On a year-over-year basis, Bragg’s top-line revenue has risen by 34%, driving double-digit increases across the board.
For Q2, the company’s gross profit amounted to €11.6m, up 66%, while adjusted EBITDA climbed from €1.9m to €3.1m for a 63% rise.
And Bragg’s bottom-line was in the black. The company generated €0.1m in second quarter net income, up from last year’s net loss of €2.3m.
It attributed this to, firstly, higher gross profit and secondly lower professional fees and transactional costs.
However, these factors were partially offset by an incremental rise in employee costs, sales and marketing expense, as well as higher depreciation and amortisation.
“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,” said Yaniv Sherman, Bragg’s CEO.
Based on its performance thus far in 2022, the company now expects to generate between €76m and €80m in full year revenue, as well as between €10m and €11m in adjusted EBITDA.
Bragg’s Q2 revenue bring its half-year total to €40.2m, placing it on track to exceed its full year guidance if it continues to record similar top-line growth.
Sherman continued: “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.”
