STOCK TITAN

Bragg Gaming Group Announces Record Fourth Quarter 2024 Revenue of EUR 27.2 Million (USD 28.8 Million) and Full Year Revenue of EUR 102.0 Million (USD 108.1 Million)

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags

Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) reported record financial results for Q4 and full year 2024. Q4 revenue reached EUR 27.2M (USD 28.8M), up 16.3% YoY, with gross profit increasing 30.9% and adjusted EBITDA growing 68.0%.

Full year 2024 saw revenue rise 9.1% to EUR 102.0M (USD 108.1M), with gross profit up 8.2% and adjusted EBITDA growing 3.6%. The company generated EUR 11.2M in operating cash flow and held EUR 10.5M in cash by year-end.

For 2025 guidance, Bragg projects revenue of EUR 120.25M (17.9% growth) and adjusted EBITDA of EUR 20.25M (28.2% increase). The company expects significant growth in Brazil and North America, targeting up to 10% and 15% of revenue respectively by year-end 2025. Strategic initiatives include expanding proprietary content, leveraging AI-enhanced platform capabilities, and strengthening partnerships with major operators like Caesars Entertainment.

Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) ha riportato risultati finanziari record per il quarto trimestre e per l'intero anno 2024. Le entrate del Q4 hanno raggiunto i 27,2 milioni di euro (28,8 milioni di dollari), con un incremento del 16,3% rispetto all'anno precedente, mentre il profitto lordo è aumentato del 30,9% e l'EBITDA rettificato è cresciuto del 68,0%.

Per l'anno intero 2024, le entrate sono aumentate del 9,1% raggiungendo i 102,0 milioni di euro (108,1 milioni di dollari), con un profitto lordo in crescita dell'8,2% e un EBITDA rettificato che è aumentato del 3,6%. L'azienda ha generato 11,2 milioni di euro di flusso di cassa operativo e ha mantenuto 10,5 milioni di euro in contante alla fine dell'anno.

Per le proiezioni del 2025, Bragg prevede entrate di 120,25 milioni di euro (crescita del 17,9%) e un EBITDA rettificato di 20,25 milioni di euro (aumento del 28,2%). L'azienda si aspetta una crescita significativa in Brasile e Nord America, puntando a raggiungere fino al 10% e al 15% delle entrate rispettivamente entro la fine del 2025. Le iniziative strategiche includono l'espansione dei contenuti proprietari, l'utilizzo delle capacità della piattaforma potenziate dall'IA e il rafforzamento delle partnership con importanti operatori come Caesars Entertainment.

Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) reportó resultados financieros récord para el cuarto trimestre y el año completo 2024. Los ingresos del Q4 alcanzaron los 27,2 millones de euros (28,8 millones de dólares), un aumento del 16,3% interanual, con un aumento del 30,9% en el beneficio bruto y un crecimiento del 68,0% en el EBITDA ajustado.

Para el año completo 2024, los ingresos aumentaron un 9,1% alcanzando los 102,0 millones de euros (108,1 millones de dólares), con un aumento del 8,2% en el beneficio bruto y un crecimiento del 3,6% en el EBITDA ajustado. La empresa generó 11,2 millones de euros en flujo de caja operativo y mantuvo 10,5 millones de euros en efectivo al final del año.

Para la guía de 2025, Bragg proyecta ingresos de 120,25 millones de euros (crecimiento del 17,9%) y un EBITDA ajustado de 20,25 millones de euros (aumento del 28,2%). La empresa espera un crecimiento significativo en Brasil y América del Norte, apuntando a alcanzar hasta el 10% y el 15% de los ingresos respectivamente para finales de 2025. Las iniciativas estratégicas incluyen la expansión de contenido propio, aprovechando las capacidades de la plataforma mejoradas por IA y fortaleciendo asociaciones con operadores importantes como Caesars Entertainment.

