TORONTO — Bragg Gaming Group, a leading B2B provider of iGaming technology and content, released its Q2 2025 financial results, showcasing revenue growth and strategic progress despite a modest dip in adjusted EBITDA. The company remains confident in its FY 2025 guidance, citing momentum from its 2024 transformation initiatives.
Q2 2025 Financial Highlights
| Metric | Q2 2025 | YoY Change |
|---|---|---|
| Revenue | €26.1M / $30.4M | ↑ 4.9% |
| Gross Profit | €13.7M / $16M | ↑ 10.8% |
| Gross Margin | 52.7% | ↑ 280bps |
| Adjusted EBITDA | €3.5M / $4.1M | ↓ 4.3% |
| Operating Loss | €2.3M / $2.7M | ↑ 93.3% |
While revenue and gross profit improved year-over-year, adjusted EBITDA declined slightly, and operating losses nearly doubled. Still, Bragg emphasized its shift toward higher-quality earnings and reaffirmed its full-year forecast:
- FY 2025 Revenue: €106–108.5M ($123.4–126.3M)
- FY 2025 Adj. EBITDA: €16.5–18.5M ($19.2–21.5M)
Strategic Expansion & Operational Updates
Bragg continues to pursue growth in key markets:
- U.S. Expansion: Accelerated via new partnership with Hard Rock Digital
- Brazil Entry: Active push into the emerging LATAM iGaming market
- Netherlands: Maintains performance despite regulatory headwinds
Product & Team Enhancements
- Launched Big Ticket Bonanza, a new gamification tool
- Appointed Scott Milfor (EVP, Group Content) and Luka Pataky (EVP, AI & Innovation)
Financial Positioning
- Repaid $5M of its $7M secured promissory note
- In talks to secure a new revolving credit facility from a Tier 1 Canadian bank, expected to close in Q3
CEO Commentary
Matevž Mazij, CEO of Bragg Gaming Group, expressed confidence in the company’s trajectory:
“We’re beginning to see the impact of our 2024 strategic initiatives. While top-line growth appears modest, our positioning in high-growth markets like the U.S. and LATAM, alongside continued success in the Netherlands, sets the stage for long-term value creation.”
Mazij added that Bragg is focused on cash flow, integration, and margin improvement, with a target of achieving a 20% Adjusted EBITDA Margin in the second half of 2025.
