Bragg Gaming Group Inc (BRAG) 2026 Q1 法說會逐字稿

Hello, everyone.

大家好。

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.

感謝各位加入我們，歡迎參加 Bragg Gaming Group 2026 年第一季財報電話會議。在今天的預先準備發言結束後，我們將進行問答環節。

(Operator Instructions). I will now hand the conference over to Stephen Kilmer, Investor Relations. Stephen, please go ahead.

（接線員指示）。我現在把會議交給投資人關係的 Stephen Kilmer。Stephen，請開始。

Good morning, everyone, and thank you for joining us for Bragg Femi Group's first quarter 2026 earnings call.

各位早安，感謝各位參加 Bragg Femi Group 2026 年第一季財報電話會議。

If you're connected to our online webcast today, you should see our first quarter earnings presentation on your screen, 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.

如果您今天透過線上網路直播收聽，您應該會在螢幕上看到我們第一季的財報簡報，並且在收聽本次電話會議時，您可以自行控制翻頁。如果您是透過電話加入，請注意您可在我們的網站 investors.bragg.group 上找到財報簡報以及財務結果新聞稿。

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 the second slide of our first quarter 2026 earnings presentation titled Forward-Looking Statements, as well as in the recently filed press releases under public disclosures. 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.

請注意，本次電話會議中的某些陳述可能構成前瞻性資訊或未來導向的財務資訊。風險因素的完整說明載於我們 2026 年第一季財報簡報第二頁「前瞻性陳述」，以及近期提交並於公開揭露項下的新聞稿中。除法律要求外，Bragg 不承擔更新或修訂任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因。本次電話會議所作之任何前瞻性陳述僅截至本次電話會議當日為準。

On this call, Brad Gaming Group CEO, Matevž Mazij, and CFO, Robbie Bresaler, will discuss the company's first-quarter performance, as well as its planned transaction with Drayden International.

在本次電話會議中，Bragg Gaming Group 執行長 Matevž Mazij 與財務長 Robbie Bresaler 將討論公司第一季表現，以及與 Drayden International 的規劃交易。

We will follow that up with a question-and-answer session. I'd now like to turn the call over to Mats.

接著我們將進行問答環節。現在我想把電話交給 Mats。

Thank you, Stephen, and good morning, everyone.

謝謝你，Stephen，各位早安。

Thank you for joining us for Bragg Gaming Group's first-quarter 2026 earnings call.

感謝各位參加 Bragg Gaming Group 2026 年第一季財報電話會議。

We are Bragg, though 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. 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. This refocus is defined by several core shifts.

我們是 Bragg，股票於納斯達克與多倫多證券交易所上市。在過去的電話會議中，我曾描述 Bragg 的傳統模式為向受監管的 iGaming 市場供應遊戲與技術。但正如各位今天早上在我們兩則新聞稿中所看到的。我們正從該模式演進，轉而聚焦於更高毛利、以自有遊戲為先、AI 驅動的模式，並邁向生態系架構師的角色。這次重新聚焦由數個核心轉變所界定。

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. 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.

從量到質：從低毛利的聚合量與對第三方內容的依賴，轉向以自有內容為先的 IP 模式，並打造可重複的遊戲系列（franchises）。從供應商到架構師：將核心身分從 B2B 供應商轉變為生態系架構師。這意味著管理整個玩家漏斗，從認知、意向到留存，而不僅僅是提供遊戲；同時持續聚焦北美、巴西與歐洲核心市場等關鍵地區。

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. And of course, operational transformation, embedding proprietary technologies like the Bragg AI Brain to hyper-personalize content, predict player behavior, and autonomously write code to crush delivery bottlenecks.

從傳統 iGaming 到跨垂直整合：突破受監管 iGaming 的限制，積極運用如預測市場與 ADW 等順風因素；我們的目標是利用既有的 PAM 與中樞（hub）基礎設施，實現跨垂直的協同效益。將賽馬、彩券與體育博彩的結果整合進動態的 iGaming 體驗中。當然還有營運轉型：嵌入如 Bragg AI Brain 等自有技術，以超個人化內容、預測玩家行為，並自動撰寫程式碼以消除交付瓶頸。

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.

我稍後會再回來更深入討論，但由於這些內容都關乎各位未來對 Bragg 的期待，我現在先把電話交給 Robbie，請他回顧我們第一季的財務表現。

Robbie.

