Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG), a global B2B content-driven iGaming technology provider, was at last look down 10% in US premarket trade on Thursday after it reported higher third quarter revenues, but also concluded a strategic review that will see it keep the status quo and said it is "currently tracking to the lower end of guidance" for full year 2024.

The company reported Q3 revenue of 26.2 million euros versus 22.6 million euros a year earlier. It said in the U.S., strong third quarter revenue gains from content distribution helped drive a 40% global increase in proprietary online content revenue year over year.

Bragg also reported Adjusted EBITDA of 4.1 million euros versus 3.8 million euros, and Adjusted EBITDA margin of 15.6% versus 16.9%.

Bragg reiterated its 2024 full year revenue guidance range of EUR 102.0-109.0 million (US%114.2-122.1 million) and its full year Adjusted EBITDA range of EUR 15.2-18.5 million (US%17.0-20.7 million), noting that the company is "currently tracking to the lower end of guidance".

The company said it is "actively advancing a robust pipeline of opportunities that is anticipated to drive strong momentum as we enter 2025". It added: "The outlook for 2025 remains positive, with expectations of sustained double-digit top line growth, expanding bottom line margins, and increased operational leverage, further strengthening Bragg's position in the market. The preceding guidance and outlook constitute forward-looking information within the meaning of applicable securities laws, and is based on a number of assumptions and subject to a number of risks.

This as Matevz Mazij, Chief Executive Officer, in a statement noted, "we announced today that the Board of Directors has unanimously decided to conclude its review of strategic alternatives for Bragg. After extensive evaluation and deliberation, the Board determined that the ongoing execution of the company's strategic plan is the best way to maximize value for shareholders at this time."

Mazij added: "Since stepping in as Chairman 16 months ago and then as CEO 14 months ago, we've transformed our executive team, restructured commercial operations, and sharpened our sales strategy with a targeted, jurisdictional approach. These decisive actions position us to drive growth and capture market opportunities with greater precision and impact. Under new leadership, we've built a strong pipeline of tier 1 opportunities across key markets and key products, positioning Bragg for accelerated top- and bottom-line growth.

"With the strategic review process now complete, Bragg is now fully focused on commercialization and unlocking profitable growth, without the need for significant new investment in product development. Our decade-long investments in technology and talent, combined with a robust leadership team, have built a scalable platform that uniquely positions us for aggressive growth in 2025 and beyond. With significant operating leverage now within reach, we're poised for an exciting, high-growth, and profitable future."

BRAG was down more than 2% on the TSX yesterday.