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Bragg Gaming Group Inc
(TSX:BRAG)
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Rating:54Neutral
Price Target:
C$2.00
▼(-2.91% Downside)
Action:Reiterated
Date:08/17/26
Overall score reflects solid cash-flow generation and manageable leverage as key positives, but is held back by persistent net losses and recent revenue softness. Technicals are bearish (below major moving averages with negative MACD), while valuation support is limited by a negative P/E and no dividend. The latest earnings call was balanced: meaningful cost and margin progress, but guidance withdrawal and liquidity constraints increase near-term uncertainty.
Positive Factors
Cash Generation
Strong recent operating and free cash flow provides internal funding capacity for ongoing operations and investment. Although historical cash flow was volatile, the latest improvement indicates better cash efficiency and strengthens financial resilience over the next several quarters.
Negative Factors
Revenue Contraction
The recent contraction shows that Bragg’s growth has weakened despite its broader content and technology offering. Lower revenue can reduce scale benefits, make fixed costs harder to absorb, and limit the company’s ability to convert operational improvements into sustained earnings growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Strong recent operating and free cash flow provides internal funding capacity for ongoing operations and investment. Although historical cash flow was volatile, the latest improvement indicates better cash efficiency and strengthens financial resilience over the next several quarters.
Read all positive factors
Bragg Gaming Group Inc (BRAG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$57.47M
Dividend YieldN/A
Average Volume (3M)13.21K
Price to Earnings (P/E)―
Beta (1Y)0.58
Revenue Growth4.34%
EPS Growth-50.56%
CountryCA
Employees456
SectorConsumer Cyclical
Sector Strength84
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.30
Shares Outstanding31,063,404
10 Day Avg. Volume16,803
30 Day Avg. Volume13,211
Financial Highlights & Ratios
PEG Ratio-0.17
Price to Book (P/B)1.16
Price to Sales (P/S)0.70
P/FCF Ratio4.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$5.99Price Target Upside190.78% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.18
Revenue Forecast (FY)C$95.72M
Bragg Gaming Group Inc Business Overview & Revenue Model
Company Description
Bragg Gaming Group Inc. is a worldwide purveyor of technology and digital content to the gaming sector. The company primarily focuses on delivering business-to-business (B2B) online gaming solutions. Its comprehensive catalog includes a diverse ar...
How the Company Makes Money
Bragg primarily makes money by providing iGaming products and services to online gambling operators (and, in some cases, to platform/aggregator partners that serve those operators). Key revenue streams typically include: (1) Content monetization: ...
Bragg Gaming Group Inc Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Neutral
Neutral — The call showed clear progress on margin expansion, significant proprietary content growth (+44% YoY), and concrete cost-saving actions (total expected ~EUR 10.5M annualized savings) alongside a strategic acquisition (Drayton) that increases addressable markets and content/tech assets. Offsetting these positives are a material revenue decline (-12% YoY in Q2, -6% H1), a withdrawn FY2026 guidance due to integration uncertainty, tight cash (EUR 3.3M), and regional/regulatory headwinds (Netherlands -14%, Brazil static). On balance the company appears to be executing a turnaround toward higher-margin content and efficiency, but the near-term risks and uncertainty around the combined business keep the sentiment balanced.Positive Updates
Adjusted EBITDA Resilience and Margin Expansion
Adjusted EBITDA was EUR 3.5M in Q2 2026, flat year-over-year, while adjusted EBITDA margin expanded to 15.4% from 13.3% (up ~212 bps), showing margin and cost discipline despite lower revenue.
Negative Updates
Q2 Revenue Decline
Q2 2026 revenue was EUR 22.9M, down 12% year-over-year (from EUR 26.1M) and down sequentially from EUR 25.7M in Q1 2026 (approximately -11% quarter-over-quarter).
Read all updates
Q2-2026 Updates
Positive
Negative
Adjusted EBITDA Resilience and Margin Expansion
Adjusted EBITDA was EUR 3.5M in Q2 2026, flat year-over-year, while adjusted EBITDA margin expanded to 15.4% from 13.3% (up ~212 bps), showing margin and cost discipline despite lower revenue.
