TORONTO, ON — December 2, 2025 — Leads & Copy — Rivalry Corp. (TSXV: RVLY) reported its Q3 2025 financial results, marking the third consecutive quarter of sequential net revenue growth. The company’s rebuilt operating model has driven consistent improvements in player value, marketing efficiency, and cost structure.
In Q3 2025, Rivalry achieved a 19% sequential increase in net revenue, reaching $1.93 million, up from $1.6 million in Q2 2025 and $1.3 million in Q1 2025. Operating expenses decreased 58% year-over-year to $3.52 million, and net loss improved 67% year-over-year to $1.96 million.
Rivalry’s regulated market in Ontario had its best quarter ever across all core KPIs. Ontario now accounts for nearly 40% of the Company’s net revenue in Q3 2025, up from under 20% over the last 12 months.
Rivalry emphasized high-value users, efficient acquisition, deeper lifecycle retention, and improved product performance in its rebuilt operating model.
Adjusted G&A expense was $1.6 million, compared to the reported $2.5 million, and adjusted Technology & Content expense was $0.6 million, versus $0.7 million reported. These adjustments indicate that Rivalry is operating closer to breakeven on a structural basis.
Rivalry has seen gains across core customer KPIs, with Q3 2025 net revenue per player surpassing the previous all-time high set in Q2, ending the quarter approximately 36% higher. Wagers per player rose another 7% quarter-over-quarter, and average monthly deposits per player increased 24% quarter-over-quarter.
Key initiatives completed in Q3 2025 and early Q4 include major site-performance upgrades, continuous performance improvements to the casino experience, rollout of a new promo type enabling instant-match bonuses, and launch of a new phone-based non-doc know-your-customer option in Ontario.
Upcoming plans include the launch of jackpots within the revised casino experience, a rebuilt Responsible Gambling feature, full rollout of a new homepage and bonuses page, and final deployment of the fiat-to-crypto on/off-ramp integration.
Subsequent to the end of Q3 2025, Rivalry completed a non-brokered private placement, raising gross proceeds of $4.26 million, and a debt settlement through the issuance of 250,527,697 units to satisfy $12.53 million of outstanding indebtedness. The company also extended the maturity of its secured convertible debentures to November 2028, with no interest payable until December 2026.
The Company’s priorities include continuing disciplined marketing expansion, advancing further product enhancements, and maintaining and improving the Company’s normalized cost base.
Rivalry Corp. wholly owns and operates Rivalry Limited, a sports betting and media company offering fully regulated online wagering on esports, traditional sports, and casino for the digital generation. Rivalry Limited has held an Isle of Man license since 2018, and an internet gaming registration in Ontario, and is pursuing additional licenses.
Steven Salz, Co-Founder & CEO, ss@rivalry.com
Investor Contact: investors@rivalry.com
Source: Rivalry Corp.