브래그 게임 그룹 (NASDAQ: BRAG, TSX: BRAG)은 2024년 4분기 및 전체 연도에 대한 기록적인 재무 결과를 보고했습니다. 4분기 수익은 2720만 유로 (2880만 달러)에 도달하여 전년 대비 16.3% 증가했으며, 총 이익은 30.9% 증가하고 조정 EBITDA는 68.0% 성장했습니다.

2024년 전체에서 수익은 9.1% 증가하여 1억 200만 유로 (1억 810만 달러)에 이르렀으며, 총 이익은 8.2% 증가하고 조정 EBITDA는 3.6% 증가했습니다. 회사는 운영 현금 흐름으로 1120만 유로를 생성하고 연말까지 1050만 유로의 현금을 보유했습니다.

2025년 가이던스에 따르면, 브래그는 1억 2025만 유로의 수익 (17.9% 성장)과 2025만 유로의 조정 EBITDA (28.2% 증가)를 예상하고 있습니다. 회사는 브라질과 북미에서 상당한 성장을 기대하며, 각각 2025년 말까지 수익의 최대 10%와 15%에 도달하는 것을 목표로 하고 있습니다. 전략적 이니셔티브에는 독점 콘텐츠 확장, AI 강화 플랫폼 기능 활용, 그리고 Caesars Entertainment와 같은 주요 운영자와의 파트너십 강화가 포함됩니다.

Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) a annoncé des résultats financiers record pour le quatrième trimestre et l'année entière 2024. Les revenus du Q4 ont atteint 27,2 millions d'euros (28,8 millions de dollars), en hausse de 16,3 % par rapport à l'année précédente, avec un bénéfice brut en augmentation de 30,9 % et un EBITDA ajusté en croissance de 68,0 %.

Pour l'année entière 2024, les revenus ont augmenté de 9,1 % pour atteindre 102,0 millions d'euros (108,1 millions de dollars), avec un bénéfice brut en hausse de 8,2 % et un EBITDA ajusté en croissance de 3,6 %. L'entreprise a généré 11,2 millions d'euros de flux de trésorerie d'exploitation et détenait 10,5 millions d'euros en espèces à la fin de l'année.

Pour les prévisions 2025, Bragg prévoit des revenus de 120,25 millions d'euros (croissance de 17,9 %) et un EBITDA ajusté de 20,25 millions d'euros (augmentation de 28,2 %). L'entreprise s'attend à une croissance significative au Brésil et en Amérique du Nord, visant jusqu'à 10 % et 15 % des revenus respectivement d'ici la fin de 2025. Les initiatives stratégiques comprennent l'expansion de contenu propriétaire, l'exploitation des capacités de la plateforme améliorées par l'IA et le renforcement des partenariats avec des opérateurs majeurs comme Caesars Entertainment.

Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) hat Rekordergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Die Einnahmen des Q4 erreichten 27,2 Millionen Euro (28,8 Millionen US-Dollar), was einem Anstieg von 16,3% im Vergleich zum Vorjahr entspricht, während der Bruttogewinn um 30,9% und das bereinigte EBITDA um 68,0% gestiegen ist.

Im gesamten Jahr 2024 stiegen die Einnahmen um 9,1% auf 102,0 Millionen Euro (108,1 Millionen US-Dollar), mit einem Anstieg des Bruttogewinns um 8,2% und einem Wachstum des bereinigten EBITDA um 3,6%. Das Unternehmen generierte einen operativen Cashflow von 11,2 Millionen Euro und hielt zum Jahresende 10,5 Millionen Euro in bar.

Für die Prognose 2025 rechnet Bragg mit Einnahmen von 120,25 Millionen Euro (17,9% Wachstum) und einem bereinigten EBITDA von 20,25 Millionen Euro (28,2% Anstieg). Das Unternehmen erwartet signifikantes Wachstum in Brasilien und Nordamerika und strebt an, bis Ende 2025 bis zu 10% bzw. 15% des Umsatzes zu erreichen. Strategische Initiativen umfassen die Erweiterung von proprietären Inhalten, die Nutzung von KI-verbesserten Plattformfähigkeiten und die Stärkung von Partnerschaften mit großen Betreibern wie Caesars Entertainment.

