High Roller Technologies (NYSEAMERICAN:ROLR) reported lower second-quarter revenue and a wider operating loss as it reduced certain legacy online casino activities while investing in the planned launch of its ROLR U.S. prediction markets platform.
Net revenue for the quarter ended June 30 fell 52% to $2.8 million from $5.8 million a year earlier. Chief Financial Officer Adam Felman said the decline primarily reflected the company’s exit from certain online casino markets, a more focused marketing strategy and its increasing emphasis on prediction markets.
Losses Widen Despite Lower Expenses
Total operating expenses declined 22% year over year to $5.3 million, from $6.9 million. Direct operating costs and advertising and promotional expenses decreased, although those reductions were partly offset by higher general and administrative spending related to regulatory, professional and launch-readiness capabilities.
- Loss from operations was $2.5 million, compared with a $1.1 million operating loss in the prior-year quarter.
- Net loss from continuing operations was $2.3 million, or $0.22 per share, compared with $1.2 million, or $0.14 per share, a year earlier.
- Adjusted EBITDA was negative $1.8 million, compared with negative $0.2 million in the second quarter of 2025.
For the first six months of 2026, High Roller used $5.9 million in operating cash flow, compared with $4.4 million in the comparable 2025 period. Cash used in investing activities totaled $1.9 million, versus $0.3 million a year earlier. Felman said about $1.6 million of the increase was associated with the company’s planned entry into prediction markets, including capitalized software development and licensing-related expenditures.
Cash and cash equivalents, excluding restricted cash, stood at $18 million as of June 30, up from $2.1 million at the end of 2025. Stockholders’ equity rose to $29.6 million from $9.6 million, primarily due to capital raised during the first quarter, partially offset by operating and investment spending.
Regulatory Progress and Crypto.com Integration
Chief Executive Officer Seth Young said High Roller achieved a regulatory milestone during the quarter by becoming a member of the National Futures Association and registering as a guaranteed introducing broker through its arrangement with Crypto.com FCM. Young said the approval completed a key step required for the company’s planned commercial launch of ROLR.
The company also finalized its collaboration agreement with Crypto.com, acquired the ROLR.com domain and introduced the ROLR brand through a Free-To-Trade Prediction Challenge featuring a $25 million headline prize. Young said the free-to-trade offering was not intended to replace the regulated commercial product, but to provide a pre-launch environment for building awareness, testing messaging and observing customer behavior.
In response to an analyst question, Young said the company had not released specific user or engagement figures from the challenge, but said management had been pleased with its results. He said the campaign helped High Roller evaluate customer responses to advertising copy and creative, learn more about prospective users’ trading preferences and build an interest list ahead of a real-money launch.
Young said the company also continued technology integration with Crypto.com and expanded its applied artificial intelligence work. Under the collaboration agreement, ROLR will be responsible for the customer-facing platform, including mobile applications, while Crypto.com serves as its partner in the arrangement.
Launch Work Continues Across Multiple Areas
Young described the remaining pre-launch process as a coordinated effort spanning regulatory compliance, technology, product design, operations, marketing, artificial intelligence and launch sequencing. He said the company remains on track for its target launch timing, though it did not provide a specific date on the call.
“It is imperative that we deliver a stable, compliant, and high-quality customer experience,” Young said. He added that the company plans to introduce the platform deliberately, monitor operating performance and customer feedback, and expand based on data following launch.
In the question-and-answer session, Young said the largest near-term effort has been product and technology development, including management of third-party vendor dependencies and integrations. He noted that High Roller historically had not owned and operated its technology or built its own technology platform.
Felman said investors should expect spending in the second half of 2026 to be “fairly similar to Q2” as the company continues to streamline its legacy casino business while investing in ROLR’s platform and licensing requirements. He said High Roller intends to stage spending around defined milestones and operating data rather than build a cost structure ahead of demonstrated need.
Marketing and Revenue Model
High Roller has entered strategic marketing agreements with Lines.com, Forever Network and Leverage Game Media, while Spike Up Media is expected to manage performance marketing spending for direct consumer acquisition. Young said the partnerships are intended to reach audiences interested in sports, finance, culture and entertainment.
Young did not disclose the commercial terms of the Crypto.com relationship. He said the prediction-market model differs from against-the-house betting because the company and its partner earn commissions when contracts are opened and sold. As an introducing broker, ROLR may also add fees to the fee structure at its discretion, he said.
Young cited third-party estimates from Macquarie projecting annual prediction-market contract trading volume could reach approximately $1.5 trillion by 2030, with a potential $50 billion total addressable market. He emphasized that those figures were third-party estimates rather than company forecasts.
High Roller was also added to the Russell Microcap Index during the quarter. Young said prediction markets are now the company’s central growth priority and that management expects to provide further updates as it completes final launch workstreams and announces its commercial launch.
About High Roller Technologies (NYSEAMERICAN:ROLR)
High Roller Technologies, Inc is an evolving and growth-oriented global online gaming operator. We offer a compelling real money online casino platform. We define the term platform (“Platform”) as the fusion of our technical IP, commercial partnerships, and operational expertise including an in-house developed domain customizable frontend and content management system (CMS) which offers enhanced search engine optimization, direct API integrations, faster load times, and better scalability. We utilize a third party player account management system (PAM) that offers us a high level of control over game integrations, payment provider solutions, and overall player management.
