Bragg Gaming Group Inc 6-K, filed Aug 8, 2024

Bragg Gaming Group Inc. (BRAG)

6-K 2024-08-08 For: 2024-08-08

View Original

Added on April 06, 2026

About this 6-K

Bragg Gaming Group Inc filed this 6-K on August 8, 2024.

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Exhibit		Description

99.1		Bragg Gaming Group Inc. - Interim unaudited condensed consolidated Financial Statements – Three and Six months period ended June 30, 2024
99.2		Management discussion & analysis for the three and Six months period ended June 30, 2024
99.3		Certification of Interim Filings - CEO
99.4		Certification of Interim Filings - CFO
99.5		News release, dated August 8, 2024


	BRAGG GAMING GROUP INC.

Date: August 8, 2024
	By:	/s/ Robbie Bressler
	Name:	Robbie Bressler
	Title:	Chief Financial Officer


INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE LOSS		1
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION		2
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY		3
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS		4

NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1	GENERAL INFORMATION	5
2	MATERIAL ACCOUNTING POLICIES	5
3	INCOME (LOSS) BEFORE INCOME TAXES CLASSIFIED BY NATURE	6
4	ACQUISITION OF WILD STREAK LLC	7
5	ACQUISITION OF SPIN GAMES LLC	8
6	CONVERTIBLE DEBT	9
7	SHARE CAPITAL	13
8	WARRANTS	13
9	SHARE BASED COMPENSATION	14
10	GOODWILL	18
11	DEFERRED CONSIDERATION	18
12	RIGHT OF USE ASSETS	19
13	INTANGIBLE ASSETS	20
14	CASH AND CASH EQUIVALENTS	20
15	TRADE AND OTHER RECEIVABLES	21
16	PREPAID EXPENSES AND OTHER ASSETS	21
17	TRADE PAYABLES AND OTHER LIABILITIES	22
18	LEASE LIABILITIES	22
19	PROMISSORY NOTE	23
20	RELATED PARTY TRANSACTIONS	24
21	FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT	25
22	SUPPLEMENTARY CASHFLOW INFORMATION	29
23	SEGMENT INFORMATION	31
24	INCOME TAXES	32
25	CONTINGENT LIABILITIES	33
26	SUBSEQUENT EVENTS	33


		Three Months Ended June 30,		Six Months Ended June 30,
	Note	2024	2023	2024	2023
Revenue	3, 23	24,861	24,729	48,672	47,588
Cost of revenue	3	(12,457)	(10,903)	(24,391)	(21,542)
Gross Profit		12,404	13,826	24,281	26,046

Selling, general and administrative expenses	3	(13,702)	(13,082)	(26,089)	(24,988)
Gain (Loss) on remeasurement of derivative liability	3, 6	38	(115)	(140)	(179)
Gain on settlement of convertible debt	3, 6	—	204	65	204
Gain (Loss) on remeasurement of deferred consideration	3, 5, 11	45	438	(600)	708
Operating Income (Loss)		(1,215)	1,271	(2,483)	1,791

Net interest expense and other financing charges	3	(930)	(368)	(1,522)	(964)
Gain (Loss) Before Income Taxes		(2,145)	903	(4,005)	827

Income taxes	24	(255)	(526)	(299)	(926)
Net Income (Loss)		(2,400)	377	(4,304)	(99)

Items to be reclassified to net income (loss):
Cumulative translation adjustment		387	(585)	4	(1,143)

Net Comprehensive Loss		(2,013)	(208)	(4,300)	(1,242)

Basic Income (Loss) Per Share		(0.10)	0.02	(0.18)	0.00
Diluted Income (Loss) Per Share		(0.10)	0.02	(0.18)	0.00

		Millions	Millions	Millions	Millions
Weighted average number of shares - basic		24.0	22.3	23.6	22.0
Weighted average number of shares - diluted		24.0	23.6	23.6	23.3


		As at	As at
		June 30,	December 31,
	Note	2024	2023
Cash and cash equivalents	14	10,850	8,796
Trade and other receivables	15, 21	18,601	18,641
Prepaid expenses and other assets	16	2,756	1,655
Total Current Assets		32,207	29,092
Property and equipment		1,027	640
Right-of-use assets	12	3,124	3,233
Intangible assets	13	36,821	38,133
Goodwill	10	32,308	31,921
Other assets		358	348
Total Assets		105,845	103,367

