Free cash flow remains highly volatile, swinging from a $13.1 million peak in 2025Q4 to inconsistent performance, while capital intensity remains elevated with CapEx/Revenue ratios reaching 13.4% in 2026Q1.
| 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 |
|---|
| Cash from Operations | 19.76M | 16.58M | 11.16M | 11.74M | 5.75M | 115K | 6.73M | -98K | -4.11M | -1.23M | -2.7M | -630.21K | -2.4M | -1.4M | -1.34M | -95.42K | -143.99K | -556.69K | -726.77K | -142.1K | -64.75K | -8.45K |
| Operating CF Margin % | - | 16% | 10.94% | 12.55% | 6.79% | 0.2% | 9.46% | -0.37% | -60.62% | -30.99% | -306.15% | -48.71% | -660.62% | -695.3% | -784.66% | -38.88% | -46.61% | -193.29% | -1650.44% | -743.42% | - | -1848.36% |
| Operating CF Growth % | 659.64% | 48.6% | -4.92% | 104.05% | 4902.61% | -98.29% | 6966.33% | 97.62% | -234.07% | 54.42% | -328.47% | 73.72% | -71.19% | -4.72% | -1301.7% | 33.73% | 74.13% | 23.4% | -411.46% | -119.44% | -666.35% | - |
| Net Income | -7.5M | -7.93M | -5.15M | -3.84M | -3.48M | -7.51M | -14.48M | -10.38M | -13.94M | -1.67M | -3.29M | -2.88M | -2.95M | -2.02M | -1.97M | -168.8K | -228.41K | -916.59K | -1.06M | -117.75K | -77.08K | -94.29K |
| Depreciation & Amortization | 22.2M | 18.98M | 16.89M | 13.07M | 8.45M | 4.8M | 2.87M | 2.08M | 360.69K | 38.45K | 257.64K | 226.2K | 107.43K | 1.98K | 1.8K | 3.38K | 3.72K | 168.93K | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 743K | 0 | 809K | 2.06M | 3.77M | 4.67M | 2.96M | 1.65M | 2.64M | 23.8K | 574.3K | 964.22K | 444.08K | 326.59K | 698.59K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 240.38K | -166.1K | -1.55M | 910K | 1.56M | -172K | -125K | -112K | 7.27M | 0 | 0 | 762.58K | 0 | 0 | 19.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 380.67K | 2.55M | 4M | -2K | -902K | 331K | 10.64M | 7.1M | 7.77M | 41.39K | 108.28K | 825.9K | 105.72K | 0 | 101.2K | 13.7K | 3.95K | 138.36K | 416.54K | 0 | 0 | 68.87K |
| Working Capital Changes | 3.7M | 3.15M | -3.84M | -455K | -3.65M | -2M | 4.85M | -438K | -943.28K | 339.09K | -353.78K | 228.51K | -109.38K | 292.88K | -171.85K | 56.3K | 76.75K | 52.61K | -85.57K | -24.35K | 12.32K | 16.96K |
| Change in Receivables | 4.49M | -1.01M | -1.43M | -2.01M | -7.74M | 2.25M | -4.04M | -2.92M | -440.21K | -373.35K | 0 | 0 | 0 | 3.46K | -57.57K | 30.3K | 35.31K | -14.96K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 4.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -8.88M | 5.3M | -1.9M | 2.3M | 4.31M | -2.7M | 8.11M | 2.43M | -532.3K | 724.16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -18.89M | -15.35M | -13.17M | -9.72M | -16.87M | -23.88M | -2.78M | -2.3M | 1.24M | -8.88K | -20.54K | 128K | -477.98K | 90.75K | -129.93K | 0 | -16.85K | 78.1K | -338.77K | 126.53K | -636.91K | 0 |
| Capital Expenditures | -11.73M | -14.51M | -1.06M | -332K | -544K | -123K | -2.51M | -1.68M | -446.18K | -8.88K | -20.54K | -80.79K | -74.31K | -19.54K | -16.05K | 0 | -2.53K | -1.27K | -21.58K | 0 | 0 | 0 |
| CapEx % of Revenue | 9.5% | 14% | 1.04% | 0.36% | 0.64% | 0.21% | 3.53% | 6.3% | 6.58% | 0.22% | 2.33% | 6.25% | 20.47% | 9.7% | 9.42% | - | 0.82% | 0.44% | 49.01% | - | - | - |
| Acquisitions | -300K | 0 | 0 | 0 | -9.04M | -20.85M | -268K | -639K | 1.69M | 0 | 0 | 0 | -205.34K | 0 | 0 | 0 | 0 | 0 | -216.58K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -6.92M | -390.83K | -12.11M | -9.39M | -7.29M | -2.91M | -527K | 16K | -369.27K | 0 | 0 | 128K | -272.64K | -19.54K | -16.05K | 0 | -14.32K | -15.28K | 0 | 0 | 0 | 0 |
| Cash from Financing | -5.12M | -3.83M | 3.61M | -4.17M | 6.9M | 12.41M | 22.26M | -521K | 4.43M | 1.23M | 3.06M | 626.83K | 2.47M | 1.83M | 1.5M | 0 | 202.4K | 521.61K | 1.09M | 0 | -377 | 661.03K |
| Debt Issued (Net) | -3.6M | -2.62M | 4.37M | -4.4M | 7.2M | -171K | -212K | -484K | -222.9K | 1.23M | 437.06K | 348K | -1.3M | 294.09K | -227.75K | 0 | 202.4K | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 743 | 48.85K | 0 | 0 | 0 | 1.31M | 12.13M | 0 | 4.47M | 0 | 3.1M | 0 | 3.77M | 1.42M | 1.73M | 0 | 0 | 521.61K | 1.09M | 0 | 0 | 796.68K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.53M | -1.26M | -752K | 231K | -307K | 11.27M | 10.35M | -37K | 176.98K | 0 | -474.57K | 278.84K | 0 | 115.94K | -1 | 0 | 0 | 0 | 0 | 0 | -377 | -135.65K |
