Key points:
- Bragg has released its Q4 & FY 2024 financial figures
- The company saw revenue rises of 16.3% and 9.1% for Q4 & FY24, respectively
- Operating losses, however, increased over both time periods
Supplier Bragg Gaming Group has released its Q4 & FY 2024 financial figures, highlighting growing revenues of €27.2m ($28.8m) during 2024’s fourth quarter and €102m over the course of the full year.
As specified, both of these figures represent year-on-year growth for the company, with Q4 2024 revenue up 16.3% in comparison to Q4 2023 – and full-year 2024 revenue up by 9.1% compared to the year prior.
Q4
Indeed, this latest positive increase in revenue reported by Bragg comes paired with a 30.9% rise in gross profits to €15.8m during Q4, alongside a 68.1% rise in adjusted EBITDA – which settled at €4.7m for the period. Further, gross profit margin rose to 58% from last year’s 51.5%, with adjusted EBITDA margin also up to 17.2%.
In juxtaposition to these positive rises, however, operating loss for the company increased by 51.7% year-on-year to €0.7m during the 2024’s final quarter.
FY 2024
With regard to Bragg’s full-year 2024 results, the supplier's 9.1% uplift in revenue to €102m also came alongside an 8.2% year-on-year rise in gross profit – which settled at €54m for the year with a margin of 53%, down 0.4% in comparison to the year prior.
Elsewhere, the supplier’s adjusted EBITDA saw an uptick of 3.6% year-on-year, hitting €15.8m for the year despite a falling adjusted EBITDA margin, which shifted to 15.5% for FY 2024, compared to 16.3% during FY 2023.
Similarly to results from the fourth quarter of 2024, operating losses also increased by a sizable 356% over the course of the full year, rising from €0.8m in 2023 to €3.5m in 2024
Now, following these latest results, Bragg Gaming has released its official 2025 financial outlook, highlighting an expected revenue figure of €117.5m - €123m, alongside expected adjusted EBITDA of €19m - €21.5m.
Good to know: These latest FY 2024 figures closely align with the 9% revenue growth predicted by Bragg in January
Recent updates
Over the course of 2024, Bragg initiated its recent LatAm expansion plans, which saw the supplier extend its operations into both the regulated Peruvian and Brazilian online gaming markets. Elsewhere, the company also appointed Neill Whyte as its new Chief Commercial Officer during Q2 2024.
More recently, last month saw the company expand into a second Canadian province via partnership with Loto-Québec – following its initial market entry into Ontario in 2022. Also in February, Bragg partnered with Svenska Spel as part of a deal that allows the operator to distribute Bragg Gaming’s content across the Swedish market.
Commenting on these latest financial results, Matevž Mazij, Bragg CEO, said: "Revenue and adjusted EBITDA grew sequentially for four straight quarters, culminating in record Q4 2024 revenue of €27.2m, up 16.3% year-over-year, and adjusted EBITDA of €4.7m rising by 68.1%.
"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."
