One-glance verdict
Within fair range
$2.52 our estimate vs market $3.20
Wall Street consensus: $17.00 (573.9% higher than our fair-value estimate)
27% above our estimate
Fundamentals snapshot
High Roller Technologies, Inc.
ROLR · ASE · Consumer Cyclical · Gambling
Current price
$3.20
52-week range
$1.16 - $33.68
Market cap
$35.29M
Balance sheet
Healthy
-83.47x Concerning
Net cash $17.32M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
1 Risk
2 rewards · 1 risks
- Reward Returns 1.5% on equity, ahead of 25% of its peers.
- Reward Free cash flow was positive in 2/10 years.
- Risk Operating margin compressed from -10.9% to -44.2% over 3 years.
What this company does
High Roller Technologies, Inc.
High Roller Technologies, Inc. runs online casinos like blackjack and slots on websites such as HighRoller.com and Fruta.com, making most of its money from people playing these games. This matters because their success depends on how many people are actively playing and spending money on their games. They also offer advertising services online, which is another way they bring in cash.
How the company got here
High Roller Technologies, Inc. was incorporated in Delaware in December 2021, with its primary operations beginning in January 2022 when it launched its HighRoller.com online casino platform. The company was founded by individuals with extensive experience in the iGaming industry, aiming to create a premium online destination for high-value customers. Initially, they rebranded their existing iCasino operations from CasinoRoom.com to HighRoller.com, while repurposing CasinoRoom.com into a marketing platform for lead generation. This strategic shift was driven by a vision to build a brand appealing to a specific demographic of high-spending players. The company has since expanded its offerings and is actively pursuing growth in regulated markets, including a significant push into U.S. prediction markets.
What it actually does
High Roller Technologies operates in the online gaming sector, offering a variety of casino-style games through its digital platforms. These games include popular choices like blackjack, roulette, poker, and slot machines, designed to provide an engaging and immersive experience for players. The company also provides internet-related advertising services, leveraging its online presence to generate additional revenue streams. Its business model is centered around providing a user-friendly and accessible platform for real-money gaming, with a focus on innovation and expanding into new markets.
HighRoller.com
HighRoller.com is the company's flagship online casino platform, designed to attract and cater to what it calls 'high rollers' – players who tend to wager larger amounts of money. The platform offers a wide array of casino games, including slots, table games like blackjack and roulette, and live dealer options that mimic the experience of a physical casino. High Roller Technologies aims to create an exclusive and premium atmosphere, similar to high-end casinos in places like Las Vegas, providing a personalized gaming experience for its target audience. This segment is a core part of the company's revenue generation strategy within the iGaming industry.
Fruta.com
Fruta.com is another online gaming operator under the High Roller Technologies umbrella, known for its casino platform. While HighRoller.com targets a premium segment, Fruta.com appears to be a broader casino offering, potentially appealing to a wider range of players. The company soft-launched Fruta.com in late 2023 and officially went live in early 2024, indicating it's a more recent addition to their brand portfolio. This expansion into multiple brands allows High Roller Technologies to reach different customer demographics and diversify its revenue streams within the online gaming market.
Prediction Markets (U.S.)
High Roller Technologies is strategically expanding into the U.S. prediction markets, a rapidly growing sector that allows users to bet on the outcomes of future events, ranging from financial markets to entertainment. The company has formed a key partnership with Crypto.com | Derivatives North America (CDNA) to launch this product, positioning itself as a Guaranteed Introducing Broker. This move represents a significant diversification beyond traditional online casino gaming, tapping into a market estimated to have substantial trading volume potential. The company is building the necessary regulatory infrastructure and marketing partnerships to support this new venture.
Internet Related Advertising Services
In addition to its online gaming operations, High Roller Technologies also provides internet-related advertising services. This segment likely involves leveraging its online platforms and user data to offer targeted advertising solutions to other businesses. It could also encompass affiliate marketing, where the company earns commissions by referring players to other online casinos or gaming-related services, as seen with the repurposing of its legacy CasinoRoom.com domain. This diversified approach helps generate additional revenue and utilizes its digital assets more broadly.
