Rivalry Reports Full-Year 2024 Results as Strategic Turnaround Takes Hold, Operating Loss Narrows, and Efficiency Improves
TORONTO, July 02, 2025 (GLOBE NEWSWIRE) -- Rivalry Corp. (the "Company" or "Rivalry") (TSXV:RVLY), an internationally regulated sports betting and media company, announces its financial results for the fiscal year ended December 31, 2024.
While Rivalry's 2024 financials reflect only the earliest signals of its company-wide restructuring, the foundational work - most of which began in the second half of 2024 - is now beginning to show results in 2025. The Company narrowed its net loss, reduced operating expenses by 17%, and entered the new year leaner, more focused, and closer to breakeven.
"We made hard decisions last year - rebuilding the product, cutting costs, and refining our approach to players - and those changes are beginning to show signs of positive impact," said Steven Salz, Co-Founder and CEO of Rivalry. "The latter half of 2024 set the stage, and we're encouraged by the progress seen so far in 2025."
FY2024 Highlights
Net revenue of $13.6 million, compared to $16.2 million in 2023.
Operating expenses decreased 17% to $32.2 million, down from $38.8 million.
Net loss of $22.4 million, compared to $23.8 million.
Deferred revenue of $4.1 million related to pre-sales of Rivalry's on-platform crypto token.
Year-end cash of $2.7 million, with materially lower run-rate operating expenses entering 20251.
Organizational Rebuild & Operating Leverage
Rivalry spent the latter part of 2024 and into Q1 2025 executing a comprehensive overhaul across its cost base, product, player strategy, and operational structure. With most changes now implemented, early signs of progress are emerging. Highlights include:
Lean operating model, with breakeven net revenue now approximately $600,000 USD/month, down from over $2 million USD/month a year ago. Further reductions to operating costs are planned in Q3 2025 to lower the breakeven point even more.
Restructured VIP program and onboarding, improving retention and monetization from high-value players.
Expanded casino product, improving baseline stability through missions, races, and progression-based systems.
Platform upgrades enhancing site speed, responsiveness, and conversion.
Crypto-native infrastructure overhaul, including a rebuilt cashier, improved user experience ("UX"), and token-ready architecture to support long-term on-chain growth.
These efforts have driven early improvements across the Company's core key performance indicators in 2025:
Net revenue per active user and wagers per user at record levels (excluding customary outliers).
Deposit growth in nearly every month from November 2024 through June 2025, despite minimal marketing spend.
Monthly new first-time depositors (FTDs) up approximately 40% since January 2025 on flat monthly spend. Average payback on cohorts acquired during this period was approximately 1.5 months, highlighting improved customer acquisition efficiency.
2025 Momentum and Execution
In the first half of 2025, Rivalry continued executing against its strategic turnaround, with a focus on increasing player value, tightening operational efficiency, and accelerating near-term revenue drivers. Key initiatives included:
Loyalty Program v2: Building on the success of the end-2024 launch, the next iteration of Rivalry's on-site loyalty program is in development, designed to deepen progression, improve engagement, and anchor major campaigns throughout Q3 2025.
New Promo Engine: Launching this summer, the rebuilt system introduces immediate-match deposit offers and new promo types, integrated directly into onboarding and reactivation flows to lift first time deposits and retention.
Customer Relationship Management ("CRM") and Always-On Optimization: Active performance reviews of core flows, geo-targeted reactivation campaigns, and structural upgrades to improve output across the customer lifecycle.
VIP & High-Value-Player Activity: Fully structured outreach live across geos, with ...
