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Revenue: 26.8 million, up 2% year over year.

Revenue Growth (Excluding Netherlands): 20% year over year.

Netherlands Revenue: Down 22% year over year.

Proprietary Content Revenue: Increased 35% year over year.

Gross Profit: 14.7 million, up 5% year over year.

Gross Margin: Improved 115 basis points to 54.7%.

Adjusted EBITDA: 4.4 million, up 9% year over year.

Adjusted EBITDA Margin: Increased 100 basis points to 16.6%.

Revenue from North America and Brazil: Accounted for 22% of total revenue, up from 12% a year ago.

Revenue Growth in USA: 86% year over year.

Revenue Growth in Brazil: 80% year over year.

Full Year 2025 Revenue Guidance: 106 million to 108.5 million.

Full Year 2025 Adjusted EBITDA Guidance: 16.5 million to 18.5 million.

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Release Date: November 13, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Bragg Gaming Group Inc (NASDAQ:BRAG) reported strong revenue growth in key markets, with the USA seeing an 86% year-over-year increase and Brazil experiencing an 80% rise.

The company secured a Tier 1 credit line with the Bank of Montreal, enhancing its liquidity position and reducing borrowing costs.

Proprietary content revenue grew by 35% year-over-year, contributing significantly to the company's expanding profitability profile.

Gross margin improved by 115 basis points to 54.7%, supported by the growing contribution from proprietary content.

Bragg Gaming Group Inc (NASDAQ:BRAG) is on track to achieve 68% of its revenue from non-Netherlands markets by the end of 2025, demonstrating successful geographic diversification.

Revenue growth was only 2% year-over-year when including the Netherlands, which remains impacted by regulatory changes.

The Netherlands saw a 22% decline in revenue year-over-year, affecting the overall revenue growth.

The company faces significant amortization and depreciation costs, impacting its operating income under IFRS standards.

SG&A expenses have increased substantially year-to-date, indicating potential cost management challenges.

The migration of a key customer, Bet City, off the RGPA in the Netherlands is expected to occur in the first half of next year, which could impact revenue.

Q: Can you discuss the impact of proprietary content on margins and SG&A costs? A: Robbie Bressler, CFO: Proprietary content is a key driver for margin improvement, especially in the US. We expect continued growth in this area, which will enhance margins and cash generation. Regarding SG&A, we see opportunities for optimization and operational leverage, which we began addressing in Q2 and will continue into 2024.

Q: What is the expected impact of Bet City's migration off the RGPA? A: Matevz Mazij, CEO: The impact will be net of mitigation efforts, such as resource optimization. The migration is planned for the first half of next year, and we are working to ensure a smooth transition.

Q: What are the growth drivers in the US and Brazilian markets? A: Matevz Mazij, CEO: In Brazil, we are gaining market share through aggregation and proprietary content. In the US, the iCasino market is growing rapidly, and our proprietary content is well-positioned to capitalize on this growth.

Q: Are there plans for further balance sheet optimization? A: Robbie Bressler, CFO: We are pleased with the new BMO facility, which lowers borrowing costs and enhances liquidity. We continue to focus on optimizing our cost structure to improve margins and cash flow.

Q: What challenges are preventing consistent operating income, and what are your future stock price expectations? A: Matevz Mazij, CEO: Significant development costs and amortization impact our IFRS operating income. We focus on adjusted EBITDA and cash generation. We cannot comment on future stock prices but are committed to optimizing operations and increasing shareholder value.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.