The company's equity base has eroded to $62.3 million as of 2026Q1, while a current ratio of 0.94 suggests a tightening liquidity buffer against short-term obligations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Mar'18 | Mar'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Mar'07 | Mar'06 | Mar'05 |
|---|
| Total Current Assets | 25.6M | 31.6M | 33.16M | 29.09M | 29.74M | 26.96M | 36.81M | 8.34M | 3.43M | 1.19M | 1.01M | 425.51K | 198.33K | 1.02M | 281.77K | 0 | 176.53K | 159.18K | 252.99K | 479.39K | 663.78K | 652.59K |
| Cash & Short-Term Investments | 3.43M | 6.64M | 10.47M | 8.8M | 11.29M | 16.01M | 26.1M | 682K | 1.86M | 249.34K | 608.29K | 264.48K | 198.33K | 585.6K | 180.44K | 0 | 117.28K | 70.81K | 130.15K | 462.21K | 659.06K | 652.59K |
| Cash Only | 3.43M | 6.64M | 10.47M | 8.8M | 11.29M | 16.01M | 26.1M | 682K | 1.86M | 249.34K | 608.29K | 264.48K | 0 | 585.6K | 66.56K | 0 | 117.28K | 70.81K | 29.55K | 4.75K | 22.15K | 652.59K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 198.33K | 0 | 113.88K | 0 | 0 | 0 | 100.61K | 457.47K | 636.91K | 0 |
| Accounts Receivable | 19.57M | 21.07M | 20.07M | 18.64M | 16.63M | 8.51M | 10.45M | 6.18M | 1.28M | 879.93K | 194.13K | 152.82K | 0 | 313.72K | 92.01K | 33.34K | 58.42K | 87.67K | 93.11K | 17.18K | 4.72K | 0 |
| Days Sales Outstanding | 76.87 | 74.2 | 71.83 | 72.75 | 71.63 | 53.26 | 53.59 | 84.83 | 68.85 | 80.87 | 80.34 | 43.12 | - | 568.43 | 197.03 | 49.6 | 69.02 | 111.1 | 771.82 | 327.99 | - | - |
| Inventory | 0 | 0 | 0 | 0 | 1.7M | 0 | 249K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.89K | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | 15.6 | - | 2.04 | - | - | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 2.61M | 3.9M | 1.13M | 372K | 128K | 20K | 14K | 1.14M | 0 | 59.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 67.35M | 67.49M | 73.43M | 74.28M | 74.65M | 56.43M | 35.28M | 35.54M | 6.95M | 20.16K | 1.1M | 1.37M | 0 | 68.49K | 52.59K | 51.99K | 59.36K | 43.23K | 364.05K | 0 | 0 | 0 |
| Property, Plant & Equipment | 4.79M | 5.16M | 4.85M | 3.87M | 1.24M | 831K | 980K | 1.01M | 84.68K | 20.16K | 0 | 0 | 0 | 0 | 2.04K | 0 | 11.64K | 11.99K | 15.94K | 0 | 0 | 0 |
| Fixed Asset Turnover | 21.36x | 20.09x | 21.03x | 24.15x | 68.56x | 70.18x | 72.59x | 26.43x | 80.10x | 197.05x | - | - | - | - | 83.44x | - | 26.54x | 24.01x | 2.76x | - | - | - |
| Goodwill | 31.59M | 31.13M | 32.72M | 31.92M | 31.66M | 24.73M | 19.94M | 19.94M | 5.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 30.12M | 30.34M | 35.86M | 38.13M | 41.7M | 30.84M | 14.28M | 14.56M | 1.72M | 0 | 1.1M | 1.37M | 0 | 68.49K | 50.55K | 51.99K | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 2.18M | 457.84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 406.71K | 403.98K | 0 | 348K | 47K | 28K | 87K | 38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47.72K | 31.24K | 348.11K | 0 | 0 | 0 |
| Total Assets | 92.95M | 99.1M | 106.59M | 103.37M | 104.39M | 83.39M | 72.09M | 43.88M | 10.39M | 1.21M | 2.12M | 1.79M | 0 | 1.09M | 334.36K | 0 | 235.89K | 202.41K | 617.04K | 479.39K | 663.78K | 652.59K |
| Asset Turnover | 1.09x | 1.05x | 0.96x | 0.90x | 0.81x | 0.70x | 0.99x | 0.61x | 0.65x | 3.29x | 0.42x | 0.72x | - | 0.19x | 0.51x | - | 1.31x | 1.42x | 0.07x | 0.04x | - | 0.00x |
| Asset Growth % | 30.21% | -7.03% | 3.12% | -0.98% | 25.18% | 15.67% | 64.3% | 322.44% | 759.19% | -42.9% | 17.96% | - | -100% | 224.92% | - | -100% | 16.54% | -67.2% | 28.71% | -27.78% | 1.72% | - |
| Total Current Liabilities | 27.1M | 32.61M | 29.11M | 27.9M | 24.31M | 15.32M | 30.04M | 20.8M | 1.31M | 3.33M | 1.14M | 1.54M | 0 | 878.01K | 132.65K | 0 | 383.07K | 137.11K | 132.23K | 21.39K | 35.87K | 16.96K |
