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BRAG

Bragg Gaming Group Inc.

BRAG

Bragg Gaming Group Inc. • NASDAQ
$2.26 ▲ 5.12% (+0.11)
Market Cap $56.96 M
52w High $6.12
52w Low $1.96
Dividend Yield 0%
P/E -6.65
Volume 34.02K
Outstanding Shares 25.20M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $26.804M ▲ $15.852M ▼ $-2.305M ▼ -8.599% ▼ $-0.09 ▼ $4.065M ▲
Q2-2025 $26.079M ▲ $16.091M ▲ $-1.829M ▲ -7.013% ▲ $-0.07 ▲ $2.909M ▼
Q1-2025 $25.505M ▼ $15.964M ▼ $-2.64M ▼ -10.351% ▼ $-0.11 ▼ $3.079M ▼
Q4-2024 $27.16M ▲ $16.416M ▲ $-678K ▼ -2.496% ▼ $-0.028 ▼ $3.627M ▼
Q3-2024 $26.169M $14.408M $-165K -0.631% $-0.007 $3.975M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.024M ▼ $100.497M ▼ $36.476M ▲ $64.021M ▼
Q2-2025 $4.242M ▼ $100.941M ▼ $34.066M ▼ $66.875M ▼
Q1-2025 $10.815M ▲ $105.622M ▼ $35.781M ▲ $69.841M ▼
Q4-2024 $10.467M ▼ $106.595M ▲ $33.096M ▲ $73.499M ▲
Q3-2024 $11.569M $103.647M $32.998M $70.649M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.305M ▼ $2.425M ▼ $-3.533M ▲ $108K ▲ $-1.218M ▲ $-783K ▲
Q2-2025 $-1.829M ▲ $2.58M ▼ $-3.897M ▼ $-4.622M ▼ $-6.573M ▼ $-1.092M ▼
Q1-2025 $-2.64M ▼ $4.494M ▲ $-3.304M ▲ $-556K ▼ $348K ▲ $1.54M ▼
Q4-2024 $-702.807K ▼ $2.422M ▼ $-4.463M ▼ $-15.146K ▲ $-2.059M ▼ $2.028M ▼
Q3-2024 $-165K $6.324M $-2.99M $-1.553M $719K $3.334M

Five-Year Company Overview

Income Statement

Income Statement Bragg’s income statement shows a small but steadily growing business that has moved from clear losses toward roughly break-even performance. Revenue has climbed each year, helped by stronger gross profit, which suggests its content and platform business is scaling reasonably well. Operating results and EBITDA have improved from losses to roughly flat or slightly positive, showing better cost control and operational efficiency. However, net income and earnings per share are still slightly negative, so the company is not yet consistently profitable. Overall, the trend is encouraging, but the profit margin is thin and leaves limited room for error if growth slows or costs rise.

Balance Sheet

Balance Sheet The balance sheet looks relatively lean and simple. Assets have grown gradually, supported by a stable equity base, which indicates the company has not aggressively leveraged itself. Debt remains low, only appearing recently, so financial risk from borrowing looks modest for now. On the other hand, the cash position is not large and has edged down from earlier levels, which means the company does not have a big financial cushion. Bragg appears to be operating with a light balance sheet and limited reserves, which makes continued operational discipline important.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive in recent years, which is a healthy sign that the core business model is working on a cash basis even if accounting profits are thin. Much of that operating cash is being reinvested into the business, particularly into technology and platform development, leaving free cash flow roughly around break-even. This pattern suggests a company still in investment mode, funding growth primarily from its own operations rather than from heavy borrowing. The flip side is that Bragg is not yet generating significant surplus cash, so any downturn in demand could quickly pressure its ability to self-fund growth.

Competitive Edge

Competitive Edge Bragg operates as a B2B technology and content provider in the online gaming space, with a “one-stop-shop” platform that covers game delivery, player account management, engagement tools, and content aggregation. This integrated approach raises switching costs for its operator clients, since replacing a deeply embedded platform is complex and disruptive. Its own game studios and exclusive content add differentiation and better economics versus pure distributors. In addition, Bragg’s licenses and relationships across North America, Europe, and Latin America, including partnerships with major operators, create a meaningful barrier to entry. Nevertheless, it competes in a crowded market against much larger and well-funded rivals, and it remains exposed to regulatory changes and possible dependence on a limited number of big customers.

Innovation and R&D

Innovation and R&D Innovation is a core part of Bragg’s strategy. The company has built a full technology stack—remote game servers, player account management, a content hub, and its Fuze engagement platform—designed to help operators run and grow their online casinos efficiently. Fuze, in particular, uses data and artificial intelligence to personalize game recommendations and run sophisticated promotions, which can improve player engagement and retention for clients. Bragg is also investing in AI across the business, including game design, responsible gaming tools, and internal efficiency, and has created a dedicated leadership role for AI and innovation. Its proprietary studios and “Powered By Bragg” model further expand its unique content offering. This innovation focus could deepen its moat, but it also requires ongoing investment and flawless execution to stay ahead in a fast-moving tech and regulatory environment.

Summary

Overall, Bragg looks like a small but steadily maturing technology provider in the online gaming industry. The company has grown revenue and improved profitability to the point where it is roughly break-even on operations, but it is not yet delivering consistent bottom-line profits or meaningful excess cash. The balance sheet is light, with low debt but also limited cash reserves, which makes continued positive cash generation important. Strategically, Bragg’s strength lies in its integrated platform, proprietary content, and regulatory footprint, which together create switching costs and barriers to entry. Its heavy emphasis on innovation, especially in AI-driven personalization and engagement, positions it to stand out in a competitive field. Key uncertainties include its relatively small scale, thin margins, regulatory risks, and the need to keep investing to maintain its technology edge. The business appears to be at a transition point between early-stage growth and more mature, profit-focused operations, with execution over the next few years likely to be critical.

NEWS

November 13, 2025 · 7:00 AM UTC

Bragg Gaming Group Reports Strong Third Quarter 2025 Financial Results and Reiterates Full-Year Revenue Outlook

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October 30, 2025 · 8:00 AM UTC

Bragg Gaming to Release Third Quarter 2025 Results on November 13

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October 1, 2025 · 8:00 AM UTC

Bragg Gaming Expands U.S. Content Footprint with Caesars Entertainment Launch in West Virginia

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September 24, 2025 · 8:30 AM UTC

Brag House Announces Strategic Partnership Discussions with New to The Street to Amplify Brand Reach and Redefine National Media Impact

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September 12, 2025 · 12:21 PM UTC

Bragg Gaming Group Secures New Debt Facilities and Provides Update on Cyber Breach

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