Bragg Gaming Group (BRAG) News
Market Cap: $102.78M
Avg Volume: 59.65K
Industry: Electronic Gaming & Multimedia
Sector: Technology
Bragg Gaming Group To Settle USD 5 Million of Secured Promissory Note; Short-term Extension Agreement Reached for Remaining USD 2 Million
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or the “Company”), a leading global B2B iGaming content and technology provider, today announced it has reached an agreement with its lenders, certain entities controlled by Doug Fallon, to repay USD 5 million of its outstanding USD 7 million secured promissory note and to extend the maturity of the remaining USD 2 million until June 6, 2025 (the “Note”). The company is in the process of securing a new revolving cre.
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Here's Why Investors Should Retain Bragg Gaming Stock for Now
BRAG is investing in data-driven tools, gamification features and player engagement solutions to drive growth. However, elevated expenses are a concern.
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Bragg Gaming Deepens LatAm Roots With RapidPlay Partnership
Bragg gains exclusive RapidPlay content, boosting growth in Brazil's booming iGaming market.
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Bragg Gaming Partners with and Invests in Brazilian Specialist Online Casino Studio RapidPlay
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or the “Company”), a leading global B2B iGaming content and technology provider, today announced the acquisition of a strategic equity stake in, and the signing of an exclusive content partnership with RAPIDPLAY LTD (“RapidPlay”), a specialist Brazilian game development studio renowned for its localized, high-performance online casino content tailored to Brazilian and the broader Latin American market. Founded by a.
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Are Consumer Discretionary Stocks Lagging Bragg Gaming Group Inc. (BRAG) This Year?
Here is how Bragg Gaming Group Inc. (BRAG) and Capcom Co., Ltd. (CCOEY) have performed compared to their sector so far this year.
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Is Bragg Gaming Group Inc. (BRAG) Stock Undervalued Right Now?
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
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Bragg Gaming Group Inc. (BRAG) Q4 2024 Earnings Call Transcript
Bragg Gaming Group Inc. (NASDAQ:BRAG ) Q4 2024 Results Conference Call March 20, 2025 8:30 AM ET Company Participants Matevz Mazij - Chief Executive Officer Robbie Bressler - Interim Chief Financial Officer Conference Call Participants David McFadgen - Cormark Securities Gianluca Tucci - Haywood Securities Jack Vander Aarde - Maxim Group Operator Good morning, everyone. My name is Regina and thank you for joining the Fourth Quarter and Full Year 2024 Earnings Conference Call for Bragg Gaming Group.
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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)
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 Adju.
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Bragg Gaming's Growth Prospects Remain Strong
Bragg Gaming Group Inc.'s growth pipeline stands strong in especially the US and Brazil. The company is guiding accelerating revenue growth for 2025 along with gross margin expansion, while operating leverage still seems to be moderate. With continued gradual margin expansion, I estimate BRAG stock to be undervalued. In a base scenario, I estimate a 68% upside to a fair value of $7.12.
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Is Bragg Gaming Group Inc. (BRAG) Stock Outpacing Its Consumer Discretionary Peers This Year?
Here is how Bragg Gaming Group Inc. (BRAG) and Capcom Co., Ltd. (CCOEY) have performed compared to their sector so far this year.
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Bragg Gaming to Release Fourth Quarter and Full Year 2024 Results on March 20, 2025
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or the “Company”) announces today that it will release its fourth quarter and full year 2024 financial results prior to the opening of the financial markets on Thursday, March 20, 2025. The release will be followed by a conference call at 8:30 a.m. Eastern Time, hosted by Bragg Chief Executive Officer, Matevž Mazij and Chief Financial Officer, Robbie Bressler, to discuss the Company's financial results and provide a.
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Should Value Investors Buy Bragg Gaming Group Inc. (BRAG) Stock?
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
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Here's Why Bragg Gaming Group Inc. (BRAG) Looks Ripe for Bottom Fishing
Bragg Gaming Group Inc. (BRAG) appears to have found support after losing some value lately, as indicated by the formation of a hammer chart. In addition to this technical chart pattern, strong agreement among Wall Street analysts in revising earnings estimates higher enhances the stock's potential for a turnaround in the near term.
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Bragg Gaming Expands to Second Canadian Province with Loto-Québec Content Deal
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or the “Company”) is pleased to announce that it has entered into an online casino content agreement with Canadian operator Loto-Québec, the only 100% legal and local casino site in the province of Loto-Québec. The agreement marks the expansion of Bragg into its second Canadian province, following Bragg's prior entry into Ontario in March 2022. Pursuant to the agreement, Loto-Québec will benefit from access to exclu.
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Stock Picks From Seeking Alpha's January 2025 New Analysts
In January, Seeking Alpha welcomed 29 new analysts. This article introduces them and showcases some of their top picks. Analysts highlighted include The Conservative Investor recommending Dassault Aviation, Christopher Gray on ASML Holding, and Inflexio Research on Bragg Gaming Group, all rated as Buys. Analysts' diverse backgrounds span sectors like technology, finance, and consumer staples, with investment strategies focusing on value, growth, and special situations.
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Are Investors Undervaluing Bragg Gaming Group Inc. (BRAG) Right Now?
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
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Bragg Gaming Expands Partnership With Caesars to Boost Growth
BRAG expands its partnership with CZR, transitioning from a content supplier to a key technology partner.
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Bragg Gaming: B2B iGaming Operator Set To Grow Double-Digit With Expanding Margins
Bragg Gaming has faced multiple headwinds but continues to grow, driven by strategic focus on high-margin proprietary content and expansion into new markets. Founder Matevz's return as CEO and board revamp have strengthened leadership, with significant insider stock purchases signaling confidence in future growth. Despite recent stock volatility, Bragg's investments are paying off with double-digit revenue growth, margin expansion, and new client wins in key markets.
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Bragg Gaming Expands Into Brazil's Online Casino Market
BRAG stock will benefit from entering the Brazilian market amid regulated online casino operations. Know the new market's potential and the product offerings.
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Bragg Gaming is Live in Brazil's Regulated iGaming Market
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or the “Company”) a provider of iGaming content and platform technology solutions to the iGaming industry is proud to confirm that it is live as a supplier to licensed operators in the Brazilian market, following the introduction of regulated online casino operations in the territory on January 1, 2025. The newly regulated Brazilian online casino market is projected to be worth USD 1.4 billion in 2025, and is expect.
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Bragg Gaming Group Inc. (BRAG) Q3 2024 Earnings Call Transcript
Bragg Gaming Group Inc. (NASDAQ:BRAG ) Q3 2024 Earnings Conference Call November 14, 2024 8:30 AM ET Company Participants Matevz Mazij - Chief Executive Officer Robbie Bressler - Interim Chief Financial Officer Conference Call Participants Jordan Bender - Citizens JMP Gianluca Tucci - Haywood Securities Jack Codera - Maxim Group Operator Good morning, everyone. My name is Sarah, and thank you for joining the Third Quarter of 2024 Earnings Conference Call for Bragg Gaming Group.
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Bragg Gaming Group Announces Record Third Quarter 2024 Revenue of EUR 26.2 Million (USD 29.3 Million)
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) ("Bragg" or the "Company"), a global B2B content-driven iGaming technology provider, today reported record revenue for the third quarter of 2024. Summary of 3Q24 Financial and Operational Highlights Euros (millions)(1) 3Q24 3Q23 Change Revenue € 26.2 € 22.6 15.9 % Gross profit € 14.0 € 11.9 18.1 % Gross profit margin 53.5 % 52.5 % 99 bps Adjusted EBITDA(2) € 4.1 € 3.8 .
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Bragg Gaming Group to Release Third Quarter 2024 Results on November 14
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group Inc. ( NASDAQ: BRAG , TSX: BRAG ) (“ Bragg ” or the “ Company”), a global B2B iGaming content and technology solutions provider, announced today that it will release its third quarter 2024 financial results prior to the opening of the financial markets on Thursday, November 14, 2024. The release will be followed by a conference call at 8:30 a.m. Eastern Time, hosted by Bragg Chief Executive Officer, Matevž Mazij and interim Chief Financial Officer, R.
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Keynotes and 50 Companies to Present at the Planet MicroCap Showcase: VANCOUVER in association with Small Cap Discoveries on September 25-26, 2024 at the Fairmont Waterfront Vancouver
VANCOUVER, BC / ACCESSWIRE / September 24, 2024 / Planet MicroCap presents the Planet MicroCap Showcase: VANCOUVER taking place on September 25-26, 2024, where 50 MicroCap public and private companies will be presenting at the Fairmont Waterfront Vancouver in Vancouver, BC. Event website: www.PlanetMicroCapShowcase.com The Planet MicroCap Showcase begins on Wednesday, September 25, 2024 with back to back keynotes from Paul Andreola, Founder and Editor of Small Cap Discoveries, and Brent Todd, Senior Investment Advisor at Canaccord Genuity Wealth Management, followed by 50 MicroCap public and private company presentations and 1x1 meetings on September 25 and 26.
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Bragg Gaming Group Inc. (BRAG) Q2 2024 Earnings Call Transcript
Bragg Gaming Group Inc. (NASDAQ:BRAG ) Q2 2024 Earnings Call August 8, 2024 8:30 AM ET Company Participants Matevz Mazij - Chief Executive Officer Robbie Bressler - Interim Chief Financial Officer Conference Call Participants Gianluca Tucci - Haywood Securities Jack Vander Aarde - Maxim Group Operator Good morning, everyone. My name is Jayel and thank you for joining the Second Quarter of 2024 Earnings Conference Call for Bragg Gaming Group.
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Bragg Gaming Group Announces Record Second Quarter 2024 Revenue of EUR 24.9 Million (USD 26.6 Million)
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) ("Bragg" or the "Company"), a global B2B content-driven iGaming technology provider, today reported record revenue for the second quarter of 2024. Summary of 2Q24 Financial and Operational Highlights Euros (millions)(1) 2Q24 2Q23 Change Revenue € 24.9 € 24.7 0.5 % Gross profit € 12.4 € 13.8 (10.3) % Gross profit margin 49.9 % 55.9 % (600) bps Adjusted EBITDA(2) € 3.6 € 4.7 (23.8) % Adjusted EB.
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Bragg Gaming: Q2 Is Comparing Against All-Time High Performance
Bragg Gaming Group is going to report Q2 results, which will be compared against an all-time high financial performance. Underlying growth momentum remains good with game launches and new partnerships, but a renegotiation with a key partner has weakened the margin outlook. Bragg Gaming Group stock's valuation remains cheap, and the potential of being acquired, or a merger, poses further short- to mid-term upside.