Positive
  • Record Q4 revenue of EUR 27.2M, up 16.3% YoY
  • Q4 adjusted EBITDA grew 68.1% to EUR 4.7M
  • Strong 2025 guidance with 17.9% revenue growth projection
  • Expansion into Brazil's USD 1.5B iGaming market
  • Strategic partnership with major operator Caesars Entertainment
  • Access to 90% of US iGaming market through top-tier operators
  • Positive operating cash flow of EUR 11.2M in 2024
Negative
  • Slight decline in operating cash flow from EUR 11.7M in 2023 to EUR 11.2M in 2024
  • Expected contraction in Netherlands market due to regulatory changes
  • PAM business expected to remain flat year-over-year

Insights

Bragg Gaming's Q4 and FY 2024 results demonstrate impressive momentum with record quarterly revenue of EUR 27.2 million (USD 28.8 million), up 16.3% YoY. The quarter showed accelerating growth with substantial margin expansion as adjusted EBITDA surged 68.0% to EUR 4.7 million, highlighting improved operational efficiency.

The company's strategic shift toward proprietary and exclusive content is driving both the top-line growth and margin improvement. Full year revenue reached EUR 102.0 million (USD 108.1 million), growing 9.1% YoY, while annual adjusted EBITDA increased 3.6%, demonstrating consistent profitability.

Bragg's 2025 outlook targets continued double-digit growth with projected revenue of EUR 117.5-123.0 million (midpoint: 17.9% increase) and adjusted EBITDA of EUR 19.0-21.5 million (midpoint: 28.2% growth), reflecting an anticipated EBITDA margin expansion of 140 basis points to 16.8%.

The company's geographic expansion strategy is particularly promising, with initiatives in Brazil's USD 1.5 billion iGaming market (projected to reach USD 3.3 billion by 2029) and deeper penetration of the USD 8 billion US market. Strategic partnerships with major operators like Caesars, DraftKings, and BetMGM position Bragg to access over 90% of the US iGaming market.

With EUR 10.5 million cash on hand, positive operating cash flow of EUR 11.2 million, and a strong working capital position, Bragg has sufficient financial flexibility to execute its growth strategy. The new executive compensation structure with Stock Appreciation Rights firmly aligns management incentives with shareholder returns, requiring substantial share price appreciation for maximum payout.

Bragg's record performance demonstrates the effectiveness of its evolving business model centered on proprietary content development and strategic market expansion. The consistent quarterly growth progression throughout 2024 validates the company's investment in AI-enhanced platform capabilities and original content, which are driving both revenue expansion and margin improvement.

The company's geographic expansion strategy is particularly noteworthy. Brazil represents a significant growth opportunity as its $1.5 billion iGaming market is projected to more than double by 2029. Bragg's early market entry positions it to establish meaningful market share during this formative regulation period.

In the highly competitive US market, Bragg's expanded partnership with Caesars Entertainment is a strategic win that enhances distribution across multiple states. Operating in five US states with access to 90% of the market through tier-one operators gives Bragg broad exposure to North America's fastest-growing regulated market.

The company's technological differentiation through its FUZE™ platform provides competitive advantages through cross-product promotional capabilities and AI-driven optimizations. These technology investments create both operational efficiencies and enhanced player experiences that should drive higher engagement metrics.

Bragg's strategic focus on shifting revenue concentration toward higher-margin proprietary and exclusive content is already yielding results through improved EBITDA margins. This margin expansion is expected to continue in 2025 with projected improvement of 140 basis points to 16.8%.

The implementation of a performance-based Stock Appreciation Rights plan requiring significant share price appreciation for full payout creates strong alignment between executive compensation and shareholder outcomes. This structure indicates management's confidence in executing their strategic roadmap to drive substantial equity value creation.

