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    ROLR
    Earnings call· Jun 2026(Q2 FY26)

    High Roller Technologies Q2 FY26 earnings call ROLR

    Aug 11, 2026 Source

    Executive summary

    High Roller Technologies, Inc. Q2 FY26 — Strategic Transition to Prediction Markets

    High Roller Technologies is undergoing a deliberate transition, exiting legacy online casino operations to focus on the U.S. prediction markets vertical. The company achieved significant regulatory milestones and initiated pre-launch marketing, while managing increased operating losses and cash burn due to strategic investments. Management remains confident in the launch timeline and the long-term potential of the prediction market opportunity.

    Highlights

    4

    • Achieved key regulatory milestone with NFA approval and guaranteed introducing broker registration, advancing prediction market launch.

    • Acquired ROLR.com and launched a free-to-trade prediction challenge, engaging a U.S. consumer base and refining customer acquisition strategies.

    • Strengthened balance sheet with cash and cash equivalents of $80 million at June 30, 2026, up from $2.1 million at year-end 2025.

    • Total operating expenses decreased by $1.6 million or 26% year-over-year to $5.3 million, reflecting reduced legacy activities.

    Concerns

    4

    • Net revenues decreased by $3 million or 52% year-over-year to $2.8 million due to purposeful reduction in legacy online casino activities.

    • Loss from operations widened to $2.5 million compared to $1.1 million in Q2 2025, driven by legacy revenue reduction and prediction market investments.

    • Adjusted EBITDA was negative $1.8 million, a significant increase from negative $0.2 million in Q2 2025.

    • Net cash used in operating activities increased to $5.9 million for the first 6 months of 2026, up from $4.4 million in the prior year period.

    Guidance & targets

    1
    CategoryTargetConfidence
    Prediction Market Launch Timing
    On track for target launch date
    high materiality
    High

    Operational metrics

    12
    Net revenues
    $2.8Mdown 52% YoY
    Q2 FY26

    Primarily reflects exit from certain online casino markets and focused marketing strategy.

    Total operating expenses
    $5.3Mdown 26% YoY
    Q2 FY26

    Reductions in direct operating costs and advertising/promotional expense, partially offset by higher G&A for launch-related capabilities.

    Loss from operations
    $2.5Mvs $1.1M loss in Q2 FY25
    Q2 FY26

    Resulted from year-over-year reduction in legacy revenue and ramping investment into prediction market entry.

    Net loss from continuing operations
    $2.3Mvs $1.2M loss in Q2 FY25
    Q2 FY26

    GAAP net loss.

    Net loss from continuing operations per common share
    $0.22vs $0.14 loss in Q2 FY25
    Q2 FY26

    GAAP net loss per share.

    Adjusted EBITDA
    negative $1.8Mvs negative $0.2M in Q2 FY25
    Q2 FY26

    Non-GAAP measure.

    Net cash used in operating activities
    $5.9Mvs $4.4M in prior year period
    First 6 months of 2026

    Increase reflects implementation of revised strategy and entry into new market.

    Net cash used in investing activities
    $1.9Mvs $0.3M in prior year period
    First 6 months of 2026

    Increase primarily due to investment in prediction markets, including capitalized software development and licensing.

    Cash and cash equivalents (excluding restricted cash)
    $80Mvs $2.1M at Dec 31, 2025
    June 30, 2026

    Strengthening of balance sheet primarily reflects capital raise during Q1, partially offset by operating and investment spending.

    Stockholders' equity
    $29.6Mvs $9.6M at year-end 2025
    June 30, 2026

    Strengthening of balance sheet primarily reflects capital raise during Q1, partially offset by operating and investment spending.

    Prediction market TAM
    $50B
    Annual by 2030

    Third-party estimate, not a company forecast. Represents the total addressable market for prediction markets.

    Russell Microcap Index inclusion
    —
    Q2 FY26

    Enhancing visibility amongst the investment community.

    Deals & partnerships

    5
    Crypto.comDefinitive collaboration agreement for U.S. prediction markets, including guaranteed introducing broker arrangement.

    High Roller is responsible for the customer-facing platform (mobile applications) under this agreement. Regulatory milestone of NFA approval and guaranteed introducing broker registration achieved under this arrangement.

    Lines.comStrategic marketing agreement to expand audience reach and drive customer acquisition.

    Lines.com is a site-up-owned and operated property with millions of social followers.

    Forever NetworkStrategic marketing agreement to expand audience reach and drive customer acquisition.

    Forever Network has a ComScore larger than Barstool Sports, reaching audiences engaged with sports, finance, culture, and entertainment.

    Leverage Game MediaStrategic marketing agreement to expand audience reach and drive customer acquisition.

    Leverage Game Media has a large crypto finance sports-interested audience across TikTok and Instagram.

