Rivalry Reports Full-Year 2024 Results as Strategic Turnaround Takes Hold, Operating Loss Narrows, and Efficiency Improves

Operating expenses reduced 17%, net loss narrows, and foundational rebuild positions Rivalry for a leaner, more efficient, and financially disciplined 2025

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 segmentation, high-touch CRM, and LTV-based targeting to reactivate high-value-players.
• Cashier & Site Speed: Continued improvements to platform speed, including faster load times, and reduced friction in cashier UX.
• Ongoing UX Improvements: Consistent updates across the site aimed at visual polish, design coherence, and front-end responsiveness to deliver a cleaner, more reliable user experience.

These initiatives have laid a foundation entering the second half of 2025. The focus now is on maintaining momentum, tightening execution, and scaling revenue through improved player economics and operational leverage.

Strategic Review

The Company’s previously announced evaluation of strategic alternatives remains ongoing. Rivalry continues to explore a range of potential outcomes aimed at maximizing shareholder value. There is no assurance regarding the timing or results of this review.

Outlook

While the 2024 annual results capture only the early innings of Rivalry’s strategic transformation, the changes made throughout the year have meaningfully repositioned the Company. With a leaner cost structure, stronger product, and increasing revenue efficiency, Rivalry is entering the second half of 2025 with sharper operational discipline and renewed focus.

Additional updates will be provided alongside the release of the Company’s financial results for the three months ended March 31, 2025, which are expected to be released on or prior to July 14, 2025.

Unsecured Loan

The Company also announces that it has secured a US$475,000 principal amount senior unsecured loan from its existing senior lender, maturing on September 30, 2025, with an interest rate of 10% per annum (the “Loan”). The Loan reinforces the Company’s senior lender’s support for the Company’s ongoing strategic review process and provides the Company with additional flexibility to continue pursuing its strategic initiatives to maximize long-term stakeholder value.

Update Regarding Management Cease Trade Order

The Company is providing this update on the status of a management cease trade order granted on May 1, 2025 (the “MCTO“) by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“). On May 2, 2025, the Company announced that there would be a delay in the filing of its annual financial statements, management’s discussion and analysis and related CEO and CFO certificates for the fiscal year ended December 31, 2024 (collectively, the “Annual Filings”), as required under applicable Canadian securities laws (the “Default Announcement“). On June 18, 2025 the Company further announced that it expects to file its unaudited financial statements and management’s discussion and analysis for the three months ended March 31, 2025 and related certifications (collectively, the “Q1 Filings“) on or prior to July 14, 2025. Although the Annual Filings have now been filed, the OSC has advised the Company that the MCTO will remain in place until the Q1 Filings have been completed.

The Company advises that: (i) there have been no material changes to the information contained in the Default Announcement; (ii) it intends to continue to comply with the alternative information guidelines of NP 12-203; and (iii) except as previously disclosed, there are no subsequent specified defaults (actual or anticipated) within the meaning of NP 12-203.

The MCTO will remain in effect until the Company is no longer in default with respect to its filing requirements and the OSC lifts the cease trade order.

About Rivalry

Rivalry Corp. wholly owns and operates Rivalry Limited, a leading sport betting and media company offering fully regulated online wagering on esports, traditional sports, and casino for the digital generation. Based in Toronto, Rivalry operates a global team in more than 20 countries and growing. Rivalry Limited has held an Isle of Man license since 2018, considered one of the premier online gambling jurisdictions, as well as an internet gaming registration in Ontario, and is currently in the process of obtaining additional country licenses. With world class creative execution and brand positioning in online culture, a native crypto token, and demonstrated market leadership among digital-first users Rivalry is shaping the future of online gambling for a generation born on the internet.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Company Contact:
Steven Salz, Co-founder & CEO
ss@rivalry.com

Investor Contact:
investors@rivalry.com

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking statements in this news release include, but are not limited to, statements with respect to the expected filing date of the Q1 Filings, the impact of the Company’s strategic overhaul across its cost base, product, player strategy, and operational structure on its operating results and the results of the Company’s ongoing strategic review.

Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the esports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of esports and other betting products are not guaranteed; changes in public perception of the esports and online gambling industry; failure to retain or add customers; the Company having a limited operating history; negative cash flow from operations and the Company’s ability to operate as a going concern; operational risks; cybersecurity risks; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions. For additional risks, please see the Company’s management’s discussion and analysis for the 12 months ended December 31, 2024 under the heading “Risk Factors”, and other disclosure documents available on the Company’s SEDAR+ profile at www.sedarplus.ca.

No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

¹ Includes cash and cash equivalents and restricted cash.