Revenue growth has decelerated to a marginal 0.8% in 2026Q1, while gross margins have contracted significantly to 37.2% compared to historical levels exceeding 50%.
| 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 |
|---|
| Sales/Revenue | 123.49M | 103.64M | 102M | 93.52M | 84.73M | 58.32M | 71.14M | 26.59M | 6.78M | 3.97M | 881.98K | 1.29M | 362.96K | 201.45K | 170.46K | 245.41K | 308.94K | 288.01K | 44.03K | 19.11K | 0 | 457 |
| Revenue Growth % | 19.09% | 1.61% | 9.07% | 10.37% | 45.29% | -18.02% | 167.53% | 292.01% | 70.8% | 350.3% | -31.83% | 256.43% | 80.18% | 18.18% | -30.54% | -20.57% | 7.27% | 554.04% | 130.38% | - | -100% | - |
| Cost of Goods Sold | 67.46M | 65.63M | 47.96M | 43.58M | 39.65M | 30M | 44.6M | 14.56M | 3.63M | 1.98M | 0 | 0 | 102.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 63.32% | 47.02% | 46.6% | 46.8% | 51.44% | 62.7% | 54.76% | 53.49% | 49.94% | - | - | 28.16% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 56.03M | 38.01M | 54.05M | 49.94M | 45.08M | 28.32M | 26.54M | 12.03M | 3.16M | 1.99M | 881.98K | 1.29M | 260.76K | 201.45K | 170.46K | 245.41K | 308.94K | 288.01K | 44.03K | 19.11K | 0 | 457 |
| Gross Margin % | 45.38% | 36.68% | 52.98% | 53.4% | 53.2% | 48.56% | 37.3% | 45.24% | 46.51% | 50.06% | 100% | 100% | 71.84% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | - | 100% |
| Gross Profit Growth % | - | -29.66% | 8.22% | 10.77% | 59.18% | 6.72% | 120.59% | 281.29% | 58.69% | 125.43% | -31.83% | 396.13% | 29.44% | 18.18% | -30.54% | -20.57% | 7.27% | 554.04% | 130.38% | - | -100% | - |
| Operating Expenses | 61.17M | 42.58M | 57.59M | 50.72M | 45.91M | 34.67M | 27.19M | 20.11M | 8.96M | 3.4M | -487.69K | 2.89M | 2.38M | 1.89M | 1.81M | 371.57K | 528.36K | 1.06M | 636.52K | 137.21K | 88.88K | 0 |
| OpEx % of Revenue | - | 41.09% | 56.46% | 54.23% | 54.18% | 59.44% | 38.22% | 75.63% | 132.05% | 85.62% | -55.29% | 223.69% | 654.97% | 936.38% | 1063.36% | 151.41% | 171.02% | 369.7% | 1445.5% | 717.86% | - | - |
| Selling, General & Admin | 40.65M | 25.38M | 38.15M | 35.67M | 34.1M | 26.32M | 27.19M | 11.71M | 8.6M | 3.36M | 0 | 2.14M | 1.48M | 1.1M | 1.42M | 245.21K | 370.75K | 607.31K | 628.58K | 137.21K | 88.08K | 0 |
| SG&A % of Revenue | - | 24.48% | 37.4% | 38.15% | 40.25% | 45.12% | 38.22% | 44.03% | 126.74% | 84.65% | - | 165.47% | 409.04% | 547.94% | 833.86% | 99.92% | 120.01% | 210.87% | 1427.46% | 717.86% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.22M | 0 | 0 | 0 | 527.09K | 785.2K | 780.51K | 389.4K | 114.86K | 149.94K | 288.52K | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | -4.6% | - | - | - | 40.74% | 216.33% | 387.45% | 228.44% | 46.8% | 48.53% | 100.18% | - | - | - | - |
| Other Operating Expenses | 3.74M | 17.21M | 19.44M | 15.04M | 11.81M | 8.35M | 0 | 9.62M | 0 | 0 | -487.69K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.94K | 0 | 0 | 0 |
| Operating Income | -5.13M | -4.57M | -3.54M | -777K | -828K | -6.35M | -654.38K | -8.08M | -13.05M | -1.41M | 1.37M | -2.06M | -2.89M | -2.03M | -1.94M | -126.17K | -219.42K | -776.76K | -592.49K | -118.1K | -88.88K | 457 |
| Operating Margin % | -4.16% | -4.41% | -3.47% | -0.83% | -0.98% | -10.88% | -0.92% | -30.39% | -192.36% | -35.56% | 155.29% | -158.93% | -796.95% | -1005.61% | -1136.66% | -51.41% | -71.02% | -269.7% | -1345.5% | -617.86% | - | 100% |
| Operating Income Growth % | - | -28.98% | -355.98% | 6.16% | 86.95% | -869.77% | 91.9% | 38.07% | -823.99% | -203.11% | 166.62% | 28.92% | -42.79% | -4.55% | -1435.67% | 42.5% | 71.75% | -31.1% | -401.69% | -32.87% | -19542.86% | - |
| EBITDA | 17.07M | 14.41M | 13.35M | 12.29M | 7.63M | -1.55M | 3.75M | -6M | -12.69M | -1.37M | -2.94M | -1.83M | -2.79M | -2.02M | -1.94M | -122.79K | -215.71K | -607.83K | -364.08K | -118.1K | -88.88K | -94.25K |
