Bragg Gaming Group (BRAG) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 revenue of €27.2M (up 16.3% YoY) and full-year revenue of €102M (up 9.1% YoY), with strong operational and financial performance and strategic expansion in North America, Brazil, and Europe.

• Gross profit for Q4 rose 31% to €15.8M with a margin of 58%; full-year gross profit was €54M with a 53% margin.

• Adjusted EBITDA for Q4 increased 68% to €4.7M; full-year Adjusted EBITDA was €15.8M, up 4% year-over-year.

• Proprietary content and AI-enhanced platform capabilities contributed to improved profitability and now reach over 90% of the U.S. iGaming market.

• Strengthened executive team with key hires and aligned management incentives with shareholders through insider share purchases and a Stock Appreciation Rights plan.

Financial highlights

• Q4 2024 revenue: €27.2M (+16% YoY); Q4 gross profit: €15.8M (+31% YoY); gross margin: 58% (+650bps YoY).

• Q4 Adjusted EBITDA: €4.7M (+68% YoY); margin: 17% (+530bps YoY).

• FY 2024 revenue: €102M (+9% YoY); gross profit: €54M (+8% YoY); gross margin: 53% (-40bps YoY).

• FY 2024 Adjusted EBITDA: €15.8M (+4% YoY); margin: 15.5% (-80bps YoY).

• Proprietary content accounted for 13.3% of Q4 revenue; PAM and turnkey solutions rose to 24% of Q4 revenue.

Outlook and guidance

• 2025 revenue guidance: €117.5M–€123M; Adjusted EBITDA: €19M–€21.5M, with midpoint growth of 18% and 28% respectively.

• Margin improvement of 140bps expected; margin to reach 16.8% at midpoint.

• U.S. iGaming market projected to contribute 15% and Brazil 10% of 2025 revenue.

• Strong pipeline of content, technology, and product opportunities could further enhance 2025 performance.