Bragg Gaming Group’s (BRAG) Q4 2025 earnings results missed analyst forecasts for EPS and EBITDA. Revenue missed too, but was still at a record €27.7 million ($31.9 million), up from Q4 2024’s €27.2 million.
The Q4 2025 net loss (EPS) of -€0.05 (€1.3 million) compares to -€0.03 in the prior year period and is worse than analyst quarterly estimates of -€0.03. The widening loss was primarily due to high finance costs and the initial accounting impact of the January restructuring.
Bragg Gaming shareholders seem unfazed by the losses as the stock is trading higher after the morning bell, cheered by the earnings call and the clear roadmaps to high-quality growth that the management has set out.
Full-year net loss for 2025 was -€8.1 million (-€0.32 per share), significantly higher than the -€5.1 million in 2024.
In its defense, the company is aggressively pivoting its geographic and technological foundations to offset significant regulatory headwinds in its historically dominant European markets. The stock’s primary listing is on the NASDAQ.
It is the Netherlands that remains a drag on the top line, the rapid expansion in the Americas and the rollout of an “AI-First” operational model are beginning to redefine the company’s financial profile.
In earnings call comments, CEO and Chairman Matevž Mazij pointed to diversification gains and a future focus on margin expansion:
“Based on the results we are announcing today, we have successfully diversified our revenue base to the point where the Netherlands no longer dictates our trajectory. In 2026, we are intentionally prioritizing improved margin and cash flow performance over aggressive revenue expansion in high-tax jurisdictions.”
Dutch Headwind vs. Brazil/US Tailwinds
Perhaps the most striking aspect of the Q4 results is the shift in revenue contribution. Revenue from the Netherlands contracted by 4 year over year.
This decline is a direct result of the Dutch market’s overall contraction following increased tax rates (rising toward 30.5%) and stricter player protection limits. Bragg’s market share remains high (approx. 30%), but the market “pie” is shrinking.
Meanwhile, offsetting Europe, Brazil has emerged as a powerhouse for Bragg. Q4 revenue in Brazil surged by 42.1% compared to Q4 2024. Having gone live in the newly regulated market in early 2025, Bragg is now a preferred content delivery partner for major players like Superbet and Betano.
And in the US, recurring revenue grew 55.0% year over year, driven by the expansion of high-margin proprietary content with partners such as Caesars Entertainment and Hard Rock Digital. The US now represents a critical pillar in Bragg’s plan to transition from a low-margin aggregator to a high-margin content owner.
Is the ‘Bragg AI Brain’ Plan a Genius Move?
Bragg’s AI Transformation Plan, dubbed the ‘Bragg AI Brain’, aims to make it an ‘AI-First’ company by 2027.
Through its partnership with Golden Whale, the company accelerated the development of the AI initiative in Q4. Bragg’s AI system is using predictive machine learning to optimize player engagement and retention.
Management has an ambitious target: 90% of new game launches to be AI-enhanced by 2027, and 75% of operational workflows to be AI-driven to reduce overhead.
Another key strategic asset for Bragg going forward could be its much-vaunted Player Account Management (PAM) platform. For a company like Bragg Gaming, the PAM is probably the most critical of its proprietary technologies.
Bragg’s state-of-the-art PAM enables the company to offer a turnkey solution, so an operator can buy a complete package (platform, games, and management) and spin up a casino from scratch.
One major highlight concerning the PAM platform was the signing of a turnkey agreement with SuomiVeto in Finland earlier this year. This was an important win for Bragg because it gives it a first-mover advantage in a market that is liberalizing in 2027.
The deal leverages the success of the BetCity.nl model, demonstrating that Bragg’s infrastructure remains a preferred choice for large-scale regulated market entries.
Bragg Gaming’s Americas Growth Strategy Informs Leadership Shakeup
There have been several important changes to the company leadership as part of the shift to AI, as well as with an eye to its Americas growth strategy.
This month, new COO Morten Tonnesen took the helm with a brief to drive the AI transformation and operational efficiency.
In a nod to the centrality of content, Garrick Morris was promoted to Executive Vice President of Global Content, specifically to oversee the high-growth US and Canadian markets.
