Q1 2026 Bragg Gaming Group Inc Earnings Call

May 14, 2026

Operator 3: Hello, everyone. Thank you for joining us, and welcome to the Bragg Gaming Group First Quarter 2026 Earnings Conference Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Stephen Kilmer, Investor Relations. Stephen, please go ahead.

Operator: Hello, everyone. Thank you for joining us, and welcome to the Bragg Gaming Group First Quarter 2026 Earnings Conference Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Stephen Kilmer, Investor Relations. Stephen, please go ahead.

Speaker #1: If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Stephen Kilmer, investor relations.

Speaker #1: Stephen, please go ahead.

Stephen Kilmer: Good morning, everyone. Thank you for joining us for Bragg Gaming Group's Q1 2026 Earnings Call. If you're connected to our online webcast today, you should see our Q1 earnings presentation on your screen. You should have control to flip the slides yourself as you listen to this call. If you have joined by telephone, please note that you can find our earnings presentation as well as the financial results press release on our website at investors.bragg.group. Please note that certain statements on this call may constitute forward-looking information or future-oriented financial information. A full explanation of the risk factors is available on slide 2 of our Q1 2026 earnings presentation titled Forward-Looking Statements, as well as in the recently filed press release and other public disclosures.

Speaker #2: Good morning, everyone, and thank you for joining us for Bragg Gaming Group's first quarter 2026 earnings call. If you're connected to our online webcast today, you should see our first quarter earnings presentation on your screen.

Speaker #2: And you should have control to flip the slides yourself as you listen to this call. If you have joined by telephone, please note that you can find our earnings presentation, as well as the financial results press release, on our website at investors.bragg.group.

Speaker #2: Please note constitute forward-looking information or future-oriented financial information. A full explanation of the risk factors is available on the second slide of our first quarter 2026 earnings presentation titled "Forward-looking Statements." As well as in the recently filed press release and other public disclosures.

Stephen Kilmer: Bragg disclaims any obligation, except as required by law, to update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Any forward-looking statements made on this call speak only as of the date of this call. On this call, Bragg Gaming Group CEO, Matevž Mazij, and CFO, Robbie Bressler, will discuss the company's Q1 performance as well as its planned transaction with Drayton International. We will follow that up with a question and answer session. I'd now like to turn the call over to Mats.

Speaker #2: Bragg disclaims any obligation except as required by law to update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

Speaker #2: Any forward-looking statements made on this call speak only as of the date of this call. On this call, Bragg Gaming Group CEO, Matt Mazich, and CFO, Robbie Bresler, will discuss the company's first quarter performance as well as its planned transaction with Drayden International.

Speaker #2: We will follow that up with a question and answer session. I'd now like to turn the call over to Matt.

Speaker #3: Thank you, Stephen, and good morning, everyone. Thank you for joining us for Bragg Gaming Group's first quarter 2026 earnings call. We are Bragg, though listed on NASDAQ and the Toronto Stock Exchange.

Matevž Mazij: Thank you, Stephen. Good morning, everyone. Thank you for joining us for Bragg Gaming Group's Q1 2026 earnings call. We are Bragg, dual listed on Nasdaq and the Toronto Stock Exchange. On past calls, I have described Bragg's legacy model as supplying games and technology to the regulated iGaming market. As you saw in our two press releases this morning, we are evolving from that to focus on a higher margin, proprietary games first, AI-driven model, stepping into the role of ecosystem architect. This refocus is defined by several core shifts. From volume to quality, shifting away from low-margin aggregation volume and third-party content dependency to proprietary first IP model and the creation of repeatable game franchises. From supplier to architect, changing the core identity from a B2B supplier to the ecosystem architect.

Speaker #3: On past calls, I have described Bragg's legacy model as supplying gains and technology to the regulated iGaming market. But as you saw in our two press releases this morning, we are evolving from that to focus on a higher margin, proprietary games-first, AI-driven model, stepping into the role of ecosystem architect.

Speaker #3: This refocus is defined by several core shifts: from volume to quality, shifting away from low-margin aggregation volume and third-party content dependency to a proprietary-first IP model and the creation of repeatable game franchises.

Speaker #3: From supplier to architect, changing the core identity from a B2B supplier to the ecosystem architect. This means managing the entire player funnel, from awareness to intent, to retention, rather than just providing games with continuing focus on key geographies such as North America, Brazil, and core European markets.