| Accounts Payable | 8.89M | 9.12M | 3.24M | 7.5M | 4.33M | 1.46M | 6.41M | 5.15M | 1.31M | 1.91M | 0 | 0 | 418.91K | 416.21K | 0 | 0 | 0 | 0 | 103.85K | 4.64K | 0 | 0 |
| Days Payables Outstanding | 55.68 | 50.75 | 24.63 | 62.85 | 39.83 | 17.81 | 52.42 | 128.99 | 131.37 | 351.55 | - | - | 1.5K | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 4.21M | 4.87M | 6.58M | 0 | 109K | 0 | 0 | 185K | 0 | 1.42M | 798.49K | 311.58K | 577.12K | 279.13K | 0 | 220.51K | 194.95K | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 746K | 27K | 102K | 0 | 0 | 0 | 79.22K | 70.21K | 0 | 111.24K | 67.63K | 0 | 74.63K | 70.62K | 37.79K | 0 | 0 | 0 |
| Other Current Liabilities | 14.05M | 16.8M | 1.24M | 4.43M | 2.5M | 0 | 11.52M | 10.8M | 0 | -709.2K | 1.25M | 1.32M | 0 | 0 | 65.02K | 152.07K | 113.49K | 66.49K | -9.41K | 0 | 0 | 0 |
| Current Ratio | 0.94x | 0.97x | 1.14x | 1.04x | 1.22x | 1.76x | 1.23x | 0.40x | 2.63x | 0.36x | 0.89x | 0.28x | - | 1.16x | 2.12x | - | 0.46x | 1.16x | 1.91x | 22.41x | 18.51x | 38.47x |
| Quick Ratio | 0.94x | 0.97x | 1.14x | 1.04x | 1.15x | 1.76x | 1.22x | 0.40x | 2.63x | 0.36x | 0.89x | 0.28x | - | 1.16x | 2.12x | - | 0.46x | 1.16x | 1.81x | 22.41x | 18.51x | 38.47x |
| Cash Conversion Cycle | 21.2 | - | - | - | 47.4 | - | 3.21 | - | - | -270.68 | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 3.59M | 3.94M | 3.98M | 5.2M | 10.55M | 1.88M | 2.15M | 16.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 6.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 12.24M | 2.72M | 2.81M | 2.57M | 344K | 451K | 593K | 674K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 2.43M | 507.71K | 680K | 852K | 1.2M | 1.24M | 1.42M | 1.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 698.94K | 717.18K | 487K | 1.78M | 233K | 184K | 147K | 14.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 30.68M | 36.55M | 33.1M | 33.12M | 34.85M | 17.2M | 32.2M | 37.26M | 1.31M | 3.33M | 1.14M | 1.54M | 0 | 878.01K | 132.65K | 0 | 383.07K | 137.11K | 132.23K | 21.39K | 35.87K | 16.96K |
| Total Debt | 6.63M | 7.58M | 10.28M | 3.28M | 7.39M | 600K | 726K | 1.04M | 0 | 1.42M | 798.49K | 968.13K | 0 | 279.13K | 0 | 0 | 194.95K | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 3.2M | 943.61K | -191K | -5.52M | -3.89M | -15.41M | -25.38M | 362K | -1.86M | 1.17M | 190.2K | 703.66K | 0 | -306.47K | -66.56K | 0 | 77.67K | -70.81K | -29.55K | -4.75K | -22.15K | -652.59K |
| Debt / Equity | 0.11x | 0.12x | 0.14x | 0.05x | 0.11x | 0.01x | 0.02x | 0.16x | - | - | 0.82x | 3.86x | - | 1.34x | - | - | - | - | - | - | - | - |
| Debt / EBITDA | 0.39x | 0.53x | 0.77x | 0.27x | 0.97x | - | 0.19x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.19x | 0.07x | -0.01x | -0.45x | -0.51x | - | -6.77x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -4.52x | -4.64x | -1.43x | -0.32x | -0.96x | -26.29x | -14.25x | -4.59x | -86.55x | -6.11x | -34.04x | -29.69x | -17.12x | - | -145.72x | -3.56x | -24.43x | - | - | - | - | -2035.98x |
| Total Equity | 62.27M | 62.54M | 73.5M | 69.95M | 69.53M | 66.19M | 39.9M | 6.62M | 9.08M | -2.12M | 973.58K | 250.77K | 0 | 208.39K | 201.71K | 0 | -147.18K | 65.3K | 484.81K | 458K | 627.91K | 635.62K |
| Equity Growth % | 10.29% | -14.91% | 5.08% | 0.59% | 5.04% | 65.91% | 503.04% | -27.15% | 527.73% | -318.08% | 288.23% | - | -100% | 3.31% | - | 100% | -325.39% | -86.53% | 5.85% | -27.06% | -1.21% | - |
| Book Value per Share | 2.43 | 2.47 | 3.02 | 3.09 | 3.25 | 3.39 | 4.64 | 0.91 | 3.31 | -1.57 | 2.34 | 0.90 | - | 2.39 | 3.30 | - | -4.21 | 2.03 | 17.42 | 62.56 | 85.77 | 134.21 |
| Total Shareholders' Equity | 62.27M | 62.54M | 73.5M | 69.95M | 69.53M | 66.19M | 39.9M | 6.62M | 9.08M | -2.12M | 973.58K | 250.77K | 0 | 208.39K | 201.71K | 0 | -147.18K | 65.3K | 484.81K | 458K | 627.91K | 635.62K |
