Published Financial Report for Bragg Gaming in 2024, Firm Sticks to Previous Financial Forecasts
Bragg Gaming Group, a leading provider of B2B gaming solutions, has announced a series of significant achievements and expansion plans. The company, which has a robust pipeline of opportunities, recently entered a content deal with Loto-Québec, allowing it to enter a second Canadian province.
The company's CEO, Matevž Mazij, praised the record-breaking Q4 results, marking the fourth consecutive quarter of growth. Adjusted EBITDA in Q4 2024 was $5 million, a 68% year-on-year increase, while net profit for the same quarter amounted to $17.1 million, a 30.9% year-on-year increase. Bragg's Q4 revenue for 2024 was $28.8 million, a 16.3% year-on-year increase.
The favorable results were attributed to Bragg's continued investments in proprietary content and AI-enhanced platform capabilities. In 2024, Bragg expanded its portfolio by adding Greentube through content and partnership agreements, facilitating Greentube's entry into the Croatian market via a strategic partnership with Hrvatska Lutrija. This marks Bragg's expansion into Eastern Europe.
Bragg is optimistic about its strong roster of partners and opportunities to add additional partnering studios. The company recently signed a content partnership with casino and hospitality giant Caesars Entertainment and extended its partnership with Caesars Digital to Pennsylvania and Ontario. Bragg also entered the Brazilian market, a newly regulated gaming market.
Bragg's Stock Appreciation Rights (SAR) plan for its executive management team aims to align their interests with those of shareholders. The company is looking forward to continued growth in new markets, including Europe. As of December 31, 2024, Bragg Gaming Group had $11.1 million in cash and cash equivalents and reported $11.8 million in cash flow for the full year 2024.
Looking ahead, Bragg expects a shift in revenue concentration to contribute to its favorable 2025 outlook. The company expects its revenue for the year ended December 31, 2025, to be in the range of $127.1-133 million. Bragg Gaming Group also expects its adjusted EBITDA for the year ended December 31, 2025, to be between $20.6 million and $23.3 million.
In conclusion, Bragg Gaming Group has reported impressive results and is poised for continued growth. With a strong pipeline of opportunities, strategic partnerships, and a focus on innovation, the company is well-positioned to capitalize on the expanding global gaming market.
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