| EBITDA Margin % | 13.82% | 13.9% | 13.09% | 13.14% | 9% | -2.66% | 5.27% | -22.57% | -187.05% | -34.59% | -332.8% | -141.44% | -767.35% | -1004.62% | -1135.6% | -50.03% | -69.82% | -211.05% | -826.79% | -617.86% | - | -20617.55% |
| EBITDA Growth % | 23.82% | 7.93% | 8.63% | 61.16% | 592.32% | -141.32% | 162.46% | 52.7% | -823.6% | 53.2% | -60.41% | 34.3% | -37.62% | -4.55% | -1476.48% | 43.08% | 64.51% | -66.95% | -208.28% | -32.87% | 5.7% | - |
| D&A (Non-Cash Add-back) | 22.2M | 18.98M | 16.89M | 13.07M | 8.45M | 4.8M | 4.4M | 2.08M | 360.69K | 38.45K | 0 | 226.2K | 107.43K | 1.98K | 1.8K | 3.38K | 3.72K | 168.93K | 228.41K | 0 | 0 | 0 |
| EBIT | -4.81M | -4.57M | -3.95M | -709K | -941K | -6.44M | -19.81M | -8.08M | -13.78M | -1.42M | -3.19M | -2.78M | -2.78M | -2.02M | -1.95M | -131.75K | -219.42K | -776.76K | -988.95K | -118.1K | 0 | -94.25K |
| Net Interest Income | -1.03M | -952.64K | -2.75M | -2.22M | -972K | -184K | -1.38M | -1.75M | -159.2K | -232.52K | -93.81K | -92.52K | -158.75K | 3.65K | -10.52K | -37.06K | -8.98K | 322 | 0 | 0 | 0 | 0 |
| Interest Income | 30.49K | 31.27K | 0 | 1K | 13K | 61K | 6K | 4K | -1 | 0 | 0 | 1.16K | 3.85K | 3.65K | 2.89K | 0 | 0 | 322 | 8.55K | 0 | 0 | 0 |
| Interest Expense | 1.06M | 983.91K | 2.75M | 2.22M | 985K | 245K | 1.39M | 1.76M | 159.2K | 232.52K | 93.81K | 93.68K | 162.6K | 0 | 13.41K | 37.06K | 8.98K | 0 | 0 | 0 | 0 | 46 |
| Other Income/Expense | -859.31K | -1.67M | -3.16M | -2.15M | -1.1M | -340K | -19.7M | -1.75M | -8.14M | -261.4K | -3.27M | -818.96K | -53.03K | 3.65K | -29.73K | -42.63K | 0 | -138.36K | 0 | 788 | 0 | 0 |
| Pretax Income | -5.99M | -6.24M | -6.7M | -2.93M | -1.93M | -6.69M | -20.35M | -9.84M | -13.94M | -1.67M | 0 | -2.88M | -2.95M | -2.02M | -1.97M | -168.8K | 0 | -915.12K | 0 | -117.31K | 0 | 0 |
| Pretax Margin % | -4.85% | -6.02% | -6.57% | -3.13% | -2.27% | -11.46% | -28.61% | -36.98% | -205.47% | -42.14% | - | -222.23% | -811.56% | -1003.8% | -1154.1% | -68.79% | - | -317.74% | - | -613.74% | - | - |
| Income Tax | 1.5M | 1.69M | -1.55M | 910K | 1.56M | 826K | 1.83M | 541K | -7.12M | 253.71K | 0 | 0 | 0 | 3.65K | 0 | 0 | 8.98K | 135.63K | 0 | 438 | 77.08K | 0 |
| Effective Tax Rate % | -25.07% | -27% | 23.18% | -31.1% | -80.89% | -12.35% | -9.01% | -5.5% | 51.08% | -15.16% | - | 0% | 0% | -0.18% | 0% | 0% | - | -14.82% | - | -0.37% | - | - |
| Net Income | -7.5M | -7.93M | -5.15M | -3.84M | -3.48M | -7.51M | -22.53M | -11.95M | -13.91M | -1.67M | 0 | -2.88M | -2.95M | -2.02M | -1.97M | -168.8K | -228.41K | -912.39K | 0 | -117.75K | -77.08K | 0 |
| Net Margin % | -6.07% | -7.65% | -5.05% | -4.1% | -4.11% | -12.88% | -31.67% | -44.93% | -204.99% | -42.14% | - | -222.23% | -811.56% | -1003.8% | -1154.1% | -68.79% | -73.93% | -316.79% | - | -616.03% | - | - |
| Net Income Growth % | -27.44% | -54.05% | -34.18% | -10.1% | 53.62% | 66.66% | -88.59% | 14.08% | -730.86% | - | 100% | 2.4% | -45.67% | -2.79% | -1065.41% | 26.1% | 74.97% | - | 100% | -52.77% | - | - |
| Net Income (Continuing) | -7.5M | -7.93M | -5.15M | -3.84M | -3.48M | -7.51M | -22.18M | -10.38M | -13.94M | -1.67M | -3.29M | -2.88M | -2.95M | -2.02M | -1.97M | -168.8K | -228.41K | -914.8K | -972.46K | -117.75K | -77.08K | -94.29K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -346.35K | -1.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.29 | -0.32 | -0.21 | -0.17 | -0.16 | -0.39 | -1.70 | -1.64 | -5.08 | -1.23 | -7.90 | -10.30 | -16.53 | -23.19 | -32.17 | -4.82 | -6.53 | -28.36 | -38.00 | -16.08 | -10.53 | -19.91 |
| EPS Growth % | -19.21% | -52.38% | -23.53% | -6.25% | 58.97% | 77.06% | -3.66% | 67.72% | -313.01% | 84.43% | 23.31% | 37.69% | 28.72% | 27.91% | -567.43% | 26.19% | 76.97% | 25.38% | -136.35% | -52.71% | 47.11% | - |
| EPS (Basic) | - | -0.32 | -0.21 | -0.17 | -0.16 | -0.39 | -1.70 | -1.64 | -5.08 | -1.23 | -7.90 | -10.30 | -16.53 | -23.19 | -32.17 | -4.82 | -6.53 | -28.36 | -38.00 | -16.08 | -10.53 | -19.91 |