Trade payables and other liabilities	17, 21	20,057	21,846
Income taxes payable	24	718	917
Lease obligations on right of use assets	18	730	709
Deferred consideration	5, 11	1,797	1,513
Derivative liability	6	154	471
Convertible debt	6	463	2,445
Loans payable		6,702	—
Total Current Liabilities		30,621	27,901
Deferred income tax liabilities	24	699	852
Lease obligations on right of use assets	18	2,464	2,568
Deferred consideration	5, 11	-	1,426
Other non-current liabilities		373	373
Total Liabilities		34,157	33,120

Share capital	7	131,405	120,015
Shares to be issued		-	3,491
Contributed surplus		17,729	19,887
Accumulated deficit		(80,367)	(76,063)
Accumulated other comprehensive income		2,921	2,917
Total Equity		71,688	70,247
Total Liabilities and Equity		105,845	103,367


Matevž Mazij	Holly Gagnon
Chief Executive Officer	Independent Lead Director


												Accumulated
												other
		Share		Shares to		Broker		Contributed		Accumulated		comprehensive		Total
	Note	capital		be issued		warrants		surplus		Deficit		income (loss)		Equity
Balance as at January 1, 2023			109,902		6,982		38		20,745		(72,227)		4,094		69,534
Shares issued upon exercise of convertible debt	6		2,127		—		—		—		—		—		2,127
Shares issued as deferred consideration	4,5,11		4,595		(3,491)		—		—		—		—		1,104
Exercise of restricted share units	9		213		—		—		(213)		—		—		—
Exercise of deferred share units	9		218		—		—		(218)		—		—		—
Exercise of stock options	9		6		—		—		(2)		—		—		4
Share-based compensation	9		—		—		—		1,284		—		—		1,284
Net loss for the period			—		—		—		—		(99)		—		(99)
Other comprehensive loss			—		—		—		—		—		(1,143)		(1,143)
Balance as at June 30, 2023			117,061		3,491		38		21,596		(72,326)		2,951		72,811

Balance as at January 1, 2024			120,015		3,491		—		19,887		(76,063)		2,917		70,247
Shares issued upon exercise of convertible debt	6		2,704		—		—		—		—		—		2,704
Shares issued as deferred consideration	4,5,11		5,630		(3,491)		—		—		—		—		2,139
Exercise of restricted share units	9		1,799		—		—		(1,799)		—		—		—
Exercise of deferred share units	9		764		—		—		(764)		—		—		—
Exercise of stock options	9		493		—		—		(199)		—		—		294
Share-based compensation	9		—		—		—		604		—		—		604
Net loss for the period			—		—		—		—		(4,304)		—		(4,304)
Other comprehensive Income			—		—		—		—		—		4		4
Balance as at June 30, 2024			131,405		—		—		17,729		(80,367)		2,921		71,688


		Balances
Purchase price:
Cash		8,206
Shares to be issued		13,746
Deferred consideration		62
Total purchase price		22,014

Fair value of assets acquired, and liabilities assumed:
Cash and cash equivalents		124
Accounts receivable		408
Trade payables and other liabilities		(87)
Net assets acquired and liabilities assumed		445

Fair value of intangible assets:
Brands		311
Customer relationships		10,857
Intellectual property		5,611
Goodwill		4,790


		Balances
Purchase price:
Prepaid consideration		2,138
Cash paid upon business combination		8,488
Shares		1,426
Deferred consideration		4,003
Total purchase price		16,055

Fair value of assets acquired, and liabilities assumed:
Cash and cash equivalents		266
Trade and other receivables		405
Prepaid expenses and other assets		105
Property and equipment		107
Right-of-use assets		177
Trade payables and other liabilities		(923)
Deferred revenue		(364)
Lease obligations on right of use assets - current		(88)
Loans payable		(773)
Lease obligations on right of use assets - noncurrent		(89)
Net assets acquired and liabilities assumed		(1,177)

Fair value of intangible assets:
Intellectual property		1,471
Customer relationships		8,131
Gaming licenses		164
Brand		462
Trademarks		70
Goodwill		6,934


	Convertible debt	Derivative liability	Total
Balance as at December 31, 2022	6,648	1,320	7,968
Accretion expense	1,536	—	1,536
Loss on remeasurement of derivative liability	—	47	47
Gain on settlement of convertible debt	—	(595)	(595)
Shares issued upon exercise of convertible debt	(1,841)	(286)	(2,127)
Repayment of convertible debt	(3,693)	—	(3,693)
Effect of movement in exchange rates	(205)	(15)	(220)
Balance as at December 31, 2023	2,445	471	2,916

