Bragg Gaming Group Reports Second Quarter 2026 Financial Results

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Postmedia has not reviewed the content. by Business Wire Bragg Gaming Group Reports Second Quarter 2026 Financial ResultsAuthor of the article: You can save this article by registering for free here. Or sign-in if you have an account.TORONTO — Bragg Gaming Group (NASDAQ:BRAG; TSX:BRAG) (“bragg” or the “Company”), a leading igaming content and platform technology solutions provider, today announced its financial results for the second quarter of 2026.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountSecond Quarter 2026 Financial HighlightsRevenue: Total quarterly revenue of EUR 22.9m (USD 26.1m)1 in the second quarter, a decrease of 12% from EUR 26.1m (USD 30.6m) in the second quarter of 2025: The Netherlands revenue declined 14% year-over-year, reflecting the anticipated roll-off of legacy platform contracts following customer migrations;Revenue from proprietary content deployed in Canada and the United States grew 44% year-over-year, and 25% from 1Q26; andBrazil revenue was flat compared to the second quarter of 2025, as certain operators moved to direct supplier integrations.Operating Loss, Net Loss and Adjusted EBITDA2 Operating loss for the second quarter was EUR 1.9m (USD 2.2m), a EUR 0.4m (USD 0.5m) improvement from an operating loss of EUR 2.3m (USD 2.7m) in the same period of 2025, as reduced operating expenses more than offset the impact of lower revenue on gross profit;Net loss for the second quarter was EUR 2.9m (USD 3.3m), or EUR 0.11 (USD 0.13) per common share, compared to EUR 1.8m (USD 2.1m), or EUR 0.07 (USD 0.08) per common share, in the same period of 2025; andAdjusted EBITDA was EUR 3.5m (USD 4.0m), flat compared to the second quarter of 2025, representing an Adjusted EBITDA Margin3 of 15% compared to 13% in the second quarter of 2025. Adjusted EBITDA remained broadly flat despite lower revenue, resulting in a 212-basis-point expansion in margin. This was driven by compensation savings from headcount reductions implemented since the beginning of the fiscal year and a favorable period-over-period change in bad debt provisions.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again1 Results converted from EUR to USD assume an exchange rate of 1.1394 for the three-month period ending June 30, 2026, and assume an exchange rate of 1.1720 for the three-month period ending June 30, 2025.2,3 Adjusted EBITDA and Adjusted EBITDA Margin are non-IFRS financial measures. For important information on the Company’s non-IFRS financial measures, see “Other Financial Information” below.Second Quarter 2026 and Recent Business HighlightsExpanded Operator Relationships in Europe: Signed a definitive agreement with leading Belgian operator 711 to power its new online sportsbook, integrating Kambi’s Turnkey Sportsbook and bragg’s Fuze™ engagement toolset, and supported Super Technologies’ entry into the regulated Greek market through its Superbet brand with RGS games and HUB aggregation.Announced Further Restructuring: On July 9, 2026, announced a further reduction of approximately 19% in its global workforce, expected to deliver approximately EUR 6.0m (USD 6.8m) in incremental annualized cash savings and bringing total expected annualized savings to approximately EUR 10.5m (USD 12.0m) together with the restructuring announced on January 8, 2026.Entered the Alberta Market: On July 13, 2026, subsequent to quarter end, went live in the newly regulated Alberta igaming market at market opening, with multiple operators. More than 80 bragg titles are available to players in the province.Completed the Acquisition of Drayton International: On July 22, 2026, subsequent to quarter end, completed the acquisition of Drayton International (“Drayton”), a diversified gaming technology and content platform, for USD 9.0m satisfied entirely in shares.Appointed Matt Davey as Non-Executive Chairman: Matt Davey, Founder and Chairman of Tekkorp Capital and previously the builder of NYX Gaming Group, became Non-Executive Chairman on closing of the Drayton transaction and holds approximately 10% of bragg’s outstanding shares.Completed Private Placement and Renewed Revolving Credit Facility: All 751,445 subscription receipts issued at USD 1.73 converted into common shares and warrants on closing of the Drayton transaction, releasing approximately EUR 1.1m (USD 1.3m) of escrowed funds. Subscribers included bragg’s Chief Financial Officer, Chief Operating Officer, director Thomas Winter and Non-Executive Chairman Matt Davey. The Company also renewed its revolving credit facility with a Tier One Canadian financial institution for a further year on terms consistent with the existing arrangement.Matevž Mazij, Chief Executive Officer of bragg, commented, “In the second quarter, we continued to execute on our strategy with a focus on profitability and disciplined cost management. Despite lower revenue, Adjusted EBITDA remained broadly flat and Adjusted EBITDA Margin expanded, supported by continued progress in reducing our cost base.”