High Roller Technologies, Inc.

For Q2 2026, net revenue was $2.8 million versus $5.8 million in Q2 2025, down $3.0 million or 52%. Total operating expenses were $5.3 million versus $6.9 million, down $1.6 million or 26%, while loss from operations was $2.5 million versus a $1.1 million loss a year ago. Net loss from continuing operations was $2.3 million, or $0.22 per share, versus $1.2 million, or $0.14 per share, and adjusted EBITDA was negative $1.8 million versus negative $0.2 million. For the first six months of 2026, operating cash use was $5.9 million and investing cash use was $1.9 million. Cash and cash equivalents, excluding restricted cash, were $80 million at June 30, 2026, and stockholders’ equity was $29.6 million. On guidance, management said second-half operating expenses should look “fairly similar” to Q2 as it continues leaning out legacy casino operations and investing in the platform and licensing work, and it remains on track for its target launch timing.

Seth Young framed Q2 as execution on the company’s prediction markets buildout, emphasizing regulatory approval, the ROLR.com launch, and the free-to-trade challenge as steps toward commercial launch. He repeatedly said the company remains on track for its target launch date and described the remaining work as detailed, cross-functional, and largely focused on product, technology, compliance, operations, and go-to-market readiness. His tone was confident and upbeat, especially about the scale of prediction markets and the company’s ability to compete as a focused pure play.

Adam Felman said the quarter reflected a deliberate transition away from legacy activities and toward preparation for U.S. prediction markets. He highlighted Q2 net revenue of $2.8 million, operating expenses of $5.3 million, loss from operations of $2.5 million, net loss from continuing operations of $2.3 million, and adjusted EBITDA of negative $1.8 million. He also noted first-half operating cash use of $5.9 million, investing cash use of $1.9 million, and $80 million of cash and cash equivalents at June 30, 2026, with priorities centered on technology integration, compliance, product support, and measured go-to-market spending.

Analysts focused on the free-to-trade challenge, asking about user count, engagement, and lessons learned; management said it did not disclose specific numbers but was pleased with the campaign and said it helped test ad copy, creative, and consumer interest ahead of launch. Questions also centered on the most time-consuming launch steps, with Seth saying the biggest lift is product and technology integration plus third-party dependencies, while compliance is important but only one part of a larger launch effort. On expenses and capitalized software, Adam said second-half spending should be fairly similar to Q2 as the company continues reducing legacy casino activity and investing in the platform and licensing work. Another analyst asked about unit economics and differentiation versus other prediction market entrants; Seth declined to share commercial terms, explained the model as commission-based marketplace economics with possible added fees, and argued that High Roller’s focus, customer acquisition relationships, and pure-play public market exposure are key advantages.