Bragg Gaming Group has released its financial results for Q4 and FY2024, reporting a strong and impressive revenue growth despite increased operating losses.
The company reported a Q4 2024 revenue of €27.2 million ($28.8 million), marking a 16.3% year-on-year increase compared to Q4 2023, whereas for the full year, Bragg’s revenue reached €102 million, which is a 9.1% increase when compared to 2023.
Bragg’s strong financial performance was further highlighted by a 30.9% increase in GGR during Q4, reaching €15.8 million, with adjusted EBITDA also marking a significant growth, jumping by a staggering 68.1% to €4.7 million.
The gross profit margin of the company improved to a whopping 58%, up from 51.5% in 2023, while the adjusted EBITDA margin increased to a hefty 17.2%.
Despite these positive trends, Bragg still reported an increase in operating losses, with the company’s Q4 operating loss increasing by 51.7% year-on-year to -€0.7 million.
Speaking of the full year, Bragg’s gross profit increased by 8.2% to €54 million, with a margin of 53%, marking a slight decline of 0.4% when compared to 2023.
Furthermore, adjusted EBITDA for the full year rose by 3.6% to €15.8 million, however, the adjusted EBITDA margin declined from 16.3% in 2023 to 15.5% in 2024.
In addition, operating losses for 2024 surged by 356%, rising from -€0.8 million in 2023 to -€3.5 million last year.
Looking into the future, Bragg Gaming is very optimistic for 2025 as the company expects revenue between €117.5 million and €123 million, with adjusted EBITDA projected to range from €19 million to €21.5 million.
Matevž Mazij, Chief Executive Officer of Bragg, commented, attributing the record revenue to the company’s “investments in proprietary content and AI-enhanced platform capabilities”:
Our investments in proprietary content and AI-enhanced platform capabilities are driving both revenue growth and improved profitability. As we execute our strategic plan in key markets like Brazil and the US, we’re leveraging our scalable platform and margin-accretive products to accelerate financial performance. The executive team we’ve assembled has already demonstrated their value through deals like our Caesars partnership, positioning Bragg for sustained revenue expansion and profit growth in 2025.