Robbie。

Thank you, Mats, 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.

謝謝你，Mats，各位早安。我代表管理團隊以及 Bragg 的所有同仁，感謝各位以及各位對本公司的持續關注。

And for those of you who are shareholders, we appreciate your continued interest and support.

也感謝各位股東持續的關注與支持。

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. But for the benefit of North American investors, we have also provided a US dollar equivalent conversion in our press release this morning.

為了讓內容更精簡，我接下來提到的所有數字都已四捨五入，因此為約略值。另外，由於我們的報導貨幣為歐元，我在本次電話會議中將以歐元為主。但為了北美投資人的便利，我們也在今天早上的新聞稿中提供了等值的美元換算。

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.

最後，鑑於我們今天發言的重點主要因規劃中的 Drayton 交易而偏向前瞻性，我將簡要總結第一季的結果。

In the first quarter of 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 the first quarter was EUR1.2 million or EUR0.05 per common share, a 55% improvement from the same period of 2025. Q1 2026 adjusted EBITDA was EUR4 million, representing an adjusted EBITDA margin of 15.7%. Down marginally from EUR4.1 million, representing an adjusted EBITDA margin of 16% in Q1 2025.

2026 年第一季營收為 2,570 萬歐元，年增 0.6%。2026 年第一季營運虧損為 140 萬歐元，較 2025 年第一季改善 18%。第一季淨虧損為 120 萬歐元，或每股普通股虧損 0.05 歐元，較 2025 年同期改善 55%。2026 年第一季調整後 EBITDA 為 400 萬歐元，調整後 EBITDA 利潤率為 15.7%。較 2025 年第一季的 410 萬歐元（調整後 EBITDA 利潤率 16%）略為下降。

As of March 31, 2026, Bragg had cash and cash equivalents of EUR3.4 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.

截至 2026 年 3 月 31 日，Bragg 的現金及約當現金為 340 萬歐元。在 2026 年接下來的期間，我們仍非常專注於持續優化產品組合，以及優化內部流程與組織架構。並相信在精進與改善我們的利潤率與現金流方面，存在顯著機會。

Finally, at this stage, we affirm our current guidance and continue to anticipate full-year 2026 revenue between EUR 97 million and EUR104.5 million and adjusted EBITDA of EUR16 million to EUR19 million, representing an adjusted EBITDA margin of between 16% and 18%. This does not include any impact from the planned Drayton transaction.

最後，在此階段，我們重申目前的財測指引，並持續預期 2026 全年營收介於 9,700 萬至 1.045 億歐元，調整後 EBITDA 介於 1,600 萬至 1,900 萬歐元，對應調整後 EBITDA 利潤率約 16% 至 18%。此指引未包含規劃中的 Drayton 交易所帶來的任何影響。

And with that, I'll pass the line back to Mats.

以上，我把電話交回給 Mats。

Thank you, Robbie.

謝謝你，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.

簡而言之，我們相信，完成我們今天宣布的與 Drayton 的交易，將成為我們成長軌跡中的關鍵轉折點。

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 five-fold expansion of our U.S. Market reach. While traditional iGaming is currently limited to seven U.S. States, ADW is available in over 30 states. This transaction will further enhance our already formidable technology and AI capabilities. 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.

特別是，我們相信該交易將提高我們對高毛利自有內容的曝險，而這項曝險本就正在成長。確實，Drayton 交易將立即為 Bragg 帶來超過 100 款新增作品，且隨著我們各自的內容團隊持續推進，未來每個月都會有更多新作產出。此交易也將推動我們擴展至新興與相鄰的博彩市場，包括 ADW。僅此一項就可能使我們在美國市場的觸及範圍擴大至超過五倍。目前傳統 iGaming 僅限於美國 7 個州，而 ADW 在超過 30 個州可用。此交易也將進一步強化我們本已強大的技術與 AI 能力。我們的 Bragg AI Brain 計畫已交付橫向擴展所需的尖端技術堆疊，並協助帶來效率提升，且已開始改善我們整體的成本結構。

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. And last, but certainly not least, it will bring gaming and sports betting market luminary Matt Davey to brag as both a significant investor and our non-executive Chairman.