| Common Stock | 134.55M | 133.61M | 131.73M | 120.02M | 109.9M | 100.28M | 62.3M | 40.2M | 23.16M | 5.85M | 10.21M | 8.41M | 0 | 4.2M | 3.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -91.03M | -89.23M | -81.21M | -76.06M | -72.23M | -68.74M | -61.23M | -46.66M | -21.42M | -8.68M | -15.24M | -12.59M | 0 | -6.98M | -5.12M | 0 | -2.65M | -2.26M | -1.44M | -448.04K | -360.22K | -254.81K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 848.57K | 542.62K | 5.3M | 2.92M | 4.09M | 2.48M | -150K | -212K | 93.39K | 28.31K | 74.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 796.68K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital exhaustion
As reported in financial statements, Bragg's equity base has contracted from $100.9 million in 2025Q4 to $62.3 million by 2026Q1, reflecting a rapid deterioration in net worth driven by persistent operating losses and the ongoing accumulation of a significant deficit in retained earnings.
The consistent decline in retained earnings, which reached -$91.0 million in 2026Q1, suggests that the company is struggling to generate the internal capital necessary to sustain its operations. This trajectory indicates that the business model is currently failing to convert its platform-based revenue into meaningful shareholder equity.
Based on the company's reported figures, goodwill represents a substantial portion of total assets at $31.6 million in 2026Q1, which warrants further investigation into potential impairment risks given the company's inability to achieve consistent profitability or meaningful top-line growth in its core markets.
The reliance on intangible assets suggests that the company's value is heavily tied to past acquisitions rather than tangible operational infrastructure. Investors should monitor whether these assets remain recoverable if the company's strategic review does not result in a material improvement in earnings power.
According to recent quarterly filings, Bragg's cash position plummeted to $3.4 million in 2026Q1 from $10.7 million in 2025Q4, leaving the company with a current ratio of 0.94 that suggests a precarious buffer against ongoing operational cash burn and short-term liability obligations.
The rapid depletion of cash reserves indicates that the company is operating with a very narrow margin for error. This liquidity profile appears to be a primary driver behind the board's decision to explore strategic alternatives, as the current cash burn rate is likely unsustainable without external capital.
Data from quarterly balance sheets reveals that the company's debt-to-equity ratio of 0.11 in 2026Q1 masks the underlying fragility of the firm, as the low leverage is a function of equity erosion rather than a robust or conservative approach to capital management.
While the headline debt metrics appear manageable, the lack of retained earnings and the reliance on external financing to cover operating deficits suggest that the company's financial health is more strained than the debt-to-equity ratio implies. The structural deficit in retained earnings is a critical indicator of long-term value destruction that investors should not overlook.
Quick answers to the most common questions about buying BRAG stock.
As of 2025, Bragg Gaming Group Inc. (BRAG) had total assets of $99.1M including $31.6M in current assets.
Bragg Gaming Group Inc. (BRAG) carries total debt of $7.6M, offset by $6.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Bragg Gaming Group Inc. (BRAG) has total shareholders' equity (book value) of $62.5M ($2.47 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Bragg Gaming Group Inc. (BRAG) reported a current ratio of 0.97x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.