High Roller Technologies, Inc.

Previous wording

Item 2. MANAGEMENT**’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Current wording

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Previous wording

We are an evolving and growth-oriented iCasino and entertainment company that focuses primarily on online casino betting in Europe and other markets. Our mission is to offer consistently superior customer experience by (i) providing fast onboarding, easy log-in and re-log-in, (ii) assuring efficient and secure payment processing, (iii) providing prompt payouts on player winnings, (iv) offering generous bonuses, bonus play and free spins on popular games, (v) utilizing an interactive environment for player engagement leading to longer stays online and more play, (vi) maintaining 24/7/365 customer service to assure customer satisfaction and (vii) providing an array of responsible gaming tools and AI models to ensure a safe gaming experience.

Current wording

We are an evolving and growth-oriented iGaming and entertainment company that focuses primarily on online casino betting in select markets. Our mission is to offer a consistently superior customer experience by (i) providing fast onboarding, easy log-in and re-log-in, (ii) assuring efficient and secure payment processing, (iii) providing prompt payouts on player winnings, (iv) offering various types of promotions, bonus play and free spins on popular games, (v) maintaining 24/7/365 customer service to assure customer satisfaction and (vi) providing an array of responsible gaming tools and utilizing AI models to ensure a safe gaming experience.

Previous wording

We were incorporated in Delaware in 2021 as a holding company, with the intent to seek an initial public offering on a United States securities exchange. In January 2022 we launched HighRoller.com to deliver more immersive real money gaming experiences for the iCasino market. Prior to our transition to the HighRoller.com Platform we operated our online iCasino activities under the casinoroom.com domain name. We operate an online gaming business offering casino games to customers in various jurisdictions worldwide under the HighRoller.com and fruta.com domain names principally utilizing our Curacao license, and under our Happy Hour Solutions Agreements accessing revenue generated under the Estonian license. Unless further extended, the Happy Hour Solutions Agreements terminate on the earlier of our receipt of an Estonian license or December 31, 2025.

Current wording

We were incorporated in Delaware in 2021 as a holding company, with the intent to seek an initial public offering on a United States securities exchange. In January 2022 we launched HighRoller.com to deliver more immersive real money gaming experiences for the iCasino market. Prior to our transition to the HighRoller.com Platform we operated our online iCasino activities under the casinoroom.com domain name. We operate an online gaming business offering casino games to customers in various jurisdictions worldwide under the HighRoller.com, Fruta.com, and Kassuuu.com domain names principally utilizing our Curacao license and under our Happy Hour Solutions Agreements accessing revenue generated under the Estonian license. Unless further extended, the Happy Hour Solutions Agreements terminate on the earlier of our receipt of an Estonian license or December 31, 2025.

Previous wording

We currently are present and active in several markets around the world. Our focus will primarily be to enter regulated markets in Europe, North and South America. We intend to seek entry into one or more regulated North American markets utilizing proceeds from this offering but have not identified any target or budgeted any amount for such entries. We intend to seek entry into one or more regulated North American markets utilizing proceeds from our initial public offering. We currently expect that initial entry into any of these regulated North American markets to occur in approximately twelve months from the receipt of proceeds from this initial public offering. No assurance can be given that these efforts will prove successful. Our business may suffer if we are unable to open new geographical markets or if we are unable to continue expanding within existing markets.

Current wording

We currently are present and active in several markets around the world. Our focus will primarily be to enter regulated markets in Europe, North and South America. We intend to seek entry into one or more regulated North American markets. We currently expect that initial entry into any of these regulated North American by the end of 2026. No assurance can be given that these efforts will prove successful. Our business may suffer if we are unable to open new geographical markets or if we are unable to continue expanding within existing markets.