此項交易將帶來專有機制，包括與即時賽馬數據連結的混合式老虎機引擎。我們將透過強化作為「遊戲優先」產業領導者的品牌策略，進一步鞏固長期營收成長與利潤率表現。最後但同樣重要的是，這也將帶來博彩與體育投注市場的重量級人物 Matt Davey，讓我們得以自豪地迎來他作為重要投資人以及我們的非執行董事長。

In a way, this is what excites me the most. Currently the founder and Chairman of Tech Corp 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 a 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.

某種程度上，這是最令我興奮的部分。Matt 目前是 Tech Corp Capital 的創辦人兼董事長；該公司投資於全球博彩產業的私募與上市公司。Matt 在數位媒體、體育、娛樂、休閒與遊戲等生態系已活躍逾 25 年，並在政府與監管職務方面具備額外的專業經驗。Matt 近期也有在一家領先的投注與遊戲公司推動正向動能的經驗。他於 2023 年 1 月被任命為 BetMakers Technology Group 的總裁兼執行董事長，而在此期間公司市場表現出現顯著反轉。

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 companies he's led. 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.

截至 2026 年 5 月，BetMakers 的股價在過去 12 個月上漲超過 65%。Matt 是經驗豐富的上市公司高階主管，曾主導超過 10 起併購，並協助其所領導的公司籌集逾 20 億美元的債務與股權資本。在職涯早期，Matt 收購了一家小型遊戲公司 NYX Interactive，並在擔任執行長期間將其重新品牌化為 NYX Gaming Group。他將其打造為現代 iGaming 歷史上最具影響力的公司之一，成功重新定義了 iGaming 領域的遊戲聚合與內容分發模式。

The business was sold to NASDAQ-listed scientific games in 2018 for approximately $631 million.

該業務於 2018 年以約 6.31 億美元出售給在 NASDAQ 上市的 Scientific Games。

As a CEO of NYX Gaming, he developed a successful corporate strategy that generated significant revenue growth and acquired 10 companies, including OpenBed, 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 sportsbooks, lotteries, and tribal operators, processing billions of bets annually. To sum it up, Matt has experience and expertise that is uniquely fitting for our evolution into a games-first powerhouse.

在擔任 NYX Gaming 執行長期間，他制定了成功的公司策略，帶動顯著的營收成長，並收購了 10 家公司，其中包括 OpenBed；OpenBed 現已成為體育投注產業最大的聚合商之一，為全球超過 200 家大型營運商提供服務，包括頂級體育博彩、彩券機構與部落營運商，每年處理數十億筆投注。總而言之，Matt 的經驗與專業與我們朝「遊戲優先」強權演進的方向高度契合，且具獨特適配性。

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. Matt has earned my deep personal admiration and great professional respect.

在認識他數年之後，我完全認同我們現任董事長 Holly Gagnon 今早在新聞稿中所表達的感受。Matt 贏得了我深切的個人欽佩與高度的專業敬重。

In summary, before the planned rate and transaction, Bragg was well-placed to become a global B2B leader in content delivery, engagement, and player management infrastructure. 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. With a particular focus on expansion across the U.S. and Canada, this will be complemented by a refreshed brand presence featuring. A vibrant new aesthetic that reflects Bragg's game's first commitment.

總結而言，在此次規劃的融資與交易之前，Bragg 已具備成為全球 B2B 內容交付、互動參與與玩家管理基礎設施領導者的良好條件。但這項收購代表我們更大膽地向前邁進一步，因為我們將更堅定投入打造引人入勝的專有遊戲世界，為營運商帶來經驗證的營收引擎，並為玩家帶來難忘的體驗。在特別聚焦於美國與加拿大擴張的同時，我們也將以更新的品牌形象作為配套。以充滿活力的全新美學，反映 Bragg「遊戲優先」的承諾。

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

我們期待在不久的將來提供更多相關細節。Bragg 目前已將經過市場驗證的內容與玩家管理專業能力，結合智慧科技；而這次演進將更聚焦於使 Bragg 在 iGaming 產業中具備獨特價值主張的核心。也就是：以數據為核心、對使用者體驗極度講究、以遊戲為先的工程領導者。Bragg 不僅提供當今玩家所需求的遊戲，也將所有環節加以簡化。這將最佳化玩家端到端的旅程，並將 Brak 的核心產品重新整合為一個一致的生態系。

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.

如今，憑藉合適的團隊、合適的技術，以及更清晰的「遊戲優先」聚焦，Bragg 已具備引領全球遊戲產業未來的定位。

We look forward to updating investors as we progress.