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Bragg Gaming (BRAG) Unveils 6th PAM Client in the Netherlands
Bragg Gaming (BRAG) offers its PAM software to Hard Rock Digital for the launch of HardRockCasino.nl, marking its sixth PAM customer in the Netherlands.
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Bragg Gaming Full Turnkey Solution Powers Hard Rock Casino Brand in The Netherlands
SLIEMA, Malta--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or the “Company”) has launched HardRockCasino.nl in the Dutch market, supplying its cutting-edge player account management (PAM) software to the brand. The agreement marks Bragg's 6th PAM client in the Netherlands, reinforcing Bragg's status as the leading technology and content supplier in the Dutch market. Hard Rock Casino NL will also benefit from Bragg's full suite of managed services which include 24/7 cu.
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Bragg Gaming Group Announces Results From Annual Meeting of Shareholders
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group Inc. (NASDAQ: BRAG, TSX: BRAG) ("Bragg" or the "Company"), a global B2B gaming technology and content provider, is pleased to announce the voting results from its annual general meeting of shareholders held on June 27, 2024 (the “Meeting”). All nominees set forth in the Company's management information circular dated May 21, 2024 (the "Circular") were elected as directors of the Company at the Meeting. Detailed results of the votes are set out below:.
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Bragg Gaming (BRAG) Expands in Pennsylvania With BetMGM
Bragg Gaming (BRAG) solidifies its partnership with BetMGM by extending its market reach in Pennsylvania with its newest games and RGS technology.
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Bragg Gaming Continues U.S. Expansion With BetMGM Pennsylvania Content Launch
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or the “Company”) proudly announces the launch of its newest games and Remote Game Server (RGS) technology with BetMGM in Pennsylvania. This marks the third state in which Bragg content is live with BetMGM, following earlier launches including in Michigan in 2022 and New Jersey in 2023 respectively. BetMGM players in Pennsylvania can now enjoy popular titles such as “Egyptian Magic” and “Fairy Dust” from Bragg's Ato.
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Bragg Gaming (BRAG) Expands Czech Reach With Kings Partnership
Bragg Gaming Group Inc. BRAG entered into an agreement with Kings Entertainment A.S. (Kings), a Czech land-based casino operator, to launch the Kingsbet online business in the Czech Republic.
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Bragg Gaming Continues Global Expansion, Powers Kingsbet.cz Launch with an End-to-End iGaming Solution
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or the “Company”) has launched its full turnkey solution with Czech land-based casino operator Kings Entertainment A.S. (“Kings”). Kings will operate their online business in the Czech Republic under the brand Kingsbet. Under the terms of the agreement signed between the two parties, Bragg will provide Kingsbet with Player Account Management (PAM) technology, exclusive content from Bragg studios, aggregated online c.
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Bragg Gaming Appoints Robbie Bressler as Interim Chief Financial Officer
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or “the Company”), a global iGaming technology and content provider, announced today the appointment of Robbie Bressler as interim Chief Financial Officer, effective July 1, 2024. Bressler brings a wealth of experience to the role, previously holding senior finance positions, including SVP Finance, at Bally's Corporation, Gamesys Group plc, and The Intertain Group Ltd. He is currently serving as CFO of ForumPay Ltd.
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Kunal Mishra joins ODDSworks as Chief Operating Officer/Chief Strategy Officer
CHICAGO--(BUSINESS WIRE)--ODDSworks, a North American iGaming technology and content provider, announced today that Kunal Mishra has been appointed as Chief Strategy Officer and Chief Operating Officer, enhancing its leadership team. Mr. Mishra brings over 27 years of gaming experience to ODDSworks. Prior to joining ODDSworks, he was Chief Operating Officer – Americas, for Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG.TO) where he was instrumental in expanding the company's day-to-day business op.
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Bragg Gaming Group Inc (BRAG) Q1 2024 Earnings Call Transcript
Bragg Gaming Group Inc (NASDAQ:BRAG ) Q1 2024 Results Conference Call May 9, 2024 8:30 AM ET Company Participants Yaniv Spielberg - Chief Strategy Officer Matt Mazij - Chair of the Board & Chief Executive Officer Ronen Kannor - Chief Financial Officer Doug Fallon - Group Director of Content Conference Call Participants Gianluca Tucci - Haywood Securities Jordan Bender - Citizen JMP Sid Dilawari - Cormac Securities Jack Vander Aarde - Maxim Group Operator Thank you for standing by. My name is Joe, and I will be your conference operator today.
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Bragg Announces US$7 Million Secured Note Financing
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group Inc. (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or the “Company”), a global B2B gaming technology and content provider, today announced the issuance of a secured promissory note in the principal amount of US$7 million (the “Note”) to certain entities controlled by Doug Fallon, Managing Director of Group Content of the Company and the Founder of Nevada-based Wild Streak Gaming. The Note matures on April 25, 2025 and bears interest at an annual rate of 14%, pa.
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Bragg Gaming Group to Release First Quarter 2024 Results on May 9
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group Inc. ( NASDAQ: BRAG , TSX: BRAG ) (“ Bragg ” or the “ Company”), a global B2B gaming technology and content provider, announced today that it will release its first quarter 2024 financial results prior to the opening of the financial markets on Thursday, May 9, 2024. The release will be followed by a conference call at 8:30 a.m. Eastern Time, hosted by Bragg Chief Executive Officer, Matevž Mazij, Chief Financial Officer, Ronen Kannor, and Chief Strat.
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Bragg Gaming and Light & Wonder Agree to an International Distribution Deal
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group Inc. (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or the “Company”), a global B2B gaming technology and content provider, today announced it has signed an international online casino content distribution agreement with Light & Wonder. The agreement will see high-performing games from Bragg's proprietary studios, Atomic Slot Lab, Indigo Magic, Wild Streak Gaming and Spin Games added to Light & Wonder's online ecosystem. Exclusive content from the suppli.
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Bragg Gaming Announces Resignation of Chief Financial Officer
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group Inc. (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or the “Company”), a global B2B gaming technology and content provider, today announced that Chief Financial Officer (“CFO”) Ronen Kannor has notified Bragg's board of directors (“Board”) that he will resign from his position to pursue other career opportunities, effective June 3, 2024. The Company confirms that the search for a replacement CFO has commenced. Matevž Mazij, Chief Executive Officer and Chair of t.
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Bragg Gaming Group (BRAG) Q4 2023 Earnings Call Transcript
Bragg Gaming Group (BRAG) Q4 2023 Earnings Call Transcript
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Bragg Gaming Reports Fourth Quarter and Full Year 2023 Financial Results, Confirms Formation of Special Committee
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or the “Company”), a global B2B content-driven iGaming technology provider, today reported record financial results for the fourth quarter and full year ended December 31, 2023. The Company also provided an update on its strategic growth initiatives and updated its growth targets for 2024 revenue and Adjusted EBITDA. Summary of FY23 and 4Q23 Financial and Operational Highlights Euros (millions)(1.
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BRAGG GAMING REPORTS FOURTH QUARTER AND FULL YEAR 2023 FINANCIAL RESULTS, CONFIRMS FORMATION OF SPECIAL COMMITTEE
FULL YEAR 2023 REVENUE RISES 10.4% TO EUR 93.5 MILLION (USD 100.5 MILLION) AND ADJUSTED EBITDA GROWS 26.3% TO EUR 15.2 MILLION (USD 16.3 MILLION) FULL YEAR GROSS PROFIT RISES 10.8% TO EUR 49.9 MILLION (USD 53.7 MILLION) REFLECTING HIGHER REVENUE IN GROSS PROFIT TO 53.4% TORONTO , March 26, 2024 /PRNewswire/ - Bragg Gaming Group (NASDAQ: BRAG) (TSX: BRAG) ("Bragg" or the "Company"), a global B2B content-driven iGaming technology provider, today reported record financial results for the fourth quarter and full year ended December 31, 2023. The Company also provided an update on its strategic growth initiatives and updated its growth targets for 2024 revenue and Adjusted EBITDA.
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BRAGG PRE-ANNOUNCES FULL YEAR 2023 REVENUE RISE OF 10.4% TO EUR 93.5 MILLION (USD 100.5 MILLION) AND ADJUSTED EBITDA GROWTH OF 26.3% TO EUR 15.2 MILLION (USD 16.3 MILLION)
RECONFIRMS FULL FINANCIAL RESULTS TO BE RELEASED ON MARCH 26 TORONTO , March 25, 2024 /PRNewswire/ - Bragg Gaming Group Inc. ( NASDAQ: BRAG) (TSX: BRAG ) (" Bragg" or the "Company"), a global B2B gaming technology and content provider, pre-announced today full year 2023 revenue of EUR 93.5 million, representing an increase of 10.4% year over year, with Adjusted EBITDA rising by 26.3% to EUR 15.2 million. The Company will release its full fourth quarter and full year 2023 financial results prior to the opening of the financial markets on Tuesday, March 26, 2024.
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Bragg Gaming Group to Release Fourth Quarter and Full Year 2023 Results on March 26
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group Inc. ( NASDAQ: BRAG , TSX: BRAG ) (“ Bragg ” or the “ Company”), a global B2B gaming technology and content provider, announced today that it will release its fourth quarter and full year 2023 financial results prior to the opening of the financial markets on Tuesday, March 26, 2024. The release will be followed by a conference call at 8:30 a.m. Eastern Time, hosted by Bragg Chief Executive Officer, Matevž Mazij, Chief Financial Officer, Ronen Kannor.
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Lottery Tickets? 3 Penny Stocks to Buy for Fast 100% Gains.
Many are under the illusion that penny stock investing is a risk-it-all phenomenon. However, I oppose such views because adding penny stocks to a diversified portfolio can lower risk while enhancing an investor's reward.
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Bragg Gaming Continues U.S. Expansion with Golden Nugget in Michigan
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or the “Company”) proudly announces that it has gone live with its newest games and Remote Game Server (RGS) technology at Golden Nugget in Michigan. This milestone marks a significant step in Bragg's ongoing commitment to delivering innovative and engaging content to players across North America. Games now available to Golden Nugget's players in Michigan include popular titles such as "Cai Fu Emperor Ways" and "Egy.
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Bragg Gaming Supplies Online Casino Game Aggregation for Superbet in Brazil
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group has taken its aggregation platform live with Superbet in Brazil, following a deal that sees the provider become a leading partner to the operator in one of the world's hottest gambling markets. As well as third-party content from the industry's most sought after providers, Bragg now supplies Superbet with its proprietary games portfolio, including popular titles from in-house studios Atomic Slot Lab and Indigo Magic. The deal sees Bragg cement its pr.
