BRAGG GAMING GROUP INC. Chief Executive Officer Commentary
'We extended our momentum in the first quarter with the strong growth reflecting the continued success of our initiatives to diversify the business towards being a content-driven iGaming solutions provider in a growing number of North American and European markets,' said
'We continue to make consistent progress in scaling the distribution of our new in-house developed and exclusive third-party content, launching with an additional six operators in three North American markets and eight operators in five European markets to date in 2023, including our first entry with new proprietary content in
First Quarter 2023 and Recent Business Highlights
New content and new RGS technology rollout continued with 1Q23 launches in
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Continued growth in
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New content and new RGS technology went live in
First Quarter 2023 Financial Results and other Key Metrics Highlights
Revenue increased by 18.1% to
Wagering revenue generated by customers of
Gross profit increased 22.0% to
Net loss for the period was
Adjusted EBITDA was
Cash flow from operations was
Cash and cash equivalents as of
Reiterates Full Year 2023 Revenue and Adjusted EBITDA Guidance
Bragg today reiterated its 2023 full year revenue and Adjusted EBITDA guidance originally provided on
Cautionary Statement Regarding Forward-Looking Information
This news release may contain forward-looking statements or 'forward-looking information' within the meaning of applicable Canadian securities laws ('forward-looking statements'), including, without limitation, statements with respect to the following: the Company's strategic growth initiatives and corporate vision and strategy; financial guidance for 2023, expected performance of the Company's business; expansion into new markets; the impact of the new German regulatory regime, expected future growth and expansion opportunities; expected benefits of transactions; expected future actions and decisions of regulators and the timing and impact thereof. Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing readers to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or describes a 'goal', or variation of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements. The key assumptions that have been made in connection with the forward-looking statements include the following: the impact of any public health measures on the business of the Company; the regulatory regime governing the business of the Company; the operations of the Company; the products and services of the Company; the Company's customers; the growth of Company's business, the meeting minimum listing requirements of the stock exchanges on which the Company's shares trade; which may not be achieved or realized within the time frames stated or at all; the integration of technology; and the anticipated size and/or revenue associated with the gaming market globally.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the following: risks related to the Company's business and financial position; that the Company may not be able to accurately predict its rate of growth and profitability; risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments; the inability to access sufficient capital from internal and external sources; the inability to access sufficient capital on favorable terms; realization of growth estimates, income tax and regulatory matters; the ability of the Company to implement its business strategies; competition; economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices; changes in customer demand; disruptions to our technology network including computer systems and software; natural events such as severe weather, fires, floods and earthquakes; and risks related to health pandemics and the outbreak of communicable diseases. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.
Non-IFRS Financial Measures
Statements in this news release make reference to 'Adjusted EBITDA', which is a non-IFRS (as defined herein) financial measure that the Company believes is appropriate to provide meaningful comparison with, and to enhance an overall understanding of, the Company's past financial performance and prospects for the future. The Company believes that 'Adjusted EBITDA' provides useful information to both management and investors by excluding specific expenses and items that management believe are not indicative of the Company's core operating results. 'Adjusted EBITDA' is a financial measure that does not have a standardized meaning under International Financial Reporting Standards ('IFRS'). As there is no standardized method of calculating 'Adjusted EBITDA', it may not be directly comparable with similarly titled measures used by other companies. The Company considers 'Adjusted EBITDA' to be a relevant indicator for measuring trends in performance and its ability to generate funds to service its debt and to meet its future working capital and capital expenditure requirements. 'Adjusted EBITDA' is not a generally accepted earnings measure and should not be considered in isolation or as an alternative to net income (loss), cash flows or other measures of performance prepared in accordance with IFRS. Adjusted EBITDA is more fully defined and discussed, and reconciliation to IFRS financial measures is provided, in Company's Management's Discussion and Analysis ('MD&A') for the three-month period ended
About
Contact:
Chief Strategy Officer
E: info@bragg.games
JCIR
T: 212-835-8500
E: bragg@jcir.com
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