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Bragg Gaming Group Inc
(TSX:BRAG)
Bragg Gaming Group Inc (BRAG) vs. iShares MSCI Canada ETF (EWC)
Bragg Gaming Group Inc Business Overview & Revenue Model
Bragg Gaming Group Inc Earnings Call Summary
Bragg Gaming Group Inc Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 167.27M | 102.00M | 93.52M | 84.73M | 58.32M |
| Gross Profit | 61.35M | 54.05M | 49.94M | 45.08M | 28.32M |
| EBITDA | 23.26M | 12.95M | 12.36M | 8.34M | -1.64M |
| Net Income | -12.80M | -5.15M | -3.84M | -3.48M | -7.51M |
Balance Sheet | |||||
| Total Assets | 159.94M | 106.59M | 103.37M | 104.39M | 83.39M |
| Cash, Cash Equivalents and Short-Term Investments | 10.72M | 10.47M | 8.80M | 11.29M | 16.01M |
| Total Debt | 12.24M | 10.28M | 3.28M | 7.39M | 600.00K |
| Total Liabilities | 59.00M | 33.10M | 33.12M | 34.85M | 17.20M |
| Stockholders Equity | 100.94M | 73.50M | 70.25M | 69.53M | 66.19M |
Cash Flow | |||||
| Free Cash Flow | 26.19M | -2.00M | 2.02M | -2.17M | -3.31M |
| Operating Cash Flow | 26.77M | 11.16M | 11.74M | 5.75M | -41.00K |
| Investing Cash Flow | -24.78M | -13.17M | -9.72M | -16.87M | -23.88M |
| Financing Cash Flow | -6.18M | 3.61M | -4.17M | 7.01M | 12.41M |
Bragg Gaming Group Inc Technical Analysis
Bragg Gaming Group Inc Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | C$74.31M | -5.69 | -10.97% | ― | 12.57% | -40.95% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
43 Neutral | C$14.34M | -1.59 | ― | ― | -3.78% | 88.40% | |
40 Underperform | C$45.36M | 17.67 | -55.24% | ― | 52.23% | -300.60% | |
40 Underperform | C$4.72M | -7.52 | ― | ― | -100.00% | 90.84% |
Bragg Gaming Group Inc Corporate Events
Bragg Gaming Group has strengthened its executive team by appointing Morten Tonnesen as Chief Operating Officer and promoting Garrick Morris to Executive Vice President of Global Content, U.S. & Canada. The moves support a strategy centered on scaling its high-margin global content business, which grew 76% in Q4 2025 and 69% for full-year 2025, particularly across North America.
The organizational realignment aligns with Bragg’s push to become an AI-first B2B leader in content, engagement, and infrastructure, backed by its “Bragg AI Brain” initiative and recent cost-structure changes. Tonnesen will drive operational leverage and an AI-led transformation, while Morris will lead U.S. and global content expansion, positioning Bragg to serve operators at the convergence of iGaming, sports, and prediction markets amid shifting regulations and new market opportunities.
The most recent analyst rating on (TSE:BRAG) stock is a Buy with a C$7.00 price target. To see the full list of analyst forecasts on Bragg Gaming Group Inc stock, see the TSE:BRAG Stock Forecast page.
Bragg Gaming expects its preliminary unaudited fourth-quarter and full-year 2025 results to meet prior guidance, with annual revenue rising about 4% to roughly EUR 106.1 million and Adjusted EBITDA improving to about EUR 16.6 million. Growth was driven by a 70% surge in high-margin proprietary content in the fourth quarter, particularly in the U.S., and by strong performances in Brazil and other markets outside the Netherlands, where regulatory headwinds weighed on reported revenue.
For 2026, the company forecasts revenue of EUR 97.0 million to EUR 104.5 million and Adjusted EBITDA of EUR 16.0 million to EUR 19.0 million, targeting a higher margin profile of roughly 16% to 18%. Bragg plans to offset regulatory and tax pressures through a continued shift toward higher-margin products, expansion into new verticals such as Historical and Live Racing and Prediction Markets, and cost efficiencies from its new AI-driven “Bragg AI Brain” initiative to support EBITDA growth and progress toward sustained profitability.
The most recent analyst rating on (TSE:BRAG) stock is a Hold with a C$3.50 price target. To see the full list of analyst forecasts on Bragg Gaming Group Inc stock, see the TSE:BRAG Stock Forecast page.
Bragg Gaming Group has been chosen by Super Technologies as its preferred content delivery partner, cementing Bragg’s role as a key supplier in the global iGaming content and infrastructure market. The deal extends an existing relationship that has already seen joint launches in several European markets and Brazil, and positions Bragg at the core of Super’s multi-brand, multi-jurisdictional expansion strategy.
Under the agreement, Bragg will provide its full suite of aggregation and delivery services, including its Remote Games Server, Bragg HUB platform and FUZE engagement tools, to deliver proprietary, third-party, exclusive and bespoke games tailored to regulated markets. The partnership is expected to enhance Super’s platform content portfolio and compliance coverage while giving Bragg deeper penetration across more than 30 regulated gaming jurisdictions, reinforcing its specialist status in regulated iGaming aggregation and potentially driving stronger performance and lower costs for Super’s brands.
