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High Roller Technologies Inc. (ROLR-6.19%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations as a global online gaming operator offering a real money online casino platform under the HighRoller.com and Fruta.com domain names. The company operates in various jurisdictions worldwide, utilizing a Curacao gaming license and agreements with Happy Hour Solutions Ltd. for access to an Estonian gaming license.
Revenue for the year was $27.9 million, a decrease from $29.7 million in the previous year. The decline is attributed to exiting the Hungarian market due to regulatory changes and decreases in New Zealand and Norway, partially offset by increases in Finland.
Operating expenses totaled $33.7 million, up from $32.4 million the previous year. The increase was driven by higher advertising and promotion expenses and product and software development costs.
The company reported a net loss of $5.9 million, compared to a net loss of $2.8 million in the previous year. The loss was primarily due to increased operating expenses and a decrease in revenue.
High Roller Technologies completed its initial public offering in October 2024, raising net proceeds of approximately $8.1 million after underwriting commissions and offering expenses.
The company continues to focus on expanding its operations into new regulated markets and implementing a multi-brand strategy to launch new brands using existing resources.
High Roller Technologies identified a material weakness in its internal controls over financial reporting due to deficiencies in its ability to prepare consolidated financial statements. The company is in the process of implementing a plan to remediate this weakness.
The company does not anticipate paying cash dividends in the foreseeable future, as it plans to retain earnings to support business growth and expansion.
High Roller Technologies' growth strategy includes attracting new players, engaging existing users, and entering new geographical markets, with a focus on regulated markets in Europe, North America, and South 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. annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.