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  • Q3 2023: Rivalry on track for H1 2024 profitability as net loss narrows
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Rivalry has reported a 22% year-on-year rise in revenue to $8.7m for Q3 2023.

Betting handle for the period came in at $105.7m, up 50% on the same period of last year.

The casino segment generated half of Q3 betting handle at $50.4m following the launch of a custom-branded slots category and a new original game called Cash & Dash.

Rivalry also integrated its proprietary Casino.exe platform with the iOS mobile app in Ontario during the quarter.

The operator reported a net loss of $5.6m in Q3, a 6% improvement on the $6m net loss recorded in the prior corresponding period. This figure also represented a 12% improvement on Q2 2023.

Gross profit reached $4m during the quarter, up 90% year-on-year.

The company ended the reporting period with cash of $7.4m on the balance sheet and no debt as of 30 September.

After the reporting period, Rivalry strengthened its balance sheet with the announcement of a private placement offering of $14m.

The investment, which sparked a sharp uptick in share price when announced, will be used on marketing, product development and geographic expansion.

“We are proud to have delivered a record third quarter while exercising discipline on costs amid a challenging capital markets environment for growth companies,” said Rivalry CEO and co-founder Steven Salz.

“Now, with our recently announced capital infusion, we will be able to go back on the offensive, while still maintaining our path to profitability.”

Rivalry today reaffirmed previous guidance that it expects to reach profitability in H1 2024.

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