Bragg Gaming Group (BRAG) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue grew 7.1% year-over-year to EUR 25.5 million, with 27% growth excluding the Netherlands, driven by 150% U.S. revenue growth and strong Brazil expansion.

• Gross profit margin increased by 612 basis points to 56.0%, supported by a 62% rise in proprietary content revenue, now 15.5% of total revenue.

• Adjusted EBITDA rose 19.7% to EUR 4.1 million (16% margin, up 169 bps), reflecting operational leverage and cost controls.

• Cash from operations increased 63.5% year-over-year to EUR 4.5 million.

• Strategic focus on high-margin proprietary content, U.S. and Brazil expansion, and reducing reliance on lower-margin aggregation and the Netherlands.

Financial highlights

• Q1 2025 revenue: EUR 25.5 million, up 7.1% year-over-year; gross profit: EUR 14.3 million, up 20.3%; gross margin: 56.0%.

• Adjusted EBITDA: EUR 4.1 million, up 19.7% year-over-year; margin 16% (up 169 bps).

• Proprietary content revenue grew 62% to EUR 3.9 million, now 15.5% of total revenue.

• U.S. proprietary content GGR up 338% year-over-year; U.S. revenue from proprietary and exclusive content increased 150%.

• Net loss for Q1 2025: EUR 2.6 million.

Outlook and guidance

• 2025 guidance: revenue EUR 117.5–123.0 million, Adjusted EBITDA EUR 19.0–21.5 million.

• Double-digit revenue and Adjusted EBITDA growth expected, driven by proprietary content and expansion in U.S. and Latam markets.

• Brazil expected to contribute up to 10% of 2025 revenue; U.S. up to 15%.

• Anticipate further upside from new market entries (e.g., Ohio, Alberta) and regulatory shifts in Europe.