Rivalry (RVLY) Q3 2025 earnings summary

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.