Rivalry Reports Q2 2025 Results Highlighting Record Unit Economics, Structural Efficiency, and Strategic Progress

August 29, 2025 at 16:30 PM EDT

TORONTO, Aug. 29, 2025 (GLOBE NEWSWIRE) -- Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY), an internationally regulated sports betting and media company, today announced financial results for the three and six-month period ended June 30, 2025 (“Q2 2025”). All dollar figures are quoted in Canadian dollars unless otherwise noted.

Q2 2025 marks Rivalry’s second full quarter operating under its restructured business model initiated in late 2024, centered on efficiency, improved player monetization, and deeper operational discipline. The Company’s results continue to demonstrate the impact of this shift, with record net revenue per player, reduced expenses, and a significantly narrowed net loss.

“We’ve rebuilt Rivalry into a lean, high-performance engine,” said Steven Salz, Co-Founder and CEO of Rivalry. “Player monetization is at all-time highs, the product is stronger than ever, and we’re doing more with less.”

Key Highlights

Net revenue in Q2 2025 increased 24% sequentially to $1.6 million, up from $1.3 million in Q1 2025, despite a declining expense base and completely flat marketing spend.
Operating expenses declined 62% YoY to $3.6 million, down from $9.5 million in Q2 2024, reflecting substantial cost reductions and improved operational focus.
Net loss narrowed 59% YoY to $2.19 million, down from $5.37 million in Q2 2024, and improved sequentially from $2.99 million in Q1 2025.
Average Customer Acquisition Cost payback across H1 2025 was approximately 1.5 months, reflecting improved funnel conversion, higher player value, and stronger retention - all achieved under constrained spend conditions.
Run-rate monthly operating expenses remain approximately $600,000 USD, consistent with the Q1 2025 press release.

Adjusted Operating Metrics

As with Q1 2025, a meaningful portion of Q2 2025 expenses were non-recurring or non-operational, including annual audit costs, regulatory fees, and legacy vendor payments from prior periods. On a run-rate basis:

Adjusted G&A expense¹ was $1.7 million, compared to the reported $2.5 million.
Adjusted Technology and Content expense¹ was approximately $440,000, versus $854,000 reported.

These adjustments reinforce that Rivalry is operating increasingly closer to breakeven on a structural basis, with the Q2 2025 reported net loss largely a function of historical payables and costs from prior quarters.

Record Player Economics

Performance improvements continued in Q2 2025, with record-high player monetization across multiple dimensions. These gains were driven by an improving product, high value player segmentation, enhanced onboarding, retention, and engagement improvements across the platform.

Net revenue per player increased 49% quarter-over-quarter, and was 210% higher than the historical average prior to the Q4 2024 transformation.
Wagers per player rose 7% quarter-over-quarter, and nearly 300% above the pre-rebuild average.
Average monthly deposits per player increased 28% quarter-over-quarter, following a 175% increase in Q1 from historical levels.
Deposit frequency per player climbed 22% quarter-over-quarter, compounding earlier gains, up 115% from historical levels in Q1.

Strategic Review and Operational Focus

Rivalry’s previously announced evaluation of strategic alternatives (the “Strategic Review”) remains ongoing. The Company continues to explore a range of potential outcomes aimed at maximizing shareholder value. There is no assurance regarding the timing or results of the Strategic Review.

As part of the Strategic Review, Rivalry is focused on:

Normalizing the cost base to the aforementioned run rate by resolving non-recurring liabilities and payables from prior periods.
Activating a controlled growth strategy, supported by high marketing efficiency and a 1.5-month Customer Acquisition Cost payback average observed throughout 2025.
Targeted cost optimization, with additional reductions being assessed for H2 2025.

“This Strategic Review is about enabling growth from a fundamentally stronger base,” said Salz. “We’ve rebuilt the engine. Now we’re focused on unlocking its full potential.”

About Rivalry

Rivalry Corp. wholly owns and operates Rivalry Limited, a leading sports betting and media company offering fully regulated online wagering on esports, traditional sports, and casino for the digital generation. Based in Toronto, Rivalry operates a global team in more than 20 countries and growing. Rivalry Limited has held an Isle of Man license since 2018, considered one of the premier online gambling jurisdictions, as well as an internet gaming registration in Ontario, and is currently in the process of obtaining additional country licenses. With world class creative execution and brand positioning in online culture, a native crypto token, and demonstrated market leadership among digital-first users Rivalry is shaping the future of online gambling for a generation born on the internet.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Company Contact:

Steven Salz, Co-founder & CEO
ss@rivalry.com

Investor Contact:

investors@rivalry.com

Non-IFRS Measures

Adjusted General and Administration expense and Adjusted Technology and Content expense, as reported in this news release, are non-IFRS financial measures that the Company uses to assess its operating performance. Adjusted General and Administration expense is defined as General and Administration expense adjusted for one-time or non-recurring expenses. Adjusted Technology and Content expense is defined as Technology and Content expense adjusted for one-time or non-recurring expenses. This data is furnished to provide additional information and represents non-IFRS measures that do not have any standardized meaning prescribed by IFRS. The Company uses these non IFRS measures to provide shareholders and others with supplemental measures of its operating performance. As other companies may calculate these non-IFRS measure differently than the Company, these metric may not be comparable to similarly titled measures reported by other companies.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking statements in this news release include, but are not limited to, Rivalry operating on a cash flow positive basis in future financial periods, cost optimizations to be implemented in H2 2025 and the results of the Company’s ongoing Strategic Review.

Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the esports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of esports and other betting products are not guaranteed; changes in public perception of the esports and online gambling industry; failure to retain or add customers; the Company having a limited operating history; negative cash flow from operations and the Company’s ability to operate as a going concern; operational risks; cybersecurity risks; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions. For additional risks, please see the Company’s management’s discussion and analysis for the 12 months ended December 31, 2024 under the heading “Risk Factors”, and other disclosure documents available on the Company’s SEDAR+ profile at www.sedarplus.ca.

No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

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1}} Please see “Non-IFRS Measures”

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Rivalry Reports Q2 2025 Results Highlighting Record Unit Economics, Structural Efficiency, and Strategic Progress

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