High Roller Technologies posts 12% Q4 revenue jump
New York-listed firm notes exit from Hungary had an impact on full-year performance, although plans are in place to enter locally regulated Ontario this year
High Roller Technologies has posted a 12% year on year (YOY) jump in Q4 2024 revenue to $8.1m as the VIP-focused operator cited a leap in active players as a core reason for the growth.
Revenue for the final three months of the year rose from $7.2m to $8.1m, while adjusted EBITDA losses widened from $1.1m to $1.3m.
Full-year revenue hit $27.9m, down 6% against full-year 2023’s return of $29.7m, which bosses said was primarily due to an exit from Hungary.
The online casino-only firm reported that Finland was its largest market by revenue, representing 46% of full-year 2024.
New Zealand was the second-largest market with a 23% share, followed by Canada (14%), Norway (13%), and then the Rest of the World (3%).
The operator said a 40% YOY jump in active users to 72,000 by the end of 2024 had played a role in the revenue rise.
Quarterly actives rose from 24,289 in Q4 2023 to 34,652, while total handle hit $155.8m for the reporting period.
The firm, which runs the HighRoller and Fruta brands, had an IPO in October as it went public in New York.
The business added it was in the process of applying for a local licence in Ontario, Canada, where it hopes to launch operations in H2 2025.
Looking ahead, High Roller said it planned to focus on “streaming and social experiences” as part of its USP to attract new customers.
Ben Clemes, High Roller CEO, said: “We closed the year with a 12% YOY increase in Q4 revenue and we are taking steps to implement a strategic realignment plan following the successful IPO in October that strengthened our balance sheet.
“I am confident that we are building a solid foundation to underpin our vision for sustainable, long-term growth as we invest in and execute upon new market expansion, anchored by our High Roller brand and our proven track record of operational excellence.
“As we continue to evolve as an online icasino operator, I am confident that our premium brand and deep industry expertise are strong tailwinds for us in this dynamic, growing market.”
High Roller’s shares closed 3.7% down to $2.87 on Friday, March 21, after the earnings release was published.