Bragg Gaming Group Inc (TSE:BRAG)
TSX:BRAG
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Bragg Gaming Group Inc
(TSX:BRAG)
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Rating:62Neutral
Price Target:
C$3.00
▲(14.94% Upside)
Action:ReiteratedDate:03/21/26
The score is driven primarily by improving fundamentals—strong revenue growth, better EBITDA, and a major step-up in 2025 cash generation—supported by a generally stable balance sheet. This is tempered by continued net losses and negative P/E, while technicals add caution due to overbought readings and a still-weak longer-term trend (below the 200-day average).
Positive Factors
Accelerating Revenue Growth
Bragg's topline is being driven by rapid expansion in high-growth markets (U.S. and Brazil) and a 35% rise in proprietary content revenue. This durable revenue mix shift increases recurring, higher-margin streams and expands the addressable market versus reliance on legacy jurisdictions.
Negative Factors
Persistent Net Losses / Negative ROE
Despite top-line and margin progress, the company remains net loss-making and has negative ROE. Continued losses pressure shareholder value and limit retained-capital growth; sustained profitability is required to convert improving operational metrics into durable shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating Revenue Growth
Bragg's topline is being driven by rapid expansion in high-growth markets (U.S. and Brazil) and a 35% rise in proprietary content revenue. This durable revenue mix shift increases recurring, higher-margin streams and expands the addressable market versus reliance on legacy jurisdictions.
Read all positive factors
Bragg Gaming Group Inc (BRAG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$66.75M
Dividend YieldN/A
Average Volume (3M)16.25K
Price to Earnings (P/E)―
Beta (1Y)0.57
Revenue Growth12.57%
EPS Growth-40.95%
CountryCA
Employees502
SectorConsumer Cyclical
Sector Strength84
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-0.08
Shares Outstanding25,574,284
10 Day Avg. Volume9,269
30 Day Avg. Volume16,252
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)0.72
Price to Sales (P/S)0.44
P/FCF Ratio2.78
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$7.89Price Target Upside202.15% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.09
Revenue Forecast (FY)C$105.38M
Bragg Gaming Group Inc Business Overview & Revenue Model
Company Description
Bragg Gaming Group Inc. operates as a technology and content supplier to the gaming industry worldwide. The company provides business-to-business online gaming solutions. It offers a range of games, including slot, table, card, video bingo, scratc...
How the Company Makes Money
Bragg Gaming Group makes money primarily by supplying iGaming content and enabling technology to online casino operators (and, in some cases, through arrangements involving other intermediaries in the iGaming supply chain). Key revenue streams typ...
Bragg Gaming Group Inc Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The earnings call presented a mix of strong growth in key markets and strategic diversification success, alongside challenges in the Netherlands market and potential impact from customer migration. However, the positive growth metrics and successful diversification strategy indicate a positive outlook.Positive Updates
Strong Revenue Growth in Key Markets
Bragg Gaming Group reported 86% year-over-year revenue growth in the U.S. and 80% in Brazil, key drivers in the company's 35% year-over-year growth in proprietary content revenue.
Negative Updates
Revenue Decline in the Netherlands
Revenue in the Netherlands was down 22% year-over-year due to regulatory changes, impacting overall revenue growth.
Read all updates
Q3-2025 Updates
Positive
Negative
Strong Revenue Growth in Key Markets
Bragg Gaming Group reported 86% year-over-year revenue growth in the U.S. and 80% in Brazil, key drivers in the company's 35% year-over-year growth in proprietary content revenue.
Read all positive updates
Company Guidance
During Bragg Gaming Group's Third Quarter 2025 Earnings Call, the company provided guidance indicating strong financial performance and strategic growth in key markets. The call highlighted a 2% year-over-year revenue increase to EUR 26.8 million, with a significant 20% rise when excluding the Netherlands, where regulatory changes impacted revenue by a 22% decline. The U.S. and Brazil were noted as high-growth markets, contributing 22% to the total revenue, up from 12% the previous year. Proprietary content revenue grew by 35%, bolstering margins and profitability, with adjusted EBITDA rising 9% to EUR 4.4 million. The gross profit reached EUR 14.7 million, reflecting an improvement in gross margin to 54.7%. Bragg reiterated its full-year 2025 revenue guidance of EUR 106-108.5 million and adjusted EBITDA of EUR 16.5-18.5 million, driven by its diversified and high-margin proprietary content strategy.Bragg Gaming Group Inc Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
73
Positive
Cash Flow
70
Positive
| 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
Positive
2.61
Price Trends
2.53
Positive
2.80
Negative
3.71
Negative
Market Momentum
0.04
Negative
53.80
Neutral
39.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BRAG, the sentiment is Positive. The current price of 2.61 is above the 20-day moving average (MA) of 2.43, above the 50-day MA of 2.53, and below the 200-day MA of 3.71, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 53.80 is Neutral, neither overbought nor oversold. The STOCH value of 39.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:BRAG.
Bragg Gaming Group Inc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | C$66.75M | -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$9.56M | -1.59 | ― | ― | -3.78% | 88.40% | |
40 Underperform | C$55.26M | 17.67 | -55.24% | ― | 52.23% | -300.60% | |
40 Underperform | C$4.72M | -7.52 | ― | ― | -100.00% | 90.84% |
* Consumer Cyclical Sector Average
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Bragg Gaming Group Inc Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Bragg Gaming Reshapes Leadership to Drive AI-First iGaming Growth
Positive
Mar 3, 2026
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 scal...
Business Operations and StrategyFinancial Disclosures
Bragg Gaming Hits 2025 Targets and Sets 2026 Outlook Around High-Margin Growth and AI Efficiencies
Positive
Feb 23, 2026
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 d...
Business Operations and Strategy
Bragg Named Preferred Content Delivery Partner for Super Technologies’ Global iGaming Expansion
Positive
Feb 17, 2026
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 t...
Business Operations and Strategy
Bragg Gaming Extends Turnkey iGaming Platform Deal With Croatia’s Senator Group
Positive
Feb 4, 2026
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 aggregat...
Business Operations and StrategyProduct-Related Announcements
Bragg Gaming Strikes Turnkey Platform Deal with SuomiVeto Ahead of Finnish iGaming Liberalization
Positive
Jan 13, 2026
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 t...
Business Operations and StrategyProduct-Related Announcements
Bragg Gaming Extends BetCity.nl Platform Deal with Entain to 2026
Positive
Jan 9, 2026
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 deliver...
Business Operations and Strategy
Bragg Gaming Launches Restructuring and AI Push to Cut Costs and Speed Profitability
Positive
Jan 8, 2026
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 ...
Business Operations and StrategyProduct-Related Announcements
Bragg Gaming Strikes Golden Whale AI Deal to Power ‘AI-First’ iGaming Strategy
Positive
Jan 6, 2026
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 &...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.