Matevž Mazij: This means managing the entire player funnel from awareness to intent to retention, rather than just providing games with continuing focus on key geographies such as North America, Brazil, and core European markets. From traditional iGaming to cross-vertical integration. Moving beyond the constraints of regulated iGaming to aggressively leverage tailwinds like prediction markets and ADWs. Our goal is to use our existing PAM and hub infrastructure to achieve cross-vertical synergies, integrating racing, lottery, and sports betting outcomes into dynamic iGaming experiences. Of course, operational transformation, embedding proprietary technologies like the Bragg AI Brain to hyper-personalized content, predict player behavior, and autonomously write code to crush delivery bottlenecks. I will come back on to discuss this more, since this is all about what you should expect from Bragg as we move forward, I will turn the call over to Robbie now for a review of our Q1 financials.

Speaker #3: From traditional iGaming to cross-vertical integration, moving beyond the constraints of regulated iGaming to aggressively leverage tailwinds like prediction markets and ADWs. Our goal is to use our existing PAM and hub infrastructure to achieve cross-vertical synergies, integrating racing, lottery, and sports betting outcomes into dynamic iGaming experiences.

Speaker #3: And of course, operational transformation. Embedding proprietary technologies like the Bragg AI Brain to hyper-personalized content, predict player behavior, and autonomously write code to crush delivery bottlenecks.

Speaker #3: I will come back on to discuss this more, but since this is all about what you should expect from Bragg as we move forward, I will turn the call over to Robbie now for a review of our first quarter financials.

Speaker #3: Robbie?

Matevž Mazij: Robbie.

Speaker #4: Thank you, Matt, and good morning, everyone. On behalf of the management team and everyone at Bragg, I would like to thank you and your ongoing interest in this company.

Robbie Bressler: Thank you, Mats. Good morning, everyone. On behalf of the management team and everyone at Bragg, I would like to thank you and your ongoing interest in this company. For those of you who are shareholders, we appreciate your continued interest and support. To streamline things, all of the numbers I will refer to have been rounded, so they are approximate. Also, since our reporting currency is euros, I will stick to those on this call. For the benefit of North American investors, we have also provided a US dollar equivalent conversion in our press release this morning. Finally, recognizing that the focus of our remarks today is primarily forward-looking due to the planned Drayton transaction, I will keep my summary of our Q1 results brief.

Speaker #4: And for those of you who are shareholders, we appreciate your continued interest and support. To streamline things, all of the numbers I will refer to have been rounded so they are approximate.

Speaker #4: Also, since our reporting currency is euros, I will stick to those on this call. But for the benefit of North American investors, we have also provided a US dollar equivalent conversion in our press release this morning.

Speaker #4: Finally, recognizing that the focus of our remarks today is primarily forward-looking due to the planned Drayden transaction, I will keep my summary of our Q1 results brief.

Speaker #4: In the first quarter of 2026, revenue was $25.7 million, up 0.6% year over year. Q1 2026 operating loss was $1.4 million, an 18% improvement from Q1 2025.

Robbie Bressler: In Q1 2026, revenue was EUR 25.7 million, up 0.6% year-over-year. Q1 2026 operating loss was EUR 1.4 million, an 18% improvement from Q1 2025. Net loss for Q1 was EUR 1.2 million or EUR 0.05 per common share, a 55% improvement from the same period of 2025. Q1 2026 adjusted EBITDA was EUR 4 million, representing an adjusted EBITDA margin of 15.7%, down marginally from EUR 4.1 million, representing an adjusted EBITDA margin of 16% in Q1 2025. As of 31 March 2026, Bragg had cash and cash equivalents of EUR 3.4 million.

Speaker #4: Net loss for the first quarter was $1.2 million or 0.05 euro per common share, a 55% improvement from the same period of 2025. Q1 2026 adjusted EBITDA was $4 million representing an adjusted EBITDA margin of 15.7%, down marginally from 4.1 million representing an adjusted EBITDA margin of 16% in Q1 2025.

Speaker #4: As of March 31, 2026, Bragg had cash and cash equivalents of €3.4 million. As we move through 2026, we remain very focused on continuing to optimize our product mix and optimize our internal processes and structures, and believe there are significant opportunities to refine and improve our margins and cash flow.

