Rivalry
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Rivalry (RVLY) investor relations material

Rivalry Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary1 Dec, 2025

Executive summary

  • Achieved third consecutive quarter of sequential net revenue growth, with a 19% increase to $1.93 million in Q3 2025, up 47% since the start of the year.

  • Operating expenses declined 58% year-over-year to $3.52 million, reflecting a streamlined cost base.

  • Net loss improved 67% year-over-year to $1.96 million, compared to $5.89 million in Q3 2024.

  • Ontario market delivered its best quarter ever, now nearing 40% of net revenue.

Financial highlights

  • Adjusted G&A expense was $1.6 million, compared to reported $2.5 million; adjusted technology & content expense was $0.6 million versus $0.7 million reported.

  • Net revenue per player reached a new all-time high, 36% above the previous quarter and 210% above pre-transformation levels.

  • Wagers per player rose 7% quarter-over-quarter, nearly 300% above pre-rebuild average.

  • Average monthly deposits per player increased 24% quarter-over-quarter.

Outlook and guidance

  • Focus remains on disciplined marketing expansion, further product enhancements, and maintaining a normalized cost base.

  • Priorities include unlocking scale potential and executing with precision as the company enters 2026.

Marketing spend efficiency outlook
Ontario market's future revenue contribution
Impact of debt restructuring on cash flow
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