| Diluted Shares Outstanding | 25.6M | 25.3M | 24.3M | 22.6M | 21.4M | 19.5M | 8.59M | 7.3M | 2.74M | 1.36M | 416.1K | 279.23K | 178.22K | 87.22K | 61.15K | 34.99K | 34.99K | 32.18K | 27.83K | 7.32K | 7.32K | 4.74K |
| Basic Shares Outstanding | 25.6M | 25.3M | 24.3M | 22.6M | 21.4M | 19.5M | 8.59M | 7.3M | 2.74M | 1.36M | 416.1K | 279.23K | 178.22K | 87.22K | 61.15K | 34.99K | 34.99K | 32.18K | 27.83K | 7.32K | 7.32K | 4.74K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and liquidity constraints
According to the provided quarterly income statements, Bragg Gaming Group's revenue growth has decelerated significantly, reaching a marginal 0.8% year-over-year increase in 2026Q1, which highlights the difficulty in sustaining top-line momentum despite the company's ongoing efforts to expand its footprint in the North American iGaming market.
The erratic revenue performance suggests that the company's core aggregation business may be facing saturation or increased competitive pressure in its legacy European markets. Investors should monitor whether the lack of consistent growth indicates a fundamental inability to scale proprietary content offerings effectively against larger, more established industry incumbents.
As reported in financial statements, Bragg's gross margin has experienced a notable contraction, falling to 37.2% in 2026Q1 from historical peaks exceeding 50%, which suggests that the company's reliance on third-party content distribution is increasingly weighing on its ability to retain a larger share of gaming revenue.
This margin erosion appears to be a direct consequence of the high royalty costs associated with the aggregation model, which limits the company's pricing power. Without a material shift toward higher-margin proprietary content, the current gross margin profile may continue to constrain the company's path to achieving sustainable profitability.
Based on the company's reported figures, operating expenses have consistently outpaced gross profit generation, resulting in a negative operating margin of 5.6% in 2026Q1, which indicates that the firm has yet to achieve the necessary economies of scale to cover its fixed administrative and development costs.
The inability to scale operating income faster than gross profit suggests that the current cost structure is too heavy for the existing revenue base. This lack of operating leverage warrants further investigation into whether management can optimize SG&A expenses without compromising the technical integrity of the ORYX Hub platform.
Data from recent filings indicates that Bragg's cash position of approximately $6.6 million, when viewed against persistent quarterly operating losses, suggests a limited financial runway that may force the company to seek dilutive financing or accelerate its strategic review process to preserve shareholder value in the near term.
Short-sellers may focus on the disconnect between the company's strategic pivot toward proprietary content and its actual financial performance, which remains characterized by negative net margins. The formation of a special committee to explore strategic alternatives may be an admission that the current standalone business model is struggling to reach a self-sustaining scale.
Quick answers to the most common questions about buying BRAG stock.
For fiscal year 2025, Bragg Gaming Group Inc. (BRAG) reported total revenue of $103.6M. This represents a 22678595.6% increase compared to $0.0M in 2004.
Bragg Gaming Group Inc. (BRAG) reported a net loss of $7.9M for the fiscal year ending 2025.
Bragg Gaming Group Inc. (BRAG) reported an operating income of $-4.6M, resulting in an operating profit margin of -4.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Bragg Gaming Group Inc. (BRAG) generated $38.0M in gross profit for the year, representing a gross profit margin of 36.7%. This demonstrates the company's core pricing power and production efficiency.