent IPO on the NYSE, a milestone that reflects the confidence and trust of our shareholders,” Clemes said.
“We believe that our quarter-over-quarter most accurately reflects the direction of our company as we focused on optimising costs and creating more efficient and effective marketing efforts to grow our user base.
“Looking ahead, we remain committed to executing our growth strategy, delivering value to our stakeholders, and driving innovation in the gaming industry,” he added.
High Roller’s share price has fallen 31% since its IPO, now trading at $5.37.
