Forensic Analysis · Media / Entertainment / Streaming · as of Oct 19, 2026
High Roller Technologies, Inc. (ROLR)
A forensic read on High Roller Technologies, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-5.8
Distress distance
Watch
Earnings quality
5
Forensic signals
32.8%
ROE
-11.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
High Roller Technologies, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -5.8, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-52.5%
FY2025
Return on invested capital.Return on invested capital is -52.5% in the latest fiscal year.
+33.3%/yr
FY2024–FY2025
Share-count dilution.Diluted share count changed +33% over the last 1 year to FY2025 (+33.3%/yr). The count is growing — 7.2M shares in FY2024, 9.7M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~33.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~25%.
-$7.1M
FY2024–FY2025
Cash burn vs. reported loss.Over FY2024–FY2025, the company reported a cumulative net loss of $2.8M against operating cash flow of -$7.1M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-1.1M to FY2025 $+7.6M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
7% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 7% of revenue in FY2025 — about $0.14 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 33.3% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$20.5M
Revenue Growth YoY-11.9%
Net Margin15.5%
Free Cash Flow-$4.8M
Return on Equity32.8%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from High Roller Technologies, Inc.'s actual 10-K/10-Q/8-K filings?