In late March, Bragg Gaming Group, a premier worldwide iGaming technology and solutions provider, reported its 2023 fiscal performance, signalling substantial expansion. Furthermore, the corporation unveiled its forecast and objectives for 2024.
Simultaneously, the firm reiterated its commitment to conduct a comprehensive examination of strategic options. Through this course of action, Bragg aims to spot possible growth avenues, including potential mergers, asset disposals, procuring funding for acquisitions, or pursuing other strategic goals not limited to these.
Most recently, the corporation has announced its first quarter figures, indicating a boost in revenue. Along with the financial specifics for Q1 2024, Bragg also shared insights on the exploration of its strategic alternatives, additionally spotlighting other substantial recent and future initiatives.
Matevž Mazij, Bragg’s Chief Executive Officer (CEO), expressed that the company managed to uphold the potent momentum generated throughout the previous year into the initial quarter of this year. Added Mazij: “our solid growth bolster the continued triumph of our initiative to evolve Bragg into a content-centric iGaming solutions provider in the burgeoning North American and European sectors.”
Mazij further discussed the 4.2% year-over-year surge in corporate revenue, attributing it to the organic growth amongst the company’s existing clientele along with the onboarding of fresh clients from diverse jurisdictions. He also brought up Bragg’s proprietary Wild Streak Gaming casino games studio, elaborating on its outstanding performance throughout Q1 2024.
Ongoing Examination of Strategic Alternatives
Moving focus to adjusted gross earnings and adjusted EBITDA, Mazij reported observing “slight declines” during the recent trading interval. He attributed these reductions to “the prolongation and renegotiation of our contract with Entain Plc to offer our PAM platform to BetCity.nl until 2025.” Nonetheless, despite this minor hitch, Mazij assures that Bragg remains optimistic about its potential to generate profits and support extended growth.
As for the ongoing analysis of strategic alternatives, Mazij confirmed that it is in progress. He clarified that through this investigation, Bragg foresees unearthing fresh expansion prospects but refrained from revealing the potential strategies to accomplish those goals.
“Further, as we keep making solid advancements on our strategic alternatives review process, it’s paramount to stress that we are conducting business as usual and staying determined to capitalize on growth opportunities.“
Matevž Mazij, CEO at Bragg
In Q1 2024, Bragg reported €23.8 million ($25.7 million) in revenue. This figure, when juxtaposed with the €22.9 million ($24.7 million) recorded for the equivalent period in 2023, represents an ascent of 4.2%.
Contrary to the expansion in revenue, Bragg’s gross profit experienced a decline of 2.8% reaching €11.9 million ($12.8 million) for this year’s first quarter. Additionally, adjusted EBITDA depicted a more significant reduction of 12.4% to €3.4 million ($3.7 million), as per the most recent unaudited financial update from the corporation.