Previous wording

We are implementing a multi-brand strategy to launch new brands utilizing our current licenses and using our existing resources. The scalability of our Platform allows the Company to use existing resources to launch new brands that provide access to new target demographics and generate new revenues through existing player acquisition channels while maintaining the current cost structure with nominal incremental costs. The conversion of marketing spend into new player acquisition or existing player reactivation on our current and future portfolio of brands will ultimately determine where player acquisition funds are spent on a market-to-market basis. While no assurances can be given that these efforts will be successful, and management’s time as well as nominal incremental costs may be spent with limited financial results, management believes that this strategy mitigates any material negative impact on operations or financial position by leveraging scalable processes and technologies within our Platform. If market reception is successful, a new brand may generate material revenue. We soft launched our second active brand, Fruta.com, in December 2023, allowing select players to test the website prior to going live in February 2024. We are currently exploring opportunities for other future brand launches.

Current wording

We are operating and will continue to perpetuate a multi-brand strategy, operating and launching new brands utilizing our current licenses and using our existing resources. The scalability of our Platform allows the Company to use existing resources to launch new brands that provide access to new target demographics and generate new revenues through existing player acquisition channels while maintaining the current cost structure with nominal incremental costs. The conversion of marketing spend into new player acquisition or existing player reactivation on our current and future portfolio of brands will ultimately determine where player acquisition funds are spent on a market-to-market basis. While no assurances can be given that these efforts will be successful, and management’s time as well as nominal incremental costs may be spent with limited financial results, management believes that this strategy mitigates any material negative impact on operations or financial position by leveraging scalable processes and technologies within our Platform. If market reception is successful, a new brand may generate material revenue. We soft launched our second active brand, Fruta.com, in December 2023, allowing select players to test the website prior to going live in February 2024. During September 2025 we launched our third brand, Kassuuu.com. We are currently exploring opportunities for other future brand launches.

Previous wording

We believe that ours is an attractive proposition which extends beyond a dynamic base product offering to one that has a broad selection of entertaining and exciting content having more than 5,000 slot and other iCasino games, with a number of our most popular games being available to play with a live dealer, such as blackjack, video poker, roulette, baccarat, and craps sourced from over 90 content providers. We provide loyalty program offers with generous cash back, inviting hospitality experiences, other welcoming introductory services and longer play incentives. All our players are treated with an attractive welcome package of bonuses and free spins on popular slots. Each time a player levels up to a next tier of play, the player is instantly rewarded with free spins at the slots they prefer at their then stake levels of play. We focus on a rapid registration process and allow players one tap search to discover and select their games of choice. Our players also appreciate rapid payment processing through our automated cashier.

Current wording

We believe that ours is an attractive proposition which extends beyond a dynamic base product offering to one that has a broad selection of entertaining and exciting content having more than 6,000 slot and other iCasino games, with a number of our most popular games being available to play with a live dealer, such as blackjack, video poker, roulette, baccarat, and craps sourced from over 90 content providers. We provide loyalty program offers with generous cash back, inviting hospitality experiences, other welcoming introductory services and longer play incentives. All players are treated to an attractive welcome package of bonuses and free spins on popular slots. Players are also treated to rewards on an ongoing basis, based upon their engagement with the platform, the player is instantly rewarded with free spins at the slots they prefer at their then stake levels of play. We focus on a rapid registration process and allow players one tap search to discover and select their games of choice. Our players also appreciate rapid payment processing through our automated cashier.

Previous wording

We currently accept wagers in multiple currencies. We generated more than $153.2 millionand$306.4 million in customer-paid real money bets during the three and six months ended June 30, 2025, and $159.8 million and $347.2 million in customer-paid real money bets during the three and six months ended June 30, 2024, utilizing our HighRoller.com and Fruta.com domain names. During the three and six months ended June 30, 2025, the average revenue per user was$340 and$248 as compared to $269 and$286 per user for the same periods in 2024. User deposits were $24.4 million and$47.1 million during the three and six months ended June 30, 2025, as compared to deposits of almost $21.3 million and$42.1 million during the same periods in 2024. During thethree and six months ended June 30, 2025, we had 19,675 and 49,621 active users as compared to 22,505 and 36,065 active users for the same periods in 2024. Furthermore, during the three and six months ended June 30, 2025, we had6,050 and 21,743 first time depositorsas compared to12,221 and 24,183 first time depositors for the same periods in 2024. During the three and six months ended June 30, 2025, we had17,036 and 44,325 unique depositors as compared to 21,170 and 41,975 unique depositors for the same periods in 2024. Our net gaming revenue was$5.8 million and$11.0 million for thethree and six months ended June 30, 2025, as compared to$5.7 million and$12.0 million for the same periods in 2024.