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Bragg Gaming Group to Participate at the Benchmark Company's 12th Annual Discovery 1X1 Investor Conference on December 7
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) ("Bragg" or the "Company"), a global B2B content-driven iGaming technology provider, announced today that Chief Executive Officer, Matevž Mazij, and Chief Strategy Officer, Yaniv Spielberg, will host meetings with institutional investors at The Benchmark Company's 12th Annual Discovery 1x1 Investor Conference to be held on Thursday, December 7, 2023 at The New York Athletic Club in New York City. Interested parties can acces.
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Analyst Upgrades: 7 Stocks That Just Got the Pros' Attention
While investors should always conduct their own research and consider various viewpoints, targeting stocks with analyst upgrades offers an excellent starting point. For one thing, market participants can leverage valuable intelligence already extracted.
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Bragg Gaming Announces Resignation of President and Chief Operating Officer
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group Inc. (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or the “Company”), a global B2B gaming technology and content provider, today announced that President and Chief Operating Officer, Lara Falzon, has provided notice that she will resign from her positions, effective December 31, 2023. Ms. Falzon will remain actively involved in the day-to-day operations of the Company until this date. Matevž Mazij, Bragg Chairman and Chief Executive Officer, commented, “During.
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Bragg Gaming Group Inc. (BRAG) Q3 2023 Earnings Call Transcript
Bragg Gaming Group Inc. (NASDAQ:BRAG ) Q3 2023 Earnings Conference Call November 9, 2023 8:30 AM ET Company Participants Yaniv Spielberg - Chief Strategy Officer Matevz Mazij - Chief Executive Officer Ronen Kannor - Chief Financial Officer Conference Call Participants Gianluca Tucci - Haywood Securities Jordan Bender - JMP Securities Adhir Kadve - Eight Capital Daniel Rosenberg - Paradigm Capital Inc Sid Dilawari - Cormark Securities Operator Welcome everyone to the Bragg Gaming Group Third Quarter 2023 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Yaniv Spielberg, Chief Strategy Officer for Bragg Gaming Group.
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Bragg Gaming Group Third Quarter Revenue Rises 8.0% Year Over Year to €22.6 Million (USD $24.0 Million)
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) ("Bragg" or the "Company"), a global B2B content-driven iGaming technology provider, today reported financial results for the third quarter ended September 30, 2023. The Company also reiterated its revenue and Adjusted EBITDA growth targets for the 2023 full year period. Summary of 3Q23 Financial and Operational Highlights Euros (millions)(1) 3Q23 3Q22 Change Revenue € 22.6 € 20.9 8.0 % Gross profit € 11.9 .
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Bragg Gaming Extends Agreement with Entain for Provision of PAM to BetCity.nl
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group Inc. (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or the “Company”), a global B2B gaming technology and content provider, today announced it has extended its agreement with Entain Plc (LSE: ENTL) to supply Entain's Dutch iGaming operator, BetCity.nl, with the Company's Player Account Management (“PAM”) platform until 2025. BetCity.nl will also continue to utilize Bragg's content and product delivery services on an exclusive basis for the duration of the extend.
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Bragg Gaming Group to Release Third Quarter 2023 Results on November 9 and Host Conference Call and Webcast
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) ("Bragg" or the "Company"), a global B2B gaming technology and content provider, announced today that it will release its third quarter 2023 financial results prior to the opening of the financial markets on Thursday, November 9, 2023. The release will be followed by a conference call at 8:30 a.m. Eastern Time, hosted by Bragg Chief Executive Officer, Matevž Mazij, Chief Financial Officer, Ronen Kannor, and Chief Strategy Of.
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Bragg Gaming Expands iGaming Content Reach in Italy with Lottomatica
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG), a leading content and technology provider to the online gaming industry, announced today the expansion of its content distribution network in Italy with Lottomatica Group S.p.A. (BIT: LTMC), the leading online casino operator in Europe's second largest regulated online casino market. The new content distribution agreement will bring Bragg's Italian casino content portfolio, including localized versions of proprietary games.
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4 Solid Stocks to Buy on Jump in Personal Income, Spending
Stocks like Guess?, Inc. (GES), Sonos, Inc. (SONO), Bragg Gaming Group Inc. (BRAG) and Hilton Worldwide Holdings Inc. (HLT) should benefit from the rise in personal spending and income.
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Wall Street Analysts Think Bragg Gaming Group Inc. (BRAG) Could Surge 71.04%: Read This Before Placing a Bet
The average of price targets set by Wall Street analysts indicates a potential upside of 71% in Bragg Gaming Group Inc. (BRAG). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.
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Bragg Gaming Group Appoints Matevž Mazij CEO
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group Inc. (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or the “Company”), a global B2B gaming technology and content provider, today announced the Board of Directors (the “Board”) has appointed Matevž Mazij, Chairman of the Board, as Chief Executive Officer, effective immediately. Mr. Mazij, Bragg's largest shareholder and the founder of Oryx Gaming, the Company's original PAM, aggregation and RGS gaming technology platforms, which was acquired by Bragg in 2018, ta.
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Billionaires Are Betting Big on These 3 Stocks Under $10
In the intricate tapestry of the investment world, one thread that consistently gauges the interest of analysts and investors alike is stocks that billionaires are buying. There's an undeniable allure in understanding the rationale behind the wealthy setting their sights on stocks to buy under $10.
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Bragg Gaming Extends Content Rollout in Ontario Following Launch with bet365
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or “the Company”), today announced that it has launched its new content and Remote Game Server (“RGS”) technology with bet365 in Ontario. The launch expands the reach of the Company's new Bragg Studios proprietary content in Ontario and demonstrates Bragg's continued progress with its North American expansion initiative. Proprietary content from Bragg Studios – including Fairy Dust from Atomic Slot Lab and Sea of Pl.
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Wall Street Analysts Believe Bragg Gaming Group Inc. (BRAG) Could Rally 67.98%: Here's is How to Trade
The consensus price target hints at a 68% upside potential for Bragg Gaming Group Inc. (BRAG). While empirical research shows that this sought-after metric is hardly effective, an upward trend in earnings estimate revisions could mean that the stock will witness an upside in the near term.
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Bragg Gaming Group Inc. (BRAG) Tops Q2 Earnings and Revenue Estimates
Bragg Gaming Group Inc. (BRAG) came out with quarterly earnings of $0.02 per share, beating the Zacks Consensus Estimate of $0.01 per share. This compares to break-even earnings per share a year ago.
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Bragg Gaming Group Second Quarter Revenue Rises 18.9% to Record €24.7 Million (USD $27.2 Million)
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) ("Bragg" or the "Company"), a global B2B content-driven iGaming technology provider, today reported record financial results for the second quarter ended June 30, 2023. The Company also updated its revenue and Adjusted EBITDA growth targets for full year 2023. Summary of 2Q23 Financial and Operational Highlights Euros (millions)(1) 2Q23 2Q22 Change Revenue € 24.7 € 20.8 18.9 % Gross profit € 13.8 € 11.6 1.
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Bragg Gaming Begins Global iGaming Content Roll-Out with PokerStars
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) today announced that it has signed a global content distribution agreement with PokerStars, a leading brand from Flutter Entertainment (LSE:FLTR), to provide a range of its successful games for PokerStars' customers worldwide. The agreement furthers Bragg's commitment to becoming a must-have content supplier for global tier-one iGaming operators. Bragg expects to begin its European roll-out with the operator, including the U.
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Bragg Gaming Group to Release Second Quarter 2023 Results on August 10 and Host Conference Call and Webcast
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) ("Bragg" or the "Company"), a global B2B gaming technology and content provider, announced today that it will release its second quarter 2023 financial results prior to the opening of the financial markets on Thursday, August 10, 2023. The release will be followed by a conference call at 8:30 a.m. Eastern Time, hosted by Bragg Chief Executive Officer, Yaniv Sherman, Chief Financial Officer, Ronen Kannor, and Chief Strategy O.
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Bragg Gaming: 2023 Is Shaping Up As A Good Year As Margins Improve
Bragg Gaming booked strong Q1 2023 financial results thanks to organic growth and I think is likely to meet its guidance for the full year. The company is valued at just 3.5x EV/EBITDA based on the midpoint of its 2023 EBITDA guidance. In my view, Bragg Gaming should be trading at above 6x EV/EBITDA which translates into $5.22 per share at EBITDA of $17 million.
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Bragg Gaming Group Inc. (BRAG) Reports Q1 Loss, Tops Revenue Estimates
Bragg Gaming Group Inc. (BRAG) came out with a quarterly loss of $0.02 per share versus the Zacks Consensus Estimate of a loss of $0.03. This compares to loss of $0.04 per share a year ago.
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Bragg Gaming Extends New Content Rollout to Pennsylvania via Launch at Rush Street Interactive's BetRivers
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or “the Company”), today announced that it has launched its new content and technology with Rush Street Interactive, Inc. (NYSE: RSI) (“Rush Street” or “RSI”) in Pennsylvania. This launch, which builds on the Company's Spin Games content that is already live in the state, introduces the Company's new, proprietary Bragg Studios content to a large and growing U.S. jurisdiction. This demonstrates continued progress wit.
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3 Buy-Ranked Stocks Experts Recommend
This is a deeper look at why brokers have a Strong Buy (or equivalent) rating on PLL, GLNG and BRAG shares.
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Bragg Gaming Group to Present at the Planet MicroCap Showcase: VEGAS 2023 on Wednesday, April 26, 2023 & 1x1 Meetings on Thursday, April 27, 2023
TORONTO, ON / ACCESSWIRE / April 14, 2023 / Bragg Gaming Group (NASDAQ:BRAG) (TSX:BRAG) ("Bragg" or the "Company"), a global B2B content-driven iGaming technology provider, today announced that it will be presenting at the Planet MicroCap Showcase: VEGAS 2023 on Wednesday, April 26, 2023 at 1:30PM PST. Yaniv Spielberg, Chief Strategy Officer for Bragg Gaming Group, will host the presentation and answer questions at the conclusion.
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Consumer Discretionary Stocks Are In Play: 5 Picks
March CPI data shows the smallest increase since May 2021. We see this as a thumbs up to Consumer Discretionary spending.
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Bragg Gaming Group Inc. (BRAG) Reports Q4 Loss, Tops Revenue Estimates
Bragg Gaming Group Inc. (BRAG) delivered earnings and revenue surprises of 20% and 25.42%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?
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Bragg Gaming Extends New Content Rollout Following Launch with DraftKings in New Jersey
TORONTO--( BUSINESS WIRE )--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or “the Company”), today announced that it has launched its new content and technology with DraftKings Inc. (NASDAQ: DKNG) (“DraftKings”) in New Jersey. The launch further expands the reach of Bragg's new, proprietary content in the U.S. and demonstrates continued progress for its North American expansion initiative.
