Golden Matrix Returns to Profitability with Record Q3 Revenue, Strengthens Financial Position

Golden Matrix Group Inc. (NASDAQ: GMGI) reported third-quarter revenue of $47.3 million, representing a 15% year-over-year increase from $41 million in the same period last year, driven primarily by growth in online casino and raffle operations. The company's return to profitability with net income of $0.4 million marks a substantial improvement from the $3.3 million net loss reported in Q3 2024, demonstrating the effectiveness of its strategic initiatives and operational discipline.

The financial results show significant margin improvement, with gross profit reaching $26.4 million, an 18% increase year-over-year, representing a 56% gross margin. Adjusted EBITDA grew 32% to $5.7 million, supported by disciplined cost management and higher operating efficiency. These improvements have allowed the company to substantially reduce its debt load, with total debt declining by $25.9 million (37%) to $45 million since December 31, 2024, strengthening the balance sheet heading into the final quarter.

CEO Brian Goodman commented on the results, stating that the quarter highlights how the strength of the company's portfolio and disciplined execution continue to translate into profitable growth. He noted steady momentum across key markets, particularly in Latin America, supported by product innovation, operational efficiency, and strong engagement across both B2B and B2C segments. The company maintains focus on delivering consistent results and long-term shareholder value.

Meridianbet, acquired by Golden Matrix in 2024, delivered exceptional performance with revenue rising 26% year-over-year to $32.5 million. Online casino gross gaming revenue grew 30% to $14.6 million on 35% higher turnover of $485 million, while sports betting revenue advanced 25% to $13.3 million. The player base expanded significantly with depositors up 25% year-over-year and new registrations increasing 70%. Zoran Milosevic, Chief Executive Officer of Meridianbet, noted that this growth reflects the innovative platform, integrated gaming ecosystem, strategic expansions, and commitment to delivering superior user experiences.

Other business segments also showed strong performance. RKings delivered record revenue of $7.4 million in Q3, up 14%, while advancing its new CRM rollout to enhance customer engagement and lifetime value. Classics for a Cause demonstrated strong sequential growth with registrations up 72% and new VIPs increasing 82%. The August Holden Torana campaign broke company records, generating $776,000 in sales from 10,000 packages and 1,700 new customers. GMAG maintained stable Q3 revenue of $3.5 million while building momentum in key markets, with sales in emerging regions growing over 40% led by Brazil and Mexico.

Looking ahead, Golden Matrix tightened its full-year 2025 revenue guidance to between $186 million and $187 million, representing 23-24% growth over 2024. The company expects Q4 2025 revenue between $52.7 million and $53.7 million, an increase of 15-17% year-over-year. CFO Rich Christensen emphasized that the record Q3 performance highlights the strength of the business model and momentum across both B2B and B2C segments, with margin expansion fueled by disciplined cost management and operational leverage. The full visual presentation and earnings call can be accessed at https://goldenmatrix.com/events-presentations/.

The company's improved financial position and return to profitability signal a significant turnaround in its operational strategy, with particular strength in international markets and across both business-to-business and business-to-consumer segments. The substantial debt reduction and improved leverage ratios provide greater financial flexibility as the company continues its expansion in regulated markets and strengthens its foundation for sustained growth into 2026.