Business
Rivalry Reports Full-Year 2024 Results as Strategic Turnaround Takes Hold, Operating Loss Narrows, and Efficiency Improves
TORONTO, July 02, 2025 (GLOBE NEWSWIRE) -- Rivalry Corp. (the “Company” or “...
About this update from Rivalry Corp.
[{"type":"text","content":"Rivalry Reports Full-Year 2024 Results as Strategic Turnaround Takes Hold, Operating Loss Narrows, and Efficiency ImprovesOperating expenses reduced 17%, net loss narrows, and foundational rebuild positions Rivalry for a leaner, more efficient, and financially disciplined 2025\n\n\n\n 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.\n \n\n 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.\n \n\n “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.”\n \n\n\n FY2024 Highlights\n \n\n\n\n Net revenue of $13.6 million, compared to $16.2 million in 2023.\n \n\n\n Operating expenses decreased 17% to $32.2 million, down from $38.8 million.\n \n\n\n Net loss of $22.4 million, compared to $23.8 million.\n \n\n\n Deferred revenue of $4.1 million related to pre-sales of Rivalry’s on-platform crypto token.\n \n\n\n Year-end cash of $2.7 million, with materially lower run-rate operating expenses entering 2025\n \n 1\n \n .\n \n\n\n\n\n Organizational Rebuild & Operating Leverage\n \n\n\n 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:\n \n\n\n 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.\n \n\n\n Restructured ...