Rivalry (RVLY) Q2 2025 earnings summary

Executive summary

• Q2 2025 marked the second full quarter under a restructured, high-leverage model focused on efficiency and player monetization.

• Net revenue per player and player engagement metrics reached record highs, driven by product improvements and operational discipline.

• Strategic review remains ongoing, with a focus on maximizing shareholder value and further cost optimization.

Financial highlights

• Net revenue rose 24% sequentially to $1.6 million in Q2 2025, up from $1.3 million in Q1 2025.

• Operating expenses declined 62% year-over-year to $3.6 million.

• Net loss narrowed 59% year-over-year to $2.19 million, and improved from $2.99 million in Q1 2025.

• Adjusted G&A expense was $1.7 million, and adjusted technology/content expense was $440,000, reflecting non-recurring cost adjustments.

Outlook and guidance

• Management continues to target breakeven operations, with run-rate monthly operating expenses at approximately $600,000 USD.

• Additional cost reductions are being assessed for H2 2025 as part of the ongoing strategic review.

• Forward-looking statements highlight the goal of achieving cash flow positivity in future periods.