B2B Supplier Reports Q2 Revenue of €22.9m Amid Restructuring Efforts, Workforce Reductions, and North American Growth
Bragg Gaming Group has officially withdrawn its 2026 financial guidance after reporting a 12% year-on-year decline in Q2 revenue. For the three months ending June 30, revenue reached €22.9m, down from €26.1m in the previous year. The downturn was driven by weaker platform revenue in the Netherlands, where Dutch revenue dropped 14% as customers completed migrations away from legacy platform contracts, and flat performance in Brazil as some operators shifted toward direct supplier integrations.
In contrast, Bragg’s North American content business showed robust growth, with proprietary content revenue in the US and Canada increasing 44% year-on-year and climbing 25% sequentially from the first quarter.
Financial Performance, Cost Reductions, and Leadership Commentary
Despite lower revenues, Bragg’s operating performance remained resilient due to targeted cost-cutting initiatives. Adjusted EBITDA stood at €3.5m, remaining broadly unchanged year-on-year, while the adjusted EBITDA margin rose 212 basis points to 15% from 13%. The company’s operating loss narrowed to €1.9m from €2.3m, although net loss widened to €2.9m from €1.8m, resulting in a loss per share of €0.11 compared to €0.07 previously.
Cost reductions played a central role in the improvement. Bragg reported that its operating loss narrowed to €1.9m from €2.3m, despite the revenue decline., At the same time, its net loss widened to €2.9m from €1.8m. The company showed a loss of €0.11 per share, compared with €0.07 last year.
To drive profitability, Bragg executed a workforce reduction of approximately 12% in January to yield €4.5m in annualised savings, followed by a second round in July cutting another 19% of staff to target an additional €6m. Bragg began cutting costs in January, when it reduced its global workforce by about 12%. That restructuring was expected to produce annualised cash savings of roughly €4.5m., A second round followed in July. Bragg announced another workforce reduction of approximately 19%, targeting an additional €6m in annualised savings.Total combined annualised savings are projected at approximately €10.5m.
Matt Davey, Bragg’s new Non-Executive Chair, commented on the results:
“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.”
Acquisitions, Expansions, and Guidance Withdrawal
Strategic expansion initiatives accompanied the restructuring. Bragg partnered with Belgian operator 711 to power its new online sportsbook combining Kambi’s Turnkey Sportsbook with Bragg’s Fuze engagement technology, and supported Super Technologies’ Superbet brand expansion into Greece via Remote Game Server titles and HUB platform aggregation. Bragg signed an agreement with Belgian operator 711 to power its new online sportsbook.
The project combines Kambi’s Turnkey Sportsbook with Bragg’s Fuze engagement technology., The company also supported Super Technologies’ expansion into regulated Greek iGaming through its Superbet brand. Bragg is supplying Remote Game Server titles and game aggregation through its HUB platform. Additionally, Bragg entered Alberta’s newly regulated iGaming market in July with over 80 titles.
Following the quarter end, Bragg completed its $9m all-share acquisition of Drayton International on July 22, adding studios, technology assets, and distribution businesses. Because the business lacks sufficient operating history for the combined entity and was tracking below the low end of its standalone revenue guidance, which targeted revenue of €97m to €104.5m and adjusted EBITDA of €16m to €19m, management officially withdrew its full-year outlook
Management withdrew its previous full-year outlook because it lacks sufficient operating history for the combined company. Before the withdrawal, Bragg was tracking below the low end of its standalone revenue guidance. That guidance had called for revenue between €97m and €104.5m, and adjusted EBITDA between €16m and €19m. Integration will dominate the second half of 2026 as Bragg aligns its product plans and cost base.
