Bragg Gaming Group Reports Record Fourth Quarter and Full Year 2025 Revenues; Welcomes Accomplished iGaming Executive, Thomas Winter, to Board
Executive Summary
- Bragg Gaming Group reported Q4 2025 revenue of €27.7 M (record quarterly total), a modest 1.9% YoY increase including The Netherlands, with strong growth in Brazil (+42.1%) and the United States (+55.0%).
- Net loss widened to €1.3 M for the quarter (€0.05 per share) versus €0.7 M a year earlier; operating loss narrowed to €0.1 M. Adjusted EBITDA was €4.6 M (16.5% margin).
- Full‑year 2025 revenue reached €106.1 M (+4.0% YoY); net loss for the year was €8.1 M (€0.32 per share). Adjusted EBITDA improved to €16.6 M. The balance sheet now shows cash of €6.7 M after repaying a US$7.0 M promissory note and securing a new revolving credit facility up to US$6.0 M.
Key Details
- Quarterly Revenue Highlights
- Total Q4 2025 revenue: €27.7 M (record).
- Netherlands revenue down 4.6% YoY (regulatory/tax pressure).
- Brazil revenue up 42.1% YoY, driven by new provider onboarding.
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U.S. recurring revenue up 55.0% YoY from expanded high‑margin proprietary content.
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Profitability Metrics
- Operating loss Q4 2025: €0.1 M (improved €0.6 M vs. prior year).
- Net loss Q4 2025: €1.3 M, or €0.05 per share (vs. €0.7 M, €0.03/share YoY).
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Adjusted EBITDA Q4 2025: €4.6 M (16.5% margin), slight decline from €4.7 M (17.2%).
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Full‑Year 2025 Financials
- Revenue: €106.1 M (+4.0% YoY).
- Operating loss: €5.3 M vs. €3.5 M in 2024.
- Net loss: €8.1 M (€0.32 per share) vs. €5.1 M (€0.21 per share) prior year.
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Adjusted EBITDA: €16.6 M (15.6% margin), up from €15.8 M (15.5%).
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Balance Sheet & Liquidity
- Fully repaid US$7.0 M secured promissory note.
- New revolving credit facility with a Tier‑One Canadian bank: up to US$6.0 M, at <½ prior borrowing cost.
- Drawn C$4.5 M principal and US$1.1 M overdraft under Term CORRA loans (second half of 2025).
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Cash & cash equivalents as of 31 Dec 2025: €6.7 M.
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Strategic Initiatives
- Appointed Morten Tonnesen as COO; promoted Garrick Morris to EVP‑Global Content, U.S. & Canada.
- Expanded U.S. content footprint via exclusive launch with Caesars Entertainment (West Virginia).
- Added exclusive/aggregated content partners in Brazil (Brazino777, Blaze, Super Technologies).
- Extended PAM platform agreements with 711.nl (Belgium), Entain Plc (BetCity.nl – Netherlands), and Senator Group (Croatia).
- Signed PAM & turnkey solution deal with SuomiVeto for the upcoming Finnish market (go‑live July 1 2027).
- Initiated “AI‑First” transformation: development of Bragg AI Brain, targeting AI‑enhanced product in >90% of launches and >75% workflow impact by 2027.
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Announced restructuring: ~12% global workforce reduction; expected €1.0 M termination costs Q1 2026; projected annual cash savings ≈ €4.5 M (excluding AI efficiencies).
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Governance Updates
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Appointed Thomas Winter to Board of Directors, replacing retiring director Kent Young; fees for directors will be paid in deferred share units only (effective Jan 1 2026).
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2026 Outlook
- Revenue guidance: €97.0 M – €104.5 M.
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Adjusted EBITDA guidance: €16.0 M – €19.0 M (margin 16.0%‑18.0%).
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Investor Call
- Conference call scheduled for the day of release at 8:30 a.m. ET; dial‑in details provided.
Notable Quotes
“We continued to execute well, delivering record revenues, strategic expansion and important AI and restructuring initiatives…position us well for 2026 and beyond…” – Matevž Mazij, CEO.
Materiality Assessment: Material – Neutral (the release contains a full set of quarterly and annual financial results, balance‑sheet changes, and significant strategic updates that are material to investors, though the net loss remains negative.)