Rivalry reports lower net loss at $16.52 million in 2024 amid strategic overhaul

iGaming and sportsbook operator Rivalry Corp. reported a narrower net loss and reduced operating expenses for fiscal year 2024, signaling early progress from its ongoing strategic overhaul and operational reset.  

The Toronto-based firm said net loss for the year ended Dec. 31 narrowed to CAD 22.4 million ($16.52 million), compared with CAD 23.8 million ($17.55 million) in 2023. Net revenue fell 16% to CAD 13.6 million, while operating expenses declined 17% to CAD 32.2 million ($23.74 million).

“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, Rivalry’s co-founder and CEO. “The latter half of 2024 set the stage, and we’re encouraged by the progress seen so far in 2025.”

The company ended the year with CAD 2.7 million in cash and a materially leaner cost base, it said.

Rivalry began a company-wide restructuring in the second half of 2024, lowering its breakeven monthly revenue from over US$2 million to approximately US$600,000 as of early 2025. Additional cost cuts are planned in the third quarter of this year.

Performance improvements have started to show in 2025, with net revenue per active user and wagers per user reaching record levels, excluding outliers. First-time depositors have grown by about 40% since January, while deposits have increased in nearly every month since November 2024. The average payback period on new cohorts stood at 1.5 months.

Product and platform upgrades —including an expanded casino product, a rebuilt crypto-native cashier, and faster site performance— are credited with improving user engagement and conversion.

Rivalry is also developing the second version of its on-site loyalty program, expected to launch in the third quarter of 2025. A new promotion engine offering instant-match deposit incentives is scheduled for release this summer.

Operating expenses fell 17%, net loss narrowed, and Rivalry said its foundational rebuild positions the company for a leaner, more efficient, and financially disciplined 2025.

The firm continues to explore strategic alternatives aimed at maximizing shareholder value, but has not disclosed a timeline for the ongoing review. To support its operations during the review, Rivalry secured a US$475,000 senior unsecured loan from an existing lender. The loan carries a 10% interest rate and matures on Sept. 30, 2025.

Rivalry also said the management cease trade order (MCTO) imposed in May by the Ontario Securities Commission remains in effect, despite the company having filed its overdue 2024 annual results. The MCTO will stay in place until Rivalry submits its Q1 2025 financial statements, expected by July 14.

The company said there have been no material changes to previously disclosed information since its default announcement in May.