  • Fourth quarter revenue increased 16.3% YoY to a record level; gross profit rose 30.9% and adjusted EBITDA grew by 68.0%
  • Full year revenue increased 9.1% YoY to a record level; gross profit rose 8.2% and adjusted EBITDA grew by 3.6%
  • In 2025 Bragg expects significant revenue growth in Brazil and North America, which is anticipated to contribute up to 10% and 15% of revenue, respectively by year-end
  • 2025e guidance (midpoint) projects revenue increasing by 17.9% to EUR 120.25 million, adjusted EBITDA rising by 28.2% to EUR 20.25 million, and the adjusted EBITDA margin improving by 140 basis points to 16.8%.

TORONTO--(BUSINESS WIRE)-- Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) ("Bragg" or the "Company"), a global B2B content and technology solutions provider to the iGaming industry, today reported record revenue for the fourth quarter and full year of 2024.

 

 

Summary of Financial and Operational Highlights

 

 

 

 

 

 

 

 

 

 

Euros (millions)(1)

 

4Q24

 

4Q23

 

Change

 

Revenue

 

27.2

 

23.4

 

16.3

%

Gross profit

 

15.8

 

12.0

 

30.9

%

Gross profit margin

 

 

58.0

%

 

51.5

%

650

bps

Adjusted EBITDA(2)

 

4.7

 

2.8

 

68.1

%

Adjusted EBITDA margin

 

 

17.2

%

 

11.9

%

531

bps

Operating Loss

 

(0.7)

 

(0.4)

 

(51.7)

%

Euros (millions)(1)

 

FY 24

 

FY 23

 

Change

 

Revenue

 

102.0

 

93.5

 

9.1

%

Gross profit

 

54.0

 

49.9

 

8.2

%

Gross profit margin

 

 

53.0

%

 

53.4

%

(40)

bps

Adjusted EBITDA(2)

 

15.8

 

15.2

 

3.6

%

Adjusted EBITDA margin

 

 

15.5

%

 

16.3

%

(80)

bps

Operating Loss

 

(3.5)

 

(0.8)

 

(356.0)

%

(1)

 

Bragg’s reporting currency is Euros. The exchange rate provided is EUR 1.00 = USD 1.06. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only.

(2)

 

“Adjusted EBITDA” is a non-IFRS measure. For important information on the Company’s non-IFRS measures, see “Non-IFRS Financial Measures” below.  

Chief Executive Officer Commentary

"Revenue and Adjusted EBITDA grew sequentially for four straight quarters, culminating in record 4Q 2024 revenue of EUR 27.2 million, up 16.3% year-over-year, and Adjusted EBITDA of EUR 4.7 million rising by 68.1%," said Matevž Mazij, CEO of Bragg. "Our investments in proprietary content and AI-enhanced platform capabilities are driving both revenue growth and improved profitability. As we execute our strategic plan in key markets like Brazil and the US, we're leveraging our scalable platform and margin-accretive products to accelerate financial performance. The executive team we've assembled has already demonstrated their value through deals like our Caesars partnership, positioning Bragg for sustained revenue expansion and profit growth in 2025."

Fourth Quarter 2024 and Recent Business Highlights

  • Expanded to second Canadian province through Loto-Québec content deal
  • Established content and technology partnership with Caesars Entertainment
  • Launched operations in Brazil's regulated iGaming market
  • Announced insider share purchases
  • Reaffirmed strategic focus following corporate review
  • Launched iGaming content in Delaware, the Company’s fifth U.S. iGaming state
  • Expanded partnership with Caesars Digital to Pennsylvania and Ontario markets

Additional December 31, 2024 Key Financial Metrics

  • For the year ended December 31, 2024, Cash flow generated from operations activities was EUR 11.2 million (USD 11.8 million), compared to EUR 11.7 million (USD 12.4 million) for the year ended December 31, 2023.
  • Cash and cash equivalents as of December 31, 2024 was EUR 10.5 million (USD 11.1 million) and net working capital, excluding deferred consideration and loans payable was EUR 11.9 million (USD 12.6 million)

Reiterates 2025 Outlook

  • Revenue Guidance: Revenue for the year ended December 31, 2025, is expected to reach between EUR 117.5 million and EUR 123.0 million, representing double digit growth compared to 2024.
  • Adjusted EBITDA Guidance: Adjusted EBITDA is forecasted to range between EUR 19.0 million and EUR 21.5 million, compared to EUR 15.8 million in 2024, supported by a shift toward higher-margin product offerings.
  • 2025e guidance (midpoint) Projects revenue increasing by 17.9% to EUR 120.25 million, EBITDA rising by 28.2% to EUR 20.25 million, and the EBITDA margin improving by 140 basis points to 16.8%.

