Bragg Gaming Group Reports Record Q1 Financial Results
This week, Bragg Gaming Group, a leading B2B iGaming provider, released its 2022 record-setting first-quarter financial results.
Bragg Gaming Group reported its best to-date financial results following the release of its first-quarter financials earlier this week. The report revealed that the company accumulated over US$20,5 million in revenue during the first three months of the year, which concluded on 31 March 2022. The report also analysed the adjusted EBITDA and projected revenue for the remainder of 2022.
Bragg Gaming Group is a Canadian-based gaming tech provider and operator of leading digital gaming industry B2B companies. Through Its wholly-owned subsidiary, ORYX Gaming, the company delivers exclusive, proprietary, and aggregated casino content. This is done via its ORYX Hub platform and RGS server to its partners in North America, Latin America, and Europe.
Bragg Gaming Financial Results Highlights for Q1 2022
Bragg Gaming Group has set a record-breaking first-quarter revenue of US$20,5 million, an increase of 36,4% compared to last year’s figures. Wagering revenue hit US$4 billion, which equates to the amount from the first quarter of 2021. This year’s wagering revenue reflects product mix changes towards PAM, proprietary content, and managed services, which boosted the adjusted EBITDA and gross profit.
Additionally, gross profit shot up by 50,7% to US$10.6 million. Higher revenue reflected a 490 basis point year-on-year margin improvement of 51.8%. The company also reported a net loss of US$700,000 over the same period, which is a decrease from last year’s US$1,2 million.
Adjusted first-quarter EBITDA hit US$3,2 million, an increase of 26.2% over last year’s figures. Adjusted EBITDA margin fell 120 basis points to 15,3%. This resulted from the company’s higher investments in software development, senior management functions, and products to power growth initiatives in 2021. The Adjusted EBITDA margin increased sequentially on a quarterly basis by 550 basis points.
Additionally, the iGaming company provided its outlook for the total expected revenue in 2022, which it estimates at between US$72 and US$76 million. Its projected adjusted EBITDA ranges between US$10.0 and US$11.1 million. The average of the 2022 revenue and adjusted EBITDA ranges suggest growth of between 20% and 39%, respectively, over the reported full-year revenue and adjusted EBITDA in 2021.