High Roller Revenue Falls 51% to $2.4 Million in Third Quarter
Key Facts
High Roller Technologies reported third-quarter 2026 results on November 13, posting net revenue of $2.4 million, down 51% from the same period a year earlier, as its operating loss widened to $2.7 million. The company said in its statement that the revenue decline reflected its exit from markets during 2025 and a change in its marketing strategy. Third-quarter 2025 revenue was $4.9 million, making the year-over-year decrease $2.5 million. Prediction markets generated no revenue in the third quarter, as the business did not begin generating revenue until the fourth quarter. The company held a conference call to discuss results and provide a business update on November 13 at 4:30 p.m. Eastern Time.
The decline extended to operating profitability metrics, with operating loss rising to $2.7 million from $0.7 million in the third quarter of 2025. Adjusted earnings before interest, taxes, depreciation and amortization were negative $2.1 million, compared with negative $0.2 million a year earlier. This means the shrinking revenue base coincided with a wider operating loss, despite lower total operating expenses. Expenses were $5.1 million, down $0.4 million, or 8%, from $5.6 million in the comparable period. The company attributed the decline in expenses to lower direct operating costs, which partly offset higher spending related to preparations for the launch of prediction markets.
By contrast, average revenue per unique depositing customer rose to $507 during the quarter, from $242 in the third quarter of 2025. The company said the improvement reflected its focus on higher-value players. However, the increase in this average did not prevent total net revenue from falling to $2.4 million from $4.9 million year over year. This coincided with a change in marketing strategy and exits from markets, the two factors the company identified to explain the revenue decline. Prediction markets also had yet to contribute revenue in the third quarter, before beginning to contribute in the following quarter.
The company’s reported liquidity provides room to fund its operational transition in the near term, according to management’s estimate. High Roller ended the quarter on September 30, 2026, with $13.4 million in cash and cash equivalents, excluding restricted cash, and had no outstanding borrowings. Shareholders’ equity was $27.3 million on the same date. The chief financial officer said the company believes available cash is sufficient to fund operations for at least 12 months. This puts the launch of its prediction markets business and expansion of its presence among the company’s next priorities, alongside management of expenses, which rose in part in preparation for the launch.
The company launched its ROLR prediction markets platform to the public on October 21 and said it began generating revenue in the fourth quarter. The platform’s iOS app has been available since November 9, while the company plans to launch an Android app during the fourth quarter. On November 12, it announced an agreement with ProphetX to expand event contract offerings through ROLR. The chief executive said prediction markets could become the company’s main growth driver in 2027. This direction follows a quarter in which the platform recorded no revenue, as its core business weakened and annual revenue contracted.
In trading, ROLR shares closed at $3.26 on November 12, before the third-quarter results were announced. The comparison period had a different financial backdrop: in the third quarter of 2025, the company reported revenue of $6.281 million and net income of $3.667 million. Results for that quarter included a tax benefit of $3.642 million. In the second quarter of 2026, revenue was $2.809 million, compared with $5.801 million a year earlier, while the company recorded a net loss from continuing operations of $2.370 million, versus $1.157 million. These prior results show the year-over-year path of declining revenue and losses leading up to the third-quarter announcement, while the company is now focused on ROLR beginning to contribute and expanding its apps during the fourth quarter.