Robbie Bressler: As we move through 2026, we remain very focused on continuing to optimize our product mix and optimize our internal processes and structures and believe there are significant opportunities to refine and improve our margins and cash flow. Finally, at this stage, we affirm our current guidance and continue to anticipate full year 2026 revenue between EUR 97 million and 104.5 million and adjusted EBITDA of EUR 16 million to 19 million, representing adjusted EBITDA margin of between 16% and 18%. This does not include any impact on the planned Drayton transaction. With that, I'll pass the line back to Matt.

Speaker #4: Finally, at this stage, we affirm our current guidance and continue to anticipate full year 2026 revenue between $97 million and $104.5 million and adjusted EBITDA of $60 million to $19 million representing an adjusted EBITDA margin of between 16 and 18%.

Speaker #4: This does not include any impact from the planned Drayden transaction. And with that, I'll pass the line back to Matt.

Speaker #3: Thank you, Robbie. Simply put, we believe that completion of the transaction with Drayden, we announce today, will mark a critical inflection point in our growth trajectory.

Matevž Mazij: Thank you, Robbie. Simply put, we believe that completion of the transaction with Drayton we announced today will mark a critical inflection point in our growth trajectory. Especially, we believe that the transaction will increase our already growing exposure to high margin proprietary content. Indeed, the Drayton transaction will immediately provide Bragg with over 100 additional titles, with more being created by our respective content teams every month as we move forward. This transaction will also power our expansion into emerging and adjacent gaming markets, including ADW. This alone will potentially translate into a greater than 5-fold expansion of our US market reach. While traditional iGaming is currently limited to 7 US states, ADW is available in over 30 states. This transaction will further enhance our already formidable technology and AI capabilities.

Speaker #3: Especially, we believe that the transaction will increase our already growing exposure to high-margin proprietary content. Indeed, the Drayden transaction will immediately provide Bragg with over 100 additional titles, with more being created by our respective content teams every month as we move forward.

Speaker #3: This transaction will also power our expansion into emerging and adjacent gaming markets, including ADW. This alone will potentially translate into a greater than five-fold expansion of our US market reach.

Speaker #3: While traditional iGaming is currently limited to seven US states, ADW is available in over 30 states. This transaction will further enhance our already formidable technology and AI capabilities.

Speaker #3: Our Bragg AI Brain initiative has already delivered the cutting-edge technology stack needed for horizontal scaling and helped deliver efficiencies that have started to improve our overall cost structures.

Matevž Mazij: Our Bragg AI Brain Initiative has already delivered the cutting-edge technology stack needed for horizontal scaling and help deliver efficiencies that have started to improve our overall cost structures. This transaction will bring proprietary mechanics, including hybrid slot engines linked to live racing data. We will further strengthen our long-term revenue growth and margin profile by reinforcing our brand strategy as a games first industry leader. Last, but certainly not least, it will bring gaming and sports betting market luminary, Matt Davey, to Bragg as both a significant investor and our Non-Executive Chairman. In a way, this is what excites me the most.

Speaker #3: This transaction will bring proprietary mechanics, including hybrid slot engines linked to live racing data. We will further strengthen our long-term revenue growth and margin profile by reinforcing our brand strategy as a games-first industry leader.

Speaker #3: And last, but certainly not least, it will bring gaming and sports betting market luminary Matt Davey to Bragg as both a significant investor and our non-executive chairman.

Speaker #3: In a way, this is what excites me the most. Currently, the founder and chairman of TechCorp Capital, which invests in private and public companies in the global gambling sector, Matt has been active for over 25 years with the digital media sports entertainment leisure and gaming ecosystems with additional specialist experience in government and regulatory roles.

Matevž Mazij: Currently, the founder and chairman of Tekkorp Capital, which invests in private and public companies in the global gambling sector, Matt has been active for over 25 years with the digital media, sports, entertainment, leisure, and gaming ecosystems, with additional specialist experience in government and regulatory roles. Matt has recent experience of manifesting positive momentum with the leading betting and gaming company. He was appointed as president and executive chairman of BetMakers Technology Group in January 2023, a period which has delivered a significant turnaround in market performance. As of May 2026, BetMakers stock is up over 65% in the past 12 months. Matt is an experienced public company executive officer who has overseen more than 10 mergers and acquisitions and helped raise over EUR 2 billion in debt and equity capital to support the companies he's led.