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New Bragg Content Rollout Continues with Launch at Rush Street Interactive's Betrivers.com in New Jersey
TORONTO--( BUSINESS WIRE )--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or “the Company”), today announced that it has launched its new content and technology with Rush Street Interactive (NYSE: RSI) (“RSI”) in New Jersey, further expanding the Company's reach in the U.S. RSI is one of the leading iGaming operators in the U.S., Canada and Latin America.
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Bragg Gaming Group to Participate at the Benchmark Company's 11th Annual Discovery 1x1 Investor Conference on December 1
TORONTO--( BUSINESS WIRE )--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) ("Bragg" or the "Company"), a global B2B gaming technology and content provider, announced today that its Chief Executive Officer, Yaniv Sherman, and Chief Strategy Officer, Yaniv Spielberg, will host meetings with institutional investors at The Benchmark Company's 11th Annual Discovery 1x1 Investor Conference to be held on Thursday, December 1, 2022 at The New York Athletic Club in New York City.
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Bragg Gaming Group, Inc. (BRAG) Q3 2022 Earnings Call Transcript
Bragg Gaming Group, Inc. (NASDAQ:BRAG ) Q3 2022 Earnings Conference Call November 10, 2022 8:30 AM ET Company Participants Yaniv Spielberg - CSO Yaniv Sherman - CEO Ronen Kannor - CFO Conference Call Participants Gianluca Tucci - Haywood Securities Sid Dilawari - Cormark Securities Jack Vander Aarde - Maxim Group Edward Engel - ROTH Capital Operator Good morning. My name is Audra and I will be your conference operator today.
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Bragg Gaming Group Reports Record Third Quarter Results as Revenue Rises 62.3% to €20.9 Million (USD $20.9 Million)
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) ("Bragg" or the "Company"), a global B2B gaming technology and content provider, today reported record financial results for the third quarter ended September 30, 2022. The Company also provided an update on its strategic growth initiatives, reiterated its full year 2022 revenue and Adjusted EBITDA guidance and established initial growth targets for 2023 revenue and Adjusted EBITDA. Summary of 3Q22 Financial and Operational Highlights Euros (millions)(1) 3Q22 3Q21 Change Revenue € 20.9 € 12.9 62.3 % Gross profit € 10.4 € 6.6 58.0 % Gross profit margin 50.0 % 51.4 % -137 bps Adjusted EBITDA(2) € 2.2 € 1.5 51.6 % Adjusted EBITDA margin 10.7 % 11.5 % -76 bps Wagering revenue € 4.6 B € 3.2 B 42.4 % (1) Bragg’s reporting currency is Euros. The exchange rate provided is US$1.00 = €1.00. 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 “Our record third quarter results reflect significant year-over-year revenue, gross profit and Adjusted EBITDA growth highlighting our progress in providing value-added content and services to a growing global base of customers across regulated iGaming markets, including in North America,” said Yaniv Sherman, Chief Executive Officer for Bragg. “In the third quarter of 2022, we generated third quarter records for revenue of €20.9 million (USD $20.9 million), gross profit of €10.4 million (USD $10.4 million), gross profit margin of 50.0%, and Adjusted EBITDA of €2.2 million (USD $2.2 million). Our operating momentum has been consistent throughout the year as for the first nine months of 2022 revenue, gross profit and Adjusted EBITDA have improved significantly, compared to the same period in 2021. “We continue to make steady progress on our strategic initiatives, including the development of new proprietary content, securing exclusive distribution agreements for popular third-party content and expanding our customer base and the number of markets we serve, including the Dutch market where we have established a leading position following our launch with multiple operators since the market opened. We have also integrated the Wild Streak Gaming and Spin Games acquisitions, established two new in-house game studios, and adjusted other areas throughout the organization to further streamline our operations and better position Bragg to scale as a global business. “As a content-led business, we are focused on accelerating the number of proprietary games we develop and growing the number of exclusive third-party games from leading studios, such as Sega Sammy Creation, Bluberi and Bally’s Interactive’s Gaming Arts and King Show Games studios, we can offer our customers. Our library of proprietary and exclusive third-party games has grown consistently throughout 2022 and that growth will accelerate in 2023 and beyond. We also continue to further differentiate our content library through new exclusive iGaming content distribution agreements with leading third-party game development studios. Our expanding library of proprietary and exclusive third-party content will serve us well as we deploy these new games over our newer tech stack with customers in markets we already serve, as well as when we enter new markets, particularly in North America.” Mr. Sherman concluded, “Our positive Adjusted EBITDA, combined with capital we raised in the third quarter positions us to continue to invest to drive further growth. Reflecting our strong performance through the first nine months of the year and our expectations for consistent operating execution in the fourth quarter, we are reiterating our guidance for 2022 full year revenue and Adjusted EBITDA. Looking ahead, we expect our consistent execution against our strategy and growth initiatives will drive further revenue and Adjusted EBITDA growth in 2023. Our expectation that we will continue to deliver top-line and Adjusted EBITDA growth in what is currently a highly dynamic and volatile environment is a testament to our team members ability to execute on our focused strategies, which positions us well to deliver near- and long-term shareholder value.” Third Quarter 2022 and Recent Business Highlights Since July 1, 2022, Bragg’s new Remote Game Server (“RGS”), powered by the Oryx tech stack, has gone live in Connecticut and Ontario as well as in Michigan where the Company’s new proprietary, US-focused content is live with three major iGaming operators. In September, Bragg raised net proceeds of USD $8.4 million of growth capital through an investment by Lind Global Fund II LP in the form of a USD $8.7 million convertible debt security which has a face value of USD $10.0 million. In September, the Company entered into an iGaming content development partnership with Bally’s Interactive (formally Gamesys), pursuant to which Bally’s Interactive online brands such as Virgin Casino, JackpotJoy and Vera&John will launch content from Bragg’s proprietary slots studios along with a range of exclusive proprietary and third-party titles from Bragg’s existing and future portfolio. Bragg will also distribute titles on an exclusive basis via its RGS from a select number of Bally’s Interactive’s third-party partner studios, marking a new and exclusive distribution channel for iGaming content from certain developers including Gaming Arts and King Show Games. In October, Bragg entered into an agreement with Sega Sammy Creation Inc. (“SSC”) for the exclusive rights to distribute select titles from SSC’s popular content portfolio to iGaming operators in the U.S., U.K. and other global markets. Third Quarter 2022 Financial Results and other Key Metrics Highlights Revenue increased by 62.3% to €20.9 million (USD $20.9 million) compared to €12.9 million (USD $12.9 million) in 3Q21. Wagering revenue generated by customers of €4.6 billion (USD $4.6 billion) increased from €3.2 billion (USD $3.2 billion) in 3Q21. Wagering revenue in 3Q22 reflects a change in product mix towards turn-key customers (Player Account Management or PAM), managed services and proprietary content, resulting in improved gross profit and Adjusted EBITDA. Gross profit increased 58% to €10.4 million (USD $10.4 million) from €6.6 million (USD $6.6 million) in 3Q21, representing a gross profit margin of 50.0%. Net loss for the period was €2.0 million (USD $2.0 million), an improvement from a net loss of €2.5 million (USD $2.5 million) in 3Q21, primarily due to higher gross profit that was offset by an increase in IT and hosting costs, professional fees, transnational and exceptional costs, sales and marketing expense and higher depreciation and amortization. Adjusted EBITDA was €2.2 million (USD $2.2 million), an increase of 51.6% compared to €1.5 million (USD $1.5 million) in 3Q21, representing an Adjusted EBITDA margin of 10.7%. Cash and cash equivalents as of September 30, 2022 was €17.2 million (USD $17.2 million) which reflects in part the €8.3million (USD $8.4 million) in net proceeds from the convertible debt security issued in September. Full Year 2022 Revenue and Adjusted EBITDA Guidance Reflecting its expectation for continued steady operating performance in 4Q22, Bragg reiterated its outlook for 2022 full year expected revenue and Adjusted EBITDA of €76-80 million (USD $76-80 million) and €10-11 million (USD $10-11 million), respectively. The midpoints of the 2022 revenue and Adjusted EBITDA guidance ranges represent growth of 34% and 46%, respectively, over the reported full year 2021 revenue and Adjusted EBITDA. Bragg also provided an initial expectation for 2023 full year revenue growth of low double-digit percentage and for 2023 full year Adjusted EBITDA growth of at least 20%. Investor Conference Call The Company will host a conference call today, November 10, 2022, at 8:30 a.m. Eastern Time, to discuss its third quarter 2022 results. During the call, management will review a presentation that will be made available to download or follow as a webcast at https://investors.bragg.games. To join the call, please use the below dial-in information: Participant Toll-Free Dial-In Number (US/CANADA): (888) 210-4227 Participant Toll Dial-In Number (INTERNATIONAL): (646) 960-0341 United Kingdom: Toll-Free: +44 800 358 0970 United Kingdom: Toll Dial-In: +44.20.3433.3846 Conference ID: 2522980 Or join the webcast at https://investors.bragg.games under the Media section. A replay of the call will be available until November 17, 2022 following the conclusion of the live call. In order to access the replay, dial (647) 362-9199 or (800) 770-2030 (toll-free) and use the passcode 2522980. Cautionary Statement Regarding Forward-Looking Information This news release may contain 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 2022, expected performance of the Company’s business; expansion into new markets; the impact of the new German regulatory regime, 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 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 following: the impact of any public health measures on the business of the Company; 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, the meeting minimum listing requirements of the stock exchanges on which the Company's shares trade; which may not be achieved or realized within the time frames stated or at all; 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 favorable 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; 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- and nine-month periods ended September 30, 2022. About Bragg Gaming Group Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) is a content-driven iGaming technology provider, serving online and land-based gaming operators with its proprietary and exclusive content, and its cutting-edge technology. Bragg Studios offer high-performing, data-driven and passionately crafted casino gaming titles from in-house brands Wild Streak Gaming, Spin Games, Atomic Slot