The most recent analyst rating on (TSE:BRAG) stock is a Hold with a C$3.50 price target. To see the full list of analyst forecasts on Bragg Gaming Group Inc stock, see the TSE:BRAG Stock Forecast page.
Bragg Gaming Group has extended a four-year turnkey platform and Player Account Management agreement with Senator Group, a leading online casino operator in Croatia, under which it will continue to supply its PAM platform, proprietary and aggregated casino content, Fuze player engagement tools, and fully managed marketing and operational services. The deal reinforces Bragg’s position as a key iGaming technology supplier in Croatia and Southeastern Europe, and is expected to support Senator’s expansion into other emerging markets, while Bragg leverages its AI-First strategy and collaboration with Golden Whale to build predictive modelling and hyper-personalization tools that help operators stay compliant with Croatia’s proposed stricter marketing and player protection rules, potentially enhancing both partners’ competitiveness and regulatory readiness in high-growth regulated markets.
The most recent analyst rating on (TSE:BRAG) stock is a Hold with a C$3.50 price target. To see the full list of analyst forecasts on Bragg Gaming Group Inc stock, see the TSE:BRAG Stock Forecast page.
Bragg Gaming Group has signed a long-term turnkey solution deal with new operator SuomiVeto, led by the founders of BetCity.nl, to supply its PAM platform, exclusive and aggregated casino content, fully managed sportsbook, Fuze™ engagement tools, and managed services for the soon-to-be-liberalized Finnish iGaming market. The agreement positions Bragg early as a key technology supplier in Finland’s forthcoming regulated online gambling sector, where the market is projected to reach €1.1–€1.3 billion in 2027, and aligns with the company’s AI-First strategy by deploying its “Bragg AI Brain” and hyper-personalized, regulation-aware tools to support compliance with Finland’s expected marketing and bonus restrictions, replicating its successful market-entry playbook from the Netherlands and Brazil.
The most recent analyst rating on (TSE:BRAG) stock is a Hold with a C$4.00 price target. To see the full list of analyst forecasts on Bragg Gaming Group Inc stock, see the TSE:BRAG Stock Forecast page.
Bragg Gaming Group has extended its Player Account Management agreement with Entain’s Dutch brand BetCity.nl, ensuring the operator will continue to use Bragg’s proprietary PAM platform, online casino content and sports betting delivery products in the Netherlands until at least May 31, 2026. The extension is designed to support a potential migration of BetCity.nl to Entain’s own platform and is expected by Bragg to materially bolster its reported revenues over the coming months as it delivers both regular and migration-related services, underscoring the company’s entrenched role in a key European iGaming market even as the longer-term structure of the partnership remains under discussion.
The most recent analyst rating on (TSE:BRAG) stock is a Buy with a C$7.50 price target. To see the full list of analyst forecasts on Bragg Gaming Group Inc stock, see the TSE:BRAG Stock Forecast page.
Bragg Gaming Group has announced a strategic restructuring that will cut about 12% of its global workforce as part of a broader plan to streamline operations, lower its cost base and accelerate its path to sustained net profitability. The move is expected to generate approximately EUR 4.5 million in annualized cash savings after an estimated EUR 1.0 million in one-time personnel-related charges, and is accompanied by an ambitious AI transformation program that aims to make Bragg an AI-first company by 2027, with AI-enhanced products standard across most launches and the majority of operational workflows influenced by AI. Management frames the restructuring and cost reductions as the final step, after recent key hires, to preserve the company’s cash runway, support EBITDA growth and strengthen its position for organic expansion and potential industry consolidation, particularly as the iGaming sector faces mounting regulatory and tax pressures and new opportunities in areas such as prediction markets and historical racing.
The most recent analyst rating on (TSE:BRAG) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Bragg Gaming Group Inc stock, see the TSE:BRAG Stock Forecast page.
Bragg Gaming Group has entered a strategic partnership with iGaming data science specialist Golden Whale Productions to advance its shift toward becoming an AI-first company by 2027. Under the agreement, Bragg will integrate Golden Whale’s ‘Foundation’ machine learning models into its Player Account Management platform to build the so-called Bragg AI Brain, a predictive intelligence engine designed to automate workflows, optimize player incentives, and deliver hyper-personalized gaming experiences. The collaboration aims to validate and deploy highly accurate predictive models capable of forecasting player revenue over multiple time horizons and identifying churn risk windows, enabling more effective retention and reactivation campaigns. By embedding these AI-driven insights directly into its operational platform, Bragg expects to reduce costs, improve operational leverage and create a differentiated, proof-of-value AI offering for current and future customers in its regulated markets, potentially strengthening its competitive position and boosting proprietary content and partnership-driven revenues.
The most recent analyst rating on (TSE:BRAG) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Bragg Gaming Group Inc stock, see the TSE:BRAG Stock Forecast page.