Bragg breaks revenue record in Q2 – Finance

In addition to earnings, the company also reported new quarterly record earnings before gross profit, gross margin, adjusted interest, taxes, depreciation and amortization (EBITDA).

Bragg Chief Executive Yaniv Sherman said the growth was due to expansion during the quarter.

“Our operational momentum underscores our continued success in serving our growing customer base in an expanding number of regulated global igaming markets.” Sherman said.

He also said that Spin Games’ $30 million acquisition, which closed in June, gave Bragg significant reach in the quarter.

“Following the completion of our Spin Games acquisition in June, Bragg possesses product development capabilities, industry expertise, and a licensed footprint across Europe and North America, and will continue to grow with content and market expansion initiatives. “We are making consistent progress,” he continued.

At €9.1 million, cost of sales increased by 8.2% compared to Q2 2021. This took him to a record-breaking €11.6 million in gross profit for the quarter, up 65.5% year-on-year.

Selling, general and administrative expenses totaled €11.3 million. Also, after taking into account gains related to payments deferred as part of the Spin transaction, total operating profit was €752,000 after his €1.7 million loss the previous year.

Net profit after interest and tax was EUR 90,000, a significant improvement from the loss of EUR 2.3 million recorded in the previous quarter.

Adjusted EBITDA for the quarter was €3.1 million, up 62.9% year-on-year. Cash flow from operating activities for the quarter amounted to 3.7 million euros.

Revenue in the first half of the year reached €40.2 million, up 35.2% from the first half of 2021. Gross profit increased by 51.3% to 21.6 million euros.

Operating income for the first half totaled €524,000.

After interest on expenses and income tax, the net profit for the six months totaled a loss of €630,000.

Adjusted EBITDA for the first half was €6.1 million.