Strategic Business Drivers

The Company is expecting to realize its anticipated 2025 results in part, as a result of certain strategic initiatives, including:

  • Shift in Revenue Concentration: The percentage of revenue from the Company’s proprietary and exclusive content business is expected to increase providing a more margin-accretive mix and improving profitability with reduced reliance on third party content revenue by year end.
  • Growth in Key Markets: Content-focused products, including proprietary, exclusive and aggregated content are projected to drive significant revenue growth in Brazil and North America, which are expected to contribute up to 10% and 15% of revenue, respectively by year-end.
  • Brazil’s Growth Potential: The Company believes that its proprietary and exclusive content and aggregation businesses are strategically positioned to capture a significant share of Brazil’s USD 1.5 billion iGaming market, projected to more than double to over USD 3.3 billion by 2029, according to H2 Gambling Capital.
  • US Market Penetration: The Company believes that it is strategically positioned for significant growth in the US market by leveraging its proprietary and exclusive content portfolio. Through integration with top-tier operators such as DraftKings, FanDuel, Rush Street, Caesars and BetMGM, and licenses in all key iGaming states, the Company’s content is accessible to over 90% of the US iGaming market, valued at over $8 billion, according to H2 Gambling Capital. Under the leadership of Neill Whyte, Chief Commercial Officer, and Garrick Morris, SVP (Commercial, US & Canada), veterans of the iGaming industry with multi-decade successful market penetration experience under their belt, the Company has strong leadership to garner enhanced market share. It is expected that proprietary and exclusive content growth in the US will be further driven by the recently announced technology and content partnership with Caesars Entertainment Inc. This partnership, which leverages the Company’s cutting-edge technology and innovative development strengthens the Company’s profile in a competitive and dynamic market.
  • Stronger Penetration in Major European Markets: Bragg aims to expand content distribution in key Western European markets, including Italy, UK, Spain, and Sweden, by leveraging existing integrations with top operators and implementing targeted sales strategies.
  • Expand Exclusive Partnerships: The Company plans to increase its roster of partner studios to enhance the release cadence of titles in North America. Additionally, Bragg aims to grow exclusive content distribution in Central European markets, including the Czech Republic and Germany, through strategic partnerships with studios such as GAMOMAT and King Show Games.
  • Stability in PAM Business: The Company’s PAM business is expected to remain flat year-over-year, an overall positive, despite the anticipated contraction of the Netherlands market in 2025 due to regulatory changes made in the fourth quarter of 2024.
  • Enhanced Technology Profile: The Company continues to innovate with technologies such as FUZE™, which provides bonuses, free rounds, tournaments, jackpots, recommendation engine and other engagement and promotional tools seamlessly across all iGaming, sports betting and iLottery products, requiring no additional integration. These advanced features enhance player experience and contribute to the growth of the Company’s product portfolio revenue.
  • Data and AI Enhancements: By leveraging extensive gaming data, the Company generates actionable insights and employs AI-driven optimizations to elevate player experiences and enhance operator profitability, thereby accelerating profitable growth in proprietary and exclusive content verticals. Opportunities to leverage AI to reduce costs and enhance product margins are also being actively explored.
  • Pipeline Opportunities: A robust pipeline of opportunities is under development, which, if realized, could further enhance 2025 performance but are not yet reflected in the current guidance.
  • Stock Appreciation Rights Plan: Bragg has also introduced a new Stock Appreciation Rights (SAR) plan for its executive management team, further aligning management interests with those of shareholders. The SAR plan has been implemented under the Company’s Amended and Restated Omnibus Equity Incentive Plan and pays out only if the Company’s share price increases over a three-year period, with a full payout contingent on achieving a four-fold increase from a base price of CAD $5. This structure ensures that executive compensation is firmly tied to delivering significant shareholder value. Additionally, the plan includes accelerated vesting provisions in the event of a change of control, preserving alignment with shareholder interests in all value-creation scenarios. SAR award payouts may be settled through the payment of cash, the issuance of shares, or through a combination of both, subject to the discretion of the Company’s Board and availability of shares under the Company’s equity incentive plan at the time.

