1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
ROLR
Listed on
2024-10-23
Sector
Consumer
Subsector
Hotels, Restaurants & Leisure
Offer Price
$8.00
first filed $8.00–$10.00Shares Offered
1.25M
8.27M
$66.1M
15.1%
Implied Upside vs Midpoint
Description
High Roller Technologies, Inc. is an evolving and growth-oriented global online gaming operator. We offer a compelling real money online casino platform. We define the term platform (“Platform”) as the fusion of our technical IP, commercial partnerships, and operational expertise including an in-house developed domain customizable frontend and content management system (CMS) which offers enhanced search engine optimization, direct API integrations, faster load times, and better scalability. We utilize a third party player account management system (PAM) that offers us a high level of control over game integrations, payment provider solutions, and overall player management. Our experienced operational management team actively oversees engagement with our players and partners. Our Platform is based around a set of gaming products, which we refer to as “iCasino” and is offered to players in select markets throughout the world. We offer a wide range of games, including many that are available in land-based casinos. We currently offer more than 4,400 games from over 70 providers, representing largely the entire range of iCasino games which we believe are most attractive to our player base including video slots, blackjack, roulette, baccarat, craps, and video poker. A number of our most popular games are available to play with a live dealer including blackjack, video poker, roulette, baccarat, craps, Game Shows, which is the fastest growing live casino segment, and other popular live games. Our offerings incorporate attractive graphics, targeted bonuses, and interactive social elements in a secure environment featuring rapid onboarding and payouts. Our selections of games include but are not limited to those sourced from: . Evolution Gaming . Pragmatic Play . Push Gaming . No Limit City . Play’n GO . Relax Gaming . Red Tiger Gaming . Big Time Gaming . Netent . Quickspin . Games Global --- High Roller Technologies, Inc. was incorporated in Delaware in December 2021. Our principal subsidiaries are (i) HR Entertainment Ltd. (organized under the laws of the British Virgin Islands), online casino operator and service provider, (ii) Interstellar Entertainment NV (organized under the laws of Curacao), online casino operator and holder of our Curacao gaming license, (iii) Ellmount Entertainment Ltd., (organized under laws of Malta), an affiliate marketer and lead generator through our CasinoRoom.com brand, (iv) Wowly NV (organized under the laws of Curacao) which manages certain internet related advertising services on behalf of Ellmount Entertainment and (v) Lunar Ventures Limited (formerly High Roller Ventures Ltd.; organized under the laws of Malta), which provides customer and certain administrative support. Our principal executive offices are located at 400 South 4th Street, Suite 500 - #390, Las Vegas, Nevada 89101. Our telephone number is (702) 509-5244. Our websites are www.highroller.com, www.casinoroom.com and www.fruta.com.
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | 2.2x | 6.7x | ||
Revenue growth | 60.5% | 18.1% | ||
Operating margin | -9.1% | -1.7% | ||
Net margin | -9.5% | -10.5% | ||
Free cash flow margin | 1.7% | -6.3% | ||
Rule of 40 | 51.6% | 16.9% | ||
Net cash / market cap | 3.2% | 0.1% | ||
Debt / equity | 0.00 | 0.01 | ||
Current ratio | 0.52 | 0.64 | ||
Stock comp / revenue | 0.7% | 1.6% | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
▼ Priced at $8.00, 11% below the midpoint of the first filed range ($8.00–$10.00, 2024-01-18).
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2024-01-18 | S-1/A | $8.00–$10.00 | — | 1,500,000 | $13.5M |
| 2024-02-02 | S-1/A | $8.00–$10.00 | — | 1,500,000 | $13.5M |
| 2024-03-22 | S-1/A | $8.00–$10.00 | — | 1,500,000 | $13.5M |
| 2024-04-12 | S-1/A | $8.00–$10.00 | — | 1,500,000 | $13.5M |
| 2024-06-10 | S-1/A | $8.00–$10.00 | — | 1,500,000 | $13.5M |
| 2024-06-18 | S-1/A | $8.00–$10.00 | — | 1,500,000 | $13.5M |
| 2024-09-19 | S-1/A | — | $8.00 | 1,250,000 | $10.0M |
| 2024-10-07 | S-1/A | — | $8.00 | 1,250,000 | $10.0M |
| 2024-10-23 | 424B4 | — | $8.00 | 1,250,000 | $10.0M |
High Roller Technologies, Inc. income statement and balance sheet, FY Dec 2022 to FY Dec 2025, as reported in SEC filings.
| Metric | FY Dec 2022 | FY Dec 2023 | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Revenue | — | $29.7M | $27.9M | — |
| Operating income | — | ($2.7M) | ($5.8M) | — |
| Net income | — | ($2.8M) | ($5.9M) | — |
| Revenue growth | — | — | −6.0% | — |
| Operating margin | — | −9.1% | −20.8% | — |
| Net margin | — | −9.5% | −21.2% | — |
| Metric | FY Dec 2022 | FY Dec 2023 | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Total assets | — | $11.8M | $16.6M | $18.5M |
| Total liabilities | — | $9.5M | $10.9M | $8.9M |
| Total equity | ($150K) | $2.3M | $5.7M | $9.6M |
| Cash & equivalents | — | $2.1M | $6.9M | $2.1M |