Expanse Studios, a cutting-edge game developer focused on innovative iGaming experiences and a subsidiary of Golden Matrix Group, has entered into a content partnership with Bragg Gaming Group, a global B2B iGaming content and technology provider. The agreement significantly expands the distribution of Expanse Studios’ proprietary slots, crash and table games across over 30 regulated markets globally, including the US, Canada, Latin America, and Europe.

The partnership brings together Expanse Studios’ diverse portfolio of 55+ proprietary games and Bragg Gaming’s extensive distribution capabilities, creating powerful synergies for both parties. By combining Expanse Studios’ high-quality content with Bragg’s robust global network, the collaboration enhances global reach for both parties while offering operators a broader range of engaging iGaming experiences.

“Our partnership with Bragg Gaming is a strategic milestone in our efforts to scale rapidly across the U.S. and European markets. The combination of our unique proprietary content and Bragg’s powerful distribution network creates a compelling proposition for operators seeking to enrich their iGaming portfolios. The partnership reflects our ongoing commitment to providing exceptional gaming experiences around the world,” said Damjan Stamenkovic, CEO of Expanse Studios.

Bragg’s “Hub” platform offers access to a vast network of regulated markets, enabling Expanse Studios to accelerate its growth and strengthen its position as a leading global B2B iGaming content provider. The integration allows for the seamless deployment of Expanse Studios’ content, supported by Bragg’s cutting-edge analytics and player engagement tools.

Hristofor Hristov, Commercial Director, Aggregation at Bragg Gaming Group, said: “We’re delighted to be able to expand our content reach across the US, Latin America and Europe, all of which are important markets for Bragg. This is especially true in the U.S., which is a key focus area for our continued expansion in 2025. I look forward to seeing a warm reception to Expanse Studios’ content from our operator partners, especially for the firm’s crash games, which have proven to be a very popular addition to the Bragg content slate.”

Triple-digit revenue growth in the U.S.; significant increase in profitability through improved product mix

• 27%¹ Revenue Growth Excluding the Netherlands, Driven by U.S. Revenue Growth of 150%
• Gross Profit Margin Jumps to 56.0%, Driven by Proprietary Content Growth
• Adjusted EBITDA Rises 19.7%, Reflecting Strong Operational Leverage
• Robust 63.5% YoY Growth in Cash from Operations, to EUR 4.5 Million (USD 5.0 Million)
• 62% YoY Proprietary Content Revenue Growth, Reaching a Record 15.5% of Total Revenue

Bragg Gaming Group announced its financial results for the first quarter of 2025. The Company delivered diversified revenue growth, significant margin expansion, and strong cash generation, driven by its strategic focus on proprietary content and expansion in key growth markets.

Summary of Financial and Operational Highlights

⁽¹⁾ Bragg’s reporting currency is Euros. The exchange rate provided is EUR 1.00 = USD 1.12. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only.

⁽²⁾ “Adjusted EBITDA” is a non-IFRS measure. For important information on the Company’s non-IFRS measures, see “Non-IFRS Financial Measures” below.

“We are thrilled to be reporting a strong start to 2025, showing that we are executing on our strategy and moving the metrics that we believe are most important to shareholder value,” Matevž Mazij, CEO of Bragg commented: “During the quarter we continued to improve our product mix, generating a greater proportion of revenue from high-margin proprietary content. In turn, this contributed to a higher Adjusted EBITDA margin, which combined with careful cost controls demonstrate operational leverage and increased cash generation.

“As is widely reported, the Netherlands market has slowed in recent quarters due to regulatory pressures, a challenge faced by Bragg as with all operators and suppliers who serve this regulated market. I’m pleased that Bragg has shown resilience under these pressures and is reducing its exposure to the Netherlands while seeing strong growth in markets such as the United States and Brazil. Excluding the Netherlands, revenue growth year-over-year came in at a robust 27%¹, driven in part by triple-digit growth in the U.S.”

¹27% YoY revenue growth excluding revenue derived from Bragg’s customers licensed and operating in the Netherlands jurisdiction

Key Highlights:

• Improved Margins and Cash generation: Adjusted EBITDA margins increased 169bps year over year; excluding non-recurring exceptional costs and FX impacts, EUR 0.9 million of free cash generated.
• Improved Revenue Diversification: Continued decreasing reliance on the Netherlands and lower-margin BetCity, replaced by growth in margin-accretive revenue in new markets.
• US Market Growth: Bragg experienced triple-digit growth in U.S. revenue derived from its proprietary and exclusive online casino content, significantly outpacing the overall market growth; U.S. expected to contribute up to 15% of revenue this year.
• Brazil Launch: Successfully launched content in the newly regulated Brazilian iGaming market, a key strategic territory expected to contribute up to 10% of revenue this year.
• Strategic Partnerships: Announced a games development and remote games server technology leasing agreement with Caesars Digital, and invested in RapidPlay, a specialist Brazilian casino content studio.
• Key milestone: first game launched, Caesars Palace Signature Multihand Blackjack Surrender, under recently announced games development and technology partnership with Caesars Digital.
• Leadership Appointments: Appointed Holly Gagnon as Chair of the Board.
• Debt Reduction: Repaid USD 5 million of its secured credit note and is on track to finalize a new credit facility with improved terms.

2025 Outlook

Bragg remains focused on expanding its presence in regulated markets, enhancing its proprietary and exclusive content offerings, and leveraging its technology to drive continued growth and profitability in 2025 and beyond. The Company is actively advancing a robust pipeline of opportunities to drive strong momentum in the business.

The Company anticipates double-digit growth in Revenue and Adjusted EBITDA in the full year of 2025, with revenue guidance projected at between EUR 117.5 million and EUR 123.0 million, and Adjusted EBITDA in the range of between EUR 19.0 million and EUR 21.5 million, driven by a strategic focus on proprietary and exclusive content, and continued momentum in growth markets such as the U.S. and Latam.

Quick Custom Intelligence (QCI) continues its rapid expansion, now operating in 17 countries while actively developing business opportunities in 10 additional markets. This growth, combined with QCI’s presence across 30 U.S. states and 90 tribal nations, cements the company’s position as a global leader in casino and resort intelligence.

“Our expansion into 17 countries is a testament to the universal value of our solutions,” said Andrew Cardno, CTO and Co-Founder of QCI. “We are seeing a clear validation of our business model across diverse markets, proving that our technology can adapt to regional needs while maintaining its core strength in data-driven decision-making. As we continue to grow, our focus remains on delivering unparalleled analytics that drive operational excellence.”

A key factor in QCI’s success has been the introduction of generative cognitive offloading, allowing operators to streamline complex decision-making by leveraging real-time data intelligence without the burden of manual query building. The Chatalytics graph and query builders have been particularly well received, providing a revolutionary way for operators to interact with their data using natural language and intuitive visualizations. This next-generation tooling ensures that decision-makers can effortlessly explore insights, refine queries, and drive actions with unprecedented speed and accuracy.

QCI’s expansion is bolstered by its strong partnerships, including Modulus, a leading international technology firm.

“This level of global adoption underscores the effectiveness of QCI’s platform in optimizing gaming and hospitality operations,” said Marc Attal, COO of Modulus. “We are excited to see QCI’s solutions enhancing data activation, operational efficiency, and customer engagement across multiple continents. The ability to offload complex analytical tasks onto generative cognitive models, coupled with Chatalytics’ intuitive graph and query builders, is transforming how operators interact with their data.”

With an increasing presence across North America, Europe, Asia, and beyond, QCI is at the forefront of innovation, empowering gaming and resort operators with generative cognitive offloading, intuitive query-building tools, and real-time data activation.