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Intellectia.AI Updated: 1970-01-01
Bragg Gaming Group Reports Second Quarter 2024 Financial Results
Bragg Gaming Group (BRAG), a global B2B content-driven iGaming technology provider, today announced its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Quarter-over-Quarter Change | Year-over-Year Change | Consensus Estimate |
|---|---|---|---|---|---|
| Total Revenue | USD 26.6M | USD 26.47M | +4.4% | +0.5% | USD 28.24M |
| Earnings Per Share (EPS) | Not Provided | Not Provided | Not Provided | Not Provided | USD -0.04 |
| Adjusted EBITDA | Not Provided | Not Provided | +6.0% | -23.8% |
Interpretation
Bragg Gaming reported record revenue of USD 26.6 million for Q2 2024, representing a 0.5% year-over-year increase and a 4.4% sequential increase from Q1 2024. However, the revenue missed the Wall Street consensus estimate of USD 28.24 million. The company did not provide explicit EPS figures in the report. Despite this, the consistency in the product mix and strategic focus on higher-margin products show promising future growth potentials.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Previous Guidance | Year-over-Year Change |
|---|---|---|---|
| iGaming Content | Not Provided | Not Provided | Not Provided |
| Player Account Management (PAM) | Not Provided | Not Provided | Not Provided |
| Turnkey Solutions | Not Provided | Not Provided | Not Provided |
Interpretation
Specific revenue figures for individual segments like iGaming Content, PAM, and Turnkey Solutions were not provided in the earnings release. However, it is noted that Bragg's strategic objectives focus on higher-margin products, including proprietary solutions like PAM and turnkey services.
Operational Highlights
| Operational Metric | Q2 2024 |
|---|---|
| New Titles Launched | 17 |
| Proprietary Studio Games | 12 |
| U.S. Expansion Projects | Launched with BetMGM and FanDuel in Pennsylvania, Golden Nugget in New Jersey |
Commentary from CEO
Matevž Mazij, Chief Executive Officer for Bragg, highlighted the robust business performance with record revenue figures. He noted the sequential quarterly growth in revenue, gross profit, and adjusted EBITDA despite a shift in the product mix. The CEO pointed out the impressive momentum in higher-margin products and significant expansions in the U.S. market.
Dividends and Share Repurchase
There were no announcements regarding dividends or share repurchase programs mentioned in the earnings release.
Forward Guidance
Bragg Gaming Group reiterated its full-year 2024 revenue guidance range of EUR 102.0-109.0 million (USD 109.1-116.6 million). The company also maintained its full-year Adjusted EBITDA guidance range of EUR 15.2-18.5 million (USD 16.3-19.8 million).
Stock Price Movement
Following the earnings release, Bragg’s stock price experienced a slight decline of -0.38%.
In summary, Bragg Gaming Group posted record revenue for Q2 2024 despite missing consensus estimates. The company remains optimistic about its strategic initiatives in higher-margin products and its continued growth trajectory in the U.S. market.
The report has been organized into a more readable format, but it still lacks some critical financial details such as EPS and specific segment revenues. However, it provides a comprehensive overview of the company's performance and strategic direction.
