Q3 2024 Bragg Gaming Group Inc Earnings Call Transcript
Key Points
- Bragg Gaming Group Inc (BRAG) reported a 16% year-over-year increase in revenue for Q3 2024, reaching a record high of EUR 26.2 million.
- Gross profits grew by 18% to EUR 14 million, with a gross profit margin increase of 99 basis points to 53.5%.
- The company experienced a 40% increase in proprietary content revenue globally, driven by growth in the US market.
- Bragg Gaming Group Inc (BRAG) successfully launched new partnerships and expanded existing ones, including with Caesars Entertainment in Pennsylvania and Ontario.
- The company is preparing for the launch of the regulated market in Brazil, indicating a strategic focus on expanding into new high-growth markets.
- The strategic review process concluded without any proposals that reflected the company's intrinsic value, indicating potential challenges in maximizing shareholder value through mergers or sales.
- Adjusted EBITDA margin decreased slightly to 15.6% from 16.9% in the same period last year.
- The company is tracking to the lower end of its full-year 2024 revenue and adjusted EBITDA guidance.
- There are new regulatory challenges in the Netherlands, including monthly deposit limits, which could impact revenue.
- Despite growth, the US market still represents a relatively small base, suggesting that significant scaling is needed to achieve meaningful revenue contributions.
Good morning everyone. My name is Sarah and thank you for joining the third quarter of 2024 earnings conference call for Bragg Gaming Group. I'll shortly hand the call over to Bragg Gaming Group, CEO, Matevž Mazij, who will comment on Breg's third quarter performance and Breg's interim CFO Robbie Bressler who will review and discuss the company's third quarter financial results.
I would like to remind you if you are not already doing so that you can follow this earnings call presentation live from Bragg's Investor website at investors dot Bragg dot group. That's investors plural with an s then go to the events and presentations section on this call. There will be a review of Breg's financial and operating results for the third quarter of 2024. Following these prepared remarks, the conference call will be opened to a question and answer period.
I would like to remind you that certain statements made on this conference call and the responses to various questions may constitute forward-looking information or future oriented financial information within the meaning of applicable securities
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