12:12 PM EDT, 05/09/2024 (MT Newswires) -- Bragg Gaming Group ( BRAG ) said Thursday revenue for the first quarter was 23.8 million euros, increasing 4.2% from 22.9 million euros, on the back of organic growth from the company's current client base, the addition of new customers in multiple jurisdictions, and impressive results from its in-house Wild Streak Gaming casino games studio.

Bragg posted a gross profit of 11.9 million euros, down 2.8% from 12.2 million euros. Adjusted EBITDA fell 12.4% to 3.4 million euros from 3.9 million euros.

The company attributed the declines to the extension and renegotiation of its agreement with Entain Plc to provide its platform to BetCity.nl through 2025.

"We carried our strong momentum in 2023 into the first quarter, delivering robust growth that underscores the ongoing success of our efforts to transform Bragg into a content-focused iGaming solutions provider across expanding North American and European markets," CEO Matevz Mazij said.

Bragg reiterated its full-year 2024 revenue guidance range of 102.0 million to 109.0 million euros, as well as its adjusted EBITDA target range of 15.2 million to 18.5 million euros.

Bragg shares were last seen up C$0.34 to C$8.00 on the Toronto Stock Exchange.

Price: 8.00, Change: +0.34, Percent Change: +4.44