“Since quarter end we closed the Drayton transaction, satisfied entirely in shares, and announced a further workforce reduction. Integrating Drayton is our primary focus for the remainder of the year. That work is underway across content and technology and remains at an early stage. Together with Matt Davey joining as Non-Executive Chairman, our direction is unchanged: a games-first strategy on a lower cost base.”Matt Davey, incoming Non-Executive Chairman of bragg, commented, “I have invested in bragg because the underlying assets are genuinely valuable — proprietary content growing strongly in North America, proven platform technology, and a licensed footprint across more than 30 regulated markets that took years to build and cannot be quickly replicated. That value is not yet reflected in the Company’s financial results and closing that gap will require real change in how the business is structured and operates. The sequence is clear: strengthen the balance sheet, simplify the operating model to a sustainably lower cash cost base, and then accelerate investment in product and distribution. The restructuring executed this year is a start, not a destination. Progress will be measured in cash generation in the short term, and revenue growth over time, and the Board will hold the business to that standard. As a significant investor in the Company, my interests are fully aligned with those of all shareholders and I look forward to reporting progress on our objectives over the coming quarters.”The Company also announced that Donald Robertson has resigned from the Board of Directors, effective August 13, 2026. Jordan Gnat has been appointed to the Board with effect from the same date.Mr. Gnat is a senior executive and investor with over 30 years of leadership experience, including more than 20 years in the global gaming, sports and media industries. He is Co-Founder and Managing Partner of Boardwalk Capital, a lower middle market private equity firm, and was previously founder and Chief Executive Officer of Playmaker Capital Inc., a digital sports media business sold to Better Collective A/S in February 2024. He has also held senior roles at FOX Bet, The Stars Group and Scientific Games, and served as President and Chief Executive Officer of Boardwalk Gaming and Entertainment. Mr. Gnat is a director of Think Research Corporation, Sandhills Gaming Corp., Omnigame A/S and Twin Pines Entertainment, and a member of the board of the Hospital for Sick Children Foundation.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Mr. Gnat participated in the Company’s recent private placement and is a shareholder of bragg.Commenting on the change, Matt Davey, Non-Executive Chairman of bragg, said, “On behalf of the Board, I would like to thank Donald Robertson for his service and for his contribution to bragg through a demanding period, and to wish him well. We are pleased to welcome Jordan Gnat. Jordan has spent more than 30 years building and scaling businesses as an operator and an investor, most recently taking Playmaker Capital from launch to a successful exit. His expertise and track record further strengthen a Board well equipped to support the combined business.”Withdrawal of 2026 OutlookThe Company’s previously disclosed fiscal 2026 revenue and Adjusted EBITDA guidance (the “2026 Guidance”) was prepared in respect of the Company’s operations on a standalone basis.The Company completed the acquisition of Drayton on July 22, 2026 (see “Overview of 2Q26 – Financial performance in the first half of 2026 – Others – Drayton Acquisition and Private Placement” in the Company’s Management Discussion and Analysis (“MD&A”) for the quarter ended June 30, 2026). Integration planning is underway, and the Company has limited operating history for the combined business.With the integration of Drayton into the Company’s operations at the planning stage, management does not have a reasonable basis on which to forecast the combined business for the remainder of the fiscal year. The Company is therefore withdrawing its previously disclosed 2026 Guidance.Prior to the withdrawal of guidance, and on a standalone basis excluding Drayton, the Company was tracking below the low end of the revenue range and at the low end of the Adjusted EBITDA range, in each case as implied by the 2026 Guidance, while tracking to the upper end of the Adjusted EBITDA Margin range.Management’s focus is on integrating and optimizing the combined business, including aligning the product and technology roadmap, realizing identified efficiencies, and establishing the go-forward operating model and cost base.The Company will host a conference call today at 8:30 a.m. Eastern Time, during which Bragg Chief Executive Officer, Matevž Mazij, and Chief Financial Officer, Robert Bressler, will discuss the Company’s financial results and provide a business update.A presentation of these results will be made available to download at: https://investors.bragg.group/events-and-presentations/presentations/default.aspx To join the live call by telephone, please use the below dial-in information:Participant Dial-In NumbersInternational / United States Toll: +1 626 884 3620 United States Toll-Free: +1 833 461 5787 Canada Toll-Free: +1 833 769 6440 Canada Toll: +1 365 657 4084 United Kingdom Toll: +44 117 389 0104 United Kingdom Toll-Free: +44 808 196 8935 Conference ID: 781376648The call will also be broadcast live and archived in the Investors section of the Company’s website, at: https://investors.bragg.group/events-and-presentations/events/default.aspxAbout bragg Bragg Gaming Group, “bragg” (NASDAQ: BRAG, TSX: BRAG) crafts igaming environments that elevate player experiences. By combining battle-tested regulatory expertise with smart technology and captivating games and gaming worlds, bragg delivers a proven revenue engine for operators and an