By: NewMediaWire
August 6, 2025
Golden Matrix Posts Q2 Results; Operational Momentum Outpaces Top-Line Growth
LAS VEGAS, NV - August 6, 2025 (NEWMEDIAWIRE) - Golden Matrix Group Inc. (NASDAQ: GMGI) (“Golden Matrix” or the “Company”), a developer, licensor, and global operator of online gaming platforms, today announced financial and operational results for the second quarter ended June 30, 2025. The quarter saw an acceleration in operating metrics which continue to outperform. Product enhancements drove a 30% increase in wager volume at Meridianbet and new registrations climbed 124%.
Brian Goodman, CEO of Golden Matrix, commented, "Our second quarter was a challenging quarter. Due to customer-friendly sports outcomes within our European business, our second quarter revenue grew 10% year-over-year. Adjusting for this, we remain on track for our full-year revenue guidance and are confident in the strength of our business and the opportunities ahead.”
Financial and Strategic Highlights
- Total revenue for the second quarter of 2025 was $43.2 million, representing a 9.6% growth over last year. Foreign exchange was a benefit of 4.5%.
- Gross profit reached $24.4 million in the second quarter of 2025, reflecting a gross margin of approximately 56%. This is a 135-basis point improvement over the prior year.
- The Company had a net loss of $3.6M or a 3-cent loss per share. This was a decline of $3.6 million, or 3-cents a share, from the same period last year. Our operating costs grew by $2.4 million more than the incremental gross profit generated. This coupled with $1.5 million in interest expense from our debt prepayment gave rise to the loss.
- Adjusted EBITDA(1) declined by $2 million, or 37%, to $3.4 million, as increased gross profit was offset by the increase in operating spend to expand our business geographically, improve our market share, and advance our gaming technology in support of full-year growth initiatives.
- The Company’s Raffle ticket businesses have shown resilience, strong engagement and exceptional performance. Mr. Goodman, CEO of Golden Matrix, stated: “We have recently built and deployed new state-of-the-art systems to support our raffle ticket businesses. This new technology is already showing excellent results. Our largest raffle ticket business, RKings Competitions, delivered several standout milestones this quarter, beating the all-time daily revenue record by 12%. More recently, on 1st August, RKings beat that daily record by an additional 40%, with more than 30,000 orders in a single day.”
Meridianbet’s Core Value Drivers Accelerate
Zoran Milosevic, CEO of Meridianbet, commented, "Meridianbet delivered solid operational performance in Q2, with revenue growing 16% year-over-year to $29.2 million. Online revenue, a key strategic focus, increased 20%, demonstrating strong momentum in our core growth channels."
- Brazil: In Brazil, Meridianbet is now fully operational with a license through 2029. Brazil is projected to be a $5.6 billion market this year. The Company’s experience in emerging markets provides a thoughtful playbook to capture share efficiently.
- Casino: Meridianbet’s casino businesses continue to outperform. GGR surged 29% with turnover reaching $434 million - up 30% year-over-year. The Company also expanded its content library by 2,500 games, resulting in casino turnover per player increasing by 50% quarter-over-quarter. These results continue to validate Meridianbet’s content strategy and player engagement initiatives.
- User Metrics: Active users expanded 15% year-over-year, and new registrations climbed 124%, driven primarily by Meridianbet’s Brazil launch. First deposits increased 165% quarter-over-quarter and Sports revenue per player grew 28% despite challenging conditions.
- Expanse Studios: Meridianbet’s proprietary game development arm established 13 partnerships in the U.S. social casino segment, crossed the 1,000 B2B partner milestone, secured certifications in Brazil, Peru, Croatia, and Romania, and launched the exciting new title - Gates of Olympia.
Financial Outlook
Golden Matrix expects full-year 2025 revenue to range between $185 million and $188 million, reflecting a growth rate of 22% to 24% over 2024. This reflects the impact of the customer-friendly outcomes experienced in our European business late in the second quarter. We have seen July revenue growth from our European business recover as expected, up both sequentially and over 2024 by roughly 25% in constant currency. This is a return to our expected trends and consistent with our transactional volumes.