Current wording

We currently accept wagers in multiple currencies. We generated more than $146.7 million and $453.1 million in customer-paid real money bets during the three and nine months ended September 30, 2025, and $158.5 million and $505.7 million in customer-paid real money bets during the three and nine months ended September 30, 2024, utilizing our HighRoller.com, Fruta.com and Kassuuu.com domain names. During the three and nine months ended September 30, 2025, the average revenue per user was $242 and $246 as compared to $279 and $284 per user for the same periods in 2024. User deposits were $23,750 million and $70,896 million during the three and nine months ended September 30, 2025, as compared to deposits of almost $24,040 million and $66,136 million during the same periods in 2024. During the three and nine months ended September 30, 2025, we had 21,800 and 71,421 active users as compared to 25,326 and 70,197 active users for the same periods in 2024. Furthermore, during the three and nine months ended September 30, 2025, we had 10,675 and 32,408 first time depositors as compared to 13,422 and 37,600 first time depositors for the same periods in 2024. During the three and nine months ended September 30, 2025, we had 20,128 and 64,453 unique depositors as compared to 23,224 and 65,199 unique depositors for the same periods in 2024. Our net gaming revenue was $4.9 million and $15.8 million for the three and nine months ended September 30, 2025, as compared to $6.5 million and $18.5 million for the same periods in 2024.

Previous wording

Our gaming operations extend across international markets by arrangements that utilize third party licenses authorized by other local and remote authorities. We expect that new geographical markets will be material additional drivers of our revenue growth and profit in subsequent years. Through our relationship with Spike Up Media we are able to outsource parts of our marketing department, resulting in access to broader industry knowledge than would otherwise be readily available to us, as well as give us the ability to scale much quicker and more effectively than many of our competitors. By way of illustration, when entering a new market we will need to hire additional staff, familiarize ourselves with such matters as demographics, language, favorable selling points, pitfalls to avoid, competitor presentations and operations, and other market specific facts through expensive and time-consuming testing and data gathering. Our access to Spike Up’s extensive experience and market data provide us immediate market intelligence and allows us to drive viable leads in most active casino markets from the time that we access those markets. We anticipate that this accelerated new market entry will reduce costs and allow for earlier market acceptance than that which we might be able to achieve on a standalone basis. We believe that the most efficient allocation of our resources does not currently allow us to build, design and deploy proprietary games and as a result we focus our resources on aggregating and curating iCasino games from over 90 dedicated game development studios.

Current wording

Our gaming operations extend across international markets by arrangements that utilize third party licenses authorized by other local and remote authorities. We expect that new geographical markets will be material additional drivers of our revenue growth and profit in subsequent years. Through our relationship with Spike Up Media we are able to outsource parts of our marketing department, resulting in access to broader industry knowledge than would otherwise be readily available to us, as well as the opportunity to scale much more quickly and effectively than many competing brands. By way of illustration, when entering a new market we will need to hire additional staff, familiarize ourselves with such matters as demographics, language, favorable selling points, pitfalls to avoid, competitor presentations and operations, and other market specific facts through expensive and time-consuming testing and data gathering. Our access to Spike Up’s extensive experience and market data provide us immediate market intelligence and allows us to drive viable leads in most active casino markets from the time that we access those markets. We anticipate that this accelerated new market entry will reduce costs and allow for earlier market acceptance than that which we might be able to achieve on a standalone basis. We believe that the most efficient allocation of our resources does not currently allow us to build, design and deploy proprietary games and as a result we focus our resources on aggregating and curating iCasino games from over 90 dedicated game development studios.

