Bragg Gaming Group (BRAG) Planet MicroCap Showcase summary

Company overview and industry context

• Operates as a B2B supplier in the online iGaming sector, providing products to operators but focusing on end-user experience.

• Founded in 2018, dual-listed on Nasdaq and Toronto Stock Exchange, with 450 employees mainly in Slovenia.

• Licensed in over 30 jurisdictions, enabling broad market access and regulatory compliance.

• Develops both in-house content and turnkey tech solutions, including a player account management system (PAM).

• Emphasizes the importance of scale and distribution network for revenue generation.

Product portfolio and business model

• Core products include PAM (20% of revenue), third-party content aggregation (50%), proprietary content (11%), and exclusive third-party content (19.7%).

• Aggregation services allow operators to access multiple content providers through a single integration, enhancing speed to market.

• Revenue is generated as a percentage of gross gaming revenue, requiring significant scale to achieve targets.

• Recent focus on expanding North American market coverage, expecting 90% TAM coverage by year-end.

Financial performance and strategic direction

• Q2 revenue reached EUR 24.9 million, with EUR 3.6 million Adjusted EBITDA and EUR 12.4 million gross profit.

• Year-over-year revenue growth was flat due to a specific PAM customer contract, but double-digit growth is expected medium-term.

• Balance sheet shows EUR 10.8 million in cash and a $7 million debt facility; convertible debt fully paid off post-June 2024.

• Historical CAGR of 32% for revenue and 76% for Adjusted EBITDA from 2019 to 2024 estimate.