"Revenue and Adjusted EBITDA grew sequentially for four straight quarters, culminating in record 4Q 2024 revenue of EUR 27.2 million, up 16.3% year-over-year, and Adjusted EBITDA of EUR 4.7 million rising by 68.1%," said Matevž Mazij, CEO of Bragg.
"Our investments in proprietary content and AI-enhanced platform capabilities are driving both revenue growth and improved profitability. As we execute our strategic plan in key markets like Brazil and the US, we're leveraging our scalable platform and margin-accretive products to accelerate financial performance. The executive team we've assembled has already demonstrated their value through deals like our Caesars partnership, positioning Bragg for sustained revenue expansion and profit growth in 2025."
The Company believes that its proprietary and exclusive content and aggregation businesses are strategically positioned to capture a significant share of Brazil’s USD 1.5 billion iGaming market, projected to more than double to over USD 3.3 billion by 2029, according to H2 Gambling Capital.
Fourth quarter 2024 and recent business highlights
• Expanded to second Canadian province through Loto-Québec content deal
• Established content and technology partnership with Caesars Entertainment
• Launched operations in Brazil's regulated iGaming market
• Announced insider share purchases
• Reaffirmed strategic focus following corporate review
• Launched iGaming content in Delaware, the Company’s fifth U.S. iGaming state
• Expanded partnership with Caesars Digital to Pennsylvania and Ontario markets
Additional December 31, 2024 key financial metrics
• For the year ended December 31, 2024, Cash flow generated from operations activities was EUR 11.2 million (USD 11.8 million), compared to EUR 11.7 million (USD 12.4 million) for the year ended December 31, 2023.
• Cash and cash equivalents as of December 31, 2024 was EUR 10.5 million (USD 11.1 million) and net working capital, excluding deferred consideration and loans payable was EUR 11.9 million (USD 12.6 million)
Reiterates 2025 outlook
• Revenue Guidance: Revenue for the year ended December 31, 2025, is expected to reach between EUR 117.5 million and EUR 123.0 million, representing double digit growth compared to 2024.
• Adjusted EBITDA Guidance: Adjusted EBITDA is forecasted to range between EUR 19.0 million and EUR 21.5 million, compared to EUR 15.8 million in 2024, supported by a shift toward higher-margin product offerings.
• 2025e guidance (midpoint): Projects revenue increasing by 17.9% to EUR 120.25 million, EBITDA rising by 28.2% to EUR 20.25 million, and the EBITDA margin improving by 140 basis points to 16.8%.
trategic business drivers
The Company is expecting to realize its anticipated 2025 results in part, as a result of certain strategic initiatives, including:
• Shift in Revenue Concentration: The percentage of revenue from the Company’s proprietary and exclusive content business is expected to increase providing a more margin-accretive mix and improving profitability with reduced reliance on third party content revenue by year end.
• Growth in Key Markets: Content-focused products, including proprietary, exclusive and aggregated content are projected to drive significant revenue growth in Brazil and North America, which are expected to contribute up to 10% and 15% of revenue, respectively by year-end.
• Brazil’s Growth Potential: The Company believes that its proprietary and exclusive content and aggregation businesses are strategically positioned to capture a significant share of Brazil’s USD 1.5 billion iGaming market, projected to more than double to over USD 3.3 billion by 2029, according to H2 Gambling Capital.
• US Market Penetration: The Company believes that it is strategically positioned for significant growth in the US market by leveraging its proprietary and exclusive content portfolio. Through integration with top-tier operators such as DraftKings, FanDuel, Rush Street, Caesars and BetMGM, and licenses in all key iGaming states, the Company’s content is accessible to over 90% of the US iGaming market, valued at over $8 billion, according to H2 Gambling Capital.
Under the leadership of Neill Whyte, Chief Commercial Officer, and Garrick Morris, SVP (Commercial, US & Canada), veterans of the iGaming industry with multi-decade successful market penetration experience under their belt, the Company has strong leadership to garner enhanced market share.
It is expected that proprietary and exclusive content growth in the US will be further driven by the recently announced technology and content partnership with Caesars Entertainment Inc. This partnership, which leverages the Company’s cutting-edge technology and innovative development strengthens the Company’s profile in a competitive and dynamic market.
• Stronger Penetration in Major European Markets: Bragg aims to expand content distribution in key Western European markets, including Italy, UK, Spain, and Sweden, by leveraging existing integrations with top operators and implementing targeted sales strategies.
• Expand Exclusive Partnerships: The Company plans to increase its roster of partner studios to enhance the release cadence of titles in North America. Additionally, Bragg aims to grow exclusive content distribution in Central European markets, including the Czech Republic and Germany, through strategic partnerships with studios such as GAMOMAT and King Show Games.
• Stability in PAM Business: The Company’s PAM business is expected to remain flat year-overyear, an overall positive, despite the anticipated contraction of the Netherlands market in 2025 due to regulatory changes made in the fourth quarter of 2024.
• Enhanced Technology Profile: The Company continues to innovate with technologies such as FUZE™, which provides bonuses, free rounds, tournaments, jackpots, recommendation engine and other engagement and promotional tools seamlessly across all iGaming, sports betting and iLottery products, requiring no additional integration. These advanced features enhance player experience and contribute to the growth of the Company’s product portfolio revenue.
• Data and AI Enhancements: By leveraging extensive gaming data, the Company generates actionable insights and employs AI-driven optimizations to elevate player experiences and enhance operator profitability, thereby accelerating profitable growth in proprietary and exclusive content verticals. Opportunities to leverage AI to reduce costs and enhance product margins are also being actively explored.
• Pipeline Opportunities: A robust pipeline of opportunities is under development, which, if realized, could further enhance 2025 performance but are not yet reflected in the current guidance.
Source: GMB