Accretion expense	805	—	805
Loss on remeasurement of derivative liability	—	140	140
Gain on settlement of convertible debt	—	(65)	(65)
Shares issued upon exercise of convertible debt	(2,314)	(390)	(2,704)
Repayment of convertible debt	(455)	—	(455)
Effect of movement in exchange rates	(18)	(2)	(20)
Balance as at June 30, 2024	463	154	617


		Note	Number	Value
January 1, 2023	Balance		21,107,968	109,902
January 10, 2023 to May 23, 2023	Issuance of share capital upon exercise of FSOs	9	2,450	6
April 6, 2023	Issuance of share capital upon exercise of DSUs	9	38,334	218
April 6, 2023	Issuance of share capital upon exercise of RSUs	9	40,000	213
January 13, 2023 to May 4, 2023	Shares issued upon exercise of Convertible Debt	6	617,357	2,127
June 1, 2023	Shares issued upon settlement of deferred consideration for Spin acquisition	5	357,739	1,104
June 8, 2023	Shares issued upon settlement of deferred consideration for Wild Streak acquisition	4	393,111	3,491
June 30, 2023	Balance		22,556,959	117,061

January 1, 2024	Balance		23,003,552	120,015
February 5, 2024 to June 5, 2024	Shares issued upon exercise of Convertible Debt	6	504,215	2,704
June 1, 2024	Shares issued upon settlement of deferred consideration for Spin acquisition	5	369,516	2,139
June 2, 2024	Shares issued upon settlement of deferred consideration for Wild Streak acquisition	4	393,111	3,491
April 1, 2024 to June 27,2024	Issuance of share capital upon exercise of FSOs	9	108,682	493
May 1, 2024 to May 29,2024	Issuance of share capital upon exercise of DSU	9	148,900	764
May 1, 2024 to May 14,2024	Issuance of share capital upon exercise of RSU	9	418,000	1,799
June 30, 2024	Balance		24,945,976	131,405


		Warrants
		issued as part of	Broker
Number of Warrants		convertible debt	warrants

January 1, 2023	Balance	979,048	16,886
June 30, 2023	Balance	979,048	16,886

January 1, 2024	Balance	979,048	—
June 30, 2024	Balance	979,048	—


	DSU	RSU	FSO
				Weighted
	Outstanding	Outstanding	Outstanding	Average
	DSU Units	RSU Units	FSO Options	Exercise
	(Number of	(Number of	(Number	Price / Share
	of shares)	of shares)	of shares)	CAD
Balance as at January 1, 2023	274,900	738,000	2,118,395	8.23
Granted	—	187,500	25,000	8.08
Exercised	(38,334)	(40,000)	(2,450)	2.30
Forfeited / Cancelled	—	—	(62,628)	9.45
Balance as at June 30, 2023	236,566	885,500	2,078,317	8.20

Balance as at January 1, 2024	225,154	498,000	1,777,438	8.43
Granted	—	—	165,000	6.69
Exercised	(148,900)	(418,000)	(108,682)	3.97
Expired	—	—	(50,000)	5.00
Forfeited / Cancelled	(49,588)	—	(114,209)	9.67
Balance as at June 30, 2024	26,666	80,000	1,669,547	8.56


	Outstanding			Exercisable
		Weighted	Weighted		Weighted
		Average	Average		Average
	Options	Remaining	Exercise	Options	Exercise
Range of exercise	(Number	Contractual	Price / Share	(Number	Price / Share
prices (CAD)	of shares)	Life (Years)	CAD	of shares)	CAD
2.30 - 5.00	95,825	1	2.30	95,825	2.30
5.01 - 8.62	1,139,558	4	7.72	892,277	7.82
8.63 - 33.30	434,164	6	12.16	419,873	12.21
	1,669,547	4	8.56	1,407,975	8.75