unforgettable experience for players.The bragg product suite includes:casino games: Featuring bragg studios game experiences, as well as aggregated and bespoke IP crafted for bragg by partner studios.fuze™: Real-time behavioral intelligence that maps player journeys to reduce churn and maximize lifetime value.bragg hub: A single integration aggregating the industry’s best games from bragg’s premium in-house studios and third-party games houses.bragg PAM: A proven, scalable platform that simplifies operations across markets.Licensed and operational in 30+ regulated markets globally, including the U.S., Canada, LatAm, and Europe, bragg is engineered for igaming players and built for operator growth.Caution Regarding Forward-Looking StatementsThis news release may contain forward-looking information and statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws in Canada and the U.S., including financial and operational expectations and projections. These statements, other than statements of historical fact, are based on management’s current expectations and projections and are subject to a number of risks, uncertainties, and assumptions, including market and economic conditions, business prospects or opportunities, future plans and strategies (including the Company’s strategic realignment and headcount reductions, the integration of acquired businesses and the Company’s ability to forecast and provide guidance for the combined business), projections, technological developments, anticipated events and trends and regulatory changes that affect the Company, its subsidiaries and their respective customers and industries. Although the Company and management believe the expectations and projections reflected in such forward-looking statements are appropriate and are based on reasonable assumptions and estimates as of the date hereof, there can be no assurance that these assumptions or estimates are accurate or that any of these expectations and projections will prove accurate. Forward-looking statements are inherently subject to significant business, regulatory, economic and competitive risks, uncertainties and contingencies that could cause actual events to differ materially from those expressed or implied in such statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “would”, “should”, “believe”, “objective”, “ongoing”, “imply” or the negative of these words or other variations or synonyms of these words or comparable terminology and similar expressions.By their nature forward-looking statements are subject to known and unknown risks, uncertainties, and other factors which may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among other things, the Company’s stage of development, long-term capital requirements and future ability to fund operations, future developments in the Company’s markets and the markets in which it plans to compete, risks associated with its strategic alliances, the impact of entering new markets on the Company’s operations, and risks associated with new or proposed gaming regulations. Each factor should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. For a detailed description of risk factors associated with the Company, please refer to the “Risk Factors” section in the Company’s current annual information form (the “AIF”), a copy of which is available electronically on the Company’s website, under the Company’s SEDAR+ profile at www.sedarplus.ca and under the Company’s EDGAR profile at www.sec.gov/search-filings.Shareholders and investors should not place undue reliance on forward-looking statements and FOFI as the plans, assumptions, intentions or expectations and projections upon which they are based might not occur. The forward-looking statements and FOFI contained in this news release are expressly qualified by this cautionary statement. Unless otherwise indicated by the Company, forward-looking statements and FOFI in this news release describe the Company’s expectations and projections as of August 13, 2026, and, accordingly, are subject to change after such date. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable securities laws.Other Financial InformationTo supplement its Interim Financial Statements presented in accordance with IFRS, the Company considers certain financial measures and metrics that are not prepared in accordance with IFRS. The Company uses such non-IFRS financial measures and metrics in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that such measures and metrics help identify underlying trends in its business that could otherwise be masked by the effect of the expenses that it excludes in such measures.The Company also believes that such measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making. However, these measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS. There are a number of limitations related to the use of such non-IFRS measures as opposed to their nearest IFRS equivalents. Accordingly, these non-IFRS measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. The Company uses the non-IFRS financial measures and metrics “EBITDA”, “Adjusted EBITDA” and “Adjusted EBITDA Margin”, each as defined below in this news release. The most directly comparable financial measure to each of EBITDA and Adjusted EBITDA is Net Loss. These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. The Company also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. The Company’s management uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.The