Yaniv Sherman, CEO of Bragg, said that the revenue was the result of expansion within certain markets, including North America and Europe.
“We extended our momentum in the first quarter with he 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 Sherman.
Sherman added that Bragg has launched with six operators in three North American markets “to date” in 2023, alongside eight operators in five European markets.
“Our start to 2023 demonstrates our ability to successfully deliver strong near-term financial performance as we continue to successfully execute on our plan to drive consistent profitable revenue growth and increasing cash flow.”
First quarter results
The overall cost of revenue for the quarter was €10.6m, an increase of 13.9% compared to Q1 2022. This left the gross profit for the year at €12.2m, a rise of 22.0%.
Selling, general and administrative costs came to €11.9m for the quarter, ticking up by 16.7%. Loss on remeasurement of derivative liability was €64,000, while gain on remeasurement of deferred consideration was €270,000.
This left the operating income for the quarter at €520,000, a rise of €663,000.
The net income expense and other financing charges added up to €596,000, leaving the loss before income taxes at €76,000.
After considering income taxes of €400,000, the total net loss for the quarter was €476,000, an increase of €244,000.
Earnings before interest, tax, depreciation and amortisation (EBITDA) was €3.2m for the quarter, up by 125.3%