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High Roller Technologies Inc. (ROLR-3.07%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a slight decrease in revenues to $7,516,000 from $7,569,000 in the same quarter the previous year. The decrease is attributed to the company's exit from the Hungarian market due to regulatory changes.
Direct operating costs for the quarter decreased to $3,269,000 from $3,234,000 in the previous year. This decrease was primarily due to a reduction in user acquisition costs paid to related parties.
General and administrative expenses for the quarter were $1,879,000, compared to $2,495,000 in the previous year. The decrease was primarily due to reduced reliance on related party services.
Advertising and promotions expenses increased to $2,483,000 from $1,851,000, reflecting increased spending on third-party marketing services.
Net loss for the quarter was $501,000, up from a net loss of $208,000 in the previous year. The increase in net loss was due to higher operating expenses.
The company reported cash and cash equivalents of $1,329,000 as of September 30, 2024, down from $2,087,000 at the end of 2023.
High Roller Technologies Inc. completed its initial public offering in October 2024, raising approximately $9,027,600. This improved the company's cash position and working capital.
The company continues to face challenges related to its ability to generate sufficient cash flows and secure additional financing to support its operations.
The filing also highlights the company's efforts to expand into new markets and launch new brands, with a focus on regulated markets in Europe and North America.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the High Roller Technologies Inc. quarterly 10-Q report dated December 4, 2024. To report an error, please email earnings@qz.com.