		Six Months Ended June 30,
	Note	2024	2023
Operating Activities
Net loss		(4,304)	(99)
Add:
Net interest expense and other financing charges	3	1,522	964
Depreciation and amortization	3	7,871	5,963
Share based compensation	3, 9	604	1,284
Loss on remeasurement of derivative liability	3, 6	140	179
Gain on settlement of convertible debt	3, 6	(65)	(204)
Loss (gain) on remeasurement of deferred consideration	3, 5, 11	600	(708)
Unrealized foreign exchange loss (gain)		8	(337)
Income tax expense	24	299	926
		6,675	7,968
Change in working capital	22	(3,925)	(2,001)
Income tax paid		(653)	(809)
Cash Flows generated from Operating Activities		2,097	5,158

Investing Activities
Purchases of property and equipment		(521)	(206)
Additions of intangible assets	13	(5,349)	(3,709)
Cash Flows Used In Investing Activities		(5,870)	(3,915)

Financing Activities
Proceeds from exercise of stock options	9	294	4
Repayment of convertible debt	6	(455)	(939)
Repayment of lease liability	18	(350)	(154)
Proceeds from (repayment of) loans		6,532	(107)
Interest and financing fees	22	(412)	(2)
Cash Flows Generated from (Used In ) Financing Activities		5,609	(1,198)

Effect of foreign currency exchange rate changes on cash and cash equivalents		218	(590)
Change in Cash and Cash Equivalents		2,054	(545)
Cash and cash equivalents at beginning of period		8,796	11,287
Cash and Cash Equivalents at end of period		10,850	10,742


		Three Months Ended June 30,		Six Months Ended June 30,
	Note	2024	2023	2024	2023
Revenue	23	24,861	24,729	48,672	47,588
Cost of revenue		(12,457)	(10,903)	(24,391)	(21,542)
Gross Profit		12,404	13,826	24,281	26,046

Salaries and subcontractors		(5,333)	(6,213)	(10,240)	(11,716)
Share based compensation	9	(420)	(526)	(604)	(1,284)
Total employee costs		(5,753)	(6,739)	(10,844)	(13,000)
Depreciation and amortization		(3,994)	(3,254)	(7,871)	(5,963)
IT and hosting		(1,192)	(1,060)	(2,260)	(2,037)
Professional fees		(1,518)	(657)	(2,393)	(1,286)
Corporate costs		(101)	(132)	(276)	(276)
Sales and marketing		(533)	(468)	(1,092)	(881)
Bad debt recovery (expense)	15	(121)	127	(103)	88
Travel and entertainment		(217)	(203)	(432)	(392)
Transaction and acquisition costs		—	—	—	(32)
Other operational costs		(273)	(696)	(818)	(1,209)
Selling, General and Administrative Expenses		(13,702)	(13,082)	(26,089)	(24,988)

Gain (Loss) on remeasurement of derivative liability	6	38	(115)	(140)	(179)
Gain on settlement of convertible debt	6	—	204	65	204
Gain (Loss) on remeasurement of deferred consideration	5, 11	45	438	(600)	708
Operating Income (Loss)		(1,215)	1,271	(2,483)	1,791

Accretion on liabilities	6, 11	(579)	(456)	(1,110)	(962)
Foreign exchange gain (loss)		(88)	150	(44)	131
Interest and financing fees		(263)	(62)	(368)	(133)
Net Interest Expense and Other Financing Charges		(930)	(368)	(1,522)	(964)
Income (Loss) Before Income Taxes		(2,145)	903	(4,005)	827



Expected dividend yield (%)		0.0
Expected share price volatility (%)		64.3
Risk-free interest rate (%)		4.3
Expected life of options (years)		5.0
Share price (CAD)		7.93
Forfeiture rate (%)		0.0



Expected dividend yield (%)		0.0
Expected share price volatility (%)		64.3
Risk-free interest rate (%)		2.9
Expected life of options (years)		5.0
Share price (CAD)		7.56
Forfeiture rate (%)		0.0


As at January 1, 2023		31,662
Effect of Movement in exchange rates		259
As at December 31, 2023		31,921

Effect of movements in exchange rates		387
As at June 30, 2024		32,308


Balance as at January 1, 2023		3,297
Accretion expense		403
Shares issued as deferred consideration		(1,104)
Loss on remeasurement of deferred consideration		440
Effect of movement in exchange rates		(97)
Balance as at December 31, 2023		2,939

Accretion expense		305
Loss on remeasurement of deferred consideration		600
Shares issued as deferred consideration		(2,139)
Effect of movement in exchange rates		92
Balance as at June 30, 2024		1,797



