Bragg Gaming Group Releases Q2 2025 Financial Results and Forecasts Optimistic 2025 Performance
Overview of Bragg Gaming Group’s Q2 2025 Financial Performance
Bragg Gaming Group, a provider of iGaming technology and content for businesses, has reported its financial results for the second quarter of 2025. The company saw a rise in revenue despite facing a small decline in adjusted EBITDA. Additionally, Bragg updated its predictions for the full fiscal year, emphasizing a commitment to higher-quality earnings.
Revenue Growth Contrasted by EBITDA Decline
During Q2 2025, Bragg Gaming Group generated revenue of EUR 26.1 million (approximately $30.4 million), which reflects a 4.9% increase compared to EUR 24.9 million from the same quarter in 2024. This revenue growth was accompanied by an improvement in gross profit, which rose by 10.8% to EUR 13.7 million ($16 million), with the gross profit margin improving by 280 basis points to reach 52.7%.
However, the company’s adjusted EBITDA declined by 4.3%, dropping to EUR 3.5 million ($4.1 million) in Q2 2025 from EUR 3.6 million the previous year. Meanwhile, the operating loss nearly doubled from EUR 1.2 million in Q2 2024 to EUR 2.3 million ($2.7 million) in the second quarter of 2025, marking a 93.3% increase in losses.
Despite these challenges, Bragg reiterated its focus on generating high-quality earnings and forecasted full-year revenues between EUR 106 million and EUR 108.5 million ($123.4 to $126.3 million). The adjusted EBITDA for the year is expected to be in the range of EUR 16.5 million to EUR 18.5 million ($19.2 to $21.5 million).
Strategic Growth Initiatives in Key Markets
In the second quarter, Bragg expanded its presence in the US market, notably accelerating growth through a new collaboration with Hard Rock Digital. The company also continued to push into Brazil’s emerging iGaming sector. Alongside geographic expansion, Bragg outlined corporate priorities focusing on growth, margin improvement, and further expansion.
During this period, Bragg launched a new gamification product named Big Ticket Bonanza. The company strengthened its executive team by appointing Scott Milfor as Executive Vice President of Group Content and Luka Pataky as Executive Vice President of AI and Innovation.
Financially, Bragg repaid $5 million of its $7 million secured promissory note in Q2. Negotiations are ongoing for a new working capital revolving credit facility with a Tier 1 Canadian bank, which may finalize by Q3 2025.
CEO Matev7e Mazij’s Positive Outlook
Bragg Gaming Group’s CEO, Matev7e Mazij, reflected on the Q2 outcomes, highlighting the early benefits of the company’s strategic decisions made throughout 2024. Although top-line growth remains moderate, Mazij expressed strong confidence in Bragg’s position and long-term value creation capabilities.
He pointed out that the US and Latin American markets are leading growth efforts, with the Netherlands market continuing to perform well despite local challenges.
Mazij emphasized the company’s focus on enhancing cash flow, improving integration, and expanding margins. He concluded by stating that the initiatives undertaken in Q2 are designed to help Bragg achieve a 20% adjusted EBITDA margin in the latter half of 2025, setting the company on a path toward sustainable and profitable growth.
