Rivalry Corp.

Good morning, ladies and gentlemen, and welcome to the Rivalry Q3 2024 conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, you will need to press star-zero for the operator. This call is being recorded on Friday, November 29, 2024. I would now like to turn the conference over to Ms. Sami Obidogan. Please go ahead.

Thank you, Operator, and good morning, everyone. Our speakers on today's call will be myself and Stephen Soles, co-founder and chief executive officer of Reverie Corp. Before we begin, I would like to remind listeners that certain statements made during this conference call presentation may constitute forward-looking information and forward-looking statements. within the meaning of applicable securities laws. These statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Rivalry Corp and its subsidiary entities or the industry in which it operates to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. When used in this conference call presentation, such statements use words such as may, will, expect, believe, plan, and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this presentation. These statements involve known and unknown risks, uncertainties, and other factors, including those risk factors identified in the company's MD&A dated November 29, 2024, under the heading risk factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as required under securities legislation. I will now turn the call over to Stephen Soles. Stephen?

Thank you, Debbie, and thanks, everyone, for joining us today. The third quarter was the most decisive period in Rivalry's history. It was marked by a complete product overhaul, major organizational realignments, and a substantial reduction in operating expenses. This work was done to better attune ourselves to an evolving online gambling market where cryptocurrency has become the global payment method of choice and to align our offering with the experiential expectations of the players driving this industry-wide shift. These initiatives were set in motion during the second quarter alongside the announcement of Rivalry Token, now called NUTS, And I'm proud to say we are now emerging out the other side of this immense undertaking as a leader company and one better position for growth. To touch briefly on the product overhaul completed just this week, it is in orders of magnitude the largest in Rivalry's history and was completed at an absolute breakneck pace. It included a revamped registration flow, login, sportsbook, new crypto first cashier, completely redesigned casino offering, and a comprehensive VIP rewards program. This is effectively the entire product rebuilt or 99% of interactions occur. It was all done in about 90 days. I would not do the team justice by describing how tirelessly they worked day and night, seven days a week to make this happen. So I'll just say thank you. And that this is what it takes to win. And that is our objective. I will detail these new releases later, but we're confident this evolved product set debuted alongside a more mature digital first rebrand. will accelerate Rivalry's position as a global crypto native operator and enable us to capture high value players. And we already have some immediate internal data to share on this. In just the two short months since we began to deploy the initial set of these efforts, meaning the start of October, from the start of October, so about 30 days into the 90-day sprint, our average net revenue per user has hit all-time records, increasing by 51% as compared to the 2024 year-to-date average up until that point, and by 70% as compared to the trailing three-year average. Additionally, our native crypto token is developed materially alongside these efforts. It is integrated with our VIP strategy and overall growth plan, allowing us to better scale the crypto gambling category. To touch on the organizational impacts during the quarter, we reduced our headcount by approximately 50% through two workforce rationalizations, one that occurred at the start of Q3 and one in the final days. On the back of this, we significantly adjusted our performance culture, resulting in a more robust and higher output organization with measurable output climbing over 200%. It is this culture shift that made this product overhaul in record time a reality. And I want to again thank the team for not just their resilience through this period, but also their determination to deliver at a level that far exceeds historic standards at Rivalry. With the associated cost savings from this organizational realignment, and a significantly drawn down marketing spend associated with our prior strategy, both now near fully realized. I'm pleased to say that Rivalry's current run rate operating expenses are approximately 50% lower as compared to those in today's Q3 2024 report. Additionally, Rivalry's Chief Technology Officer Ryan White and Chief Operating Officer Kevin Wimmer have taken a voluntary 100% reduction in their salaries as of August and September, respectively. I've also opted to reduce my salary by 100% as of October, and now by 50% as of November. It's important that the leadership team share in the sacrifices we've asked of our team and shareholders in the near term as we complete this top-to-bottom realignment and strategy shift, which we can now build off of. We are confident that our current run rate reflects a leaner, more efficient cost base, positioning us well, and enabling us to return to growth. Alongside today's third quarter results, we shared Rivalry's native crypto token, has continued to deliver positive results, generating $3 million in deferred revenue in Q3. As noted on the Q2 conference call, token sales record as deferred revenue until we officially launch the token and deliver it to the wallets of those who pre-purchase them. The anticipated date for this is early 2025. In the meantime, we expect token sales to continue throughout the remainder of the fourth quarter and into the first quarter of next year. The revenue driven by our token during this period signals that this product is finding market fit among our target audience and being well received in the broader crypto community. Beyond the direct revenue contributions, we're seeing encouraging downstream effects among customers engaging with the token, including revenue profiles that are on average 200% higher and retention rates that are 30% above average amongst crypto wallet connected users on arrival relative to our fiat customers. Lastly, we successfully closed the second tranche of the non-broker private placement announced earlier this week, totaling $3 million raised. It has been gratifying to get the support of insiders, family and friends, and long-term shareholders as we press ahead in this new chapter of the company. This financing strengthens our balance sheet, underscores insider and long-term investor confidence, and supports our trajectory to profitability while enabling us to resume an offensive growth strategy. Before going any further, I will ask Demi to review our Q3 2024 financial results in greater detail. Now, Demi, over to you.