Bragg Gaming confirms Q4 financial results alongside new committee
Adjusted EBITDA is up 26.3% for FY2023, with revenue rising by 10.4%.
Bragg Gaming has released its Q4 financial results, confirming a full-year revenue rise of 10.4% to $100.5m and $16.3m in adjusted EBITDA, while the Board of Directors’ (BOD) new ad hoc committee has been placed to explore strategic alternatives.
The iGaming technology provider has reported strong figures overall for FY2023; however, its Q4 results indicate a slight revenue decrease of 1.4% year-on-year to $25.2m. Despite the increase over the course of the full-year 2023, Bragg’s Q4 results also display a 23.7% decrease to $3m in adjusted EBITDA. The supplier claims this is due to a gross profit decline that has been offset by improvement in cost optimisation.
Further Q4 results detail a 7.3% fall in gross profit, with the gross profit margin being valued at 51.5% for Q4 2023 compared to 54.9% for Q4 2022. On the other hand, Q4 wagering revenue increased by 18.1% to $6.6bn.
Bragg’s Board of Directors has pulled together an official ad hoc committee, defined as when required or necessary, to conduct a review of its current strategic alternatives. Although no timetable has been specified, Bragg states that alternatives could include and may not be limited to the sale of assets, strategic mergers or additional acquisitions.
Bragg CEO Matevz Mazij said, “Through Bragg’s strategic Efforts to establish the business as a content-focused iGaming B2B provider and our meticulous control over expenses, we achieved growth in revenue, gross profit, and Adjusted EBITDA in 2023.”
During Q4, Bragg extended its partnership agreement with Entain after launching a joint venture in New Jersey.
Alongside the resignation of President & COO Lara Falzon, it also partnered with Superbet to provide an online game Aggregation platform in Brazil. Last week saw the approval of its B2B license ahead of its LatAm iGaming market debut.
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