Bragg Withdraws 2026 Guidance As Q2 Revenue Falls 12%
Bragg Gaming Group has withdrawn its 2026 financial guidance after reporting second quarter revenue of €22.9m, down 12% from €26.1m in the same period of 2025, the Nasdaq and TSX listed supplier confirmed on August 13.
The Netherlands was the biggest drag on the quarter, with revenue there falling 14% year on year as legacy platform contracts rolled off following customer migrations.
Brazil revenue was flat as certain operators shifted to direct supplier integrations. Proprietary content deployed in Canada and the United States was the bright spot, growing 44% year on year and 25% from the first quarter of 2026.
Operating loss narrowed to €1.9m from €2.3m a year earlier, as cost cuts more than offset the drop in revenue. Net loss widened to €2.9m, or €0.11 per share, from €1.8m, or €0.07 per share, a year earlier. Adjusted EBITDA held broadly flat at €3.5m, lifting the Adjusted EBITDA margin to 15% from 13%.
Drayton Deal Forces Guidance Withdrawal
Bragg said it no longer has a reasonable basis to forecast the combined business for the rest of the year following its July 22, 2026 acquisition of Drayton International, a gaming technology and content platform bought for $9.0m paid entirely in shares.
Before the withdrawal, and excluding Drayton, the company said it was tracking below the low end of its previously disclosed revenue range and at the low end of its Adjusted EBITDA range, which had called for revenue of between €97m and €104.5m for the year.
Chief Executive Officer Matevz Mazij said: "In the second quarter, we continued to execute on our strategy with a focus on profitability and disciplined cost management. Despite lower revenue, Adjusted EBITDA remained broadly flat and Adjusted EBITDA Margin expanded, supported by continued progress in reducing our cost base."
Further Restructuring And A New Chairman
Bragg announced a further 19% reduction in its global workforce on July 9, 2026, targeting roughly €6.0m in additional annualised cash savings. Combined with a restructuring announced in January, total expected annualised savings now stand at approximately €10.5m.
Matt Davey, founder of Tekkorp Capital and formerly the builder of NYX Gaming Group, became Non-Executive Chairman on completion of the Drayton transaction and holds approximately 10% of Bragg's outstanding shares. Davey said: "The restructuring executed this year is a start, not a destination. Progress will be measured in cash generation in the short term, and revenue growth over time, and the Board will hold the business to that standard."
The company also confirmed board changes, with Donald Robertson resigning effective August 13 and Jordan Gnat, former CEO of Playmaker Capital, appointed to replace him.
Casino Games Hub
Expansion Continues Alongside the Reset
Bragg went live in Alberta's newly regulated online casino market on July 13, with more than 80 titles available through multiple operators at launch.
The supplier also signed a deal with Belgian operator 711 to power a new betting site using Kambi's Turnkey Sportsbook alongside Bragg's Fuze engagement technology, and is supplying Remote Game Server content to Super Technologies' Superbet brand in Greece.
Integration of Drayton will be the company's main focus for the second half of the year as it works out a combined operating model and cost base before any new guidance is issued.
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