CFO Robbie Bressler highlighted quality-focused growth in the Americas:
“The Americas are now the engine of our business. Our 80% growth in Brazil this year is just the beginning as we move from a content-only provider to a full-scale turnkey partner in that market. In the US, our focus remains on ‘quality over quantity’ – rolling out bespoke, proprietary titles that carry significantly higher margins than our legacy aggregation business.”
Seeking to mitigate persistent losses, Bragg announced in January this year a 12% reduction in its global workforce, a move expected to generate €4.5 million in annualized cash savings and make a direct contribution to bringing forward its goal of reaching sustained net profitability.
As mentioned, while the company reported a net loss of €1.3 million for Q4 (almost doubling from €0.7 million in 2024 due to one-time restructuring costs), the operating loss improved by €0.6 million year over year, ending at a near-break-even €0.1 million.
Adjusted EBITDA remained resilient at €4.6 million despite the Dutch revenue dip, reflecting the successful shift toward higher-margin proprietary content (which grew 70% in the quarter).
By restructuring the workforce, reducing exposure to the sluggish Dutch market, and simultaneously doubling down on AI and its strength in Brazilian and US markets, the company is positioning itself for a much leaner and more profitable 2026.
Bragg stock is up 7.35% at $1.83 at the time of writing. It looks like investors are buying the AI and Americas-fuelled growth narrative.
| Period | Metric | Reported Actual | Consensus Forecast | Beat/Miss Indicator | % Difference |
| FY 2025 | Revenue | €106.1M | €108.3M | 🔴 Miss | -2.00% |
| Adj. EBITDA | €16.6M | €17.5M | 🔴 Miss | -5.10% | |
| EPS | -€0.32 | -€0.14 | 🔴 Miss | -128.60% | |
| Q4 2025 | Revenue | €27.7M | €28.35M | 🔴 Miss | -2.30% |
| Adj. EBITDA | €4.6M | €5.00M | 🔴 Miss | -8.00% | |
| EPS | -€0.05 | -€0.03 | 🔴 Miss | -66.70% | |
| Q3 2025 | Revenue | €26.8M | €26.60M | 🟢 Beat | +0.8% |
| Adj. EBITDA | €4.45M | €4.30M | 🟢 Beat | +3.5% | |
| EPS | -€0.09 | -€0.07 | 🔴 Miss | -28.60% | |
| Q2 2025 | Revenue | €26.1M | €27.90M | 🔴 Miss | -6.50% |
| Adj. EBITDA | €3.5M | €3.90M | 🔴 Miss | -10.30% | |
| EPS | -€0.08 | -€0.06 | 🔴 Miss | -33.30% | |
| Q1 2025 | Revenue | €25.5M | €28.60M | 🔴 Miss | -10.80% |
| Adj. EBITDA | €4.1M | €4.20M | 🔴 Miss | -2.40% | |
| EPS | -€0.12 | -€0.01 | 🔴 Miss | -1100% | |
| — | — | — | — | — | — |
| FY 2024 | Revenue | €102.0M | €102.5M | 🔴 Miss | -0.50% |
| Adj. EBITDA | €15.8M | €16.1M | 🔴 Miss | -1.90% | |
| EPS | -€0.21 | -€0.23 | 🟢 Beat | +8.7% | |
| Q4 2024 | Revenue | €27.2M | €26.70M | 🟢 Beat | +1.9% |
| Adj. EBITDA | €4.7M | €4.10M | 🟢 Beat | +14.6% | |
| EPS | -€0.03 | -€0.05 | 🟢 Beat | +40.0% | |
| Q3 2024 | Revenue | €26.2M | €25.90M | 🟢 Beat | +1.2% |
| Adj. EBITDA | €4.1M | €3.80M | 🟢 Beat | +7.9% | |
| EPS | -€0.01 | -€0.04 | 🟢 Beat | +75.0% | |
| Q2 2024 | Revenue | €24.9M | €25.50M | 🔴 Miss | -2.40% |
| Adj. EBITDA | €3.6M | €3.50M | 🟢 Beat | +2.9% | |
| EPS | -€0.11 | -€0.08 | 🔴 Miss | -37.50% | |
| Q1 2024 | Revenue | €23.8M | €25.10M | 🔴 Miss | -5.20% |
| Adj. EBITDA | €3.4M | €3.20M | 🟢 Beat | +6.3% | |
| EPS | -€0.09 | -€0.07 | 🔴 Miss | -28.60% |
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