Bragg Gaming Group Reports Strong Third Quarter 2025 Financial Results and Reiterates Full-Year Revenue Outlook
TORONTO--( BUSINESS WIRE)--Bragg Gaming Group (NASDAQ:BRAG; TSX:BRAG) (“Bragg” or the “Company”), a leading content and technology provider to the online gaming industry, today announced its financial results for the third quarter of 2025.
Third Quarter Financial Highlights:
Third Quarter and Recent Business Highlights:
Matevž Mazij, Chief Executive Officer for Bragg, commented, “Bragg delivered another solid quarterly performance, anchored by increased revenue, improved operational efficiency, and higher Adjusted EBITDA, all reflecting the strength and resilience of our diversified business model. The Company is successfully navigating evolving international regulatory and taxation developments with a view to pursuing markets and jurisdictions that offer opportunities to higher margin business.
“Our revenue growth was driven by exceptional performance in key strategic markets, with the United States and Brazil up 86% and 80%, respectively, highlighting our increasing scale in these high-potential regions. Excluding the Netherlands, where temporary regulatory impacts continue to normalize, Bragg achieved approximately 20% growth across the rest of its markets. We are also very encouraged by our ongoing success in advancing higher-margin proprietary content, securing new partnerships, and realizing the benefits of our expense structure realignment. These initiatives are already sharpening our commercial focus and enhancing the scalability of our operating model. Finally, the newly secured USD 6 million credit facility with BMO Bank further strengthens our financial position and provides flexibility to accelerate expansion into regulated markets such as Brazil and the U.S. As we look ahead to the remainder of 2025 and into 2026, we remain confident in our ability to deliver long-term value for our shareholders. We look forward to updating investors as we progress.”
2025 Outlook
The Company continues to anticipate full year 2025 revenue between €106.0 million and €108.5 million and Adjusted EBITDA of €16.5 million to €18.5 million.
Investor Conference Call
The Company will host a conference call today at 8:30 a.m. Eastern, and management will discuss the financial and operational performance of the company. A presentation of these results 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 +1 (800) 715-9871
Canada - Toronto +1 (647) 932-3411
Canada - Toll-Free +1 (800) 715-9871
United Kingdom Toll - +44 203 433 3846
United Kingdom Toll Free - +44 0800 358 0970
Conference ID: 3967732
A webcast of the call and presentation may also be viewed at: https://investors.bragg.group/financials/quarterly-results/default.aspx
An audio recording of the Event will be available via the Echo Replay platform until November 20, 2025. To access the platform by phone, please dial-in using one of the numbers listed below and input Playback ID: 3967732 followed by # key:
Replay Details:
USA/ International Toll: +1(609) 800-9909
USA & Canada Toll-Free: +1(800) 770-2030
Canada Toll: +1(647) 362-9199
United Kingdom Toll: +44 203 433 3849
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 and targets 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 the 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 non-IFRS financial measures, including “Adjusted EBITDA” and “Adjusted EBITDA Margin”, which are non-IFRS financial measures that the Company believes are 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 these non-IFRS financial measures will provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business and making decisions. Although management believes these financial measures are important in evaluating the Company, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. Non-IFRS measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS. These measures may be different from non-IFRS financial measures used by other companies, limiting their usefulness for comparison purposes. These non-IFRS measures and metrics are used to provide investors with supplemental measures of our operating performance and liquidity and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.
“Adjusted EBITDA” means EBITDA after: (i) adding back share based compensation; (ii) adding back or deducting gain (loss) on lease modification; (iii) deducting lease payments recorded as a depreciation of right-of-use assets and lease interest expense; (iv) adding back or deducting gain (loss) on re-measurement of contingent and deferred consideration; (v) adding back or deducting gain (loss) on re-measurement of derivative liabilities; (vi) adding back or deducting gain (loss) on settlement of convertible debt; (vii) adding back or deducting gain (loss) on disposal of intangible assets and (viii) adding back certain exceptional costs. “Adjusted EBITDA Margin” means Adjusted EBITDA divided by revenue. A reconciliation to IFRS financial measures is provided in this news release as well as in Company’s Management’s Discussion and Analysis (“MD&A”) for the three-month period ended September 30, 2025.
Future Oriented Financial Information
This news release and, in particular the information in respect of Bragg’s prospective revenues, Adjusted EBITDA and Adjusted EBITDA Margin may contain future oriented financial information (“FOFI”) within the meaning of applicable securities laws. The FOFI has been prepared by management to provide an outlook on Bragg’s proposed activities and potential results and may not be appropriate for other purposes. The FOFI has been prepared based on a number of assumptions, including assumptions with respect to customer growth and market expansion. Bragg and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments; however, the actual results of operations of Bragg and the resulting financial results may vary from the amounts set forth herein and such variations may be material. FOFI contained in this news release was made as of the date of this news release and Bragg disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.