我們將在推進過程中持續向投資人更新進展。

Thank you. Robbie and I are now available to take any questions you may have.

謝謝。Robbie 和我現在可以回答各位的提問。

(Operator Instructions).

（接線員指示）。

Your first question comes from the line of Jack Vander Aarde with Maxim Group. Jack, your line is open. Please go ahead.

第一個問題來自 Maxim Group 的 Jack Vander Aarde。Jack，您的線路已開通。請開始提問。

Okay, great. Good morning, guys. Congrats on all the positive announcements, and also welcome to Matt Davey, assuming the acquisition closes.

好的，很好。各位早安。恭喜你們發布了一連串正面公告，也歡迎 Matt Davey（假設收購順利完成）。

A lot of transformational positive announcements here to cover, so I'll try to touch on a few things. I guess just for the quarter itself, maybe for Robbie, with this, I guess, this acquisition planning, I'm sure you're heavily involved with, how did this kind of impact, if at all, the results for the quarter and just sort of the strategy and momentum of the existing business?

這裡有很多具轉型意義的正面公告需要涵蓋，所以我會嘗試觸及幾個重點。我想就本季本身而言，或許問 Robbie：在這項收購規劃上你應該深度參與；這對本季業績是否有任何影響？以及對既有業務的策略與動能有何影響？

Thanks for the question.

謝謝你的提問。

I'd say not at all.

我會說完全沒有。

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 and in our DNA for quite a long period of time. 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 Drayton on this content-focused North American strategy.

很多。我們希望持續推進這項業務的方向與策略思維——也就是聚焦北美、聚焦內容——其實已經醞釀並深植於我們的 DNA 很長一段時間了。因此，這筆交易真正是在補強公司既有的發展方向；我會說它對本季結果完全不是因素，反而是在強化。我們如何在策略上確保業務對齊，以便在與 Drayton 完成合併成為同一家公司後，能在這個以內容為核心的北美策略上順利執行。

Excellent, and then maybe for Matt too, just this, with this acquisition, I know it hasn't closed yet, so whatever you can provide is helpful.

很好，那也許也問 Matt：就這次收購而言，我知道尚未完成交割，所以你能提供的範圍內，任何資訊都很有幫助。

It sounds like this really kick-starts even more. I mean, U.S. Is already ramping. It looks like it was a little slower growth pace this quarter. 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.

聽起來這會進一步加速成長。我的意思是，美國市場本來就在爬坡。看起來本季成長步伐稍微慢一些。但隨著這次收購納入，我想我聽到會新增超過 100 款新遊戲標題、而且是專有標題，並且你們也會把覆蓋範圍擴大到大約 35 個州，而不是目前的 7 個州。

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 the kind of the overlap or synergies, how do these games compare?

在不透露太多的前提下，聽起來這對營收端（top-line）應該非常有意義，我的理解方向正確嗎？這樣的方向性評論是否合理？另外，重疊或綜效有哪些？這些遊戲彼此之間如何比較？

To the success that Braggs Games top titles have had.

相較於 Bragg Games 旗下最成功的頂尖遊戲標題所取得的成果。

Thank you.

謝謝。

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 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.

是的，謝謝。因此，這項收購顯然加速了我們向高毛利、自有內容驅動的業務轉型，聚焦於成為以遊戲為先的全球 iGaming 生態系。Drayton 帶來遊戲工作室、聚合技術與發行通路。也帶來 AI 能力與新的發行機會，特別是在美國——我們稱之為透過先進的存款投注（ADW）技術與分銷所觸及的替代型遊戲市場。

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.

我們預期這筆交易將進一步提高我們對自有內容與 IP 的曝險、強化我們的 AI 與個人化能力，並改善我們的長期毛利結構與營收組合；如我所說，也將進一步加速北美、尤其是美國的成長。

You asked a question about the expansion into 30-plus states. 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, but it was technically impossible to deliver a high fidelity slot style experience over it until very recently.

你問到擴展到 30 多個州的問題。所以，ADW 市場是。有點像一個正在甦醒的沉睡巨人——我們是這麼看的。法律框架已存在數十年，但直到最近，才在技術上有可能透過它提供高擬真度的老虎機式體驗。

And 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, and 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.

