Rivalry an internationally regulated sports betting and media company, has announced financial results for the three and nine-month period ended September 30, 2025.

Net revenue increased 19% sequentially to $1.93 million in Q3 2025, up from $1.6 million in Q2 2025 and $1.3 million in Q1 2025 – representing 47% growth since the start of the year.

Operating expenses declined 58% year-over-year to $3.52 million, down from $8.47 million in Q3 2024, reflecting continued discipline and normalization of the Company’s streamlined cost base. Net loss improved 67% year-over-year to $1.96 million, compared to $5.89 million in Q3 2024.

Q3 2025 net revenue per player surpassed the prior all-time high set in Q2, ending the quarter approximately 36% higher. Net revenue per player increased 49% quarter-over-quarter in Q2, and was 210% higher than the historical average prior to the Q4 2024 transformation.

Wagers per player rose another 7% quarter-over-quarter, matching the Q2 increase over Q1 and nearly 300% above the pre-rebuild average.

Q3 2025 marks Rivalry’s third consecutive quarter of sequential net revenue growth under its structurally rebuilt operating model. Since the Company’s transformation began in Q4 2024, Rivalry has delivered consistent improvements in player value, marketing efficiency, cost structure, and overall operating leverage.

“Q3 2025 reflects the continued momentum we’ve built throughout the year,” said Steven Salz, Co-Founder and CEO of Rivalry. “We increased revenue for the third straight quarter, reduced costs again on a year-over-year basis, and materially improved our loss profile. Alongside the completion of our financing and debt restructuring post-quarter, Rivalry enters its next chapter on a stronger, more sustainable foundation.”