Bragg Gaming Group Inc. (BRAG) Delivers Mixed Q3 Results Amid Key Milestones

Bragg Gaming Group Inc. (NASDAQ:BRAG) is one of the Canadian penny stocks to buy right now. On November 21, Maxim Group analyst Jack Vander Aarde reiterated a Buy rating on Bragg Gaming Group Inc. (NASDAQ:BRAG) and set a price target of $8.00.

Earlier on November 13, the company delivered solid third-quarter results characterized by modest revenue growth and significant progress in high-margin proprietary content business and geographic diversification.

Revenue in the quarter was up 20% year over year to €26.8 million, driven by an 80% increase in Brazil revenue. Additionally, revenue in the US was up 86% year over year, driven by an expanded high-margin proprietary content footprint. Nevertheless, its net loss widened to €2.3 million, or €0.09 per common share, compared to €0.2 million, or €0.01 per common share, delivered in the same quarter last year.

Amid the wider-than-expected net loss, Bragg Gaming achieved significant milestones in the quarter, key among them being the launch of content with Fanatics Casino across key iGaming states of New Jersey, Michigan, and Pennsylvania as part of its expansion drive in the US. The expansion drive resulted in proprietary revenue increasing 35%.

Bragg Gaming Group Inc. (NASDAQ:BRAG) is an iGaming content and technology solutions provider for online and land-based casino, lottery, and sportsbook operators. It develops and distributes proprietary and exclusive casino games, provides a player account management (PAM) platform, and offers operational and marketing services.

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Disclosure: None. This article is originally published at Insider Monkey.