Bragg Gaming Group, an international business-to-business supplier of gaming technology and content, has reported its quarterly results for the third quarter of 2022. The three months ended September 30 were a great time for the company, attributing to record quarterly revenue.
Bragg Saw Revenues Skyrocket
Bragg Gaming reported revenue of $20.9 million, a 62.3% increase from last year’s $12.8 million. Betting revenue from customers sat at $4.6 billion, up from $3.2 billion in Q3 2022. The company noted that its change in product mix towards turn-key customers improved its gross profit and AEBITDA.
Speaking of gross profit, the metric increased by 58% to $10.4 million. The company also posted an adjusted EBITDA of $2.2 million, which represents a great 51.6% increase from last year’s $1.6 million. This represents an AEBITDA margin of 10.7%.
Bragg Gaming posted a net loss of $2 million. While the company failed to record net profits, this result is still a noticeable improvement from last year’s net loss of $2.5 million. The company added that it could have performed better in this aspect, had it not been for the increased costs, expenses and higher depreciation and amortization.
Lastly, the company reported cash and cash equivalents of $17.2 million. Thanks to the generally favorable results, the company improved its FY guidance to $76-80 million and its EBITDA guidance to $10-11 million.
The Company Grew Its Business
Bragg also highlighted some of its major achievements during the quarter. In the summer of 2022, for example, the supplier launched its Oryx-powered remote game server in Connecticut, Ontario and Michigan. At the end of September, it also finalized the integration of Wild, Oryx and Spin games.
In September, the company received $8.4 million in funding from Lind Global Fund. That same month, Bragg inked and a content agreement with Bally’s Interactive/Gamesys, which saw the supplier power the operator’s iGaming brands with content.
In the next month, Bragg teamed up with Sega Sammy Creation, receiving the exclusive rights to distribute some of the studio’s iGaming titles to operators in select regulated global markets.
CEO Sherman Praised the Results
Yaniv Sherman, Braag’s chief executive officer, commented on the results. He noted that the current results demonstrate a significant YOY revenue, gross profit and AEBITDA growth. This, Sherman said, demonstrates the company’s progress in providing content and services of quality to its quickly-growing customer network.
Sherman said that the company is currently looking to speed up the speed at which it develops new games and to onboard more third-party content to its platform. He is happy that the company’s library has grown and is looking to further strengthen the company’s position as a leading supplier.
The CEO concluded that he is proud of the company’s adjusted EBITDA performance and expects further growth in 2023, as well as increased shareholder value.