Bragg Gaming Group CEO Yaniv Sherman said a Q1 revenue jump of 18 per cent to a record €22.9m reflected its success in diversifying the business towards being a “content-driven provider” across more North American and European markets.
Gross profit for the group also increased by 22 per cent to €12.2m and it reported an improved gross profit margin of 53.5 per cent.
Adjusted EBITDA improved 28.1 per cent to €3.9m, with the group reiterating its full year 2023 revenue guidance of between €93m and €97m, and an adjusted EBITDA forecast of between €14.5m and €16.5m.
Sherman added: “The pace of our new game releases is expected to accelerate in the second half of the year which we believe will further strengthen our foundation to deliver meaningful revenue and cash flow growth while we make consistent progress on our mid-term goal of growing gross profit margin to approximately 60 per cent.”
“As reflected by the midpoints of our 2023 full year revenue and adjusted EBITDA growth targets of 12 per cent and 28 per cent, respectively, Bragg has significant underlying business momentum and we are confident that we will continue to extend this momentum and create new near- and long-term shareholder value.”