Speaker #3: Matt has recent experience of manifesting positive momentum with the leading betting and gaming company. He was appointed as president and executive chairman of Betmakers Technology Group in January 2023, a period which has delivered a significant turnaround in market performance.

Speaker #3: As of May 2026, Betmakers stock is up over 65% in the past 12 months. Matt is an experienced public company executive officer who has overseen more than 10 mergers and acquisitions, and helped raise over $2 billion in debt and equity capital to support the company he's led.

Speaker #3: Earlier in his career, Matt acquired a small gaming company Nix Interactive which, as CEO, he rebranded as Nix Gaming Group, turning it into one of the most influential firms in modern iGaming history, as it managed to redefine games aggregation and the distribution of content in the iGaming space.

Matevž Mazij: Earlier in his career, Matt acquired a small gaming company, NYX Interactive, which as CEO, he rebranded as NYX Gaming Group, turning it into one of the most influential firms in modern iGaming history, as it managed to redefine games aggregation and the distribution of content in the iGaming space. The business was sold to Nasdaq-listed Scientific Games in 2018 for approximately $631 million. As a CEO of NYX Gaming, he developed a successful corporate strategy that generated significant revenue growth and acquired 10 companies, including OpenBet, which is now one of the largest aggregators in the sports betting industry, powering over 200 of the world's largest operators, including top-tier sports books, lotteries, and tribal operators, processing billions of bets annually.

Speaker #3: The business was sold to Nasdaq-listed scientific games in 2018 for approximately $631 million. As a CEO of Nix Gaming, he developed a successful corporate strategy that generated significant revenue growth and acquired 10 companies, including OpenBet, which is now one of the largest aggregators in the sports betting industry, powering over 200 of the world's largest operators including top-tier sports books, lotteries, and tribal operators, processing billions of bets annually.

Speaker #3: To sum it up, Matt has experience and expertise that is uniquely fitting for our evolution into a games-first powerhouse. And after knowing him for several years, I completely share the sentiment expressed by our current chair, Holly Gagnon, in our press release this morning.

Matevž Mazij: To sum it up, Matt Davey has experience and expertise that is uniquely fitting for evolution into a games first powerhouse. After knowing him for several years, I completely share the sentiment expressed by our current Chair, Holly Gagnon, in our press release this morning. Matt Davey has earned my deep personal admiration and great professional respect. In summary, before the planned Drayton transaction, Bragg was well-placed to become a global B2B leader in content delivery, engagement, and player management infrastructure. This acquisition represents a bolder step beyond that. As we strengthen our commitment to crafting captivating proprietary gaming worlds which deliver proven revenue engines for operators and unforgettable experience for players, with a particular focus on expansion across the US and Canada. This will be complemented by a refreshed brand presence featuring a vibrant new aesthetic that reflects Bragg's games first commitment.

Speaker #3: Matt has earned my deep personal admiration and great professional respect. In summary, before the planned Drayden transaction, Bragg was well placed to become a global B2B leader in content, content delivery, engagement, and player management infrastructure.

Speaker #3: But this acquisition represents a bolder step beyond that, as we strengthen our commitment to crafting captivating, proprietary gaming worlds which deliver proven revenue engines for operators and unforgettable experience for players.

Speaker #3: With a particular focus on expansion across the US and Canada. This will be complemented by a refreshed brand presence featuring a vibrant new aesthetic that reflects Bragg's games-first commitment.

Speaker #3: We look forward to providing more details on that in the near future. Bragg already combines battle-tested content and player management expertise with smart technology.

Matevž Mazij: We look forward to providing more details on that in the near future. Bragg already combines battle-tested content and player management expertise with smart technology, this evolution sharpens the focus on what makes Bragg a unique value proposition in the iGaming sector. That is a data-rich user experience obsessed games first engineering leader. Bragg not only supplies the games that today's players demand, also streamlines everything. This optimizes players end-to-end journey, redefining Bragg's core products into one coherent ecosystem. Now, with the right team, the right technology, and clearer games first focus, Bragg is positioned to lead the future of the global gaming industry. We look forward to updating investors as we progress. Thank you. Robbie and I are now available to take any questions you may have.

