High Roller Technologies

ROLR

Software - Application · Technology

Price

$6.96

+0.21 (+3.11%)

Market Cap

$62.3M

Exchange

New York Stock Exchange American

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+13.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 8.5M (2021) → 9.7M (2025)

High Roller Technologies runs an online casino platform aimed at high-spending gamblers, often called "high rollers." The company operates the HighRoller.com brand, offering digital slot games, table games like blackjack and roulette, and live dealer experiences to adult players in regulated online gambling markets.

The company earns money when players lose bets on its platform, keeping a percentage of wagers as revenue — a model common in online casinos. It operates primarily in European and other internationally regulated markets, with a market cap of roughly $100 million, making it a small player in a crowded industry dominated by much larger gambling companies. Its gross margin near 50% shows decent unit economics, but a deeply negative operating margin means it is spending heavily to grow and is not yet profitable. The main risk is intense competition from established gambling giants and the ongoing challenge of obtaining and maintaining licenses across different regulatory environments.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-50.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+25.6% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$1M/ year

↑ Rising (+30% vs prior year)

6.5% of revenue

Below sector average (15%)

R&D investment increasing — building for the future

Insider Activity

97.2%ownership

Insiders own a meaningful stake in the company

Cash Runway

~23 months

$22M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue declining

High Roller Technologies's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

60.5%

Premium pricing power — 60.5% gross margin

Operating Margin

-86.9%

Losing money on operations — -86.9%

ROCE

-9.1%

Weak — -9.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-39.4%

Shrinking sales (-39.4% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

-262%

Weak — only -262% of profit becomes cash

FCF Margin

-18.2%

Burning cash (-18.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.03

Conservative — low debt load (0.03)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

13.7x

Attractive valuation — P/E 13.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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