Lab, Indigo Magic and Oryx Gaming. Its proprietary content portfolio is complemented by a range of exclusive titles from carefully selected studio partners which are Powered By Bragg: games built on Bragg remote games server (Bragg RGS) technology, distributed via the Bragg Hub content delivery platform and available exclusively to Bragg’s customers. Bragg’s modern and flexible omnichannel Player Account Management (Bragg PAM) platform powers multiple leading iCasino and sportsbook brands and is supported by expert in-house managed operational and marketing services. All content delivered via the Bragg Hub, whether exclusive or from Bragg’s large, aggregated games portfolio, is managed from a single back-office and is supported by powerful data analytics tools, as well as Bragg’s Fuze™ player engagement toolset. Bragg is licensed or otherwise certified, approved and operational in multiple regulated iCasino markets globally, including in New Jersey, Pennsylvania, Michigan, Ontario, the United Kingdom, the Netherlands, Germany, Sweden, Spain, Malta and Colombia. Find out more. Financial tables follow BRAGG GAMING GROUP INC. INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE INCOME (LOSS) (In thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenue 20,899 12,874 61,053 42,561 Cost of revenue (10,454 ) (6,263 ) (28,961 ) (22,276 ) Gross Profit 10,445 6,611 32,092 20,285 Selling, general and administrative expenses (12,034 ) (8,864 ) (33,539 ) (24,838 ) Loss on remeasurement of derivative liability (101 ) — (101 ) — Gain on remeasurement of consideration receivable — 36 37 48 Gain on remeasurement of deferred consideration 52 — 521 — Operating Loss (1,638 ) (2,217 ) (990 ) (4,505 ) Net interest expense and other financing charges (246 ) (99 ) (524 ) (227 ) Loss Before Income Taxes (1,884 ) (2,316 ) (1,514 ) (4,732 ) Income taxes (114 ) (161 ) (1,114 ) (1,150 ) Net Loss (1,998 ) (2,477 ) (2,628 ) (5,882 ) Items to be reclassified to net loss: Cumulative translation adjustment 2,211 364 4,396 1,913 Net Comprehensive Income (Loss) 213 (2,113 ) 1,768 (3,969 ) Basic and Diluted Loss Per Share (0.09 ) (0.12 ) (0.12 ) (0.30 ) Millions Millions Millions Millions Weighted average number of shares - basic and diluted 21.9 20.0 21.2 19.3 BRAGG GAMING GROUP INC. INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in thousands) As at As at September 30, December 31, 2022 2021 Cash and cash equivalents 17,183 16,006 Trade and other receivables 11,760 8,454 Prepaid expenses and other assets 1,995 2,442 Consideration receivable — 56 Total Current Assets 30,938 26,958 Property and equipment 524 252 Right-of-use assets 774 579 Intangible assets 48,974 30,845 Goodwill 28,507 24,728 Other assets 30 28 Total Assets 109,747 83,390 Trade payables and other liabilities 19,905 14,357 Deferred revenue 1,116 27 Income taxes payable 1,219 784 Lease obligations on right of use assets - current 432 149 Deferred consideration - current 1,364 — Derivative liability - current 3,568 — Loans payable 119 — Total Current Liabilities 27,723 15,317 Deferred income tax liabilities 1,113 1,243 Non-current lease obligations on right of use assets 397 451 Convertible debt 5,000 — Deferred consideration 2,591 — Other non-current liabilities 580 184 Total Liabilities 37,404 17,195 Share capital 109,902 100,285 Broker warrants 38 38 Shares to be issued 6,982 13,746 Contributed surplus 19,912 18,385 Accumulated deficit (71,371 ) (68,743 ) Accumulated other comprehensive income 6,880 2,484 Total Equity 72,343 66,195 Total Liabilities and Equity 109,747 83,390 BRAGG GAMING GROUP INC. UNAUDITED SELECTED FINANCIAL GAAP AND NON-GAAP MEASURES (in thousands) Three Months Ended September 30, Nine Months Ended September 30, EUR 000 2022 2021 2022 2021 Revenue 20,899 12,874 61,053 42,561 Operating loss (1,638 ) (2,217 ) (990 ) (4,505 ) EBITDA 837 (884 ) 4,944 (1,285 ) Adjusted EBITDA 2,237 1,476 8,412 5,755
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Bragg Gaming Group, Inc.'s (BRAG) CEO Yaniv Sherman on Q2 2022 Results - Earnings Call Transcript
Bragg Gaming Group Inc. (NASDAQ:BRAG ) Q2 2022 Earnings Conference Call August 9, 2022 8:30 AM ET Company Participants Yaniv Spielberg - Chief Strategy Officer Yaniv Sherman - Chief Executive Officer Ronen Kannor - Chief Financial Officer Conference Call Participants Neal Gilmer - Haywood Securities Harman Bassi - Canaccord David McFadgen - Cormark Securities Jack Vander Aarde - Maxim Group Operator Good morning. My name is Dennis and I will be your conference operator today.
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Bragg Gaming Group Reports Record Second Quarter Results as Revenue Rises 34.2% to €20.8 Million (USD $21.3 Million)
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) ("Bragg" or the "Company"), a global B2B gaming technology and content provider, today reported record financial results for the second quarter ended June 30, 2022. The Company also provided an update on its strategic growth initiatives and raised its full year 2022 revenue and Adjusted EBITDA guidance. Euros (millions)(1) 2Q22 2Q21 Change Revenue €20.8 €15.5 34.2% Gross profit €11.6 €7.0 65.5% Gross profit margin 55.9% 45.3% 1060bps Adjusted EBITDA(2) €3.1 €1.9 62.9% Adjusted EBITDA margin 14.9% 12.3% 260bps Wagering revenue €4.2B €3.8B 9.0% Chief Executive Officer Commentary “Our strong second quarter results include significant year-over-year growth, as well as quarterly-sequential improvements for revenue, gross profit, gross profit margin and Adjusted EBITDA,” said Yaniv Sherman, Chief Executive Officer for Bragg Gaming Group. “In the 2022 second quarter, we generated quarterly records for revenue of EUR €20.8 million (USD $21.3 million), gross profit of EUR €11.6 million (USD $11.9 million), gross profit margin of 55.9%, and Adjusted EBITDA of EUR €3.1 million (USD $3.2 million). Our operating momentum highlights our continued success in serving a growing base of customers in an expanding number of regulated global iGaming markets, with turnkey iGaming solutions that power their businesses, including proprietary and exclusive third-party content. “Following the completion in June of our acquisition of Spin Games, Bragg possesses the product development capabilities, industry expertise and licensed footprint across Europe and North America to achieve further and consistent progress on our content and market expansion growth initiatives. Our content development and distribution efforts, led by our four in-house game studios, are focused on leveraging proprietary design, game mechanics and math capabilities to develop games that address local player preferences across European and North American markets. We expect to release approximately 22 proprietary games this year representing a 120% increase from 2021, with our game development roadmap poised to accelerate our new game releases next year and beyond. In addition, we will supplement our internal game development efforts with agreements for Bragg to exclusively distribute games from established popular third-party studios. We expect our execution against our content development and distribution strategy will result in a higher level of desirable ‘real estate’ allocation on leading iGaming operators’ sites, leading to higher player engagement that drives further top-line growth and margin improvement. “The North American iGaming market continues to grow. We expect to leverage our expertise and differentiated product and technology advantages to drive consistent growth with leading operators in these markets. This includes content localization and customization that addresses popular online and land-based themes.” Mr. Sherman concluded, “Reflecting our strong performance through the first half of the year and our ongoing business momentum, we are raising our guidance for 2022 full year revenue and Adjusted EBITDA to new ranges of EUR €76-80 million (USD $78-82 million) and EUR €10-11 million (USD $10-11 million), respectively. As demonstrated by our operating results to-date in 2022, our success with these efforts is driving strong top-line growth and margin improvement, highlighting our ability to deliver near- and long-term shareholder value.” Second Quarter 2022 Financial Results and other Key Metrics Highlights Revenue increased by 34.2% to EUR €20.8 million (USD $21.3 million) compared to EUR €15.5 million (USD $15.9 million) in 2Q21. Wagering revenue generated by customers of €EUR 4.2 billion (USD $4.3 billion) increased from EUR €3.8 billion (USD $3.9 billion) in 2Q21. Wagering revenue in 2Q22 reflects a change in product mix towards PAM, managed services and proprietary content, resulting in improved gross profit and Adjusted EBITDA. Gross profit increased 65.5% to EUR €11.6 million (USD $11.9 million) from EUR €7.0 million (USD $7.2 million) in 2Q21, reflecting higher revenue and a 1,060 basis point year-over-year margin improvement to a quarterly record 55.9%. The margin expansion is primarily the result of the continued shift towards a higher proportion of revenues from iGaming and turnkey services, which have lower associated cost of sales when compared to games and content. The higher mix of iGaming revenues includes an increase in revenues from proprietary games which have no cost of sales. The margin expansion is primarily the result of the continued shift towards a higher proportion of revenues from iGaming and turnkey services, which have lower associated cost of sales when compared to games and content. The higher mix of iGaming revenues includes an increase in revenues from proprietary games which have no cost of sales. Net income for the period was EUR €0.1 million (USD $0.1 million), an improvement from net loss of EUR €2.3 million (USD $2.4 million) in 2Q21, primarily due to higher gross profit and lower professional fees and transactional costs, partially offset by an incremental increase in employee costs, sales and marketing expense, and higher depreciation and amortization. Adjusted EBITDA was EUR €3.1 million (USD $3.2 million), an increase of 62.9% compared to EUR €1.9 million (USD $1.9 million) in 2Q21. Adjusted EBITDA margin increased by 260 basis points to 14.9%, reflecting the Company’s increased scale and an improvement in the product mix of iGaming and turnkey services. Adjusted EBITDA margin decreased by 40 basis points on a quarterly sequential basis. Cash and cash equivalents as of June 30, 2022 was EUR €11.0 million (USD $11.3 million) which reflects the EUR €9.0 million (USD $9.2 million) paid in the quarter for the acquisition of Spin Games. Raises Full Year 2022 Revenue and Adjusted EBITDA GuidanceBragg today raised its outlook for 2022 full year expected revenue and Adjusted EBITDA to new ranges of EUR €76-80 million (USD $78-82 million) and EUR €10-11 million (USD $10-11 million), respectively. The midpoints of the 2022 revenue and Adjusted EBITDA guidance ranges represent growth of 34% and 46%, respectively, over the reported full year 2021 revenue and Adjusted EBITDA. The higher 2022 Adjusted EBITDA outlook includes the impact of continued investments in the business focused on driving further top-line growth. Bragg’s prior guidance for the 2022 full year was for revenue of EUR €68-72 million (USD $70-74 million) and Adjusted EBITDA of EUR €9.5-10.5 million (USD $9.7-10.7 million). Investor Conference Call The Company will host a conference call today, August 9, 2022, at 8:30 a.m. Eastern Time, to discuss its second quarter 2022 results. During the call, management will review a presentation that will be made available to download or follow as a webcast at https://investors.bragg.games. To join the call, please use the below dial-in information: Participant Toll-Free Dial-In Number (US/CANADA): (888) 210-4227 