Speaker #3: But this evolution sharpens the focus on what makes Bragg a unique value proposition in the iGaming sector. That is a data-rich, user-experience-obsessed games-first engineering leader.

Speaker #3: Bragg not only supplies the games that today's players demand but also streamlines everything, this optimizes players' end-to-end journey redefining Bragg's core products into one coherent ecosystem.

Speaker #3: Now, with the right team, the right technology, and a clearer games-first focus, Bragg is positioned to lead the future of the global gaming industry. We look forward to updating investors as we progress.

Speaker #3: Thank you. Robbie and I are now available to take any questions you may have.

Speaker #1: We will now begin the question-and-answer session. Your line will remain open for follow-up questions. If you would like to ask a question, please press star 1 to raise your hand.

Operator 3: We will now begin the question-and-answer session. Your line will remain open for follow-up questions. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Jack Vander Aarde with Maxim Group. Jack, your line is open. Please go ahead.

Operator: We will now begin the question-and-answer session. Your line will remain open for follow-up questions. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Jack Vander Aarde with Maxim Group. Jack, your line is open. Please go ahead.

Speaker #1: To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality.

Speaker #1: If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Jack Vanderard with Maxim Group.

Speaker #1: Jack, your line is open. Please go ahead.

Speaker #5: Okay, great. Good morning, guys. Congrats on all the positive announcements, and also, welcome to Matt Davey—assuming the acquisition closes. A lot of transformational, positive announcements here to cover.

Jack Vander Aarde: Okay, great. Good morning, guys. Congrats on all the positive announcements. And also welcome to Matt Davey, assuming the acquisition closes. Lot of transformational positive announcements here to cover. I'll try to touch on a few things. I guess just for the quarter itself, maybe for Robbie, with this acquisition planning, I'm sure you were heavily involved with, how did this kind of impact, if at all, the results for the quarter and just sort of the strategy and the momentum of the existing business?

Speaker #5: So I'll try to touch on a few things. I guess just for the quarter itself, maybe for Robbie, what was this I guess this acquisition planning?

Speaker #5: I'm sure you were heavily involved with. How did this kind of impact if at all the results for the quarter and just sort of the strategy and the momentum of the existing business?

Robbie Bressler: Thanks for the question. I'd say not at all. A lot of the directional flow and the strategic thoughts that where we wanna keep taking this business to, which is North American-focused, content-focused, that's been in the works for and in our DNA for quite a long period of time. This deal is really complementing the direction that this company is on, and I'd say it was a complete non-factor. In fact, it's really enhancing how we want to strategically make sure our business is aligned so we can execute once we become one company with Drayton on this content-focused North American strategy.

Speaker #4: Thanks for the question. I'd say not at all. A lot of the directional flow and the strategic thoughts that where we want to keep taking this business to, which is North American-focused, content-focused, that's been in the works for and in our DNA for quite a long period of time.

Speaker #4: So this deal is really complementing the direction that this company is on. And I'd say it was a complete non-factor. And in fact, it's really enhancing how we want to strategically make sure our business is aligned so we can execute once we become one company with Drayden on this content-focused, North American strategy.

Speaker #5: Excellent. Excellent. And then maybe for Matt too, just with this acquisition—I know it hasn't closed yet—so whatever you can provide is helpful.

Jack Vander Aarde: Excellent. Excellent. Then maybe for Matt too, just this with this acquisition, I know it hasn't closed yet, so whatever you can provide is helpful. It sounds like this really kickstarts even more. I mean, US was already ramping. It looks like it was a little slower growth pace this quarter. With this acquisition coming in, I think I heard over 100 new titles are being added, proprietary titles, and then you also expand to, I guess, 35 states versus the 7 you're in. Without providing too much, it sounds like that's very meaningful on the top line, I'm assuming. Is that a fair directional comment? What are kind of the overlap or synergies? How do these games compare to the success that Bragg's games, top titles have had? Thank you.

Speaker #5: It sounds like this really kick-starts even more. I mean, the US was already ramping—it looks like it was a little slower growth pace this quarter.

Speaker #5: But with this acquisition coming in, I think I heard over 100 new titles are being added, proprietary titles. And then you also expand up, I guess, 35 states versus the seven you're in.

