High Roller Technologies, Inc.

ROLRdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

High Roller Technologies, Inc. earns about -520% on invested capital, but has diluted owners by 45% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2023	FY 2024	FY 2025
Revenue	$29.7M¹	$23.2M²	$20.5M²
Net income	−$2.82M³	−$5.92M⁴	$3.16M⁴
Operating cash flow	$762,000⁵	−$3.91M⁶	−$3.23M⁶
Capital expenditure	$249,000⁷	$187,000⁸	$51,000⁸
Free cash flow (derived)	$513,000⁵	−$4.09M⁶	−$3.28M⁶
Total debt	—	—	—
Cash & equivalents	$2.09M⁹	$6.87M¹⁰	$2.08M¹⁰
Diluted shares	6.6M	7.2M	9.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$9.98

your share of equity

Profit it earned you last year

$3.27

Free cash flow it threw off

−$3.4

Debt you’d be carrying

—

10 shares is a claim on $9.98 of net worth that earned you $3.27 and generated −$3.4 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-520% avg · 3y

FY23 -1016%FY24 —FY25 -24%

It earned an average -520% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+45% shares · 3y

Share count is up 45% over 3 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

$2.72

assumptions (1)

grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2023-12-31 · accession 0001437749-25-008652 (RevenueFromContractWithCustomerIncludingAssessedTax)
10-K · period ending 2024-12-31 · accession 0001753926-26-000462 (RevenueFromContractWithCustomerIncludingAssessedTax)
10-K · period ending 2023-12-31 · accession 0001437749-25-008652 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001753926-26-000462 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001437749-25-008652 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001753926-26-000462 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001437749-25-008652 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-12-31 · accession 0001753926-26-000462 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0001437749-25-008652 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001753926-26-000462 (CashAndCashEquivalentsAtCarryingValue)