High Roller Technologies, Inc. Liquidation Value

High Roller Technologies, Inc. (ROLR) is a small-cap online iGaming operator (B2C casino) incorporated in Delaware with operations primarily through subsidiaries registered in Malta, BVI, and Curacao. The period-end balance sheet as of December 31, 2025 shows total assets of $18.5M against total liabilities of $8.9M, producing GAAP book equity of $9.6M. Under a liquidation lens, recovery to equity is materially negative, consistent with MFFAIS CLV/LLV/OLV all reporting -$5.7M.

Asset-side recovery is constrained by the composition of the asset base. Cash and restricted cash total approximately $2.7M (recoverable at ~100%). Current assets of $5.8M include $0.8M prepaid/other and $0.6M restricted cash, yielding modest recoverable current assets. The dominant non-current asset is intangibles net of $10.5M ($11.2M gross, $0.6M accumulated amortization), which receives a zero recovery haircut under liquidation methodology. This single line item accounts for approximately 57% of total assets and recovers nothing. PP&E net of $0.4M recovers at 50-70%, contributing minimal incremental value. A deferred tax asset net of $0.8M (gross $3.2M against a $2.9M valuation allowance) is non-recoverable in liquidation. Operating lease ROU asset of $0.8M is offset by the full lease liability obligation carried at face.

On the liability side, total liabilities of $8.9M include $7.2M current (accrued liabilities $3.4M, operating lease current $0.2M, and other accruals) and $1.7M non-current (operating lease non-current $0.6M, other non-current liabilities $1.1M). All survive at face value. The operating lease obligation totals $0.8M undiscounted ($0.9M gross payments less $0.1M discount), representing a committed cash drain that does not extinguish on windup.

The accumulated deficit stands at -$24.3M, reflecting cumulative operating losses since inception. APIC of $32.9M from equity issuances has partially offset this. Net income for 2025 of $3.2M was primarily driven by $2.5M from discontinued operations (legacy Casino Room/Ellmount Entertainment segment divested), with continuing operations contributing only $0.7M. The company's continuing operations generated an operating loss of -$6.2M, offset by $3.9M in non-operating income (predominantly the $3.1M deferred tax benefit release). Cash used in operations was -$3.2M. The company acquired Happy Hour Solutions Ltd. effective December 31, 2025, the consideration and structure of which is disclosed only partially in this filing. No prior filing is available for period-over-period comparison.