LEASES

9 Months Ended

Sep. 30, 2025

note 15 — Leases

In January 2024, the Company entered into a lease for office space and car parking bays in Malta. The term of the lease is for six years, although the Company may terminate the lease at any time after three years. The monthly rent payment for the office is approximately $15 thousand for the first year, with a 3% annual increase.

Right-of-use assets for these administrative office leases as of September 30, 2025, and December 31, 2024, are summarized as follows:

	September 30,		December 31,
(in thousands)	2025		2024
Malta Office		877		910
Operating lease, right-of-use asset, net	$	877	$	910

The Company has no other material operating or financing leases with terms greater than 12 months.

Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum lease payments recognized on a straight- line basis over the term of the lease plus any variable lease costs. Operating lease expenses, inclusive of short-term and variable lease expenses, included in the Company's unaudited condensed consolidated statements of operations for the three months ended September 30, 2025 and 2024, were $10 thousand and $12 thousand, respectively. Operating lease expenses, inclusive of short-term and variable lease expenses, included in the Company’s unaudited condensed consolidated statements of operations for the nine months ended September 30, 2025 and 2024, were $179 thousand and $126 thousand, respectively.

Annual maturities analysis under the Malta lease agreement at September 30, 2025, is as follows:

Year ending December 31,
2025 (remainder)	$	189
2026		194
2027		199
2028		205
2029		206
Total		993
Less: Present value discount		(124)
Lease obligations, net	$	869

Operating lease obligations are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company used its incremental borrowing rate on the date of adoption of ASU 2016-02, Leases. As of September 30, 2025, the weighted average remaining lease term is 4.25 years and the weighted average discount rate used to determine the operation lease liability was 4.5%.

High Roller Technologies, Inc. 10-Q