Previous wording

The table below presents the Company's Adjusted EBITDA reconciled to our net loss, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP, for the periods indicated:

Current wording

The table below presents the Company's Adjusted EBITDA reconciled to our net income (loss), which is the most directly comparable financial measure calculated in accordance with U.S. GAAP, for the periods indicated:

Previous wording

Net gaming revenue decreased by $1.0 million or 9% to $11.0 million during the six months ended June 30, 2025, as compared to $12.0 million during the six months ended June 30, 2024. The amount of real money bets during thesix months ended June 30, 2025, and 2024 was approximately $306.4 million and $347.2 million, respectively. Thedecreasein net gaming revenue was primarily due toa more concerted marketing effort in major casino markets as the Company refines adding more sustainable and profitable revenues in our best markets.

Current wording

Net gaming revenue decreased by $2.6 million or 14.3% to $15.8 million duringthe nine months ended September 30, 2025, as compared to $18.5 million during thenine months ended September 30, 2024. The amount of real money bets during thenine months ended September 30, 2025, and 2024 was approximately $453.1 million and $505.7 million, respectively. The decrease in net gaming revenue was primarily due to our exits from multiple markets, including Norway in the third quarter of 2025, as the Company pivots to more sustainable and profitable revenues.

Previous wording

Revenue increased by $1.1 million or 20%, to $6.9 million during the three months ended June 30, 2025, as compared to $5.8 million during the three months ended June 30, 2024.This is due to exiting certain markets and focusing efforts on markets that produce more profitable revenue.

Current wording

Revenue decreased by $1.2 million or 16.4%, to $6.3 million during thethree months ended September 30, 2025, as compared to $7.5 million during thethree months ended September 30, 2024.This is due to exiting certain markets and focusing efforts on markets that produce more profitable revenue.

Previous wording

Net revenue generated through intra-group services arrangement increasedby $1.0 million or 934% to $1.1 million during thethree months ended June 30, 2025, as compared to $111 thousand during thethree months ended June 30, 2024. The increase was primarily due to continued optimization of marketing efforts.

Current wording

Net revenue generated through non-core services increased by $370 thousand or 35.4% to $1.4 million duringthe three months ended September 30, 2025, as compared to $1.0 million during thethree months ended September 30, 2024. The increase was primarily due to continued optimization of marketing efforts.

Previous wording

Direct operating costs (related party) decreased by$524 thousand or 37%, to$898 thousand during thesix months ended June 30, 2025, as compared to$1.4 million for thesix months ended June 30, 2024, which is primarily related to the shift in marketing strategy from revenue sharing that began in the current quarter but will increase later in the year.

Current wording

Direct operating costs (related party)decreased by $710 thousand or 27.6%, to $1.9 million during thenine months ended September 30, 2025, as compared to $2.6 million for thenine months ended September 30, 2024, which is primarily related to the shift in marketing strategy from revenue sharing that began the previous quarter and will continue through the year.

Previous wording

Direct operating costs (other) decreased by$313 thousand or 6%, to$4.8 million during thesix months ended June 30, 2025, as compared to$5.1 million for thesix months ended June 30, 2024, which isprimarily related to a decrease in affiliate revenue sharing along with lower payment provider fees.

Current wording

Direct operating costs (other)decreased by $1.3 million or 16.3%, to $6.5 million during thenine months ended September 30, 2025, as compared to $7.7 million for thenine months ended September 30, 2024, which is primarily related to a decrease in affiliate revenue sharing along with lower payment and game provider fees.

Previous wording

Of the total direct operating costs of $5.7 million and $6.5 millionfor thesix months ended June 30, 2025, and 2024, respectively, $2.3 million and $2.8 million was related to revenue share paid to marketing partners for the successful acquisition of revenue generating players through their marketing channels.