    ROLR.comAcquisition of the domain name for the new brand.

    Brought the new brand to life with a free-to-trade prediction challenge.

    Risks & headwinds

    4
    Regulatory and compliance implementation complexityOngoing

    Not quantified, but described as 'complex and arduous process'

    Mitigation: Dedicated workstreams for regulatory and compliance, end-to-end technology integration, and operational readiness. NFA approval and introducing broker registration achieved.

    Competition in prediction marketsOngoing

    7 well-capitalized companies pursuing the market

    Mitigation: Differentiation through pure-play focus, rapid product iteration, structural advantage in customer acquisition via SyCub Media and strategic marketing partnerships (Lines.com, Forever Network, Leverage Game Media).

    Legacy business decline impacting revenueQ2 FY26

    Net revenues decreased by $3 million or 52% YoY to $2.8 million

    Mitigation: Purposeful reduction in legacy online casino markets as part of strategic transition to prediction markets.

    Increased operating losses due to transition investmentsQ2 FY26

    Loss from operations widened to $2.5 million (vs $1.1 million in Q2 FY25); Adjusted EBITDA negative $1.8 million (vs negative $0.2 million in Q2 FY25)

    Mitigation: Staging spending against milestones and operating data, rather than building cost structure in advance of demonstrated need. Focus on disciplined completion and launch of prediction markets platform.

    What to watch in Q3 FY26

    4

    Prediction Market Commercial Launch

    Next quarter
    CurrentOn track for target launch date
    TargetCommercial launch announced

    Why it matters

    The launch of the U.S. prediction markets platform is the core of the company's strategic transformation and future revenue generation.

    Now I mentioned before that we have a target launch date. We remain on track for that timing.

    Q&A highlights

    5

    What were the user numbers, engagement, and lessons learned from the free-to-trade challenge, particularly regarding player data?

    The free-to-trade campaign successfully rolled out the brand and engaged prospective traders. It provided valuable insights into consumer response to ad copy and creative, helping to reduce breakage for future real-money launches. The company learned about trading probabilities and built an interest list, though specific user numbers were not disclosed, management was pleased with the results.

    “what we learned was really what our consumers were responding to in terms of ad copy and creative, which effectively helps reduce breakage upon a real money launch when we really go and spend a heavier amount of capital on customer acquisition, trader acquisition.”

    asked by Brian Kinstlinger · answered by Seth Young

    2 min read6 chapters

    Detailed Narrative

    01

    Strategic Shift to Prediction Markets

    High Roller Technologies is executing a strategic transformation, shifting its focus from legacy online casino activities to the U.S. prediction markets vertical. This involves a purposeful reduction in certain legacy operations while ramping up investments in the new platform. The company views prediction markets as its central growth priority, with conviction in the market's scale and timing, citing third-party estimates of a $50 billion TAM by 2030.

    02

    Regulatory and Compliance Milestones

    In Q2 FY26, High Roller achieved a critical regulatory milestone by securing approval as a member of the National Futures Association (NFA) and registering as a guaranteed introducing broker under its arrangement with Crypto.com. This step was essential for the planned commercial launch of the Roller platform, marking the beginning of ongoing regulatory obligations and compliance implementation efforts.

    03

    Product Development and Technology Integration

    The company is engaged in end-to-end technology integration, responsible for the customer-facing platform and mobile applications. This complex process involves significant effort in product and consumer experience design, aiming to make event contracts understandable and engaging while adhering to financial product disclosures. The immediate goal is market launch, followed by rapid iteration based on live data and customer feedback.

    04

    Pre-Launch Marketing and Customer Acquisition

    High Roller acquired ROLR.com and launched a free-to-trade prediction challenge with a $25 million prize to engage U.S. consumers and gather data for customer acquisition. Strategic marketing agreements were finalized with Lines.com, Forever Network, and Leverage Game Media to expand audience reach. The company plans to scale customer acquisition investment post-launch, directing capital towards effective channels and features.

    05

    Financial Performance During Transition

    The second quarter financial results reflect the business in transition, with net revenues declining 52% to $2.8 million due to the exit from legacy online casino markets. Total operating expenses decreased 26% to $5.3 million, but increased investments in prediction market capabilities led to a wider operating loss of $2.5 million and negative adjusted EBITDA of $1.8 million. The balance sheet was strengthened by a capital raise, with cash and cash equivalents reaching $80 million.

    06

    Capital Allocation Strategy

    High Roller's primary capital allocation priority is the disciplined completion and launch of the Roller U.S. prediction markets platform. The company intends to stage spending against milestones and operating data, avoiding building a cost structure in advance of demonstrated need. This approach aims to efficiently build a durable, competitive product and capture early learning.

    AI-generated summary of the company’s earnings call. Not investment advice.