High Roller Technologies has experienced a significant 30% increase in quarterly revenue for the third quarter, reaching $7.5 million (£5.8 million). This marks the company’s first earnings announcement since its initial public offering (IPO) in October.
The operator, which primarily caters to VIP clients, attributes this growth to its “ongoing emphasis on improving marketing efficiency and optimizing costs.”
Despite this quarterly growth, year-on-year revenues were stable, declining slightly from $7.6 million. This stability resulted from strong growth in key markets being counterbalanced by the company’s withdrawal from an undisclosed market at the end of 2023 due to regulatory changes.
For the third quarter, adjusted EBITDA reached $40,000, recovering from a negative EBITDA of $1 million in the previous quarter. In contrast, adjusted EBITDA for Q3 2023 was a positive $234,000.
Operating expenses for the period ending September 30 amounted to $8 million, primarily due to increased investments in advertising and promotions in crucial markets. By the end of the quarter, the operator had cash equivalents totaling $2.9 million.
In October, High Roller successfully completed its IPO, listing on the New York Stock Exchange (NYSE) and raising gross proceeds of $10 million through this process.
The company clarified that the cash equivalents of $2.9 million did not account for the funds raised through the IPO.
Ben Clemes, the CEO of High Roller Technologies, expressed gratitude: “We’re extremely proud of our recent IPO on the NYSE, a milestone reflecting the confidence and trust of our shareholders. We sincerely thank our investors for their support as we enter this exciting new phase. Our quarterly results reflect our focus on optimizing costs and enhancing effective marketing to expand our user base.
“Looking forward, we remain dedicated to executing our growth strategy, providing value to our stakeholders, and driving innovation in the gaming industry.”