Key points:
- Bragg Gaming Group’s third-quarter 2024 revenue reached a record €26.2m, a 16% increase year-on-year
- Gross profit increased 18% and adjusted EBITDA grew 7%
- The company's strategic review process concluded, with the Board determining that ongoing execution of Bragg's strategy is the best path to maximise shareholder value
- Bragg reiterates 2024 guidance and anticipates sustained growth into 2025
Bragg Gaming Group has reported record revenue for Q3 2024, reaching €26.2m ($27.7m), an increase of 16% year-on-year.
Gross profit also grew by 18%, while adjusted EBITDA rose by 7% to €4.1m.
Bragg largely attributes this growth to a strong performance in its proprietary online content segment – especially in the US, which saw a 40% increase year-over-year due to expanded content distribution.
Off the back of these results, the Board of Directors announced the conclusion of its strategic alternatives review, initiated in March 2024.
The Board determined that the best path to maximise shareholder value is through the continued execution of Bragg’s existing strategic plan.
The Special Committee, formed to explore options such as mergers or a sale, ultimately found that none of the proposals adequately reflected Bragg’s value and future growth potential.
Commenting on the results (and the subsequent decision to conclude the strategic review), CEO Matevž Mazij stated: “The third quarter marked another period of strong growth and record results for Bragg. Revenue grew 16% year-over-year, gross profit increased 18% and adjusted EBITDA rose 7%.
“Additionally, we announced today that the Board of Directors has unanimously decided to conclude its review of strategic alternatives for Bragg. With the strategic review process complete, Bragg is now fully focused on commercialisation and unlocking profitable growth, without the need for significant new investment in product development.
“Our decade-long investments in technology and talent, combined with a robust leadership team, have built a scalable platform that uniquely positions us for aggressive growth in 2025 and beyond. With significant operating leverage now within reach, we’re poised for an exciting, high-growth and profitable future.”
To conclude the report, Bragg also reiterated its full-year 2024 revenue guidance of €102-109m and adjusted EBITDA of €15.2-18.5m, anticipating continued revenue growth and improved margins into 2025.
