Bragg Gaming Group, the fast-growing Canadian supplier of technology and content for online casinos, has announced that the first quarter of 2023 has brought a new revenue record for the company.
The Canadian business generated revenue of 22.9 million euros during the first quarter of 2023, a figure which represents an increase of 18.1 percent over the 19.4 million euros that were recorded in the first quarter of 2022. However, last year was a very good one for Bragg Gaming as the company announced record-breaking financial results.
Returning to the first quarter of 2023, the Canadian company also recorded increased cost of revenue, amounting to 10.6 million euros, up 13.9 percent compared to the same quarter last year.
That left the company with a gross profit of 12.2 percent for the first quarter, which represents an increase of 22 percent year-on-year. Bragg Gaming also reported that selling, general and administrative costs amounted to 11.9 million euros in the first quarter, leaving the company with an operating income of 520,000 euros for the quarter.
After considering income taxes, the Canadian company recorded a total net loss for the quarter of 476,000 euros. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was 3.9 million in the first quarter, a figure which represents an increase of 28.1 percent compared to the first quarter of 2022.