09:19 AM EDT, 04/05/2024 (MT Newswires) -- Rivalry Corp. ( RVLCF ) , a sportsbook and iGaming operator for Gen Z, trading at the low end of its 52 week trading range, on Friday reported preliminary and unaudited financial results for the three and 12-month periods ended Dec. 31, 2023.

Net loss for Q4 was $9 million, narrower than a net loss of $12.3 million a year earlier. Net loss adjusting for accruals, other non-cash items, and one-time expenses, would have been about $7 million, the company said.

Revenue for Q4 was $6.5 million, down from $9.4 million in Q4 2022. It said the decline is due to "less favorable sportsbook outcomes, as compared with an abnormally favorable result in the year-ago period". The company noted revenue as a percentage of the betting handle was near the average achieved throughout FY23, highlighting the "abnormally favorable margin outcome" in the comparable quarter of Q4 2022.

Betting handle for Q4 was $85.2 million, up from $83.9 million in the year-ago quarter while marketing spend fell by 32%, the company said.

For the full year of 2023, the company reported a net loss of $24.3 million, as compared with a net loss of $31.1 million in 2022.

Revenue for 2023 was $35.7 million, up from $26.6 million in the previous year. Betting handle was $423.2 million in 2023, up from $232.8 million in 2022, the company said.

"The year ahead is rife with new, innovative product releases arriving in Q2 and continuing throughout 2024," Steven Salz, co-founder and CEO of Rivalry, said. "In addition to the strength of our core roadmap, we are in the process of unlocking what we believe to be two of the most material developments to our business model since launching Rivalry in 2018. The first is a B2B vertical to license our in-house developed games, and the second is exploration and development within the crypto ecosystem - each representing an impactful growth catalyst on our path to profitability this year."

Rivalry expects to file its audited financial statements and management discussion and analysis for Q4 and the full year by the end of April.