Speaker #5: Without providing too much, it sounds like that's very meaningful on the top line I'm assuming. Is that a fair directional comment? And what are kind of the overlap or synergies?

Speaker #5: How do these games compare to the success that Bragg's games top titles have had? Thank you.

Speaker #4: Yeah. Yeah. Thank you. So this acquisition, obviously, accelerates our transition into higher margin, proprietary content-led business-focused on becoming a games-first global iGaming ecosystem. Drayden adds game studios, adds aggregation technology and distribution, adds AI capabilities, and adds new distribution opportunities, particularly in the United States, what we call alternative gaming markets through advanced deposit wagering technology, and distribution.

Matevž Mazij: Thank you. This acquisition obviously accelerates our transition into higher margin proprietary content-led business, focused on becoming a games first global iGaming ecosystem. Drayton adds game studios, adds aggregation technology and distribution, adds AI capabilities, and adds new distribution opportunities, particularly in the United States, what we call alternative gaming markets through advanced deposit wagering technology and distribution. We expect this transaction to further increase the exposure to proprietary content and IP, strengthen our AI and personalization capabilities, and improve our long-term margin profile and revenue mix, and like I said, further accelerate growth in North America, especially in the United States. You asked a question about the expansion into 30-plus states. The ADW market is sort of like a sleeping giant that is now waking up.

Speaker #4: We expect this transaction to further increase our exposure to proprietary content and IP, strengthen our AI and personalization capabilities, and improve our long-term margin profile and revenue mix.

Speaker #4: And like I said, further accelerate growth in North America, especially in the United States. You asked the question about the expansion into 30-plus states.

Speaker #4: So the ADW market is sort of like a sleeping giant that is now waking up. That's how we see it. The legal framework has existed for decades.

Matevž Mazij: That's how we see it. The legal framework has existed for decades. It was technically impossible to deliver a high fidelity slot style experience over it until very recently. It's legally operational in 30-plus US states, including markets like California, Florida, and Texas, where traditional online slots remain unregulated. We believe there's a massive growing demand for fast cycle entertainment in a number of these states. Players in non-iGaming states have obviously been waiting for online casino or iGaming legislation for a while, and this ADW model gives it to them legally. Drayton adds, like you said yourself, game titles, more than 100 of those and proprietary slot mechanics, also AI-driven slot development tools, distribution infrastructure, and performance marketing capabilities.

Speaker #4: But it was technically impossible to deliver a high-fidelity slot-style experience over it until very recently. And it's legally operational in 30-plus US states. Including markets like California, Florida, and Texas.

Speaker #4: Where traditional online slots remain unregulated, we believe there's a massive, growing demand for fast-cycle entertainment in a number of these states. And players in non-iGaming states have obviously been waiting for online casino or iGaming legislation for a while.

Speaker #4: And this ADW model gives it to them legally. Drayden adds like you said yourself, game titles. More than 100 of those. And proprietary slot mechanics.

Speaker #4: But also AI-driven slot development tools. Distribution infrastructure and performance marketing capabilities. These are deployable in current markets that Bragg is in as well. Some of the titles and some of the studios are already distributed, deployed, and distributed via Bragg.

Matevž Mazij: These are deployable in current markets that Bragg is in, as well as some of the titles and some of the studios already distributed, deployed, and distributed via Bragg. We expect a much closer cooperation with these studios to deploy their portfolio of games globally as well.

Speaker #4: And we expect a much closer cooperation with these studios to deploy their portfolio of games globally as well.

Speaker #5: Excellent. And then maybe just one more last question that I'll hop back in the queue. As far as the pro forma financials and just kind of what we can expect as we get closer to the closing date, what do we have access to as analysts and investors at the moment in terms of financials?

Jack Vander Aarde: Excellent. Maybe just one more last question, then I'll hop back in the queue. As far as the pro forma financials and just kind of what we can expect as we get closer to the closing date, what do we have access to as analysts and investors at the moment in terms of financials? Would we be expecting a pro forma sort of financial statement issued next?

Speaker #5: And then would we be expecting a pro forma sort of financial statement issued next?

Robbie Bressler: Thanks for the question. Just to give some color in terms of financial performance and makeup of the assets that we've acquired. Currently, we see these assets delivering about mid-single digit million in terms of revenue, and that's without synergies. We do think there's lots of potential on these assets and the power that Bragg brings to increase that performance on a revenue basis. These assets are EBITDA positive. When we looked at valuation from a revenue perspective and from a comparison to precedent transactions, the valuation is quite appealing. What also comes with these assets is $1 million of excess cash.