| Net Change in Cash | -5.31M | -2.58M | 1.67M | -2.49M | -4.72M | -10.1M | 25.42M | -4.8M | 1.64M | 23.93K | 357.14K | 137.99K | -406.42K | 521.15K | 33.15K | -95.42K | 41.56K | 43.02K | 27.82K | -15.56K | -702.04K | 652.58K |
| Free Cash Flow | 12.75M | 16.23M | -2M | 2.02M | -2.17M | -3.15M | 4.22M | -1.77M | -4.56M | -1.24M | -2.72M | -711.01K | -2.47M | -1.42M | -1.35M | -95.42K | -146.53K | -557.97K | -748.35K | -142.1K | -64.75K | -8.45K |
| FCF Margin % | 10.32% | 15.66% | -1.97% | 2.16% | -2.56% | -5.4% | 5.93% | -6.67% | -67.2% | -31.22% | -308.48% | -54.96% | -681.1% | -705% | -794.08% | -38.88% | -47.43% | -193.73% | -1699.44% | -743.42% | - | -1848.36% |
| FCF Growth % | 136.2% | 909.43% | -199.45% | 192.99% | 31.2% | -174.67% | 338.01% | 61.1% | -267.66% | 54.43% | -282.67% | 71.24% | -74.07% | -4.92% | -1318.53% | 34.88% | 73.74% | 25.44% | -426.65% | -119.44% | -666.35% | - |
| FCF per Share | 0.50 | 0.64 | -0.08 | 0.09 | -0.10 | -0.16 | 0.49 | -0.24 | -1.66 | -0.91 | -6.54 | -2.55 | -13.87 | -16.28 | -22.14 | -2.73 | -4.19 | -17.34 | -26.89 | -19.41 | -8.84 | -1.78 |
| FCF Conversion (FCF/Net Income) | -1.70x | -2.09x | -2.17x | -3.06x | -1.65x | -0.02x | -0.30x | 0.01x | 0.30x | 0.74x | - | 0.22x | 0.81x | 0.69x | 0.68x | 0.57x | 0.63x | 0.61x | - | 1.21x | 0.84x | - |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 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 operating cash flow consistently exceeds net income, with OCF/NI ratios frequently reaching extreme negative values, such as the -6.06 observed in 2025Q4, indicating that reported losses are heavily mitigated by non-cash charges rather than actual operational profitability.
The consistent gap between net income and operating cash flow suggests that the company relies heavily on non-cash expenses, primarily depreciation and amortization, to mask underlying operational deficits. Investors should monitor whether this reliance on non-cash accounting adjustments can persist if the company fails to achieve positive net income in the coming quarters.
Based on Bragg's reported figures, free cash flow remains highly erratic, swinging from a peak of $13.1 million in 2025Q4 to negative territory in multiple periods, which highlights the company's inability to maintain a consistent self-funding mechanism for its ongoing operational and development requirements.
The lack of a stable free cash flow trajectory suggests that the business model is currently unable to generate reliable excess cash after accounting for necessary capital expenditures. This volatility may indicate that the company's cash generation is highly sensitive to timing differences in working capital rather than sustainable operational performance.
According to recent SEC filings, Bragg's capital intensity is characterized by significant quarterly fluctuations, with CapEx/Revenue ratios spiking as high as 17.9% in 2025Q4, suggesting that the company is periodically forced to commit substantial capital to maintain its technical infrastructure and regulatory compliance capabilities.
These periodic spikes in capital expenditure appear to be necessary to keep the ORYX Hub competitive, yet they place significant pressure on the company's limited cash reserves. The inconsistency in these outlays warrants further investigation into whether they represent essential maintenance or discretionary growth investments that have yet to yield a return.
Data from quarterly filings reveals that working capital changes are a primary driver of cash flow variance, with swings ranging from a $7.2 million inflow in 2025Q4 to a $3.5 million outflow in 2024Q2, indicating that the company's cash position is highly susceptible to timing of collections.
The reliance on working capital fluctuations to bolster operating cash flow suggests that the underlying business may be struggling to convert revenue into cash efficiently. Investors should be cautious, as these shifts often mask the true cash-generating capacity of the core gaming platform.
Quick answers to the most common questions about buying BRAG stock.
Bragg Gaming Group Inc. (BRAG) generated $16.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bragg Gaming Group Inc. (BRAG) generated $16.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Bragg Gaming Group Inc. (BRAG) spent $14.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.