Golden Matrix Group, Inc. ( (GMGI) ) has released its Q1 earnings. Here is a breakdown of the information Golden Matrix Group, Inc. presented to its investors.
Golden Matrix Group, Inc., headquartered in Las Vegas, is a prominent player in the gaming technology sector, specializing in the development and licensing of online gaming platforms and operating a successful eCommerce site for competitions. The company also runs MexPlay, a regulated online casino in Mexico, and recently acquired Meridianbet Group, expanding its reach across multiple international markets.
Golden Matrix Group has released its financial results for 2024, showcasing a substantial increase in revenues and strategic growth initiatives. The company reported a 63% rise in full-year revenue to $151 million, with a notable 81% surge in the fourth quarter alone. This growth is attributed to strategic acquisitions and enhancements in their AI-powered gaming platforms, positioning the company for further expansion in 2025.
Key financial metrics reveal that despite a decline in net income, with a net loss of $1.5 million for the year, the company’s adjusted EBITDA increased by 4% to $22.2 million. The decline in net income was primarily due to amortization of acquisition-related intangible assets and restructuring expenses. However, the company’s cash reserves of $30 million provide a solid foundation for future investments. Operationally, Golden Matrix’s segments, including Meridianbet and RKings Competitions, reported significant growth, reinforcing the company’s leadership in the iGaming and sports betting markets.
Looking ahead, Golden Matrix is poised for continued growth in 2025, with projected revenue increases of up to 80% in the first quarter. The company’s strategic priorities include expanding into new regulated markets, enhancing AI-driven gaming innovations, and pursuing further acquisitions to bolster market share and product offerings.
With a strong technological foundation and a robust financial position, Golden Matrix Group is set to capitalize on emerging opportunities in the gaming industry, aiming to drive sustainable profitability and increased shareholder value in the coming year.