Bragg Gaming Q1 Adjusted Loss €0.05 Beats Forecast; Revenue €25.7M Misses
BRAG•Bragg Gaming reported Q1 adjusted loss of €0.05 per share, beating the €0.09 forecast, while revenue came in at €25.7 million versus a €28.55 million consensus. Net loss narrowed 55% to €1.2 million, adjusted EBITDA was €4.0 million (15.7% margin), and full-year guidance (€97M–€104.5M revenue, €16M–€19M EBITDA) was maintained.
1. Q1 Financial Results
Bragg Gaming reported an adjusted loss of €0.05 per share in Q1 versus an expected €0.09 loss, while revenue reached €25.7 million, slightly up from last year but below the €28.55 million consensus. Net loss narrowed 55% year-on-year to €1.2 million from €2.6 million and adjusted EBITDA totaled €4.0 million for a 15.7% margin.
2. Regional Performance
Revenue in Brazil surged 33.3% year-on-year and the Netherlands grew 3.5%, offset by a 12.1% decline in U.S. revenue due to the absence of one-time project fees recorded in the prior-year quarter. These mixed regional trends reflect both sustained growth in emerging markets and normalization in mature segments.
3. Restructuring and Cost Savings
The company completed a 12% global workforce reduction, recording €0.7 million in restructuring charges that are expected to yield approximately €4.5 million in annualized cash savings. Operating loss improved to €1.4 million from €1.7 million a year earlier as a result of ongoing cost-reduction initiatives.
4. Guidance and Strategic Outlook
Management reaffirmed full-year 2026 revenue guidance of €97.0 million to €104.5 million and adjusted EBITDA targets of €16.0 million to €19.0 million with margins of 16% to 18%. CEO Matevž Mazij emphasized execution on strategic initiatives and progress toward a transformative transaction with Drayton.