而且它在美國 30 多個州可合法營運，包括加州、佛州與德州等市場。在這些地方，傳統線上老虎機仍未受監管。我們相信其中許多州對快速週期娛樂的需求正大幅成長，而非 iGaming 州的玩家顯然已等待線上賭場或 iGaming 立法一段時間；這個 ADW 模式能以合法方式提供給他們。

Drayton adds, like you said yourself. Game titles, more than 100 of those, and proprietary slot mechanics, 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 deployed and distributed via Bragg, and we expect a much closer cooperation with these studios.

如你所說，Drayton 帶來。遊戲標題（超過 100 款）與自有老虎機機制，同時也帶來 AI 驅動的老虎機開發工具、分銷基礎設施與績效行銷能力。這些也可部署在 Bragg 目前所在的市場。其中部分遊戲與部分工作室已透過 Bragg 部署並分銷，我們預期與這些工作室將有更緊密的合作。

To deploy their portfolio of gains globally as well.

也將把他們的遊戲作品組合在全球部署。

Excellent. And then maybe just one more last question, then I'll hop back in the queue.

很好。那我再問最後一個問題，然後我就回到排隊序列。

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? And then would we be expecting a pro forma sort of financial statement issued?

就備考（pro forma）財務資料而言，以及隨著我們接近交割日期，我們大概可以期待什麼——作為分析師與投資人。目前在財務資訊方面我們能取得哪些資料？另外，我們是否會期待發布某種備考財務報表？

Thanks for the question. So just to give some color in terms of financial performance and makeup of the assets that we've acquired.

謝謝你的提問。我先補充一些背景，說明我們所收購資產的財務表現與資產構成。

Currently, we see these assets delivering about mid-single-digit million in terms of revenue. 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. 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.

目前，我們看到這些資產帶來的營收約為數百萬美元的中段（mid-single-digit million）水準。而且這還未計入協同效益。因此我們確實認為，這些資產具有很大潛力，而 Bragg 所帶來的能力可在營收面提升其表現。這些資產為 EBITDA 正值。當我們從營收角度以及與先例交易的比較來看估值時，這個估值相當具吸引力。

What also comes with these assets is $ 1 million US of excess cash. So 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. And Matt's talked a lot about Matt Davy'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. So we do see lots of potential to move these assets beyond current performance, but even at a current performance level.

此外，這些資產還附帶 100 萬美元的超額現金。因此，能夠取得更多聚焦於我們業務中、我們認為最能創造價值的部分——也就是以美國為重點的自有內容——這樣的組合非常有吸引力。擁有更多人才。以及執行策略所需的資產，極具吸引力。Matt 也談了很多關於 Matt Davey 的資歷與經驗，而隨交易加入的團隊確實強化了我們業務中、我們認為最能創造價值的部分。因此我們確實看到很大的潛力，能將這些資產推進到超越目前表現的水準；但即便以目前的表現來看。

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.

從營收倍數的角度來看，其吸引力是存在的。再次強調，這筆交易附帶 100 萬美元的超額現金。

Excellent. Got it. I appreciate all the color, and congrats again on all these announcements. Look forward to watching it play out.

很好。了解。感謝你提供這麼多補充資訊，也再次恭喜這些公告。期待看到後續的發展。

Thank you. Thanks, Jack.

謝謝。謝謝你，Jack。

(Operator Instructions).

（接線員指示）。

There are no further questions at this time. I will now turn the call back to Mats Mazij for closing remarks.

目前沒有其他問題。我現在把電話交回給 Mats Mazij 作結語。

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.

非常感謝各位今天參與我們的電話會議。如各位所見，我們在第一季於各項業務執行良好，並展望未來。

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.

收購 Drayton 對 Bragg 而言，是我們演進為「以自有遊戲為先、AI 驅動的生態系架構者」的一個高度策略性前進步伐。我們也對即將任命 Matt Davey 擔任非執行董事長感到振奮；隨著我們推進 Bragg 這個大膽的新願景，這將大幅強化我們的領導團隊。

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.

我們相信，Matt 在打造並擴張全球遊戲平台方面的經驗，加上他深厚的產業人脈。在我們執行下一階段成長時將是無可取代的助力。

We're in very exciting times here at BRAG, and we thank you for your interest and support. And again, thanks, everyone, for joining our call today.

BRAG 正處於非常令人振奮的時刻，我們感謝各位的關注與支持。再次感謝各位今天參與我們的電話會議。

This concludes today's call.

今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

感謝各位出席。您現在可以掛線。