The case for & against
Bull & Bear analysis
Bullish
Bragg Gaming Group (NASDAQ: BRAG) is a technology-driven provider of online gaming solutions within regulated iGaming markets. The company specializes in developing proprietary gaming content and offering advanced technology platforms that improve operator efficiency and enhance player engagement. As a participant in the growing iGaming industry, Bragg is strategically diversifying its offerings to lessen dependency on traditional markets like the Netherlands while capitalizing on opportunities in high-growth regions such as the United States and Brazil.
Bull says
- ↑Proprietary content revenue jumped 44% YoY, fueling North America momentum.
- ↑U.S. revenue up 55% and Brazil revenue up 42.1% in Q1 2026.
- ↑Adjusted EBITDA margin expanded from 13.3% to 15.4% in Q2 2026.
- ↑€3.3 million cash reserve and €10.5 million annual savings from restructuring.
- ↑Acquisition of Drayton adds 100+ game titles, boosting portfolio.
- ↑High relative strength and undervalued book-to-price (0.69) suggest upside.
Bear says
- ↓Q2 2026 revenue declined 12% YoY to €22.9 million with widening net loss.
- ↓Gross margin fell to 51.7% as gross profit dropped to €11.8 million.
- ↓Negative earnings yield and weak profitability factors underscore valuation challenges.
- ↓Competitive pressures intensify in U.S. and Brazil, risking market share.
- ↓Short interest rose 4.9%, with 8.4 days to cover heightening volatility risk.
- ↓Elevated leverage and high volatility factors heighten financial risk.
Investment themes with BRAG
Online Gaming & Sports Betting↑ +1.22%
BYD · RSI · GAMB
Earnings Call · Q2 2025 · Mgmt. Guidance
Updated 08-23-2026bullish
Transcript signals
Bull points
- Q2 revenue was €26.1 million, up 4.9% year over year, and excluding the Netherlands, we grew 21%.
- our business is becoming less dependent on that market as we deliver strong margin accretive growth elsewhere, as illustrated in North America leading the way with 64% year over year growth in Q2, which is mostly from proprietary content, our best performing marching product.
- Our gross profits grew by 10.8% on a year-over-year basis compared to Q2 2024, rising to 13.7 million euros, with BRAG's gross profit margin increasing by 280 basis points to 52.7%.
Bear points
- Company adjusted EBITDA amounted to 3.5 million euro in Q2 2025, dropping by 4.3% from the same period in 2024 and corresponding to an adjusted EBITDA margin of 13.3%. This decline is largely a result of an increase in compensation spending in Q2 2025 compared to Q2 2024.
- we've adjusted our full-year guidance to reflect higher gaining taxes, softer market conditions in the Netherlands and other regions, headwinds in Brazil, and other broad market pressures.
- Our adjusted EBITDA for Q2 2025 was 3.5 million euros, a decrease of 4.3% from the same period in 2024
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