Rich Christensen, CFO of Golden Matrix, added, "We remain focused on expanding our presence in regulated markets, enhancing our proprietary technology stack, and driving shareholder value through disciplined capital allocation. We are well-positioned to build on our success, with a strong balance sheet and significant opportunities across both existing and new markets to accelerate."
(1)Adjusted EBITDA is a non-GAAP financial measure. See also “Non-GAAP Financial Measures” and “Reconciliation of Net Income to Adjusted Earnings excluding Interest Expense, Interest Income, Tax, Depreciation Expense, Amortization Expense, Stock-based Compensation Expense and Restructuring Costs", included in the tables at the end of this release.
In terms of GAAP accounting and Meridianbet being the accounting acquirer, the comparisons presented are correctly stated and are reflective of our new structure. Comparisons presented in terms of GAAP are the consolidated Company’s results against Meridianbet Group historical results and not against Golden Matrix Group’s historical results.
The full visual presentation and the earnings call can be accessed at 8:00am ET on the Golden Matrix Group IR website at https://goldenmatrix.com/events-presentations/.
For more information, please visit goldenmatrix.com.
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 compliances with current US law.
Non-GAAP Financial Measures
Adjusted EBITDA or AEBITDA, is a “non-GAAP nancial measures” presented as a supplemental measure of the Company’s performance. Adjusted EBITDA is not presented in accordance with accounting principles generally accepted in the United States, or GAAP. Adjusted EBITDA represents net income before interest expense, interest income, taxes, depreciation and amortization, and also excludes stock-based compensation expense and restructuring costs. Adjusted EBITDA is presented because we believe it provides additional useful information to investors due to the various noncash items during the period. Adjusted EBITDA is not recognized in accordance with GAAP, is unaudited, and has limitations as analytical tools, and you should not consider it in isolation, or as substitute for analysis of the Company’s results as reported under GAAP. Some of these limitations are: Adjusted EBITDA does not reect cash expenditures, or future requirements for capital expenditures, or contractual commitments; Adjusted EBITDA does not reect changes in, or cash requirements for, working capital needs; Adjusted EBITDA does not reect the signicant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments; although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reect any cash requirements for such replacements; and other companies in this industry may calculate Adjusted EBITDA differently than the Company does, limiting their usefulness as a comparative measure. The Company’s presentation of these measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. For more information on these non-GAAP nancial measures, please see the section titled “Reconciliation of Net Income to Adjusted Earnings excluding Interest Expense, Interest Income, Depreciation Expense, Amortization Expense, Stock-based Compensation Expense and Restructuring Costs” included at the end of this release.
FORWARD-LOOKING STATEMENTS
Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1995 (“forward-looking statements”). Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements.
Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, the amount, timing, and sources of funding for the Company’s repurchase program, the fact that common share repurchases may not be conducted in the timeframe or in the manner the Company expects, or at all, the ability of the Company to obtain the funding required to pay certain Meridianbet Group acquisition post-closing obligations, the terms of such funding, potential dilution caused thereby and/or covenants agreed to in connection therewith; potential lawsuits regarding the acquisition; the business, economic and political conditions in the markets in which the Company operates; the effect on the Company and its operations of the ongoing Ukraine/Russia conflict and the conflict in Israel, changing interest rates and inflation, and risks of recessions; the need for additional financing, the terms of such financing and the availability of such financing; the ability of the Company and/or its subsidiaries to obtain additional gaming licenses; the ability of the Company to manage growth; the Company’s ability to complete acquisitions and the availability of funding for such acquisitions; disruptions caused by acquisitions; dilution caused by fund raising, the conversion of outstanding preferred stock, convertible securities and/or acquisitions; the Company’s ability to maintain the listing of its common stock on the Nasdaq Capital Market; the Company’s expectations for future growth, revenues, and profitability; the Company’s expectations regarding future plans and timing thereof; the Company’s reliance on its management; the fact that the sellers of the Meridianbet Group hold voting control over the Company; related party relationships; the potential effect of economic downturns, recessions, increases in interest rates and inflation, and market conditions, decreases in discretionary spending and therefore demand for our products and services, and increases in the cost of capital, related thereto, among other affects thereof, on the Company’s operations and prospects; the Company’s ability to protect proprietary information; the ability of the Company to compete in its market; the effect of current and future regulation, the Company’s ability to comply with regulations and potential penalties in the event it fails to comply with such regulations and changes in the enforcement and interpretation of existing laws and regulations and the adoption of new laws and regulations that may unfavorably impact our business; the risks associated with gaming fraud, user cheating and cyber-attacks; risks associated with systems failures and failures of technology and infrastructure on which the Company’s programs rely; foreign exchange and currency risks; the outcome of contingencies, including legal proceedings in the normal course of business; the ability to compete against existing and new competitors; the ability to manage expenses associated with sales and marketing and necessary general and administrative and technology investments; and general consumer sentiment and economic conditions that may affect levels of discretionary customer purchases of the Company’s products, including potential recessions and global economic slowdowns. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this press release are reasonable, we provide no assurance that these plans, intentions or expectations will be achieved.
Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company’s publicly-filed reports, including, but not limited to, under the “Special Note Regarding Forward-Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s periodic and current filings with the SEC, including the Form 10-Qs and Form 10-Ks, including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, and future periodic reports on Form 10-K and Form 10 Q. These reports are available at www.sec.gov.
The Company cautions that the foregoing list of important factors is not complete and does not undertake to update any forward-looking statements except as required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that is not paid for by the Company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Connect with us:
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Instagram - https://www.instagram.com/goldenmatrixgroup/
Investors & Press:
- Rich Christensen
- ir@goldenmatrix.com
Golden Matrix Group, Inc. and Subsidiaries
Consolidated Balance Sheets
As of
June 30, 2025
(Unaudited)
As of
December 31, 2024
(Audited)
ASSETS Current assets: Cash and cash equivalents $ 22,136,319 $ 30,125,944 Accounts receivable, net7,090,854 6,061,281 Accounts receivable – related parties556,789 666,545 Taxes receivable 717,162 734,630 Inventory4,761,483 3,937,854 Prepaid expenses1,190,083 955,456 Other current assets2,514,355 2,584,771 Total current assets38,967,045 45,066,481Non-current assets: Goodwill & intangible assets, net129,020,486 127,642,576 Property, plant & equipment, net29,123,714 27,431,207 Investments244,465 218,147 Deposits6,189,912 5,706,319 Operating lease right-of-use assets6,719,981 7,643,504 Other non-current assets8,899 9,359 Total non-current assets171,307,457 168,651,112 Total assets $ 210,274,502 $ 213,717,593LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities $$ 12,912,300 Accounts payable - related parties 440,720 19,655 Current portion of operating lease liability 2,428,729 2,378,896 Current portion of long-term loan – related party- 501,591 Current portion of long-term loan 11,178,710 16,789,650 Taxes payable 3,644,543 3,774,418 Other current liabilities 1,230,606 1,090,063 Deferred revenues1,163,760 1,095,463 Contingent liability685,150 626,450 Current portion of consideration payable – related parties25,174,300 22,520,460 Current portion of consideration payable 1,125,947 1,841,597 Total current liabilities63,566,107 63,550,543Non-current liabilities: Non-current portion of operating lease liability4,266,105 5,193,847 Non-current portion of long-term loan11,327,545 14,364,246 Other non-current liabilities6,132,222 6,658,377 Non-current portion of consideration payable – related parties- 15,000,000 Total non-current liabilities21,725,872 41,216,470 Total liabilities $ 85,291,979 $ 104,767,013Shareholders’ equity: Preferred stock: $0.00001 par value; 20,000,000 shares authorized- -Preferred stock, Series B: $0.00001 par value, 1,000 shares designated, 1,000 and 1,000 shares issued and outstanding, respectively- -Preferred stock, Series C: $0.00001 par value, 1,000 shares designated, 1,000 and 1,000 shares issued and outstanding, respectively- -Common stock: $0.00001 par value; 300,000,000 shares