Current wording

Of the total direct operating costs of $8.3 million and $10.3 million for thenine months ended September 30, 2025, and 2024, respectively, $1.9 million and $4.2 million was related to revenue share paid to marketing partners for the successful acquisition of revenue generating players through their marketing channels.

Previous wording

Of the total direct operating costs of$3.0 million and$3.2 million for the three months ended June 30, 2025, and 2024, respectively, $1.2 million and $1.4 million was related to revenue share paid to marketing partners for the successful acquisition of revenue generating players through their marketing channels.

Current wording

Of the total direct operating costs of $2.7 million and $3.6 million for thethree months ended September 30, 2025, and 2024, respectively, $1.0 million and $1.4 million was related to revenue share paid to marketing partners for the successful acquisition of revenue generating players through their marketing channels.

Previous wording

Total general and administrative expenses were$5.1 million for thesix months ended June 30, 2025, as compared to$4.6 million for thesix months ended June 30, 2024.

Current wording

Total general and administrative expenses were $7.6 million for thenine months ended September 30, 2025, as compared to $7.3 million for thenine months ended September 30, 2024, due to higher stock-based compensation expense period over period.

Previous wording

General and administrative expenses (other) increased by $528 thousand or 11%, to $5.1 million for thesix months ended June 30, 2025, as compared to $4.6 million for thesix months ended June 30, 2024. The increase was primarily driven by an increase in stock based compensation expense and increased audit fees after the Company's initial public offering in October 2024.

Current wording

General and administrative expenses (other)increased by $415 thousand or 5.8%, to $7.6 million for thenine months ended September 30, 2025, as compared to $7.2 million for thenine months ended September 30, 2024. The increase was primarily driven by an increase in stock-based compensation expense.

Previous wording

Also included in general and administrative expenses (other) are foreign currency transaction losses, which were$151 thousand for the three months ended June 30, 2025, as compared to$250 thousand for the three months ended June 30, 2024.

Current wording

Also included in general and administrative expenses (other) are foreign currency transaction losses, which were $421 thousand for thenine months ended September 30, 2025, as compared to $1.1 million for thenine months ended September 30, 2024.

Previous wording

Total general and administrative expenses were $2.3 million for thethree months ended June 30, 2025, as compared to $1.9 million for thesix months ended June 30, 2024.

Current wording

Total general and administrative expenses were $2.5 million for the three months ended September 30, 2025, as compared to $1.9 million for thethree months ended September 30, 2024.

Previous wording

General and administrative expenses (other) increased by $417 thousand or 22%, to $2.3 million for the three months ended June 30, 2025, as compared to $1.9 million for the three months ended June 30, 2024. The increase was primarily driven by an increase in stock based compensation expense and audit fees associated with the Company's initial public offering in October 2024.

Current wording

General and administrative expenses (other)increased by $572 thousand or 30.5%, to $2.4 million for thethree months ended September 30, 2025, as compared to $1.9 million for thethree months ended September 30, 2024. The increase was primarily driven by an increase in stock-based compensation expense and additional salary expense as the company continues to add more staff.

Previous wording

Also included in general and administrative expenses (other) are foreign currency transaction losses, which were $329 thousand for the three months ended June 30, 2025, as compared to $715 thousand for the three months ended June 30, 2024.

Current wording

Also included in general and administrative expenses (other) are foreign currency transaction losses, which were $92 thousand for thethree months ended September 30, 2025, as compared to $369 thousand for thethree months ended September 30, 2024.

Previous wording

Total advertising and promotion expenses were $5.9 million for thesix months ended June 30, 2025, as compared to $3.9 million for thesix months ended June 30, 2024.

Current wording

Total advertising and promotion expenses were $6.6 million for thenine months ended September 30, 2025, as compared to $5.2 million for thenine months ended September 30, 2024.

Previous wording

Advertising and promotions expenses (related party) increased by $629 thousand or 177%, to $984 thousand for thesix months ended June 30, 2025, as compared to $355 thousand for thesix months ended June 30, 2024. The increase was primarily related to increased marketing spend utilizing initial public offering funds.

