Bragg Gaming Group Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Bragg Gaming Group Inc. files with the SEC in its annual reports.

In EUR millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	46.4	58.3	84.7	93.5	102	106
Cost of revenue	26.2	30	39.7	43.6	48	47.7
Gross profit	20.2	28.3	45.1	49.9	54	58.3
Selling, general and administrative	22.8	34.7	46.8	50.8	57.8	63.5
Operating income	-11.9	-6.35	-0.83	-0.78	-3.54	-5.32
Pre-tax income	-13.3	-6.69	-1.93	-2.93	-6.7	-6.39
Income tax	1.2	0.83	1.56	0.91	-1.55	1.73
Income from continuing operations	-14.5	-7.51	-3.48
Net income	-14.6	-7.51	-3.48	-3.84	-5.15	-8.12
EBITDA	-9.02	-1.55	7.63	12.3	13.4	14.1
EPS, basic	-1.70	-0.39	-0.16	-0.17	-0.21	-0.32
EPS, diluted	-1.70	-0.39	-0.16	-0.17	-0.21	-0.32

Balance sheet

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	26.1	16	11.3	8.8	10.5	6.66
Receivables	10.3	8.45	16.6	18.6	20.1	21.1
Total current assets	36.8	27	29.7	29.1	33.2	31.7
Property, plant and equipment	0.27	0.25	0.66	0.64	1.34	1.2
Lease right-of-use assets	0.71	0.58	0.58	3.23	3.51	3.98
Goodwill	19.9	24.7	31.7	31.9	32.7	31.2
Intangible assets	14.3	30.8	41.7	38.1	35.9	30.4
Total assets	72.1	83.4	104	103	107	99.3
Accounts payable	17	14.4	19.5	21.8	19.9	25.5
Total current liabilities	30	15.3	24.3	27.9	29.1	32.7
Lease liabilities	0.59	0.45	0.34	2.57	2.82	2.73
Total liabilities	32.2	17.2	34.9	33.1	33.1	36.6
Total debt			7.97	2.92	6.58	3.51
Paid-in capital	14.3	18.4	20.7	19.9	17.7	17.7
Retained earnings	-61.2	-68.7	-72.2	-76.1	-81.2	-89.5
Total equity	39.9	66.2	69.5	70.2	73.5	62.7
Total liabilities and equity	72.1	83.4	104	103	107	99.3

Cash flow statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-14.6	-7.51	-3.48	-3.84	-5.15	-8.12
Depreciation and amortization	2.87	4.8	8.45	13.1	16.9	19.4
Cash from operations	6.73	0.12	5.75	11.7	11.2	17.9
Capital expenditures	-0.22	-0.12	-0.54	-0.33	-1.06	-0.36
Cash from investing	-2.78	-23.9	-16.9	-9.72	-13.2	-15.7
Debt repaid				-3.69	-1.38
Cash from financing	22.3	12.4	6.9	-4.17	3.61	-4.88
Exchange rate effect	-0.31	1.26	-0.5	-0.34	0.06	-1.15
Net change in cash	25.4	-10.1	-4.72	-2.49	1.67	-3.81
Free cash flow	6.51	-0.01	5.21	11.4	10.1	17.6
Income taxes paid			1.27	1.45	-0.93	0.45

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	55.0%	Gross profit / revenue.
Operating margin	-5.0%	Operating income / revenue.
EBITDA margin	13.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-6.0%	Pre-tax income / revenue.
Net margin	-7.7%	Net income / revenue.
FCF margin	16.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.9%	Cash from operations / revenue.
Return on assets (ROA)	-7.9%	Net income / average total assets.
SG&A / revenue	59.9%	Selling, general and administrative expense / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	18.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	23.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	22.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	60.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	46.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	21.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	73.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	50.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	22.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-6.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.97x	Current assets / current liabilities.
Quick ratio	0.85x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.20x	(Cash + short-term investments) / current liabilities.
Debt / assets	3.5%	Total debt / total assets.
Liabilities / assets	36.9%	Total liabilities / total assets.
Net debt	-€3.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.22x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-€1.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	62.0%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.03x	Revenue / average total assets.
Fixed asset turnover	83.6x	Revenue / average property, plant and equipment.
Receivables turnover	5.15x	Revenue / average receivables.
Days sales outstanding	71 days	365 x average receivables / revenue.
Days payables	174 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	2.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-€0.32	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-€0.32	Net income per basic share, as reported (split-adjusted).

What was Bragg Gaming Group Inc.'s revenue in fiscal 2025?

Bragg Gaming Group Inc. reported revenue of €106.1M for fiscal 2025, 4% higher than the year before.

Was Bragg Gaming Group Inc. profitable in fiscal 2025?

No. It reported a net loss of €8.1M.

How much free cash flow did Bragg Gaming Group Inc. generate in fiscal 2025?

Cash from operations of €17.9M minus capital expenditures of €364.0K left free cash flow of €17.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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