B2B gaming platform technology provider Bragg Gaming Group on Thursday reported its financial results for the three months and full year ending 31 December, 2020.
The company said its net loss for 2020 was €14.6m ($17.1m), compared to a net loss of €11.9m for 2019.
Last year’s loss was due “primarily to the re-measurement of deferred and contingent consideration and the accretion of liabilities for the ORYX earn-out,” the company said in a statement.
Revenue for 2020 was €46.4m, an increase of 74.6% from the €26.6m it booked in revenue in 2019.
Bragg said its compound annual growth rate (CAGR) for revenue has been 58.4% since 2018.
The company said its Q4 2020 revenue was €13.8m, an increase of 75.7% from Q4 2019.
Bragg posted a net loss last quarter of €5.3m, which it said was the same loss as Q4 2019.
Among the company’s business highlights for 2020, Bragg said it launched 54 B2B operators last year across a number of jurisdictions, including 21 during Q4.
Bragg said revenue diversification improved, as 58% of its revenue was derived from its top 10 customers, compared to 72% in 2019.
In addition, the company reported it expanded its geographic presence by entering several new markets, including Switzerland, Bulgaria, Portugal, Latvia, Czech Republic and Spain.
As reported earlier this week by Gaming America, company founder and interim CEO Adam Arviv appointed gaming industry executive Richard Carter to be the company’s new CEO, effective 1 May.
Carter has been board chair since September 2020.
In a press release of the company’s results, Arviv said Bragg made extraordinary progress in 2020.
“We are very pleased with the substantial revenue and EBITDA growth that we have delivered,” Arviv said. “We continue to expand globally, enhancing our content portfolio and technology offering, and securing new customers across key geographies.”
Carter added: “We are particularly pleased with the overall performance of Bragg during 2020 and believe we have built strong foundations to support future market share gains and new market entry. Adam and I have taken active leadership roles within Bragg to ensure the future success of the company. We are aligned in our strategy to grow the group’s underling operating profit margin and to expand rapidly into new markets, particularly the burgeoning US market.”
