Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG), a prominent B2B iGaming technology provider, has reported a notable 4.2% increase in revenue for the first quarter of 2024, reaching EUR 23.8 million (USD 25.6 million).
The company also disclosed a gross profit of €11.9 million (USD $12.8 million) and an adjusted EBITDA of €3.4 million (USD $3.7 million), showcasing steady financial performance.
Matevž Mazij, CEO of Bragg Gaming Group, expressed satisfaction with the results, stating, "We carried our strong momentum in 2023 into the first quarter, delivering robust growth that underscores the ongoing success of our efforts to transform Bragg into a content-focused iGaming solutions provider across expanding North American and European markets."
The revenue boost, driven primarily by organic growth from existing clients and the addition of new customers, reflects the company's commitment to providing innovative gaming solutions. Mazij highlighted the success of their in-house studio, Wild Streak Gaming, as a significant contributor to the revenue surge.
While gross profit and adjusted EBITDA experienced slight declines due to contractual extensions and renegotiations, Bragg remains confident in its long-term growth prospects. The company introduced 19 new exclusive titles globally in the first quarter of 2024 and continues to expand its content distribution network.
Following the strong first-quarter performance, Bragg took strategic steps to fuel further growth. The company secured a USD 7.0 million investment through a promissory note, enhancing its financial flexibility.
Additionally, Neill Whyte was appointed as the new Chief Commercial Officer, bringing over 18 years of iGaming experience to the leadership team.
Looking ahead, Bragg reaffirms its full-year 2024 revenue guidance range of EUR 102.0-109.0 million (USD 109.7-117.2 million) and adjusted EBITDA range of EUR 15.2-18.5 million (USD 16.3-19.9 million).
With a focus on expanding its presence in regulated markets and driving innovation, Bragg remains poised for sustained growth and profitability in the dynamic iGaming industry.
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