Current wording

Advertising and promotions expenses (related party)increased by $668 thousand or 163.7%, to $1.1 million for thenine months ended September 30, 2025, as compared to $408 thousand for thenine months ended September 30, 2024. The increase was primarily related to increased marketing spend.

Previous wording

Total advertising and promotion expenses were$1.8 million for the three months ended June 30, 2025, as compared to $1.8 million for the three months ended June 30, 2024.

Current wording

Total advertising and promotion expenses were $735 thousand for thethree months ended September 30, 2025, as compared to $2.1 million for thethree months ended September 30, 2024.

Previous wording

Advertising and promotions expenses (other) decreased by $186 thousand or 11%, to $1.5 million for the three months ended June 30, 2025, as compared to $1.7 million for the three months ended June 30, 2024. The decrease is attributable to a new marketing strategy cutting costs and using more proven affiliates in the Company's focused markets.

Current wording

Advertising and promotions expenses (other)decreased by $1.3 million or 66.9%, to $642 thousand for thethree months ended September 30, 2025, as compared to $1.9 million for thethree months ended September 30, 2024. The decrease is attributable to marketing strategy optimization.

Previous wording

Total product and software expenses were $741 thousand for thesix months ended June 30, 2025, as compared to $614 thousand for thesix months ended June 30, 2024.

Current wording

Total product and software expenses were $1.1 million for thenine months ended September 30, 2025, as compared to $734 thousand for thenine months ended September 30, 2024.

Previous wording

Product and software development expenses (related party) was$0 for thesix months ended June 30, 2025, as compared to $147 thousand for thesix months ended June 30, 2024. The decrease is due to the Company utilizing internal software development team.

Current wording

Product and software development expenses (related party) was $0 thousand for thenine months ended September 30, 2025, as compared to $193 thousand for thenine months ended September 30, 2024. The decrease is due to the Company utilizing its internal software development team, shifting from using an outside-related party.

Previous wording

Product and software development expenses (other) increased by $274 thousand or 59%, to $741 thousand for thesix months ended June 30, 2025 as compared to $467 thousand for thesix months ended June 30, 2024. The increase was primarily related to the Company utilizing internal software development team, shifting from using related party.

Current wording

Product and software development expenses (other)increased by $532 thousand or 98.3%, to $1.1 million for thenine months ended September 30, 2025 as compared to $541 thousand for thenine months ended September 30, 2024. The increase was primarily related to the Company utilizing internal its internal software development team, shifting from using an outside-related party.

Previous wording

Total product and software expenses were $378 thousand for the three months ended June 30, 2025, as compared to $354 thousand for thethree months ended June 30, 2024.

Current wording

Total product and software expenses were $331 thousand for thethree months ended September 30, 2025, as compared to $359 thousand for thethree months ended September 30, 2024.

Previous wording

Product and software development expenses (related party) was $0 thousand for the three months ended June 30, 2025, as compared to $57 thousand for the three months ended June 30, 2024. Staying flat period over period.

Current wording

Product and software development expenses (related party) was$0 thousand for thethree months ended September 30, 2025 , as compared to $46 thousand for thethree months ended September 30, 2024 . Staying flat period over period.

Previous wording

Product and software development expenses (other) increased by $81 thousand or 27%, to $378 thousand for the three months ended June 30, 2025 as compared to $297 thousand for the three months ended June 30, 2024. Staying relatively flat period over period.

Current wording

Product and software development expenses (other)increased by $18 thousand or 5.8%, to $331 thousand for thethree months ended September 30, 2025 as compared to $313 thousand for thethree months ended September 30, 2024. Staying relatively flat period over period.

Previous wording

Loss from operations was $502 thousand for the three months ended June 30, 2025, as compared to $1.5 million for the three months ended June 30, 2024, primarily due to the updated marketing strategy and streamlining operations to manage costs more effectively.

Current wording

Income from operations was $80 thousand for thethree months ended September 30, 2025, as compared to a loss of $474 thousand for thethree months ended September 30, 2024, primarily due to the updated marketing strategy and streamlining operations to manage costs more effectively.