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.
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Financial tables follow:
BRAGG GAMING GROUP INC.
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Revenue
26,804
26,169
78,388
74,841
Cost of revenue
(12,154
)
(12,167
)
(35,711
)
(36,558
)
Gross Profit
14,650
14,002
42,677
38,283
Selling, general and administrative expenses
(15,852
)
(14,829
)
(47,750
)
(40,918
)
Gain/(loss) on remeasurement of derivative liability
—
46
—
(94
)
Gain on settlement of convertible debt
—
104
—
169
Gain (Loss) on remeasurement of deferred consideration
—
271
(157
)
(329
)
Operating Loss
(1,202
)
(406
)
(5,230
)
(2,889
)
Net interest expense and other financing charges
(217
)
(848
)
(577
)
(2,370
)
Loss Before Income Taxes
(1,419
)
(1,254
)
(5,807
)
(5,259
)
Income taxes (expense) recovery
(886
)
1,089
(967
)
790
Net Loss
(2,305
)
(165
)
(6,774
)
(4,469
)
Items to be reclassified to net loss:
Cumulative translation adjustment
(730
)
(1,002
)
(4,833
)
(998
)
Net Comprehensive Loss
(3,035
)
(1,167
)
(11,607
)
(5,467
)
Basic Loss Per Share
(0.09
)
(0.01
)
(0.27
)
(0.19
)
Diluted Loss Per Share
(0.09
)
(0.01
)
(0.27
)
(0.19
)
Millions
Millions
Millions
Millions
Weighted average number of shares - basic
25.4
25.0
25.2
24.0
Weighted average number of shares - diluted
25.4
25.0
25.5
24.0
BRAGG GAMING GROUP INC.
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
As at
As at
September 30,
December 31,
2025
2024
Cash and cash equivalents
3,024
10,467
Trade and other receivables
25,510
20,072
Prepaid expenses and other assets
4,922
2,624
Total Current Assets
33,456
33,163
Property and equipment
1,251
1,341
Right-of-use assets
4,310
3,510
Intangible assets
29,363
35,859
Goodwill
31,214
32,722
Investments
500
—
Other assets
403
—
Total Assets
100,497
106,595
Trade payables and other liabilities
26,312
19,946
Income taxes payable
1,074
463
Lease obligations on right-of-use assets
1,364
882
Deferred consideration
—
1,244
Share appreciation rights liability
480
—
Loans payable
2,752
6,579
Total Current Liabilities
31,982
29,114
Deferred income tax liabilities
551
680
Lease obligations on right-of-use assets
3,057
2,815
Share appreciation rights liability
400
—
Other non-current liabilities
486
487
Total Liabilities
36,476
33,096
Share capital
133,253
131,729
Contributed surplus
18,285
17,680
Accumulated deficit
(87,984
)
(81,210
)
Accumulated other comprehensive income
467
5,300
Total Equity
64,021
73,499
Total Liabilities and Equity
100,497
106,595
BRAGG GAMING GROUP INC.
UNAUDITED SELECTED FINANCIAL GAAP AND NON-GAAP MEASURES
PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
Three Months Ended September 30,
Nine Months Ended September 30,
EUR 000
2025
2024
2025
2024
Revenue
26,804
26,169
78,388
74,841
Operating Loss
(1,202
)
(406
)
(5,230
)
(2,889
)
EBITDA
4,027
3,924
9,688
9,312
Adjusted EBITDA
4,445
4,083
11,988
11,109
BRAGG GAMING GROUP INC.
RECONCILIATION OF OPERATING LOSS TO EBITDA AND ADJUSTED EBITDA
PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
Three Months Ended September 30,
Nine Months Ended September 30,
EUR 000
2025
2024
2025
2024
Net Loss
(2,305
)
(165
)
(6,774
)
(4,469
)
Income taxes expense (recovery)
886
(1,089
)
967
(790
)
Loss Before Income Taxes
(1,419
)
(1,254
)
(5,807
)
(5,259
)
Net interest expense and other financing charges
217
848
577
2,370
Depreciation and amortization
5,229
4,330
14,918
12,201
EBITDA
4,027
3,924
9,688
9,312
Depreciation of right-of-use assets
(341
)
(229
)
(770
)
(602
)
Lease interest expense
(31
)
(24
)
(83
)
(84
)
Gain on lease modification
(4
)
—
(105
)
—
Share based compensation
4
106
1,589
710
Debt origination costs
412
72
412
72
Exceptional costs
378
655
1,100
1,447
(Gain) Loss on remeasurement of derivative liability
—
(46
)
—
94
Gain on settlement of convertible debt
—
(104
)
—
(169
)
(Gain) Loss on remeasurement of deferred consideration
—
(271
)
157
329
Adjusted EBITDA
4,445
4,083
11,988
11,109