The Drayton acquisition is the key catalyst — a stock-based deal that brings content studios and a new chairman. Monitor regulatory approvals and closing timeline. The flat revenue and declining cash position are concerns, but the restructuring savings and maintained guidance provide a floor. Watch for Q2 execution on cost savings and Brazil growth trajectory.
Price Chart
Executive Summary
Bragg Gaming Group reported Q1 2026 revenue of €25.7M (+0.6% YoY), net loss of €1.2M (improved from -€2.6M), and Adjusted EBITDA of €4.0M (flat YoY). The company also announced a transformative acquisition of Drayton International for €7.69M in stock, and maintained full-year 2026 guidance of €97-104.5M revenue and €16-19M Adjusted EBITDA.
Key Facts
- Q1 2026 revenue of €25.7M, up 0.6% YoY from €25.5M
- Net loss improved 55% to €1.2M from €2.6M YoY
- Adjusted EBITDA flat at €4.0M vs €4.1M YoY; margin 15.7% vs 16.0%
- Cash and cash equivalents fell to €3.4M from €6.7M at year-end 2025
- Announced acquisition of Drayton International for €7.69M in stock
- Full-year 2026 guidance maintained: revenue €97-104.5M, Adj. EBITDA €16-19M
- Restructuring completed with ~12% workforce reduction, targeting €4.5M annualized savings
- Brazil revenue grew 33.3% YoY; Netherlands revenue declined 29.4% YoY
Financial Impact
Revenue essentially flat (+0.6%), net loss halved but still negative, cash burn of €3.2M in the quarter. Acquisition adds ~€7.7M in stock-based consideration.
Risk Factors
- Cash burn continues — cash fell to €3.4M from €6.7M in one quarter
- Netherlands revenue declined 29.4% YoY due to regulatory/tax changes
- Drayton acquisition is contingent on regulatory approvals and Nasdaq/TSX listing
- Dilution from stock-based acquisition (€7.69M in new shares)
- Revenue growth is minimal (0.6%) despite Brazil growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-061065 |
| Document: tm2614528d1_ex99-2.htm | 0001104659-26-061065 |
| Document: tm2614528d1_ex99-5.htm | 0001104659-26-061065 |
| Document: tm2614528d1_6k.htm | 0001104659-26-061065 |
| Document: tm2614528d1_ex99-4.htm | 0001104659-26-061065 |
| Document: tm2614528d1_ex99-3.htm | 0001104659-26-061065 |
| Document: 0001104659-26-061065-index-headers.html | 0001104659-26-061065 |
| Document: 0001104659-26-061065-index.html | 0001104659-26-061065 |
| Document: 0001104659-26-061065.txt | 0001104659-26-061065 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | SC 13D/A | $1.21 | awaiting T+20 | — | $1.07 (−11.57%) |
Aug 13, 2026 10w ago | 6-K | $1.50 $1.34 | ▲ +10.67% | ▲ +8.92% | $1.07 (+28.67%) |
Jun 29, 2026 17w ago | 6-K | $1.72 $1.63 | ▼ −5.23% | ▼ −4.95% | $1.07 (−37.79%) |
May 26, 2026 22w ago | 6-K | $1.69 $1.68 | ▼ −0.59% | ▲ +1.31% | $1.07 (−36.69%) |
May 14, 2026 23w ago | 6-K | $1.81 $1.63 | ▼ −9.94% | ▼ −9.09% | $1.07 (−40.88%) |
May 11, 2026 24w ago | 6-K | $2.20 $1.69 | ▼ −23.18% | ▼ −22.88% | $1.07 (−51.36%) |
May 1, 2026 25w ago | 6-K | $2.02 $1.73 | ▼ −14.36% | ▼ −19.64% | $1.07 (−47.03%) |
Apr 13, 2026 28w ago | 6-K | $1.88 $2.20 | ▲ +17.02% | ▲ +9.29% | $1.07 (−43.09%) |
US Market Status
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