Filing Deadlines Set for 2024 Annual and Q1 2025 Financial Reports
Rivalry Corp., the Canadian esports-focused betting operator, has issued a formal update regarding its delayed financial reporting, assuring stakeholders that its 2024 annual results will be filed by 30 June 2025, with Q1 2025 results to follow by or before 14 July 2025. The company has been under heightened regulatory scrutiny following the issuance of a Management Cease Trade Order (MCTO) by the Ontario Securities Commission (OSC) on 1 May 2025.
The MCTO, issued under National Policy 12-203, restricts trading of Rivalry securities by company insiders – including directors and senior executives – until the overdue filings are submitted and accepted by regulators.
Background: Why the MCTO Was Issued
The OSC’s enforcement of the MCTO stems from Rivalry’s failure to meet required filing deadlines for its 2024 audited financial statements and management discussion & analysis (MD&A). While the company has not disclosed specific reasons for the delay, it has maintained full compliance with alternative information guidelines, providing bi-weekly updates to ensure transparency.
Rivalry has affirmed that there have been no material changes in the company’s operations or financial condition since the initial default. The company also does not anticipate further filing delays, a sign that the issue is likely administrative or audit-related rather than reflective of deeper operational instability.
Operational KPIs Remain Strong Despite Revenue Dip
Despite regulatory setbacks, Rivalry’s operational performance remains promising. The company previously reported a decline in revenue for Q1 2025, but emphasized stronger engagement and improved unit economics. Key highlights include:
175% increase in average monthly deposits
115% increase in deposit frequency compared to pre-Q4 2024
Enhanced cost efficiencies and a leaner business model
CEO Steven Salz framed the situation optimistically:
“The KPIs are telling the real story – user value is up, efficiency is up, and player engagement is the strongest we’ve seen in the company’s history.”
These improvements are crucial, especially as Rivalry continues to position itself as a leader in the esports betting segment, a niche within the wider iGaming industry that remains competitive but high-potential.
Market Impact and Investor Sentiment
Rivalry is publicly traded on the TSX Venture Exchange under the ticker RVLY, and the delayed filings have caused concern among retail and institutional investors. While the MCTO does not affect public trading directly, restrictions on insiders signal an accountability gap that may erode short-term investor confidence.
That said, the clear filing timelines and consistent updates provide a path toward resolution. Rivalry’s long-term trajectory in esports betting markets—particularly across regulated jurisdictions in Canada, Australia, and Latin America—remains intact.
Conclusion: A Test of Corporate Governance
As Rivalry approaches the critical filing deadlines, the coming weeks will test its corporate governance, audit transparency, and investor relations strategy. Timely submission and regulatory compliance will be essential not only to lift the MCTO, but also to restore market confidence.
If the company follows through without further delay, it will likely emerge from this episode with a stronger operational foundation and renewed trust from stakeholders—bolstering its ambitions in an evolving global iGaming landscape.