Investor Conference Call

The Company will host a conference call today at 8:30 a.m. Eastern, and management will review a presentation that will be made available to download at https://investors.bragg.group/financials/quarterly-results/default.aspx.

To join the call, please use the below dial-in information:

Participant Dial-In Numbers
USA / International Toll +1 (646) 307-1963
USA - Toll-Free (800) 715-9871
Canada - Toronto (647) 932-3411
Canada - Toll-Free (800) 715-9871
Conference ID 4536427

A webcast of the call may also be followed at: https://investors.bragg.group/events-and-presentations/events/default.aspx

A replay of the call will be available until April 9, 2025, following the conclusion of the live call. To access the replay, dial (800) 770-2030 or (647) 362-9199 and use the passcode 4536427.

Cautionary Statement Regarding Forward-Looking Information

This news release contains forward-looking statements or “forward-looking information” within the meaning of applicable Canadian securities laws (“forward-looking statements”), including, without limitation, statements with respect to the following: the Company’s strategic growth initiatives and corporate vision and strategy; financial guidance for 2025, expected performance of the Company’s business; expansion into new markets, our strategy for customer retention, growth, product development, and market position; expected future growth and expansion opportunities; expected benefits of transactions; expected future actions and decisions of regulators and the timing and impact thereof. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and allowing readers to get a better understanding of the Company’s anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or describes a “goal”, or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

All forward-looking statements contained in this news release or the conference call reflect the Company’s beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company’s forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements. The key assumptions that have been made in connection with the forward-looking statements include the regulatory regime governing the business of the Company; the operations of the Company; the products and services of the Company; the Company’s customers; the growth of Company’s business, meeting minimum listing requirements of the stock exchanges on which the Company’s shares trade; the integration of technology; and the anticipated size and/or revenue associated with the gaming market globally.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the following: risks related to the Company’s business and financial position; that the Company may not be able to accurately predict its rate of growth and profitability; risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments; the inability to access sufficient capital from internal and external sources; the inability to access sufficient capital on favourable terms; realization of growth estimates, income tax and regulatory matters; the ability of the Company to implement its business strategies; competition; economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices; changes in customer demand; disruptions to our technology network including computer systems and software; natural events such as severe weather, fires, floods and earthquakes; any disruptions to operations as a result of the strategic alternatives review process; and risks related to health pandemics and the outbreak of communicable diseases. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.

Non-IFRS Financial Measures

Statements in this news release make reference to “Adjusted EBITDA”, which is a non-IFRS (as defined herein) financial measure that the Company believes is appropriate to provide meaningful comparison with, and to enhance an overall understanding of, the Company’s past financial performance and prospects for the future. The Company believes that “Adjusted EBITDA” provides useful information to both management and investors by excluding specific expenses and items that management believe are not indicative of the Company’s core operating results. “Adjusted EBITDA” is a financial measure that does not have a standardized meaning under International Financial Reporting Standards (“IFRS”). As there is no standardized method of calculating “Adjusted EBITDA”, it may not be directly comparable with similarly titled measures used by other companies. The Company considers “Adjusted EBITDA” to be a relevant indicator for measuring trends in performance and its ability to generate funds to service its debt and to meet its future working capital and capital expenditure requirements. “Adjusted EBITDA” is not a generally accepted earnings measure and should not be considered in isolation or as an alternative to net income (loss), cash flows or other measures of performance prepared in accordance with IFRS. Adjusted EBITDA is more fully defined and discussed, and reconciliation to IFRS financial measures is provided, in Company’s Management’s Discussion and Analysis (“MD&A”) for the three-month and twelve-month period ended December 31, 2024.

