Rivalry Reports Q3 2025 Results Highlighting Continued Revenue Growth and Structural Efficiency

Executive Summary

• Rivalry Corp. reported Q3 2025 results showing a 19% sequential increase in net revenue to C$1.93 M and a 67% year‑over‑year improvement in net loss to C$1.96 M.
• Operating expenses fell 58% YoY to C$3.52 M, reflecting continued cost discipline after the Q4 2024 transformation.
• The company completed a private placement raising C$4.26 M and settled $12.53 M of debt via issuance of settlement units, substantially strengthening its balance sheet.

Key Details

• Financial Performance (Q3 2025):
• Net revenue: C$1.93 M (↑19% QoQ; ↑47% YTD).
• Operating expenses: C$3.52 M (↓58% YoY vs. C$8.47 M in Q3 2024).

• Net loss: C$1.96 M (↑67% improvement YoY vs. C$5.89 M).

• Adjusted Operating Metrics (run‑rate):

• Adjusted G&A expense: C$1.6 M (vs. reported C$2.5 M).

• Adjusted Technology & Content expense: C$0.6 M (vs. reported C$0.7 M).

• Player Economics:

• Net revenue per player up ~36% QoQ, 210% above pre‑transformation average.

• Wagers per player ↑7% QoQ; deposits per player ↑24% QoQ; deposit frequency ↑7% QoQ.

• Product & Operational Enhancements (Q3 2025):

• Full rebuild of loyalty/retention system and major site‑performance upgrades.
• New promo types, phone‑based non‑doc KYC in Ontario, redesigned account/verification pages, upgraded casino platform, revamped bonus system, enhanced analytics infrastructure, AI tooling improvements.

• Launched a 30‑day “Advent Calendar” holiday campaign.

• Financing Activities (post‑Q3):

• Private placement: C$4.26 M gross proceeds; Units priced at $0.05 each, each Unit = 1 voting share + 1 warrant (exercisable at $0.10 until 8 Oct 2027).
• Debt settlement: Issued 250,527,697 Debt Settlement Units to extinguish $12.53 M of indebtedness; each unit = 1 share + 1 warrant (exercisable at $0.10 until 24 Oct 2027).

• Extended maturity of remaining secured convertible debentures to Nov 2028; no interest payable until Dec 2026.

• Outlook:

• Continue disciplined marketing spend, product enhancements, and cost‑base normalization into Q4 2025 and 2026.
• Planned launches: jackpots, rebuilt responsible gambling feature, full homepage/bonuses navigation rollout, final fiat‑to‑crypto on/off‑ramp integration.

Notable Quotes

• “Rivalry is emerging from its transformation as a leaner, sharper, and more resilient business,” – Steven Salz, Co‑Founder & CEO.
• “Player quality and monetization continue to reach new highs… our product is stronger, the funnel is smoother, and the economics per user are better than at any point in our history.” – Steven Salz.