Canada's Bragg Gaming Q3 revenue falls 23%, misses estimates
BRAG•Bragg Gaming's third-quarter revenue fell 23% year over year to 20.6 million euros, below the 23.15 million euro consensus estimate. Gross margin rose to 56%.
1. Revenue decline
Bragg Gaming said third-quarter revenue fell 23% year over year to 20.6 million euros, missing the 23.15 million euro analyst estimate. The company reported a loss per share of 0.15 euros and adjusted EBITDA of 3 million euros.
2. Drivers and outlook
The company attributed the revenue decline to customer migrations off its Dutch platform and third-party providers in Brazil moving to direct integrations. A higher share of proprietary content in Canada and the US helped lift gross margin to 56%. Bragg said Brazil's market suspension is expected to have limited impact on gross profit and that its near-term focus is execution, balance sheet strength and operating cash flow.
