Bragg Gaming reports Q4 revenue EUR23.4M vs. EUR23.7M last year

Reports Q4 adjusted EBITDA EUR2.8M vs. EUR3.7M last year. CEO Matev Mazij commented: “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 93.5M, or $100.5M, gross profit increased by 10.8% to EUR49.9M or $53.7M, and adjusted EBITDA increased by more than 26% to EUR15.2M or $16.3M. 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 platform, all while maintaining stringent cost control measures…Last year, we successfully launched a total of 29 new proprietary online titles worldwide, including 26 proprietary titles newly introduced to the European online casino markets and 15 proprietary titles newly introduced to the North American online casino markets. We expect to maintain or exceed this pace of game releases this year. By continuously expanding our portfolio of higher-margin proprietary and exclusive third-party games to a wider range of new partners at an accelerated pace, we are well positioned for long term growth in top-line revenue, gross profit, and Adjusted EBITDA, along with improved operating margins…With confidence, we affirm our readiness with the appropriate strategies, financial strength, and infrastructure to maintain our business momentum while executing initiatives that foster cash flow growth and generate added value for our shareholders.”