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 ...