Speaker #4: Thanks for the question. So just to give some color in terms of financial performance and makeup of the assets that we've acquired. Currently, we see these assets delivering about mid-single-digit millions in terms of revenue.

Speaker #4: And that's without synergies. So we do think there's lots of potential on these assets and the power that Bragg brings to increase that performance on a revenue basis.

Speaker #4: This is these assets are EBITDA positive. And when we looked at valuation from a revenue perspective, and from a comparison to precedent transactions, the valuation is quite appealing.

Speaker #4: What also comes with these assets is 1 million US of excess cash. So that's that package of being able to get more assets focused in the part of our business that really we believe is driving the most value which is US-focused proprietary content.

Robbie Bressler: Matt's, that package of being able to get more assets focused in the part of our business that really we believe is driving the most value, which is US-focused proprietary content, this is extremely attractive. Having much more talent and assets to execute on strategy is extremely appealing. Matt's talked a lot about Matt Davey's pedigree and experience, and the team that comes along just really enhances the part of our business which we believe drives the most value. We do see lots of potential to move these assets beyond current performance. Even at a current performance level, the attraction from a revenue multiple point of view, was there. Again, just to make it clear, there is $1 million of excess cash that comes with the transaction.

Speaker #4: This is extremely attractive having much more talent and assets to execute on strategy is extremely appealing. And Matt's talked a lot about Matt Davey's pedigree and experience.

Speaker #4: And the team that comes along just really enhances the part of our business which we believe drives the most value. So we do see lots of potential to move these assets beyond current performance.

Speaker #4: But even at a current performance level, the attraction from a revenue multiple point of view was there. And again, just to make it clear, there is $1 million of excess cash that comes with the transaction.

Speaker #5: Excellent. Got it. I appreciate all the color. And congrats again on all these announcements. Look forward to watching it play out. Thank you.

Jack Vander Aarde: Excellent. Got it. I appreciate all the color and congrats again on all these announcements. Look forward to watching it play out. Thank you.

Speaker #4: Thanks, John.

Robbie Bressler: Thanks, Jack.

Speaker #5: If you would like to ask a question, please press star one to raise your hand. There are no further questions at this time. I will now turn the call back to Matt Smazzi for closing remarks.

Matevž Mazij: Thank you.

Operator 3: If you would like to ask a question, please press star one to raise your hand. There are no further questions at this time. I will now turn the call back to Matevž Mazij for closing remarks.

Operator: If you would like to ask a question, please press star one to raise your hand. There are no further questions at this time. I will now turn the call back to Matevž Mazij for closing remarks.

Matevž Mazij: Thank you very much for joining our call today. As you can see, we executed well across our business in Q1 and looking forward. The acquisition of Drayton represents a highly strategic step forward for Bragg as we evolve into proprietary games first AI-driven ecosystem architect. We are also energized by the pending appointment of Matt Davey as non-executive chairman, which will significantly strengthen our leadership team as we move forward with this bold new vision for Bragg. We believe that Matt's experience building and scaling global gaming platforms, combined with his deep industry relationships, will be invaluable as we execute on this next phase of growth. We're in very exciting times here at Bragg, and we thank you for your interest and support. Again, thanks, everyone, for joining our call today.

Speaker #6: Thank you very much for joining our call today. As you can see, we executed well across our business in the first quarter. And looking forward, the acquisition of Drayden represents a highly strategic step forward for Bragg as we evolve into a proprietary games-first, AI-driven ecosystem architect.

Speaker #6: We are also energized by the pending appointment of Matt Davey as non-executive chairman. Which will significantly strengthen our leadership team as we move forward with this bold new vision for Bragg.

Speaker #6: And we believe that Matt's experience building and scaling global gaming platforms combined with his deep industry relationships will be invaluable as we execute on this next phase of growth.

Speaker #6: We're in very exciting times here at Bragg, and we thank you for your interest and support. Again, thanks everyone for joining our call today.

Operator 3: This concludes today's call. Thank you for attending. You may now disconnect.

Operator: This concludes today's call. Thank you for attending. You may now disconnect.