Previous wording

Interest expense, net was$99 thousand for thesix months ended June 30, 2025, as compared to$50 thousand for thesix months ended June 30, 2024, and consisted primarily of non-cash interest expense related to the amortization of the present value discount of the domain purchase liability (a related party liability).

Current wording

Interest expense, net was $154 thousand for the nine months ended September 30, 2025, as compared to $77 thousand for thenine months ended September 30, 2024, and consisted primarily of non-cash interest expense related to the amortization of the present value discount of the domain purchase liability (a related party liability).

Previous wording

Interest expense, net was $53 thousand for the three months ended June 30, 2025, as compared to $24 thousand for the three months ended June 30, 2024, and consisted primarily ofnon-cash interest expense related to the amortization of the present value discount of the domain name purchase liability (a related party liability).

Current wording

Interest expense, net was $55 thousand for thethree months ended September 30, 2025, as compared to $27 thousand for thethree months ended September 30, 2024, and consisted primarily ofnon-cash interest expense related to the amortization of the present value discount of the domain name purchase liability (a related party liability).

Previous wording

Loss before income taxes was $555 thousand for the three months ended June 30, 2025, as compared to loss before income taxes of $1.5 million for the three months ended June 30, 2024.

Current wording

Income before income taxes was $25 thousand for thethree months ended September 30, 2025, as compared to loss before income taxes of $501 thousand for thethree months ended September 30, 2024.

Previous wording

Net loss was $3.9 million for the six months ended June 30, 2025, as compared to net loss of $3.4 million for the six months ended June 30, 2024.

Current wording

Net loss was $201 thousand for thenine months ended September 30, 2025, as compared to net loss of $3.9 million for thenine months ended September 30, 2024

Previous wording

We had $2.7 million in cash and cash equivalents as of June 30, 2025 (excluding customer cash deposits, which we segregate from our operating cash balances on behalf of our real-money customers for all jurisdictions and products, and restricted cash). For the six months ended June 30, 2025 we had net loss of $3.9 million and had net cash used operations of $4.4 million. As of June 30, 2025, we had an accumulated deficit of $31.0 million and negative working capital of $5.0 million.

Current wording

We had $2.7 million in cash and cash equivalents as of September 30, 2025 (excluding customer cash deposits, which we segregate from our operating cash balances on behalf of our real-money customers for all jurisdictions and products, and restricted cash). For thenine months ended September 30, 2025 we had net loss of $201 thousand and had net cash used operations of $4.5 million. As of September 30, 2025, we had an accumulated deficit of $27.3 million and negative working capital of $4.8 million.

Previous wording

Net cash used in operations during thesix months ended June 30, 2025, increased by$3.3 million to$4.4 million as compared to net cash provided by operations of$1.1 million during thesix months ended June 30, 2024. The increase during thesix months ended June 30, 2025, as compared to thesix months ended June 30, 2024, is primarily due to increased net loss and increased cash outflows related to the large increase in marketing spend.

Current wording

Net cash used in operations during thenine months ended September 30, 2025, increased by $3.2 million to $4.5 million as compared to net cash provided by operations of $1.4 million during thenine months ended September 30, 2024. The increase during thenine months ended September 30, 2025, as compared to thenine months ended September 30, 2024, is primarily due to increased net loss and increased cash outflows related to the large increase in marketing spend.

Previous wording

Net cash used in investing activities during thesix months ended June 30, 2025, was$296 thousand as compared to net cash used in investing activities of$242 thousand during thesix months ended June 30, 2024. The change is due to an increase in capitalized internal-use software costs offset by lower purchases of property and equipment during the period.

Current wording

Net cash used in investing activities during thenine months ended September 30, 2025, was $480 thousand as compared to net cash used in investing activities of $325 thousand during thenine months ended September 30, 2024. The change is due to an increase in capitalized internal-use software costs offset by lower purchases of property and equipment during the period.