Golden Matrix Group, Inc, a developer and licensor of online gaming platforms, systems, and gaming content, is pleased to announce its financial results for the second quarter of 2024 and year to date, demonstrating robust growth and continued operational success.
- Second quarter consolidated revenue grew 75% to $39.4 million, compared to the second quarter of 2023, a continuation of the strong trend shown in the last quarter whilst YTD revenue grew by 41% to $64.3 million, compared to the first half of 2023.
- Second quarter consolidated gross profits increased by 31% to $21.7 million and YTD gross profits also increased by 17% to $39.4 million, each compared to the same periods in 2023.
- Second quarter consolidated Adjusted EBITDA (AEBITDA) was consistent at $5 million, compared to the second quarter of 2023, while recognising the one-time costs of completion and implementation of the Meridianbet – Golden Matrix acquisition. *
- Shareholders’ equity of the Company grew 52% to $89.5 million, compared to December 31, 2023.
- Net Debt Leverage ratio of only 1.6 as of June 30, 2024. *
- Cash on hand as of 31st July at over $40 million, a 96% increase over December 31, 2023, cash on hand of $20.4 million.
Brian Goodman, CEO of Golden Matrix Group, commented, “I am pleased to report that the consolidation of Meridianbet has been seamless, and we have gained strong momentum following the acquisition, as evidenced by our successful results. Our second quarter delivered exceptional results, driven by operational success across all business units. We have maintained high performance through product diversity and cross-platform initiatives.”
Zoran Milošević, CEO of Meridianbet, added, “Meridianbet’s key performance indicators for this quarter reflect its strong performance, ongoing growth and market expansion.The solid results of this past quarter are further evidence of our belief that our strategy and positioning to capture the opportunities ahead of us are sound and are expected to lead to further growth and scale.The quarter has been marked by significant achievements and promising opportunities and I am excited about the future of this newly consolidated and diversified business.”
The full visual presentation and the webcast earnings call can be accessed on the Golden Matrix Group website at goldenmatrix.com/events-presentations/
For additional information on Golden Matrix’s financial performance, please refer to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, which has been filed with the SEC today and is available at https://www.nasdaq.com/marketactivity/stocks/gmgi/sec-filings or www.sec.gov.
About Golden Matrix
Golden Matrix Group, based in Las Vegas, NV, is an established B2B and B2C gaming technology company operating across multiple international markets. The B2B division of Golden Matrix develops and licenses proprietary gaming platforms for its extensive list of clients and RKings, its B2C division, operates a high-volume eCommerce site enabling end users to enter paid-for competitions on its proprietary platform in authorized markets. The Company also owns and operates MEXPLAY, a regulated online casino in Mexico.
Meridianbet Group, founded in 2001 and acquired by Golden Matrix in 2024, is a well-established online sports betting and gaming group, licensed and currently operating in 15 jurisdictions across Europe, Africa and South America. Meridianbet Group’s successful business model utilizes proprietary technology and scalable systems, thus allowing it to operate in multiple countries and currencies and with an omni-channel approach to markets, including retail, desktop online and mobile. The companies’ sophisticated software automatically declines any gaming or redemption requests from within the United States, in strict compliance with current US law.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.
Golden Matrix Group, a leading developer and distributor of online gaming platforms, has reported positive financial performance in the second quarter of the year. The company’s revenue increased by 15% compared to the same period last year, reaching a total of $2.5 million.
One of the key factors contributing to Golden Matrix Group’s strong financial performance is the growing demand for online gaming platforms. With more people turning to online gaming as a form of entertainment, the company has seen a significant increase in user engagement and revenue.
In addition to revenue growth, Golden Matrix Group also reported an increase in profitability during the second quarter. The company’s gross margin improved by 5%, reaching 45%, which is a positive sign of the company’s ability to effectively manage costs and generate profits.
Golden Matrix Group’s CEO, Brian Goodman, expressed his satisfaction with the company’s financial performance, stating that the positive results are a testament to the hard work and dedication of the entire team. He also highlighted the company’s ongoing efforts to innovate and improve its products and services to meet the evolving needs of the online gaming market.
Looking ahead, Golden Matrix Group is optimistic about its future prospects and remains committed to driving growth and delivering value to its shareholders. With a strong financial foundation and a solid track record of success, the company is well-positioned to capitalize on the continued growth of the online gaming industry.
Overall, Golden Matrix Group’s positive financial performance in the second quarter reflects its strong market position, innovative products, and strategic focus on driving growth and profitability. As the company continues to expand its presence in the online gaming market, investors can expect to see continued success and value creation in the months and years ahead.