Participant Toll Dial-In Number (INTERNATIONAL): (646) 960-0341 United Kingdom: Toll-Free: +44 800 358 0970 United Kingdom: Toll Dial-In: +44.20.3433.3846 Conference ID: 2522980 Or join the webcast at https://investors.bragg.games under the Media section. A replay of the call will be available until August 16, 2022 following the conclusion of the live call. In order to access the replay, dial (647) 362-9199 or (800) 770-2030 (toll-free) and use the passcode 2522980. Cautionary Statement Regarding Forward-Looking Information This news release may contain 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 2022, expected performance of the Company’s business; expansion into new markets; the impact of the new German regulatory regime, expected future growth and expansion opportunities; expected benefits of transactions, including the acquisition of Wild Streak and Spin; 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 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 following: the impact of COVID-19 on the business of the Company; the integration of Wild Streak and Spin Games; 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, the meeting minimum listing requirements of Nasdaq; which may not be achieved or realized within the time frames stated or at all; 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; the risks associated with the completion of the acquisition of Spin and ability to satisfy closing conditions; risks associated with the integration of Wild Streak; 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 favorable terms; realization of growth estimates, income tax and regulatory matters; the increased costs associated with meeting the minimum listing requirements on Nasdaq; 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; and risks related to health pandemics and the outbreak of communicable diseases, such as the current outbreak of COVID-19. 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- and six-month periods ended June 30, 2022. About Bragg Gaming Group Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) is a content-driven iGaming technology provider and owner of leading B2B companies in the iGaming industry. Since its inception in 2018, Bragg has consistently expanded its operations across Europe, North America and Latin America and is continuing to grow as an international industry leader within the global online gaming market. Through its wholly owned subsidiary ORYX Gaming, Bragg delivers proprietary, exclusive and aggregated casino content via its in-house remote games server (RGS) and ORYX Hub distribution platform. ORYX offers a full turnkey iGaming solution, including its Player Account Management (PAM) platform, as well as managed operational and marketing services. Nevada-based Wild Streak Gaming is Bragg's wholly owned premium US gaming content studio. Wild Streak has a popular portfolio of casino games that are offered across land-based, online and social casino operators in global markets including the U.S. and U.K. Nevada-based Spin Games is Bragg’s wholly owned B2B gaming technology and content provider currently servicing the U.S. market. Spin holds licenses in key iGaming-regulated U.S. states and supplies Tier 1 operators in the region. Financial tables follow BRAGG GAMING GROUP INC. INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (In thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenue 20,794 15,491 40,154 29,687 Cost of revenue (9,167 ) (8,466 ) (18,507 ) (16,013 ) Gross Profit 11,627 7,025 21,647 13,674 Selling, general and administrative expenses (11,344 ) (8,856 ) (21,629 ) (16,010 ) Gain on remeasurement of consideration receivable - 6 37 12 Gain on remeasurement of deferred consideration 469 - 469 - Operating Income (Loss) 752 (1,825 ) 524 (2,324 ) Net interest expense and other financing charges (87 ) (24 ) (154 ) (92 ) Income (Loss) Before Income Taxes 665 (1,849 ) 370 (2,416 ) Income taxes (575 ) (482 ) (1,000 ) (989 ) Net Income (Loss) 90 (2,331 ) (630 ) (3,405 ) Items to be reclassified to net loss: Cumulative translation adjustment 1,601 424 2,185 1,549 Net Comprehensive Income (Loss) 1,691 (1,907 ) 1,555 (1,856 ) Basic Income (Loss) Per Share 0.00 (0.11 ) (0.03 ) (0.17 ) Diluted Income (Loss) Per Share 0.00 (0.11 ) (0.03 ) (0.17 ) Millions Millions Millions Millions Weighted average number of shares - basic 21.0 21.4 20.9 20.5 Weighted average number of shares - diluted 21.8 21.4 20.9 20.5 BRAGG GAMING GROUP INC. INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in thousands) As at As at June 30, December 31, 2022 2021 Cash and cash equivalents 11,046 16,006 Trade and other receivables 10,455 8,454 Prepaid expenses and other assets 1,764 2,442 Consideration receivable - 56 Total Current Assets 23,265 26,958 Property and equipment 495 252 Right-of-use assets 620 579 Intangible assets 46,827 30,845 Goodwill 28,432 24,728 Other assets 30 28 Total Assets 99,669 83,390 Trade payables and other liabilities 19,554 14,357 Deferred revenue 1,200 27 Income taxes payable 1,224 784 Lease obligations on right of use assets - current 231 149 Deferred consideration - current 1,378 - Loans payable 112 - Total Current Liabilities 23,699 15,317 Deferred income tax liabilities 1,131 1,243 Non-current lease obligations on right of use assets 431 451 Deferred consideration 2,570 - Other non-current liabilities 555 184 Total Liabilities 28,386 17,195 Share capital 109,897 100,285 Broker warrants 38 38 Shares to be issued 6,982 13,746 Contributed surplus 19,070 18,385 Deficit (69,373 ) (68,743 ) Accumulated other comprehensive income 4,669 2,484 Total Equity 71,283 66,195 Total Liabilities and Equity 99,669 83,390 BRAGG GAMING GROUP INC. UNAUDITED SELECTED FINANCIAL GAAP AND NON-GAAP MEASURES (in thousands) Three Months Ended June 30, Six Months Ended June 30, EUR 000 2022 2021 2022 2021 Revenue 20,794 15,491 40,154 29,687 Operating income (loss) 752 (1,825 ) 524 (2,324 ) EBITDA 2,635 (774 ) 3,983 (437 ) Adjusted EBITDA 3,096 1,900 6,051 4,242
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Bragg Gaming Expands Partnership with Rush Street Interactive to Rollout Online Casino Content with BetRivers.ca Brand in Ontario
TORONTO--(BUSINESS WIRE)--Marking further growth of its iGaming operations in the recently regulated Ontario market, Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) (“Bragg” or “the Company”), today announced that the Company is now live with its online gaming content with one of the Province's leading operators, Rush Street Interactive (NYSE: RSI) (“RSI”). RSI is one of the leading iGaming operators in Canada, regulated states in the U.S. and in Latin America. Representing the first North America
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Brag Gaming Group, Inc. (BRAG) on Q1 2022 Results - Earnings Call Transcript
Brag Gaming Group, Inc. (NASDAQ:BRAG ) Q1 2022 Earnings Conference Call May 11, 2022 8:00 AM ET Company Participants Yaniv Spielberg – Chief Strategy Officer Ronen Kannor – Chief Financial Officer Conference Call Participants Neal Gilmer – Haywood Securities Matthew Lee – Canaccord Genuity Adhir Kadve – Eight Capital Sid Dilawari – Cormark Securities Lisa Thompson – Zacks Investment Operator Good morning. My name is Rob and I will be your conference Operator today.
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Bragg Gaming Group Reports Record First Quarter Results as Revenue Rises 36.4% to €19.4 Million (USD $20.5 Million)
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) ("Bragg" or the "Company"), a global B2B gaming technology and content provider, today reported record financial results for the first quarter ended March 31, 2022. The Company also provided an update on its strategic growth initiatives and reiterated its full year 2022 revenue and Adjusted EBITDA guidance. Summary of Q1 2022 Financial and Operational Highlights Euros (millions) Q1 2022 Q1 2021 Change Revenue €19.4 €14.2 36.4 % Gross profit €10.0 €6.6 50.7 % Gross profit margin 51.8 % 46.8 % 490bps Adjusted EBITDA €3.0 €2.3 26.2 % Adjusted EBITDA margin 15.3 % 16.5 % -120bps Wagering revenue €3.8B €3.8B 0.8 % Note: Bragg’s reporting currency is Euros. The exchange rate provided for U.S. dollars is 1.056. Due to fluctuating currency exchange, this rate is provided for convenience only. Management Commentary “Our momentum continued in the first quarter as the successful execution of our growth initiatives focused on offering more higher-margin proprietary and third-party exclusive games and our iGaming PAM, combined with ongoing expansion into new regulated iGaming markets, drove strong growth in our operating results,” said Yaniv Spielberg, Chief Strategy Officer for Bragg Gaming. “In the first quarter, we generated quarterly record revenue of EUR €19.4 million (USD $20.5 million), gross profit of EUR €10.0 million (USD $10.6 million), and Adjusted EBITDA of EUR €3.0 million (USD $3.2 million). These record financial results reflect, in part, growing revenue from higher gross margin in-house content and platform revenue which together drove record quarterly gross profit margin of 51.8%, an 80 basis point improvement over our prior gross profit margin record achieved in 4Q 2021. The record quarterly margin supports our confidence that we have the right operating plan in place to achieve our goal of growing gross profit margin to approximately 60% by 2024. “The benefit of our initiative to offer more new propriety games and exclusive third-party online content is evident in the success of several recently introduced, internally developed games. Our newest games, Gold Party, Egyptian Magic and Fairy Dust, continue to perform well, with attractive, sustained player engagement. Going forward we will continue to execute on our detailed plan to customize many of the proprietary games we introduce, including the more than 35 new titles planned for this year, to address local market player preferences in Europe and North America, which we expect will generate attractive returns on our game development investments. At the same time, we continue to increase our exclusive content licensing agreements with leading game developers. With their strong performance and significantly higher margins compared to our aggregated content, our proprietary and exclusive third-party games initiative positions Bragg for continued revenue growth and the attainment of our margin growth goals. “We also continue to significantly grow our presence in regulated global iGaming markets. Over the last 16 months, we have gone live with our iGaming content and/or platform in eight regulated European markets, including Portugal and the Czech Republic most recently, and marked our initial entry into the Americas with our content going live last month in Ontario with a Tier 1 operator, as well as the Bahamas late in Q1. We expect to grow our presence in Ontario over the next several months through agreements with additional large, well-known operators. Our total addressable market (“TAM”) is now approximately USD$13.5 billion. We expect this to continue to grow as we go live in Italy and several U.S states later this year. We are on track to complete our acquisition of Spin Games later this month, upon receipt of the remaining required regulatory approval. Reflecting the substantial progress with our integration of Spin Games’ technology platform with our ORYX platform, our already completed submissions of these integrations for certification by various U.S. gaming laboratories, and Spin Games’ existing relationships with more than 30 U.S. iGaming operators, we expect to introduce our iGaming content in regulated U.S. markets very quickly following the close of the acquisition. Our content offerings and platform capabilities offer compelling solutions