Company defined such non-IFRS measures as follows:“EBITDA” means as net income (loss) plus interest, taxes, depreciation and amortization; provided that all revenue, costs and expenses shall be recorded on an accrual basis. The Company’s method of calculating EBITDA may differ from the method used by other issuers and, accordingly, the Company’s EBITDA calculation may not be comparable to similarly titled measures used by other issuers. “Adjusted EBITDA” means EBITDA after: (i) adding back share based compensation; (ii) deducting lease payments recorded as a depreciation of right-of-use assets and lease interest expense; (iii) adding back or deducting gain (loss) on lease modification; (iv) adding back or deducting gain (loss) on re-measurement of deferred consideration; (v) adding back certain exceptional costs; (vi) adding back transaction and acquisition costs; and (vii) adding back or deducting gain (loss) on disposal of tangible assets. “Adjusted EBITDA Margin” means Adjusted EBITDA divided by revenue.A reconciliation of operating loss to EBITDA and Adjusted EBITDA is as follows in this news release as well as in the Company’s MD&A for the quarter ended June 30, 2026.Future Oriented Financial InformationThis news release may contain future oriented financial information (“FOFI”) within the meaning of applicable securities laws. The FOFI has been prepared by management to provide an outlook on bragg’s proposed activities and potential results and may not be appropriate for other purposes. The FOFI has been prepared based on a number of assumptions, including assumptions with respect to customer growth and market expansion. bragg and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments; however, the actual results of operations of bragg and the resulting financial results may vary from the amounts set forth herein and such variations may be material. FOFI contained in this news release was made as of the date of this news release and bragg disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.BRAGG GAMING GROUP INC. INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)Three Months Ended June 30,Six Months Ended June 30,2026202520262025Revenue22,89226,07948,54451,584Cost of revenue(11,053)(12,336)(22,478)(23,557)Gross Profit11,83913,74326,06628,027Selling, general and administrative expenses(13,780)(16,091)(29,446)(31,898)Loss on remeasurement of deferred consideration———(157)Operating Loss(1,941)(2,348)(3,380)(4,028)Net interest expense and other financing charges(425)(14)(251)(360)Loss Before Income Taxes(2,366)(2,362)(3,631)(4,388)Income taxes recovery (expense)(509)533(430)(81)Net Loss(2,875)(1,829)(4,061)(4,469)Items to be reclassified to net loss:Cumulative translation adjustment308(2,680)609(4,103)Net Comprehensive Loss(2,567)(4,509)(3,452)(8,572)Basic Loss Per Share(0.11)(0.07)(0.16)(0.18)Diluted Loss Per Share(0.11)(0.07)(0.16)(0.18)MillionsMillionsMillionsMillionsWeighted average number of shares – basic25.625.225.625.1Weighted average number of shares – diluted25.625.225.625.1BRAGG GAMING GROUP INC. INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)As atAs atJune 30,December 31,20262025Cash and cash equivalents3,3086,658Trade and other receivables17,85721,122Prepaid expenses and other assets4,2793,905Total Current Assets25,44431,685Property and equipment9721,198Right-of-use assets3,3483,975Intangible assets29,20830,421Goodwill31,55831,206Investments in associates428459Other assets405405Total Assets91,36399,349Trade payables and other liabilities23,81625,520Income taxes payable3511,824Lease obligations on right of use assets1,3781,367Share appreciation rights liability312471Loans payable2,8093,512Total Current Liabilities28,66632,694Deferred income tax liabilities421509Lease obligations on right of use assets2,0782,725Share appreciation rights liability103123Other non-current liabilities596596Total Liabilities31,86436,647Share capital134,269133,946Contributed surplus17,67017,673Accumulated deficit(93,593)(89,461)Accumulated other comprehensive income1,153544Total Equity59,49962,702Total Liabilities and Equity91,36399,349BRAGG GAMING GROUP INC. UNAUDITED SELECTED FINANCIAL GAAP AND NON-GAAP MEASURES PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)Three Months Ended June 30,Six Months Ended June 30,EUR 0002026202520262025Revenue22,89226,07948,54451,584Operating Loss(1,941)(2,348)(3,380)(4,028)EBITDA2,9522,6216,1965,661Adjusted EBITDA3,5223,4597,5387,543BRAGG GAMING GROUP INC. RECONCILIATION OF OPERATING LOSS TO EBITDA AND ADJUSTED EBITDA PRESENTED IN EUROS (THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)Three Months Ended June 30,Six Months Ended June 30,EUR 0002026202520262025Net Loss(2,875)(1,829)(4,061)(4,469)Income taxes (recovery) expense509(533)43081Loss Before Income Taxes(2,366)(2,362)(3,631)(4,388)Net interest expense and other financing charges42514251360Depreciation and amortization4,8934,9699,5769,689EBITDA2,9522,6216,1965,661Depreciation of right-of-use assets(376)(215)(678)(429)Lease interest expense(29)(25)(55)(52)Gain on lease modification(26)—(56)(101)Share based compensation1077391451,585Transaction and acquisition costs——40—Exceptional costs8953391,951722Gain on disposal of tangible assets(1)—(5)—Loss on remeasurement of deferred consideration———157Adjusted EBITDA3,5223,4597,5387,543View source version on businesswire.com: Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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