authorized; 139,117,131 and 129,242,993 shares issued and outstanding, respectively $ 1,391 $ 1,292 Stock payable- 5,711,807 Stock payable – related party 392,158 211,162 Subscription receivable(29,787) -Additional paid-in capital70,395,979 50,313,125 Treasury stock, at cost (59,796 shares)(121,430) (121,430) Accumulated other comprehensive income (loss) (2,520,276) (8,089,854) Accumulated earnings53,161,057 57,046,892 Total shareholders’ equity of GMGI121,279,092 105,072,994 Noncontrolling interests3,703,431 3,877,586 Total equity124,982,523 108,950,580 Total liabilities and equity $ 210,274,502 $ 213,717,593
Golden Matrix Group, Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
Three Months Ended
June 30,
June 30, 2025 2024 2025 2024 Revenues $ 43,245,368 $ 39,415,242 $ 85,968,421 $ 64,265,829 Cost of goods sold(18,868,349)(17,729,700) (37,395,441)(24,888,357) Gross profit24,377,01921,685,542 48,572,98039,377,472 Operating expenses Selling, general and administrative expenses26,681,86921,560,430 50,983,84735,558,239 Income (loss) from operations(2,304,850)125,112 (2,410,867)3,819,233 Other income (expense): Interest expense(1,481,669)(32,484) (2,953,029)(36,855) Interest earned16,88469,666 60,820104,548 Foreign exchange loss/gain(63,455)(131,458) 370,213(118,521) Other income591,576509,759 1,097,0791,002,909 Total other income (expense)(936,664)415,483 (1,424,917)952,081 Net income (loss) before tax(3,241,514)540,595 (3,835,784)4,771,314 Provision for income taxes490,377524,969 154,324806,666 Net income (loss) $ (3,731,891) $ 15,626 $ (3,990,108) $ 3,964,648 Less: Net income (loss) attributable to noncontrolling interest(147,546)(49,299) (174,155)(91,011) Net income (loss) attributable to GMGI $ (3,584,345) $ 64,925 $ (3,815,953) $ 4,055,659 Weighted average ordinary shares outstanding: Basic137,968,429120,582,719 134,865,879102,028,954 Diluted137,968,429128,455,184 134,865,879105,965,187 Net income (loss) per ordinary share attributable to GMGI: Basic $ (0.03) $ -$ (0.03) $ 0.04 Diluted $ (0.03) $ -$ (0.03) $ 0.04 Net income (loss) $ (3,731,891) $ 15,626 $ (3,990,108) $ 3,964,648 Foreign currency translation adjustments 4,198,530(301,263) 5,569,578(2,105,943) Comprehensive income (loss)466,639(285,637) 1,579,4701,858,705 Less: Net income (loss) attributable to noncontrolling interest(147,546)(49,299) (174,155)(91,011) Comprehensive income (loss) attributable to GMGI $ 614,185 $ (236,338) $ 1,753,625 $ 1,949,716 Reconciliation of U.S. GAAP Net Income (Loss) to EBITDA and Adjusted EBITDA (Unaudited) Three Months Period Ended Six Months Period Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net income (loss) $ (3,731,891) $ 15,626 $ (3,990,108) $ 3,964,648 + Interest expense1,481,66932,484 2,953,02936,855 - Interest income(16,884)(69,666) (60,820)(104,548) + Taxes490,377524,969 154,324806,666 + Depreciation1,344,024826,664 2,780,2712,028,263 + Amortization2,465,3801,913,047 4,618,0202,355,366 EBITDA $ 2,032,675 $ 3,243,124 $ 6,454,716 $ 9,087,250 + Stock-based compensation1,416,3141,638,052 2,456,6391,638,052 + Restructuring costs- 546,986 149,934593,349 Adjusted EBITDA $ 3,448,989 $ 5,428,162 $ 9,061,289 $ 11,318,651
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