About Bragg Gaming Group

Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) is an iGaming content and turnkey technology solutions provider serving online and land-based gaming operators with its proprietary and exclusive content, and cutting-edge technology. Bragg Studios offer high-performing and passionately crafted casino game titles using the latest in data-driven insights from in-house brands including Wild Streak Gaming, Atomic Slot Lab and Indigo Magic. Its proprietary content portfolio is complemented by a cross section of exclusive titles from carefully selected studio partners under the Powered By Bragg program. Games built on Bragg’s remote games server (Bragg RGS) technology are distributed via the Bragg Hub content delivery platform and are available exclusively to Bragg customers. Bragg’s flexible, modern, omnichannel Player Account Management (PAM) platform powers multiple leading iCasino and sportsbook brands and at all points is supported by expert in-house managed, operational, and marketing services. Content delivered via the Bragg Hub either exclusively or from the Bragg aggregated games portfolio is managed from a single back-office which is supported by powerful data analytics tools, and Bragg’s award-winning Fuze™ player engagement toolset. Bragg is licensed, certified, approved and operational in many regulated iCasino markets globally, including the U.S, Canada, Brazil, United Kingdom, Italy, the Netherlands, Germany, Sweden, Spain, Malta and Colombia.

Join Bragg Gaming Group on Social Media

Twitter
LinkedIn
Facebook
Instagram

Financial tables follow:

 

BRAGG GAMING GROUP INC.

CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

(In thousands, except share per share amounts)

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2024

 

2023

Revenue

 

 

102,001

 

 

 

93,519

 

Cost of revenue

 

 

(47,956

)

 

 

(43,580

)

Gross Profit

 

 

54,045

 

 

 

49,939

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

(57,795

)

 

 

(50,824

)

(Loss) on remeasurement of derivative liability

 

 

(94

)

 

 

(47

)

Gain on settlement of convertible debt

 

 

169

 

 

 

595

 

Gain (Loss) on remeasurement of deferred consideration

 

 

132

 

 

 

(440

)

Operating Loss

 

 

(3,543

)

 

 

(777

)

 

 

 

 

 

 

 

Net interest expense and other financing charges

 

 

(3,157

)

 

 

(2,149

)

Loss Before Income Taxes

 

 

(6,700

)

 

 

(2,926

)

 

 

 

 

 

 

 

Income taxes recovery (expense)

 

 

1,553

 

 

 

(910

)

Net Loss

 

 

(5,147

)

 

 

(3,836

)

Items to be reclassified to net loss:

 

 

 

 

 

 

Cumulative translation adjustment

 

 

2,408

 

 

 

(1,174

)

 

 

 

 

 

 

 

Items that will not be reclassified to net loss:

 

 

 

 

 

 

Remeasurement of employee obligations

 

 

(25

)

 

 

(3

)

Net Comprehensive Loss

 

 

(2,764

)

 

 

(5,013

)

 

 

 

 

 

 

 

Basic Loss Per Share

 

 

(0.21

)

 

 

(0.17

)

Diluted Loss Per Share

 

 

(0.21

)

 

 

(0.17

)

 

 

 

 

 

 

 

 

 

 

Millions

 

 

Millions

Weighted average number of shares - basic

 

 

24.3

 

 

 

22.6

 

Weighted average number of shares - diluted

 

 

24.3

 

 

 

22.6

 

 

BRAGG GAMING GROUP INC.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in thousands)

 

 

 

 

 

 

 

 

 

As at

 

As at

 

 

December 31,

 

December 31,

 

 

2024

 

2023

Cash and cash equivalents

 

 

10,467

 

 

 

8,796

 

Trade and other receivables

 

 

20,072

 

 

 

18,641

 

Prepaid expenses and other assets

 

 

2,624

 

 

 

1,655

 

Total Current Assets

 

