This was a rise of 36.3% from the first quarter of 2021.
Almost half of this – €9.5m – came from the Netherlands alone. As the Dutch online gambling market opened in October 2021, there is no comparative data for the first quarter of 2021.
Revenue from Curaçao totaled at €3.6m, up by 32%, while revenue in Malta fell considerably from €9.4m in Q1 2021 to €3.1m.
For the rest of Europe, revenue was €2.1m, a rise of 15.1%. Revenue from the rest of the world was €775,000, up by €703,000 after only a minimal total in this area a year earlier.
“We expect to grow our presence in Ontario over the next several months through agreements with additional large, well-known operators.” said Yaniv Spielberg, chief strategy officer for Bragg Gaming.
The total cost of revenue increased by 23.7% to €9.3m. This meant gross profit reached a record-breaking €10m, a rise of 50.6% year-on-year.
Selling, general and administrative expenses grew to €10.2m, up by 43.7%.
This, along with a gain on remeasurement of warrant liabilities at €37,000, left the operating loss at €228,000, a decline of 54.3% from the loss recorded in Q1 of 2021.
After net interest expenses of €67,000, the pre-tax loss was €295,000. However this was still 48% less than in Q1 2021.
Income taxes at €425,000 brought the final net loss to €720,000, more than €350,000 less year-on-year.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) also broke previous records, at €3m, up from €2.3m.
“Our momentum continued in the first quarter as the successful execution of our growth initiatives focused on offering more higher-margin proprietary and third-party exclusive games and our igaming player account management, combined with ongoing expansion into new regulated igaming markets, drove strong growth in our operating results,” said Spielberg.