Read all positive updates
Company Guidance
The company withdrew its previously disclosed fiscal 2026 revenue, adjusted EBITDA and adjusted EBITDA margin guidance due to uncertainty from the recent Drayton acquisition and the early-stage integration, noting the prior guidance had been prepared on a standalone basis; on that standalone basis it was tracking below the low end of the revenue range, at the low end of the adjusted EBITDA range but toward the upper end of the implied adjusted EBITDA margin. In Q2 Bragg reported revenue of EUR 22.9m (down 12% YoY from EUR 26.1m), gross profit EUR 11.8m (gross margin 51.7% vs 52.7% prior), adjusted EBITDA EUR 3.5m (flat YoY) and an adjusted EBITDA margin of 15.4% (up 212 bps from 13.3%); H1 revenue was EUR 48.5m (down 6% YoY) with H1 adjusted EBITDA EUR 7.5m (flat), sequential revenue fell from EUR 25.7m in Q1 to EUR 22.9m in Q2, gross compensation costs were down ~14% YoY, proprietary content revenue grew 44% YoY while the Netherlands declined 14%. Management highlighted cash of EUR 3.3m at June 30, the July 22 Drayton deal (USD 9m in shares), conversion of 751,445 subscription receipts (USD 1.73) releasing ~EUR 1.1m, renewal of its BMO revolver, and cost actions including a ~19% workforce reduction announced July 9 expected to deliver ~EUR 6m incremental annualized savings (bringing total expected annualized savings to ~EUR 10.5m), with the bulk of savings flowing through in Q4 and 2027 as integration proceeds.Bragg Gaming Group Inc Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
62
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 103.00M | 103.73M | 102.00M | 93.52M | 84.73M | 58.32M |
| Gross Profit | 42.29M | 38.04M | 54.05M | 49.94M | 45.08M | 28.32M |
| EBITDA | 14.68M | 14.42M | 12.95M | 12.36M | 4.30M | -1.94M |
| Net Income | -7.69M | -7.94M | -5.15M | -3.84M | -3.48M | -7.51M |
Balance Sheet | ||||||
| Total Assets | 91.24M | 99.18M | 106.59M | 103.37M | 104.39M | 83.39M |
| Cash, Cash Equivalents and Short-Term Investments | 3.30M | 6.65M | 10.47M | 8.80M | 11.29M | 16.01M |
| Total Debt | 6.26M | 7.59M | 10.28M | 3.28M | 7.39M | 600.00K |
| Total Liabilities | 31.82M | 36.58M | 33.10M | 33.12M | 34.85M | 17.20M |
| Stockholders Equity | 59.42M | 62.59M | 73.50M | 70.25M | 69.53M | 66.19M |
Cash Flow | ||||||
| Free Cash Flow | 12.59M | 16.24M | -2.00M | 2.02M | -2.17M | -3.31M |
| Operating Cash Flow | 15.92M | 16.60M | 11.16M | 11.74M | 5.75M | -41.00K |
| Investing Cash Flow | -15.43M | -15.37M | -13.17M | -9.72M | -16.87M | -23.88M |
| Financing Cash Flow | -966.03K | -3.83M | 3.61M | -4.17M | 6.90M | 12.41M |
Bragg Gaming Group Inc Technical Analysis
Negative
2.06
Price Trends
2.27
Negative
2.40
Negative
2.59
Negative
Market Momentum
-0.12
Positive
31.12
Neutral
22.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BRAG, the sentiment is Negative. The current price of 2.06 is above the 20-day moving average (MA) of 2.06, below the 50-day MA of 2.27, and below the 200-day MA of 2.59, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 31.12 is Neutral, neither overbought nor oversold. The STOCH value of 22.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:BRAG.
Bragg Gaming Group Inc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | C$62.57M | 10.19 | 16.88% | ― | 320.75% | 65.22% | |
54 Neutral | C$57.47M | -3.85 | -12.39% | ― | 4.34% | -50.56% | |
45 Neutral | C$4.72M | -6.77 | -87.88% | ― | -100.00% | 89.23% | |
45 Neutral | C$4.33M | -0.39 | 158.13% | ― | 35.39% | -184.44% |
* Consumer Cyclical Sector Average
TSE:BRAG
Bragg Gaming Group Inc
1.85
-1.91
-50.80%
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Bragg Gaming Group Inc Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Bragg Gaming Holds Profitability Gains Amid Revenue Dip, Pushes Expansion and Cost Cuts
Negative
Aug 13, 2026
Bragg Gaming Group reported a 12% year-over-year decline in second-quarter 2026 revenue to EUR 22.9 million, driven by the roll-off of legacy platform contracts in the Netherlands and flat performance in Brazil, even as proprietary content revenue...
Dividends
Pine Cliff Energy Declares Monthly Dividend for August 2026
Positive
Aug 4, 2026
Pine Cliff Energy Ltd. has declared a regular monthly dividend of $0.00125 per common share, payable on August 31, 2026, to shareholders of record as of August 14, 2026. The dividend, which is designated as a non-eligible dividend for Canadian inc...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.