As igaming technology provider Bragg Gaming Group reported its fourth quarter and full year earnings, its board confirmed it has formed a special committee to consider its future options.
“The special committee has been appointed to consider and explore strategic alternatives, which may include the sale of the company or of its assets, a merger, financing, further acquisitions, or other strategic alternatives,” the company said in a press release, which said independent board member Don Robertson will chair the committee. The company said that there are no guarantees that any transaction will be concluded.
Full year revenue reached $100.5 million, a 10.4 percent increase compared to the previous year. The adjusted EBITDA figure stood at $16.3 million, reflecting a 26.3 percent growth compared to 2022. Full-year gross profit also rose 10.8 percent to $53.7 million. The company has reported a net loss of $5.4 million in 2023 because of higher costs, thought it was an improvement on the previous year’s results.
“Through Bragg’s strategic efforts to establish the business as a premier content-focused igaming B2B provider and our meticulous control over expenses, we achieved growth in revenue, gross profit, and adjusted EBITDA in 2023,” said Matevž Mazij, Bragg CEO. “These achievements are attributed, in part, to a reconfiguration of our revenue mix, favoring higher-margin products like internally developed proprietary content, and our comprehensive Player Account Management platform, all while maintaining stringent cost control measures.”
Bragg Gaming has recently formed several successful partnerships with operators across the United States, and last month, the company said its newest games and remote game server technology are live with Golden Nugget in Michigan.
“By continuously expanding our portfolio of higher-margin proprietary and exclusive third-party games to a wider range of new partners at an accelerated pace, we are well positioned for long-term growth in top-line revenue, gross profit and adjusted EBITDA, along with improved operating margins,” Mazij said.
