--- title: "High Roller Tech | 10-Q: FY2026 Q1 Revenue: USD 3.366 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/286148548.md" datetime: "2026-05-12T20:04:31.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286148548.md) - [en](https://longbridge.com/en/news/286148548.md) - [zh-HK](https://longbridge.com/zh-HK/news/286148548.md) --- # High Roller Tech | 10-Q: FY2026 Q1 Revenue: USD 3.366 M Revenue: As of FY2026 Q1, the actual value is USD 3.366 M. EPS: As of FY2026 Q1, the actual value is USD -0.29. EBIT: As of FY2026 Q1, the actual value is USD -3.042 M. High Roller Technologies, Inc. operates as a single operating segment, thus all financial and operational metrics are reported on a consolidated basis for the three months ended March 31, 2026, compared to the same period in 2025 . #### Revenue Total Revenues, net decreased to $3,366 thousand in Q1 2026 from $5,195 thousand in Q1 2025, representing a decrease of $1.8 million or 35.2% . Net gaming revenue was $3,364 thousand in Q1 2026, down from $5,190 thousand in Q1 2025 . Net revenue generated through non-core services was $2 thousand in Q1 2026, a significant decrease from $1,581 thousand in Q1 2025 . Net gaming revenue by country in Q1 2026 was: Finland $2,142 thousand (63%), New Zealand $729 thousand (22%), Canada $463 thousand (14%), and Rest of world $30 thousand (1%) . In Q1 2025, net gaming revenue by country was: Finland $3,052 thousand (59%), New Zealand $1,177 thousand (23%), Canada $511 thousand (10%), Norway $321 thousand (6%), and Rest of world $129 thousand (2%) . #### Operating Expenses Total operating expenses decreased to $6,362 thousand in Q1 2026 from $8,856 thousand in Q1 2025 . Direct operating costs (related party) decreased by $0.1 million or 40.3% to $187 thousand in Q1 2026 from $313 thousand in Q1 2025 . Direct operating costs (other) decreased by $1.2 million or 52.1% to $1,071 thousand in Q1 2026 from $2,235 thousand in Q1 2025, driven by cost efficiencies . General and administrative expenses (other) increased by $1.2 million or 36.1% to $4,519 thousand in Q1 2026 from $3,321 thousand in Q1 2025, primarily due to a $1.0 million increase in stock-based compensation expense . Foreign currency transaction losses within G&A were $72 thousand in Q1 2026, down from $178 thousand in Q1 2025 . Advertising and promotions expenses (related party) decreased by $0.6 million or 83.0% to $119 thousand in Q1 2026 from $701 thousand in Q1 2025 due to a revised marketing strategy . Advertising and promotions expenses (other) decreased by $1.8 million or 89.0% to $228 thousand in Q1 2026 from $2,071 thousand in Q1 2025 due to marketing strategy optimization . #### Profitability Loss from operations improved to - $2,996 thousand in Q1 2026 from - $3,661 thousand in Q1 2025 . Net loss from continuing operations was - $2,966 thousand in Q1 2026, compared to - $3,725 thousand in Q1 2025 . Net income from discontinued operations was $0 in Q1 2026, compared to $449 thousand in Q1 2025 . Net loss was - $2,966 thousand in Q1 2026, compared to - $3,276 thousand in Q1 2025 . Adjusted EBITDA improved to - $1,280 thousand in Q1 2026 from - $2,973 thousand in Q1 2025 . The Adjusted EBITDA margin was -38.03% in Q1 2026, compared to -57.23% in Q1 2025 . #### Cash Flow Net cash used in operating activities decreased to - $2,991 thousand in Q1 2026 from - $3,608 thousand in Q1 2025 . Net cash used in investing activities was - $79 thousand in Q1 2026, compared to - $13 thousand in Q1 2025, due to increased capitalized internal-use software costs . Net cash provided by financing activities was $23,769 thousand in Q1 2026, a significant increase from - $90 thousand in Q1 2025, mainly from $23.4 million in proceeds from private and direct offerings . Cash and cash equivalents were $22.5 million as of March 31, 2026, compared to $2.1 million as of December 31, 2025 . Restricted cash was $0.6 million as of March 31, 2026, consistent with $0.6 million as of December 31, 2025 . #### Operational Metrics Quarterly Active Users decreased to 11,213 in Q1 2026 from 29,946 in Q1 2025 . Quarterly Unique Depositing Customers (UDCs) decreased to 8,533 in Q1 2026 from 27,289 in Q1 2025 . Quarterly Wagers decreased to $74,404 thousand in Q1 2026 from $153,298 thousand in Q1 2025 . Average revenue per user was $394 in Q1 2026, compared to approximately $190 per user in Q1 2025 . User deposits were $12 million in Q1 2026, down from almost $23 million in Q1 2025 . First time depositors were 1,300 in Q1 2026, a decrease from 58,269 in Q1 2025 . #### Outlook and Strategy High Roller Technologies, Inc. plans to launch an event-based prediction markets offering in the United States through an agreement with Crypto.com Derivatives North America, which is expected to generate new revenue streams . The company also anticipates initial entry into the regulated Ontario market around the second half of 2026 . 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