Bragg Gaming Reports Mixed Q3 Results with Strong Growth Outside the Netherlands
Bragg Gaming Q3 Financial Overview
Bragg Gaming Group, a prominent provider of gaming content and technology, released its third-quarter financial results. The company reported an overall revenue increase, yet it also faced higher net losses compared to the previous year.
Impact of the Dutch Market on Revenue
For Q3 2025, Bragg Gaming declared revenues totaling EUR 26.8 million. However, this figure was influenced significantly by the Dutch market, where revenue dropped by 22% due to new taxation and stronger regulations. Without the Netherlands, the company’s revenue would have grown by 20%. Meanwhile, markets in Brazil and the United States showed remarkable gains, with revenue surges of 80% and 86%, respectively. Factoring in the Dutch performance, the total revenue increase year-over-year was a modest 2%.
Profitability and Earnings
The company reported a net loss of EUR 2.3 million (or EUR 0.09 per common share) for this quarter, a larger loss compared to EUR 0.2 million in Q3 2024. Nevertheless, adjusted EBITDA reached EUR 4.45 million, marking a 9% increase compared to the same period last year.
Despite these mixed results, Bragg Gaming maintained its forecast for the full year, expecting revenues between EUR 106 million and EUR 108.5 million, with adjusted EBITDA anticipated between EUR 16.5 million and EUR 18.5 million.
Expansion and Strategic Initiatives
Q3 was notable for Bragg Gaming’s continued market expansion. A significant strategic partnership enabled the company to supply gaming content to Fanatics in the US states of New Jersey, Michigan, and Pennsylvania, positively impacting US revenues. Additionally, Bragg launched new content across various markets and partners, strengthening its geographic reach.
The firm also enhanced its financial position by securing a $6 million financing deal with the Bank of Montreal. Following a cybersecurity incident in mid-August, Bragg bolstered its security measures. Fortunately, no personal data was compromised.
Leadership changes were marked by the appointment of Luka Pataky as Executive Vice President of AI and Innovation and Matej Filipančič as the new global sales director. Additionally, the board agreed to reduce director fees by 15% and shifted all director compensation to non-cash Deferred Share Units.
Leadership Perspective on Q3 Performance
Bragg’s CEO, Matevž Mazij, described the quarter as solid, emphasizing strong revenue growth and operational efficiency improvements. He highlighted Bragg’s resilient adaptation to changing regulations while pursuing expansion in lucrative markets, particularly in the US and Brazil.
Mazij praised the company’s progress in advancing proprietary content with higher profit margins, securing new partnerships, and benefiting from cost structure adjustments. He also noted that the newly established $6 million credit facility would provide necessary operational flexibility.
Looking forward to the rest of 2025 and into 2026, Mazij expressed confidence in the company’s ability to deliver sustained value to shareholders and committed to keeping investors informed on future developments.
