Rivalry Reports Q1 2025 Results Highlighting Strengthened Unit Economics, Operating Leverage, and Strategic Progress
TORONTO, July 14, 2025 (GLOBE NEWSWIRE) -- Rivalry Corp. (the "Company" or "Rivalry") (TSXV:RVLY), an internationally regulated sports betting and media company, today announced financial results for the three-month period ended March 31, 2025 ("Q1 2025"). All dollar figures are quoted in Canadian dollars unless otherwise noted.
Q1 2025 was the first full quarter operating under Rivalry's restructured model, following a company-wide transformation that began in Q4 2024. This included a strategic shift toward high-value users, deep cost rationalization, significant product upgrades, and tighter execution across every layer of the business. The result is a streamlined, modernized operating model with materially improved performance and long-term leverage.
"This quarter marks the full emergence of Rivalry 2.0 - leaner, sharper, and structurally stronger," said Steven Salz, Co-Founder and CEO of Rivalry. "We've rebuilt the foundation of the business around high-efficiency acquisition, high-value users, and a proprietary product - and we're already seeing the impact. Rivalry today is not just a leaner version of itself - it's a fundamentally different company built for scalability."
Key Highlights
Net revenue of $1.3 million, consistent with the preliminary results announced on April 16, 2025. While temporary sportsbook margin variance impacted topline outcomes, underlying KPIs continued to improve and validate the strength of Rivalry's rebuilt model.
Operating expenses decreased 58% year-over-year to $4 million in Q1 2025, down from $9.6 million in Q1 2024.
Net loss reduced by 43% to $3.0 million in Q1 2025 from $5.2 million in the prior-year quarter.
A meaningful portion of Q1 expenses were non-recurring or non-operational in nature, including annual audit costs, regulatory fees, and legacy payables from prior periods. The Company's adjusted marketing spend during the quarter was approximately $175,000, materially lower than the reported figure due to these factors.
Average Customer Acquisition Cost payback across H1 2025 was approximately 1.5 months, reflecting improved funnel conversion, higher player value, and stronger retention - all achieved under constrained spend conditions.
Q2 2025 set new all-time records across key user economics1:
Net revenue per player increased 49% versus Q1 2025, and was 210% higher than the historical average prior to the Q4 2024 transformation.
Wagers per player rose 7% quarter-over-quarter, and nearly 300% above the pre-rebuild average.
Average monthly deposits per player in Q1 2025 were over 175% higher than the historical average. In Q2 2025, this increased a further 28%.
Monthly deposit frequency per player in Q1 2025 was up 115% over the historical average, and rose another 22% in Q2 2025.
Ongoing improvements in VIP identification, segmentation, and servicing, driven by Rivalry's proprietary Business Intelligence ("BI") tools and Customer Relationship Management ("CRM") infrastructure, further contributed to gains in deposit behavior and overall player value.
These improvements reflect the effectiveness of Rivalry's strategic overhaul - including product modernization, in-house BI tooling, optimized segmentation, and CRM systems that support higher-value customer behavior and lifecycle retention.
Streamlined Operations
Rivalry's breakeven net revenue is now approximately $600,000 USD per month, down from more than $2 million USD per month a year ago, based on current run rate operating expenses, with further cost optimizations planned in Q3 2025. The rebuilt business is operating on a structurally lower fixed-cost base with proven user economics and performance-ready infrastructure.
"We've created an operating model ...