		Right of use
		Properties
Cost
Balance as at December 31, 2022		1,311
Additions		3,389
Modifications		(256)
Disposal		(74)
Effect of movement in exchange rates		65
Balance as at December 31, 2023		4,434
Additions		161
Modification		79
Effect of movement in exchange rates		38
Balance as at June 30, 2024		4,712

Accumulated Depreciation
Balance as at December 31, 2022		735
Depreciation		579
Disposal		(74)
Effect of movement in exchange rates		(39)
Balance as at December 31, 2023		1,201
Depreciation		373
Effect of movement in exchange rates		14
Balance as at June 30, 2024		1,588

Carrying Amount
Balance as at December 31, 2023		3,233
Balance as at June 30, 2024		3,124


		Deferred
	Intellectual	Development	Customer
	Property	Costs	Relationships	Brands	Other	Total
Cost
Balance as at December 31, 2022	17,722	12,881	25,473	2,177	309	58,562
Additions	649	8,742	—	—	—	9,391
Effect of movement in exchange rates	(275)	(28)	(715)	(29)	(10)	(1,057)
Balance as at December 31, 2023	18,096	21,595	24,758	2,148	299	66,896
Additions	245	5,104	—	—	—	5,349
Effect of movement in exchange rates	278	73	640	26	(21)	996
Balance as at June 30, 2024	18,619	26,772	25,398	2,174	278	73,241

Accumulated Amortization
Balance as at December 31, 2022	6,111	5,568	4,350	779	49	16,857
Amortization	2,484	5,667	3,238	663	95	12,147
Effect of movement in exchange rates	(150)	35	(136)	(12)	22	(241)
Balance as at December 31, 2023	8,445	11,270	7,452	1,430	166	28,763
Amortization	1,344	4,031	1,624	332	24	7,355
Effect of movement in exchange rates	97	(6)	172	15	24	302
Balance as at June 30, 2024	9,886	15,295	9,248	1,777	214	36,420

Carrying Amount
Balance as at December 31, 2023	9,651	10,325	17,306	718	133	38,133
Balance as at June 30, 2024	8,733	11,477	16,150	397	64	36,821


Balance as at December 31, 2022				2,435
Net additional provision for doubtful debts				(376)
Balance as at December 31, 2023				2,059
Net additional provision for doubtful debts				103
Balance as at June 30, 2024				2,162


	June 30, 2024
	Present value	Total
	of the minimum	minimum
	lease payments	lease payments
Within 1 year	730	767
After 1 year but within 2 years	699	768
Atfter 2 years but within 5 years	1,654	1,934
After 5 years	111	154
	3,194	3,623
Less: Total future interest expenses		(429)
		3,194


	Six Months Ended June 30,
	2024	2023
Balance as at January 1, 2024	—	—
Promissory note issued	6,532	—
Interest on promissory note	170	—
Balance as at June 30, 2024	6,702	—


Consolidated statements of changes in equity	Six Months Ended	Six Months Ended
	June 30,	June 30,
	2024	2023
Shares issued as deferred consideration to Wild Streak Vendors
Shares to be issued	(3,491)	(3,491)
Share capital	3,491	3,491
Shares issued as consideration to Spin Vendors
Share capital	2,139	1,104
Net movement in equity	2,139	1,104


	Financial assets as subsequently
	measured at amortized cost
	June 30,	December 31,
	2024	2023
Trade receivables	17,834	18,641


	Financial liabilities as subsequently
	measured at amortized cost
	June 30,	December 31,
	2024	2023
Trade payables	6,195	7,504
Accrued liabilities	13,535	13,983
Convertible debt	463	2,445
Lease obligations on right of use assets	3,194	3,277
Other liabilities	327	347
Loans payable	6,702	—
	30,416	27,556


	June 30, 2024				December 31, 2023
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Financial assets
Fair value through profit and loss:
Cash and cash equivalents	10,850	—	—	10,850	8,796	—	—	8,796

Financial liabilities
Fair value through profit and loss:
Derivative liability	—	154	—	154	—	471	—	471
Deferred consideration	—	1,797	—	1,797	—	2,939	—	2,939
Other liabilities	—	—	269	269	—	—	269	269

Fair value through other comprehensive income:
Other liabilities	—	—	104	104	—	—	104	104


