River Tech (RIVER) Q4 2025 earnings summary

Executive summary

• Transitioned from a software service provider to a scalable technology ecosystem, launching Spinta and Ygora as flagship platforms.

• Submitted a B2B license application to the Malta Gaming Authority to support regulated expansion into 2026.

• Signed a non-binding Letter of Intent to acquire 90% of Vinn Online Ltd, expanding into Nordic markets.

Financial highlights

• Q4 2025 revenue was €247,763; normalised figures exclude contract closures and restructuring costs.

• Normalised EBITDA for Q4 2025 was (€786,960), with a normalised loss from continuing operations of (€823,894).

• Year-end working capital stood at approximately €4.5 million; opening 2026 liquidity is around €5 million.

Outlook and guidance

• Conservative 2026 projections assume minimal initial Spinta revenues and gradual Ygora growth from €50,000 to €100,000 monthly.

• Forecasted monthly cash outflow of €270-280,000, including a one-off €500,000 tax payment in June 2026, all funded from existing liquidity.

• Expected to retain €1.1 million in liquidity at end of 2026 without reliance on external financing.