Bragg Gaming Group Inc (TSE:BRAG)
TSX:BRAG
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Bragg Gaming Group Inc
(TSX:BRAG)
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Rating:52Neutral
Price Target:
C$2.00
▼(-27.80% Downside)
Action:Reiterated
Date:05/16/26
The score is supported by improving operating fundamentals and positive free cash flow with low leverage, but is held back by persistent net losses/negative ROE and a weak price trend below major moving averages; valuation is also penalized by loss-making earnings (negative P/E) and no dividend data.
Positive Factors
Revenue growth & improving margins
Sustained double-digit TTM revenue growth combined with a step-up in gross margin to ~49% signals stronger product-market fit and scaling benefits in its B2B iGaming model. These structural improvements support durable margin expansion potential as distribution and game adoption broaden.
Negative Factors
Persistent net losses & negative ROE
Ongoing net losses and a materially negative ROE limit the company's ability to compound shareholder value. Until returns turn consistently positive, equity dilution or higher-cost financing may be required to fund growth, constraining long-term capital efficiency.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth & improving margins
Sustained double-digit TTM revenue growth combined with a step-up in gross margin to ~49% signals stronger product-market fit and scaling benefits in its B2B iGaming model. These structural improvements support durable margin expansion potential as distribution and game adoption broaden.
Read all positive factors
Bragg Gaming Group Inc (BRAG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$56.77M
Dividend YieldN/A
Average Volume (3M)16.25K
Price to Earnings (P/E)―
Beta (1Y)0.60
Revenue Growth9.89%
EPS Growth-17.70%
CountryCA
Employees502
SectorConsumer Cyclical
Sector Strength84
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-0.29
Shares Outstanding25,574,284
10 Day Avg. Volume9,269
30 Day Avg. Volume16,252
Financial Highlights & Ratios
PEG Ratio-0.18
Price to Book (P/B)1.16
Price to Sales (P/S)0.70
P/FCF Ratio4.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$7.84Price Target Upside182.85% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.15
Revenue Forecast (FY)C$100.75M
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 technology to licensed online casino operators (and, in some cases, via partnerships with platform aggregators) in regulated jurisdictions. Key revenue streams typically inc...
Bragg Gaming Group Inc Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Aug 06, 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
54
Neutral
Balance Sheet
66
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 123.46M | 103.73M | 102.00M | 93.52M | 84.73M | 58.32M |
| Gross Profit | 56.02M | 38.04M | 54.05M | 49.94M | 45.08M | 28.32M |
| EBITDA | 17.39M | 14.42M | 12.95M | 12.36M | 8.34M | -1.64M |
| Net Income | -7.50M | -7.94M | -5.15M | -3.84M | -3.48M | -7.51M |
Balance Sheet | ||||||
| Total Assets | 92.71M | 99.18M | 106.59M | 103.37M | 104.39M | 83.39M |
| Cash, Cash Equivalents and Short-Term Investments | 3.42M | 6.65M | 10.47M | 8.80M | 11.29M | 16.01M |
| Total Debt | 6.61M | 7.59M | 10.28M | 3.28M | 7.39M | 600.00K |
| Total Liabilities | 30.60M | 36.58M | 33.10M | 33.12M | 34.85M | 17.20M |
| Stockholders Equity | 62.11M | 62.59M | 73.50M | 70.25M | 69.53M | 66.19M |
Cash Flow | ||||||
| Free Cash Flow | 12.75M | 16.24M | -2.00M | 2.02M | -2.17M | -3.31M |
| Operating Cash Flow | 19.77M | 16.60M | 11.16M | 11.74M | 5.75M | -41.00K |
| Investing Cash Flow | -18.89M | -15.37M | -13.17M | -9.72M | -16.87M | -23.88M |
| Financing Cash Flow | -5.12M | -3.83M | 3.61M | -4.17M | 7.01M | 12.41M |
Bragg Gaming Group Inc Technical Analysis
Negative
2.77
Price Trends
2.59
Negative
2.69
Negative
3.20
Negative
Market Momentum
-0.03
Positive
35.60
Neutral
18.24
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BRAG, the sentiment is Negative. The current price of 2.77 is above the 20-day moving average (MA) of 2.73, above the 50-day MA of 2.59, and below the 200-day MA of 3.20, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 35.60 is Neutral, neither overbought nor oversold. The STOCH value of 18.24 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
52 Neutral | C$56.77M | -13.12 | -10.20% | ― | 9.89% | -17.70% | |
43 Neutral | C$8.59M | -2.83 | ― | ― | 23.83% | -149.02% | |
40 Underperform | C$75.08M | 17.67 | -55.24% | ― | 52.23% | -300.60% | |
40 Underperform | C$4.72M | -7.52 | ― | ― | -100.00% | 90.84% |
* Consumer Cyclical Sector Average
TSE:BRAG
Bragg Gaming Group Inc
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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...
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.