Rivalry Reports Q3 2025 Results Highlighting Continued Revenue Growth and Structural Efficiency

Q3 2025 marks Rivalry’s third consecutive quarter of sequential net revenue growth under its structurally rebuilt operating model. Since the Company’s transformation began in Q4 2024, Rivalry has delivered consistent improvements in player value, marketing efficiency, cost structure, and overall operating leverage.

“Q3 2025 reflects the continued momentum we’ve built throughout the year,” said Steven Salz, Co-Founder and CEO of Rivalry. “We increased revenue for the third straight quarter, reduced costs again on a year-over-year basis, and materially improved our loss profile. Alongside the completion of our financing and debt restructuring post-quarter, Rivalry enters its next chapter on a stronger, more sustainable foundation.”

Key Highlights

• Net revenue increased 19% sequentially to $1.93 million in Q3 2025, up from $1.6 million in Q2 2025 and $1.3 million in Q1 2025 – representing 47% growth since the start of the year.
• Operating expenses declined 58% year-over-year to $3.52 million, down from $8.47 million in Q3 2024, reflecting continued discipline and normalization of the Company’s streamlined cost base.
• Net loss improved 67% year-over-year to $1.96 million, compared to $5.89 million in Q3 2024.
• Rivalry’s regulated market Ontario achieved its best quarter ever across all core KPIs. Over the last 12 months, Ontario has grown from representing under 20% of Company net revenue to nearing 40% in Q3 2025, and continues to grow as a share of the business – directly supporting long-term regulated market durability.

These results reflect the ongoing impact of Rivalry’s rebuilt operating model – emphasizing high-value users, efficient acquisition, deeper lifecycle retention, and improved product performance.

Adjusted Operating Metrics

As with prior quarters, and as a result of the Company’s restructuring and significant cost reductions, a portion of Q3 2025 expenses were non-recurring or non-operational in nature, including legacy vendor payments and fees from prior periods. On a normalized run-rate basis:

• Adjusted G&A expense was $1.6 million, compared to the reported G&A expense of $2.5 million¹.
• Adjusted Technology & Content expense: $0.6m, versus $0.7m Technology & Content expense reported¹.

These adjustments reinforce that Rivalry is operating increasingly closer to breakeven on a structural basis.

Record Player Economics & Ongoing KPI Momentum

Rivalry continued to see gains across core customer KPIs, driven by the Company’s shift toward higher-value players, improvements in product performance, and ongoing segmentation and servicing gains:

• Q3 2025 net revenue per player surpassed the prior all-time high set in Q2, ending the quarter approximately 36% higher. Net revenue per player increased 49% quarter-over-quarter in Q2, and was 210% higher than the historical average prior to the Q4 2024 transformation.
• Wagers per player rose another 7% quarter-over-quarter, matching the Q2 increase over Q1 and nearly 300% above the pre-rebuild average.
• Average monthly deposits per player increased 24% quarter-over-quarter, following a 28% increase in Q2 over Q1 and a 175% increase in Q1 from historical levels.
• Deposit frequency per player climbed 7% quarter-over-quarter, compounding earlier gains: up 22% in Q2 and up 115% in Q1 from historical levels.

“Player quality and monetization continue to reach new highs,” Salz added. “The strategic shift we began last year continues to deliver. Our product is stronger, the funnel is smoother, and the economics per user are better than at any point in our history.”

Product & Operational Progress

Key initiatives completed in Q3 2025 and early Q4 include:

• Major site-performance upgrades, including a full rebuild of the onsite loyalty and retention system, meaningfully improving site page performance.
• Continuous performance improvements to the casino experience, including faster load speeds, optimized user experience flows, and overall responsiveness.
• Rollout of a new promo type enabling instant-match bonuses and other new bonus types, improving competitiveness across all markets.
• Launch of a new phone-based non-doc know-your-customer option in Ontario, lifting pass-through rates.
• A rebuilt account and verification page for improved clarity and user experience.
• A large redesign of the cashier, increasing player clarity, enabling faster load times, and a materially improved user experience.
• Upgraded casino platform, with a revised experience including faster performance, upcoming jackpots, organization by providers, improved search, and “jump back in” notifications.
• A completely rebuilt bonus system enabling faster creation, improved customization, clearer rollover visibility for users, and a new wallet structure.
• A major upgrade of the Company’s analytics infrastructure and marketing campaign platform, providing improved accuracy, broader scope of data, and better performance insights.
• Significant internal tooling improvements and increased AI adoption across the team to improve development velocity, campaign execution, and operational output.
• Launch of a 30-day “Advent Calendar” holiday campaign featuring daily missions, weekly prizes, and a grand prize to drive deposits and wagers throughout December.
• Continued development of Rivalry Token, with additional features and mechanics in progress.

Coming Soon:

• Launch of jackpots within the revised casino experience.
• Rebuilt Responsible Gambling feature.
• Full rollout of new homepage, bonuses page, and site-wide navigation improvements.
• Final deployment of the fiat-to-crypto on/off-ramp integration.

Strengthened Balance Sheet

Subsequent to the end of Q3 2025, Rivalry completed a non-brokered private placement and a substantial restructuring of its outstanding indebtedness – eliminating a significant portion of historical liabilities.

As announced on September 29, October 9, October 17 and October 24, 2025, the Company:

• Raised gross proceeds of $4.26 million through the issuance of units (each, a “Unit”) priced at $0.05 per Unit. Each Unit was comprised of one subordinate voting share (a “Share”) and a Share purchase warrant (a “Warrant”). Each Warrant is exercisable for one Share at $0.10 until October 8, 2027.
• Completed a debt settlement through the issuance of 250,527,697 units (each a “Debt Settlement Unit”) to satisfy $12.53 million of outstanding indebtedness. Each Debt Settlement Unit was comprised of one Share and one Share purchase warrant exercisable for one Share at $0.10 until October 24, 2027.
• Extended the maturity of the remaining secured convertible debentures to November 2028, with no interest payable until December 2026.

Outlook

As Rivalry enters the final quarter of 2025 and approaches 2026, the Company’s priorities include:

• Continuing disciplined marketing expansion with efforts demonstrating proven return on ad spend, as seen this year through an unchanged monthly spend delivering consistent quarterly revenue growth.
• Advancing further product enhancements, onboarding improvements, and retention upgrades.
• Maintaining and improving the Company’s normalized cost base.

“Rivalry is emerging from its transformation as a leaner, sharper, and more resilient business,” Salz concluded. “We have rebuilt the engine, proven its performance, and strengthened the balance sheet. The focus now is on executing with precision and unlocking the scale potential of everything we’ve built.”