Bragg Gaming reports Q4 revenue $25.2M, consensus $37.82M

Adjusted EBITDA decreased by 23.7% to $3M. The company said, “Through Bragg’s strategic efforts to establish the business as a premier content-focused iGaming B2B provider and our meticulous control over expenses, we achieved growth in revenue, gross profit, and Adjusted EBITDA in 2023, along with a 210bps improvement in Adjusted EBITDA margin to 16.3%. 2023 revenue rose 10.4% to EUR 93.5 million (USD 100.5 million), gross profit increased by 10.8% to EUR 49.9 million (USD 53.7 million), and adjusted EBITDA increased by more than 26% to EUR 15.2 million (USD 16.3 million). These achievements are attributed, in part, to a reconfiguration of our revenue mix, favoring higher-margin products like internally developed proprietary content, and our comprehensive Player Account Management (‘PAM’) platform, all while maintaining stringent cost control measures.”