	2024	2025	2026	2027	Thereafter	Total
Trade payables and other liabilities	20,057	—	—	—	—	20,057
Convertible debt	934	—	—	—	—	934
Lease obligations on right of use assets	422	777	758	780	886	3,623
Loans payable	458	6,990	—	—	—	7,448
Other non-current liabilities	1	3	3	7	778	792
	21,872	7,770	761	787	1,664	32,854


		Aging (months)
	Note	<1	1 - 3	>3	Total
Gross trade receivable	15	16,438	1,630	1,928	19,996
Expected loss rate		2.39%	4.07%	88.28%	10.81%
Expected loss provision	15	394	66	1,702	2,162


	Six Months Ended June 30,
Cash flows arising from movement in:	2024	2023
Trade and other receivables	(638)	113
Prepaid expenses and other assets	(1,096)	(1,564)
Deferred revenue	—	(338)
Trade payables and other liabilities	(2,191)	(212)
Changes in working capital	(3,925)	(2,001)


	Six Months Ended June 30, 2024
	Cash	Non-cash	Total
Interest and financing fees	(308)	—	(308)
Foreign exchange gain (loss)	(44)	—	(44)
Lease interest expense	(60)	—	(60)
Accretion expense on deferred consideration	—	(305)	(305)
Accretion expense on convertible debt	—	(805)	(805)
	(412)	(1,110)	(1,522)


	Six Months Ended June 30, 2023
	Cash	Non-cash	Total
Interest and financing fees	(113)	—	(113)
Foreign exchange gain (loss)	131	—	131
Lease interest expense	(20)	—	(20)
Accretion expense on deferred consideration	—	(258)	(258)
Accretion expense on convertible debt	—	(704)	(704)
	(2)	(962)	(964)


1.	MANAGEMENT DISCUSSION & ANALYSIS	2
2.	CAUTION REGARDING FORWARD-LOOKING STATEMENTS	3
3.	LIMITATIONS OF KEY METRICS AND OTHER DATA	3
4.	OVERVIEW OF 2Q24	4
5.	FINANCIAL RESULTS	11
5.1	Basis of financial discussion		11
5.2	Selected interim information		11
5.3	Other financial information		12
5.4	Selected financial information		13
5.5	Summary of quarterly results		14
5.6	Liquidity and capital resources		14
5.7	Cash flow summary		15
6	TRANSACTIONS BETWEEN RELATED PARTIES	16
7	DISCLOSURE OF OUTSTANDING SHARE DATA	18
8	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS	18
9	CHANGES IN ACCOUNTING POLICY	20
10	MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING	20
11	RISK FACTORS AND UNCERTAINTIES	21
12	ADDITIONAL INFORMATION	28


			New to		New to European
	New titles globally		North American markets		& RoW markets
	2Q24	2Q23	2Q24	2Q23	2Q24	2Q23
All Proprietary Studios	12	7	9	1	10	7
Indigo Magic	5	3	5	0	5	3
Atomic Slot Lab	4	3	2	1	4	3
Wild Streak Gaming	3	1	2	0	1	1


	Three Months Ended	Three Months Ended	Six Months Ended	Six Months Ended
	June 30,	June 30,	June 30,	June 30,
EUR 000	2024	2023	2024	2023
Revenue	24,861	24,729	48,672	47,588
Net Income (Loss)	(2,400)	377	(4,304)	(99)
EBITDA	2,779	4,525	5,388	7,754
Adjusted EBITDA	3,615	4,742	7,026	8,636

Basic Income (Loss) Per Share	(0.10)	0.02	(0.18)	0.00
Diluted Income (Loss) Per Share	(0.10)	0.02	(0.18)	0.00


	2022		2023				2024
EUR 000	3Q22	4Q22	1Q23	2Q23	3Q23	4Q23	1Q24	2Q24
Revenue	20,899	23,681	22,859	24,729	22,574	23,357	23,811	24,861
Operating income (loss)	(1,638)	162	520	1,271	(2,137)	(431)	(1,268)	(1,215)
EBITDA	837	2,682	3,229	4,525	1,209	3,327	2,609	2,779
Adjusted EBITDA	2,237	3,650	3,894	4,742	3,814	2,786	3,411	3,615
Income (Loss) per share - Basic	(0.09)	(0.04)	(0.02)	0.02	(0.13)	(0.03)	(0.08)	(0.10)
Income (Loss) per share - Diluted	(0.09)	(0.04)	(0.02)	0.02	(0.13)	(0.03)	(0.08)	(0.10)