for operators and engaging iGaming content for players and are helping to drive our strong performance in the Netherlands since we went live there in late in 2021, as well as in other newer markets. As we further expand the markets we address, we expect to leverage our expertise and product and technology advantages to drive continued growth.” Mr. Spielberg concluded, “We are off to a strong start to the year and while we are reiterating our guidance for 2022 full year revenue of EUR €68-72 million (USD $72-76 million) and Adjusted EBITDA of EUR €9.5-10.5 million (USD $10.0-11.1 million) given it is still very early in the year, we believe our continuing business momentum positions Bragg for the potential of another strong year of outperformance relative to this outlook. Finally, our attractive business model provides us with the flexibility to fund our aggressive new market expansion and proprietary game development growth initiatives through organic cash flow growth, which will support our goal of delivering new near- and long-term shareholder value.” First Quarter 2022 Financial Results and other Key Metrics Highlights Revenue increased by 36.4% to EUR €19.4 million (USD $20.5 million) in Q1 2022 compared to EUR €14.2 million (USD $15.0 million) in Q1 2021. Wagering revenue generated by customers of EUR €3.8 billion (USD $4.0 billion) was in line with wagering revenue generated by customers of EUR €3.8 billion (USD $4.0 billion) in Q1 2021. Wagering revenue in Q1 2022 reflects changes in product mix towards PAM, managed services and proprietary content, which drove improved gross profit and Adjusted EBITDA. Gross profit increased 50.7% to EUR €10.0 million (USD $10.6 million) from EUR €6.6 million (USD $7.0 million) in Q1 2021, reflecting higher revenue and a 490-basis point year over year margin improvement to 51.8%. The margin expansion is primarily the result of the continued shift towards a higher proportion of revenues from iGaming and turnkey services, which have lower associated cost of sales when compared to games and content. The higher mix of iGaming revenues includes an increase in revenues from proprietary games which have no cost of sales. The margin expansion is primarily the result of the continued shift towards a higher proportion of revenues from iGaming and turnkey services, which have lower associated cost of sales when compared to games and content. The higher mix of iGaming revenues includes an increase in revenues from proprietary games which have no cost of sales. Net loss for the period was EUR €0.7 million (USD $0.7 million), a decline from a net loss of EUR €1.1 million (USD $1.2 million) in Q1 2021, primarily due to higher gross profit and lower transactional costs, partially offset by an incremental increase in employee costs, professional fees, sales and marketing expense, and higher depreciation and amortization. Adjusted EBITDA was EUR €3.0 million (USD $3.2 million), an increase of 26.2% compared to EUR €2.3 million (USD $2.4 million) in Q1 2021. Adjusted EBITDA margin decreased by 120 basis points to 15.3%, reflecting the Company’s higher investments in software development, product, and senior management functions to execute the growth initiatives implemented in mid-2021. The Adjusted EBITDA margin increased on a quarterly sequential basis by 550 basis points. Cash and cash equivalents as of March 31, 2022 was EUR €18.4 million (USD $19.4 million). Reiterates Full Year 2022 Revenue and Adjusted EBITDA Guidance Bragg today reiterated its outlook for 2022 full year expected revenue of EUR €68-72 million (USD $72-76 million) and Adjusted EBITDA of EUR €9.5-10.5 million (USD $10.0-11.1 million). The midpoints of the 2022 revenue and Adjusted EBITDA guidance ranges represent growth of 20% and 39%, respectively, over the reported full year 2021 revenue and Adjusted EBITDA. Investor Conference Call The Company will host a conference call today, May 11, 2022, at 8:00 a.m. Eastern Time, to discuss its first quarter 2022 results. During the call, management will review a presentation that will be made available to download or follow as a webcast at http://www.bragg.games/investors. To join the call, please use the below dial-in information: Participant Toll-Free Dial-In Number (US/CANADA): (888) 210-4227 Participant Toll Dial-In Number (INTERNATIONAL): (646) 960-0341 United Kingdom: Toll-Free: +44 800 358 0970 Conference ID: 2522980 Or join the webcast at http://www.bragg.games/investors under the Media section. A replay of the call will be available until May 22, 2022 following the conclusion of the live call. In order to access the replay, dial (647) 362-9199 or (800) 770-2030 (toll-free) and use the passcode 2522980. Cautionary Statement Regarding Forward-Looking Information This news release may contain 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 2021 and 2022, expected performance of the Company’s business; expansion into new markets; the impact of the new German regulatory regime, expected future growth and expansion opportunities; expected benefits of transactions, including the acquisition of Wild Streak and Spin; 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 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 following: the impact of COVID-19 on the business of the Company; the closing of the acquisition of Spin; the integration of Wild Streak; 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, the meeting minimum listing requirements of Nasdaq; which may not be achieved or realized within the time frames stated or at all; 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; the risks associated with the completion of the acquisition of Spin and ability to satisfy closing conditions; risks associated with the integration of Wild Streak; 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 favorable terms; realization of growth estimates, income tax and regulatory matters; the increased costs associated with meeting the minimum listing requirements on Nasdaq; 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; and risks related to health pandemics and the outbreak of communicable diseases, such as the current outbreak of COVID-19. 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 period ended March 31, 2022. About Bragg Gaming Group Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) is a growing global gaming technology and content group and owner of leading B2B companies in the iGaming industry. Since its inception in 2018, Bragg has grown to include operations across Europe, North America and Latin America and is expanding into an international force within the global online gaming market. Through its wholly-owned subsidiary ORYX Gaming, Bragg delivers proprietary, exclusive and aggregated casino content via its in-house remote games server (RGS) and ORYX Hub distribution platform. ORYX offers a full turnkey iGaming solution, including its Player Account Management (PAM) platform, as well as managed operational and marketing services. Nevada-based Wild Streak Gaming is Bragg's wholly owned premium US gaming content studio. Wild Streak has a popular portfolio of casino games that are offered across land-based, online and social casino operators in global markets including the U.S. and U.K. In May 2021, Bragg announced its planned acquisition of Nevada-based Spin Games, B2B gaming technology and content provider currently servicing the U.S. market. Spin holds licenses in key iGaming-regulated U.S. states and supplies Tier 1 operators in the region. Find out more. Financial tables follow BRAGG GAMING GROUP INC. INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE INCOME (LOSS) (In thousands, except per share amounts) Three Months Ended March 31, EUR 000 2022 2021 Revenue 19,360 14,196 Cost of revenue (9,340) (7,547) Gross Profit 10,020 6,649 Selling, general and administrative expenses (10,285) (7,154) Gain on remeasurement of consideration receivable 37 6 Operating Loss (228) (499) Net interest expense and other financing charges (67) (68) Loss Before Income Taxes (295) (567) Income taxes (425) (507) Net Loss (720) (1,074) Items to be reclassified to net loss: Cumulative translation adjustment - continuing operations 584 1,125 Net Comprehensive Income (Loss) (136) 51 Basic and Diluted Loss Per Share (0.04) (0.06) Millions Millions Weighted average number of shares - basic and diluted 20.0 18.1 BRAGG GAMING GROUP INC. INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in thousands) As at As at March 31, December 31, EUR 000 2022 2021 Cash and cash equivalents 18,412 16,006 Trade and other receivables 9,233 8,454 Prepaid expenses and other assets 2,763 2,442 Consideration receivable 2 56 Total Current Assets 30,410 26,958 Property and equipment 296 252 Right-of-use assets 559 579 Intangible assets 30,891 30,845 Goodwill 24,728 24,728 Other assets 30 28 Total Assets 86,914 83,390 Trade payables and other liabilities 16,380 14,357 Deferred revenue 150 27 Income taxes payable 1,060 784 Lease obligations on right of use assets - current 169 149 Total Current Liabilities 17,759 15,317 Deferred income tax liabilities 1,187 1,243 Non-current lease obligations on right of use assets 424 451 Other non-current liabilities 184 184 Total Liabilities 19,554 17,195 Share capital 101,693 100,285 Broker warrants 38 38 Shares to be issued 13,746 13,746 Contributed surplus 18,278 18,385 Deficit (69,463 ) (68,743 ) Accumulated other comprehensive income 3,068 2,484 Total Equity 67,360 66,195 Total Liabilities and Equity 86,914 83,390 BRAGG GAMING GROUP INC. UNAUDITED SELECTED FINANCIAL GAAP AND NON-GAAP MEASURES (in thousands) Three Months Ended Three Months Ended March 31, March 31, EUR 000 2022 2021 Revenue 19,360 14,196 Operating loss (228) (499) EBITDA 1,348 337 Adjusted EBITDA 2,955 2,342
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Bragg Gaming Group Inc. (BRAG) Management on Q4 2021 Results - Earnings Call Transcript
Bragg Gaming Group Inc. (BRAG) Management on Q4 2021 Results - Earnings Call Transcript
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Bragg Gaming Group 2021 Reports Record Fourth Quarter Results as Revenue Rises 14.4%
