Global B2B gaming technology and content provider, Bragg Gaming Group has reported record financial results for the first quarter ended March 31st, 2022.
“Our momentum continued in the first quarter as the successful execution of our growth initiatives focused on offering more higher-margin proprietary and third-party exclusive games and our iGaming PAM, combined with ongoing expansion into new regulated iGaming markets, drove strong growth in our operating results,” said Yaniv Spielberg, Chief Strategy Officer for Bragg Gaming.
“In the first quarter, we generated quarterly record revenue of US$20.5m, gross profit of US$10.6m and adjusted EBITDA of US$3.2m). These record financial results reflect, in part, growing revenue from higher gross margin in-house content and platform revenue which together drove record quarterly gross profit margin of 51.8%, an 80-basis point improvement over our prior gross profit margin record achieved in Q4 2021. The record quarterly margin supports our confidence that we have the right operating plan in place to achieve our goal of growing gross profit margin to approximately 60% by 2024.”
The company continues to grow its presence in regulated iGaming markets and in the past 16 months, has gone live with content and/or platform in eight regulated European markets, including Portugal and the Czech Republic, and most recently, in Ontario and the Bahamas. It is expected to go live in Italy and several US states later this year.
Mr. Spielberg concluded, “We are off to a strong start to the year and while we are reiterating our guidance for 2022 full year revenue of US$72-76m and given it is still very early in the year, we believe our continuing business momentum positions Bragg for the potential of another strong year of outperformance relative to this outlook. Finally, our attractive business model provides us with the flexibility to fund our aggressive new market expansion and proprietary game development growth initiatives through organic cash flow growth, which will support our goal of delivering new near and long-term shareholder value.”