 

33,163

 

 

 

29,092

 

Property and equipment

 

 

1,341

 

 

 

640

 

Right-of-use assets

 

 

3,510

 

 

 

3,233

 

Intangible assets

 

 

35,859

 

 

 

38,133

 

Goodwill

 

 

32,722

 

 

 

31,921

 

Other assets

 

 

 

 

 

348

 

Total Assets

 

 

106,595

 

 

 

103,367

 

 

 

 

 

 

 

 

Trade payables and other liabilities

 

 

19,946

 

 

 

21,846

 

Income taxes payable

 

 

463

 

 

 

917

 

Lease obligations on right of use assets

 

 

882

 

 

 

709

 

Deferred consideration

 

 

1,244

 

 

 

1,513

 

Derivative liability

 

 

 

 

 

471

 

Convertible debt

 

 

 

 

 

2,445

 

Loans payable

 

 

6,579

 

 

 

 

Total Current Liabilities

 

 

29,114

 

 

 

27,901

 

Deferred income tax liabilities

 

 

680

 

 

 

852

 

Lease obligations on right of use assets

 

 

2,815

 

 

 

2,568

 

Deferred consideration

 

 

 

 

 

1,426

 

Other non-current liabilities

 

 

487

 

 

 

373

 

Total Liabilities

 

 

33,096

 

 

 

33,120

 

 

 

 

 

 

 

 

Share capital

 

 

131,729

 

 

 

120,015

 

Shares to be issued

 

 

 

 

 

3,491

 

Contributed surplus

 

 

17,680

 

 

 

19,887

 

Accumulated deficit

 

 

(81,210

)

 

 

(76,063

)

Accumulated other comprehensive income

 

 

5,300

 

 

 

2,917

 

Total Equity

 

 

73,499

 

 

 

70,247

 

Total Liabilities and Equity

 

 

106,595

 

 

 

103,367

 

 

BRAGG GAMING GROUP INC.

SELECTED FINANCIAL GAAP AND NON-GAAP MEASURES

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

EUR 000

 

2024

 

2023

 

2024

 

2023

Revenue

 

27,160

 

 

23,357

 

 

102,001

 

 

93,519

 

Operating Loss

 

(654

)

 

(431

)

 

(3,543

)

 

(777

)

EBITDA

 

4,039

 

 

3,327

 

 

13,351

 

 

12,290

 

Adjusted EBITDA

 

4,682

 

 

2,786

 

 

15,790

 

 

15,236

 

 

For media enquiries or interview requests, please contact:

Robert Simmons,

Head of Communications at Bragg Gaming Group

press@bragg.group

Investors:

James Carbonara

Hayden IR

+1 (646)-755-7412

james@haydenir.com

Source: Bragg Gaming Group Inc.

FAQ

What were Bragg Gaming's (BRAG) Q4 2024 financial results?

Q4 2024 revenue reached EUR 27.2M (up 16.3% YoY), with adjusted EBITDA of EUR 4.7M (up 68.1%).

What is Bragg Gaming's (BRAG) revenue guidance for 2025?

Bragg expects 2025 revenue between EUR 117.5M-123.0M, with adjusted EBITDA of EUR 19.0M-21.5M.

How much revenue does Bragg Gaming (BRAG) expect from Brazil and North America by end of 2025?

Bragg expects Brazil to contribute up to 10% and North America up to 15% of total revenue by end of 2025.

What was Bragg Gaming's (BRAG) cash position at the end of 2024?

Bragg held EUR 10.5M in cash and cash equivalents as of December 31, 2024.

What new markets did Bragg Gaming (BRAG) enter in Q4 2024?

Bragg launched operations in Brazil's regulated iGaming market and expanded to Delaware, its fifth U.S. iGaming state.
Bragg Gaming Group Inc

NASDAQ:BRAG

BRAG Rankings

BRAG Latest News

BRAG Stock Data

104.38M
18.11M
27.52%
5.68%
1.23%
Gambling
Consumer Cyclical
Link
Canada
Toronto