What management is betting on now
High Roller Technologies' current strategy is heavily focused on expanding into the regulated U.S. prediction markets, viewing it as a significant growth opportunity with massive market potential. This involves building a robust regulatory framework, securing key partnerships like the one with Crypto.com, and developing marketing strategies to acquire customers. Simultaneously, the company continues to refine its existing online casino brands, HighRoller.com and Fruta.com, aiming for operational efficiency and scalability. The overarching goal is to diversify revenue streams and establish a strong presence in both the iGaming and prediction markets sectors.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-302.00K
FY2024 Q4
$-2.56M
FY2025 Q1
$-3.62M
FY2025 Q2
$-845.00K
FY2025 Q3
$-90.00K
FY2025 Q4
$1.27M
FY2026 Q1
$-2.99M
FY2026 Q2
$-2.88M
Revenue
$2.81M
Net income
$-2.37M
Diluted EPS
-0.22
Operating cash flow
$-2.88M
Free cash flow
$-2.88M
Fetching…
Sources
Revenue
$3.37M
Net income
$-2.97M
Diluted EPS
-0.29
Operating cash flow
$-2.99M
Free cash flow
$-2.99M
Fetching…
Sources
Revenue
$465.00K
Net income
$3.36M
Diluted EPS
0.40
Operating cash flow
$1.29M
Free cash flow
$1.27M
Fetching…
Sources
Revenue
$6.28M
Net income
$3.67M
Diluted EPS
0.39
Operating cash flow
$-78.00K
Free cash flow
$-90.00K
Fetching…
Sources
Revenue
$6.94M
Net income
$-592.00K
Diluted EPS
-0.07
Operating cash flow
$-840.00K
Free cash flow
$-845.00K
Fetching…
Sources
Revenue
$6.77M
Net income
$-3.28M
Diluted EPS
-0.39
Operating cash flow
$-3.61M
Free cash flow
$-3.62M
Fetching…
Sources
Revenue
$8.06M
Net income
$-5.92M
Diluted EPS
-0.28
Operating cash flow
$-2.55M
Free cash flow
$-2.56M
Fetching…
Sources
Revenue
$7.52M
Net income
$-501.00K
Diluted EPS
-0.07
Operating cash flow
$-225.00K
Free cash flow
$-302.00K
Fetching…
Sources
Is it cheap or expensive?
Fair value $2.52 vs current price $3.20
Wall Street consensus is the average analyst price target: $17.00 (573.9% higher than our fair-value estimate).
Our most-likely fair value is $2.52 a share — about 21.2% away from today's price of $3.20, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net cash $17.3M - more cash than debt. Interest coverage -83.5x.
Net debt
$-17.32M
Interest coverage
-83.47x
High Roller Technologies, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
ROLR
BASELINE
High Roller Technologies, Inc.
Total debt $688.00K Interest coverage -83.47x This is the baseline the peer rows are being compared against.
Total debt $2.28B Interest coverage -5.35x Neither company has much profit cushion over interest right now.
Total debt $15.46B Interest coverage 4.14x This peer still has a real interest-payment cushion, while ROLR does not.
Total debt $29.73B Interest coverage 3.19x This peer still has a real interest-payment cushion, while ROLR does not.
Total debt $12.36B Interest coverage 1.93x This peer still has a real interest-payment cushion, while ROLR does not.
What you should know
The case for and against ROLR
2 Rewards
1 Risk
Rewards
-
Returns 1.5% on equity, ahead of 25% of its peers.
-
Free cash flow was positive in 2/10 years.
Risks
-
Operating margin compressed from -10.9% to -44.2% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-13.91x
P/B
1.19x
P/S
2.26x
EV/EBITDA
-2.61x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
59.6%
Operating margin
-44.2%
Net margin
10.8%
ROE
1.5%
ROA
-17.6%
Health
Liquidity and balance-sheet strength
Debt / equity
0.02x
Current ratio
4.14x
Quick ratio
3.35x
Total debt
$688.00K
Total cash
$18.01M
Growth
How the business has been compounding
Revenue TTM
$12.92M
Revenue 5Y CAGR
-26.6%
EPS TTM
-0.02
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-4.66M
Free CF TTM
$-4.79M
FCF margin
-37.1%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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