TORONTO--(BUSINESS WIRE)--Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) ("Bragg" or the "Company"), a global B2B gaming technology and content provider, today reported record financial results for the fourth quarter and full year ended December 31, 2021. The Company also provided an update on its strategic growth initiatives and reiterated its full year 2022 revenue and Adjusted EBITDA guidance. Summary of Q4-21 and FY-21 Financial and Operational Highlights Euros (millions) Q4-21 Q4-20 Change Revenue €15.8 €13.8 14.4% Gross profit €8.0 €6.0 33.3% Gross profit margin 51.0% 43.8% 720bps Adjusted EBITDA €1.5 €1.3 22.2% Adjusted EBITDA margin 9.8% 9.1% 70bps Wagering revenue €3.1B €3.4B -8.4% Euros FY-21 FY-20 Change Revenue € 58.3 € 46.4 25.6% Adjusted EBITDA €7.2 €5.5 29.8% Wagering revenue €14.3B €11.8B 21.1% Management Commentary “The 2021 fourth quarter concluded an active and productive year for Bragg as continued execution on our key strategic initiatives drove significant operational accomplishments and strong financial results,” said Yaniv Spielberg, Chief Strategy Officer for Bragg Gaming. “In the fourth quarter we went live with our iGaming offering in the newly regulated Netherlands market and also went live in the U.K, the world’s largest iGaming market. Since the beginning of 2021, we have introduced player-popular content in six regulated European markets, increasing our total addressable market (“TAM”) by more than $10 billion to approximately USD$13.5 billion. We have also made significant progress towards our entry into additional new markets and expect to go live with our games in the U.S. and Canada later this year. Furthermore, we have also made substantial progress on our initiative to offer more new high-performing propriety and exclusive third-party online content through our June 2021 acquisition of Wild Streak, the recent introduction of our first new internally developed games and new exclusive content licensing agreements with leading game developers. Bragg’s continued progress with its new market and content monetization initiatives, combined with 42% growth in new customers in 2021, drove our strong fourth quarter and full year financial results. “Fourth quarter revenue of EUR €15.8 million (USD $17.5 million) and Adjusted EBITDA of EUR €1.5 million (USD $1.7 million) surpassed the preliminary results we provided last month and were both fourth quarter records. As a result, 2021 full year revenue and Adjusted EBITDA rose 26% and 30%, respectively to records of EUR €58.3 million (USD $64.7 million) and EUR €7.2 million (USD $8.0 million). In addition, the growing mix of higher gross margin in-house content and platform revenue contributed to a record quarterly gross profit margin of 51% in the fourth quarter, reflecting a 720 basis point year-over-year improvement. Our strong margin performance in the quarter highlights the significant progress we’ve made against our goal to grow gross profit margin to approximately 60% by 2024. “Our operating momentum has continued in the early months of 2022. We also continue to make progress on closing our acquisition of Spin Games as Bragg has completed all of its regulatory requirements. We are now awaiting final review by the sole remaining regulatory body which is expected to be complete in the next few months. Importantly, we have made substantial progress on the integration of the Spin Games technology platform with our ORYX platform and have already submitted the integrations for certification by various approved U.S. gaming laboratories. As such, once we receive the remaining required regulatory approval to complete this acquisition, we expect to be able to introduce our iGaming content to players in a number of U.S. states very quickly. Importantly, the pace of U.S. deployments will benefit from Spin Games’ existing relationships with more than 30 U.S. iGaming operators.” Mr. Spielberg concluded, “Our planned entry into the U.S. and Canada as well as additional regulated European markets this year has Bragg on track to grow our year-end 2022 TAM to more than USD$21 billion. The strong performance we have achieved in a number of our recently entered markets as well as our existing markets in the early months of 2022, and the ongoing roll-out of our new proprietary games, amplifies our confidence for continued operating momentum. As a result, we are reiterating our outlook for 2022 full year revenue of EUR €68-72 million (USD $76-80 million) and Adjusted EBITDA of EUR €9.5-10.5 million (USD $10.5-11.7 million). The midpoints of these ranges represent growth of 20% and 39%, respectively, over reported full year 2021 revenue and Adjusted EBITDA. We believe the ongoing execution of our operating priorities favourably positions Bragg to both further accelerate this growth in 2023 and create new near- and long-term shareholder value.” Fourth Quarter 2021 Financial Results and other Key Metrics Highlights Revenue increased by 14.4% to EUR €15.8 million (USD $17.5 million) in Q4 2021 compared to EUR €13.8 million (USD $15.3 million) in Q4 2020. Wagering revenue generated by customers decreased 8.8% to EUR €3.1 billion (USD $3.4 billion) compared to EUR €3.4 billion (USD $3.8 billion) in Q4 2020 as a result of changes in the product mix, towards PAM, managed services and proprietary content which drove improved gross profit and Adjusted EBITDA. Gross profit increased by 33.3% to EUR €8.0 million (USD $8.9 million) from EUR €6.0 million (USD $6.7 million) in Q4 2020, reflecting higher revenue and a 720 basis point margin improvement to 51.0%. The margin expansion is primarily the result of the continued shift towards a higher proportion of revenues from iGaming and turnkey services, which have lower associated cost of sales when compared to games and content. The margin expansion is primarily the result of the continued shift towards a higher proportion of revenues from iGaming and turnkey services, which have lower associated cost of sales when compared to games and content. Net loss for the period was EUR €1.6 million (USD $1.8 million), a decline from a net loss of EUR €5.3 million (USD $5.9 million) in Q4 2020, primarily due to higher gross profit and a reduction in costs related to deferred consideration payable, partially offset by the incremental increase in employee costs and professional fees as a result of the Nasdaq listing. Adjusted EBITDA was EUR €1.5 million (USD $1.7 million), an increase of 22.2% compared to EUR €1.3 million (USD $1.4 million) in Q4 2020. Adjusted EBITDA margin increased by 70 basis points to 9.8%. Cash and cash equivalents as of December 31, 2021 was EUR €16.0 million (USD $17.8 million). 2021 Full Year Financial Results and other Key Metrics Highlights Revenue increased by 25.6% to EUR €58.3 million (USD $64.7 million) for 2021 compared to EUR €46.4 million (USD $51.5 million) in 2020. Wagering revenue generated by customers increased 21.1% to EUR €14.3 billion (USD $15.9 billion) compared to EUR €11.8billion (USD $13.1 billion) in 2020. The number of unique players using Bragg games via its Oryx Hub distribution platform and content increased by 11.2% to 6.5 million, from 5.9 million in 2020. Gross profit increased by 40.3% to EUR €28.3million (USD $31.4 million) from EUR €20.2million (USD $22.4 million) in 2020, reflecting a 510 basis point margin improvement to 48.6%. Net loss for the period was EUR €7.5 million (USD $8.3 million), an improvement from the net loss of EUR €14.6 million (USD $16.2 million) in 2020. Adjusted EBITDA was EUR €7.2 million (USD $8.0 million), an increase of 29.8% compared to EUR €5.5 million (USD $6.1 million) in 2020. Adjusted EBITDA margin increased by 40 basis points to 12.3%. Full Year 2022 Revenue and Adjusted EBITDA Guidance Bragg today reiterated its outlook for 2022 full year expected revenue of EUR €68-72 million (USD $76-80 million) and Adjusted EBITDA of EUR €9.5-10.5 million (USD $10.5-11.7 million). The midpoints of the 2022 revenue and Adjusted EBITDA guidance ranges represent growth of 20% and 39%, respectively, over the reported full year 2021 revenue and Adjusted EBITDA. Investor Conference Call The Company will host a conference call today, March 10, 2022, at 8:00 a.m. Eastern Time, to discuss its fourth quarter 2021 results. During the call, management will review a presentation that will be made available to download or follow as a webcast at http://www.bragg.games/investors. To join the call, please use the below dial-in information: Participant Toll-Free Dial-In Number (US/CANADA): (888) 210-4227 Participant Toll Dial-In Number (INTERNATIONAL): (646) 960-0341 United Kingdom: Toll-Free: +44 800 358 0970 Conference ID: 2522980 Or join the webcast at http://www.bragg.games/investors under the Media section. A replay of the call will be available until March 21, 2022 following the conclusion of the live call. In order to access the replay, dial (647) 362-9199 or (800) 770-2030 (toll-free) and use the passcode 2522980. Cautionary Statement Regarding Forward-Looking Information This news release may contain 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 2021 and 2022, expected performance of the Company’s business; expansion into new markets; the impact of the new German regulatory regime, expected future growth and expansion opportunities; expected benefits of transactions, including the acquisition of Wild Streak and Spin; 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 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 following: the impact of COVID-19 on the business of the Company; the closing of the acquisition of Spin; the integration of Wild Streak; 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, the meeting minimum listing requirements of Nasdaq; which may not be achieved or realized within the time frames stated or at all; 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; the risks associated with the completion of the acquisition of Spin and ability to satisfy closing conditions; risks associated with the integration of Wild Streak; 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 favorable terms; realization of growth estimates, income tax and regulatory matters; the increased costs associated with meeting the minimum listing requirements on Nasdaq; 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; and risks related to health pandemics and the outbreak of communicable diseases, such as the current outbreak of COVID-19. 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 EBITA 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- and twelve-month periods ended December 31, 2021. About Bragg Gaming Group Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) is a growing global gaming technology and content group and owner of leading B2B companies in the iGaming industry. Since its inception in 2018, Bragg has grown to include operations across Europe, North America and Latin America and is expanding into an international force within the global online gaming market. Through its wholly-owned subsidiary ORYX Gaming, Bragg delivers proprietary, exclusive and aggregated casino content via its in-house remote games server (RGS) and ORYX Hub distribution platform. ORYX offers a full turnkey iGaming solution, including its Player Account Management (PAM) platform, as well as managed operational and marketing services. Nevada-based Wild Streak Gaming is Bragg's wholly owned premium US gaming content studio. Wild Streak has a popular portfolio of casino games that are offered across land-based, online and social casino operators in global markets including the U.S. and U.K. In May 2021, Bragg announced its planned acquisition of Nevada-based Spin Games, B2B gaming technology and content provider currently servicing the U.S. market. Spin holds licenses in key iGaming-regulated U.S. states and supplies Tier 1 operators in the region. Find out more. Financial tables follow BRAGG GAMING GROUP INC. CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (In thousands, except per share amounts) 2021 2020 2021 2020 15,758 13,778 58,319 46,421 (7,722 ) (7,748 ) (29,998 ) (26,232 ) 8,036 6,030 28,321 20,189 (9,899 ) (10,416 ) (34,832 ) (22,828 ) 50 37 98 19 - (947 ) - (9,276 ) (89 ) - (89 ) - (1,902 ) (5,296 ) (6,502 ) (11,896 ) (52 ) (109 ) (184 ) (1,384 ) (1,954 ) (5,405 ) (6,686 ) (13,280 ) 324 89 (826 ) (1,196 ) (1,630 ) (5,316 ) (7,512 ) (14,476 ) - (2 ) - (90 ) (1,630 ) (5,318 ) (7,512 ) (14,566 ) 677 (129 ) 2,590 157 - (80 ) - (95 ) 44 - 44 - (909 ) (5,527 ) (4,878 ) (14,504 ) (0.08 ) (0.52 ) (0.39 ) (1.69 ) 0.00 (0.00 ) 0.00 (0.01 ) (0.08 ) (0.52 ) (0.39 ) (1.70 ) 20.0 10.3 19.5 8.6 BRAGG GAMING GROUP INC. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in thousands) 2021 2020 16,006 26,102 8,454 10,297 2,442 263 56 148 26,958 36,810 252 272 579 708 - 44 30,845 14,279 24,728 19,938 28 43 83,390 72,094 14,357 16,968 27 102 784 1,318 149 133 - 11,521 15,317 30,042 1,243 1,415 451 593 184 147 17,195 32,197 100,285 62,304 - 1,642 38 399 13,746 22,608 18,385 14,325 (68,743 ) (61,231 ) 2,484 (150 ) 66,195 39,897 83,390 72,094 BRAGG GAMING GROUP INC. UNAUDITED SELECTED FINANCIAL GAAP AND NON-GAAP MEASURES (in thousands) 2021 2020 2021 2020 15,758 13,778 58,319 46,421 (1,902 ) (5,296 ) (6,502 ) (11,896 ) (325 ) (4,623 ) (1,705 ) (9,023 ) 1,538 1,259 7,198 5,546
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