Golden Matrix Group Inc (NASDAQ: GMGI), a global developer, licensor, and operator of online gaming platforms, has announced record financial and operational results for the fiscal year ended December 31, 2024.
“2024 has been a pivotal year for Golden Matrix,” said Brian Goodman, CEO. “We successfully scaled our iGaming and sports betting operations, expanded our global footprint, and delivered strong full-year revenue growth of 63%, with 81% revenue growth achieved in the fourth quarter. Our strategic acquisitions of Meridianbet and Classics for a Cause, combined with our AI-powered platform enhancements, position us for sustained success. As we enter 2025, we remain well positioned for growth, with revenues for Q1 2025 estimated to rise by up to 80%. Our focus remains on innovation, profitability, and expanding into high-growth markets.”
Financial Highlights
Golden Matrix reported significant revenue growth, driven by expansion across key gaming markets, increased player engagement, and AI-driven product enhancements.
Revenue for the fourth quarter grew 81% to $46 million and full-year Revenue jumped 63% to $151 million, reflecting strong demand and strategic acquisitions.
Gross Profit for the fourth quarter rose 45% to $27 million and full-year Gross Profit increased by 30% to $89 million, benefiting from operational efficiencies and high-margin product offerings.
Net Income declined 207% for the fourth quarter and 111% for the full year to a Net Loss of $2.1 million and $1.5 million, respectively, primarily due to additional amortization of acquisition-related intangible assets, stock-based compensation, interest expenses, and restructuring expenses. Adjusting for these costs, Adjusted EBITDA rose 69% to $6.5 million in the fourth quarter and 4% to $22.2 million for the full year.
Cash reserves stood at $30 million, ensuring financial flexibility for future investments.
“Our financial results demonstrate our ability to scale efficiently while maintaining profitability,” said Rich Christensen, CFO. “With a strong balance sheet and disciplined capital allocation, we are well-positioned for sustainable long-term value creation. Looking ahead, we will continue optimizing our cost structure and driving operational efficiencies across all divisions.”
Operational Highlights
Golden Matrix’s business segments delivered record performance in 2024, reinforcing the Company’s market leadership in iGaming and sports betting.
Meridianbet reported a 14% growth of full-year revenue to $106 million, with online revenue up 18% to $80 million and retail revenue up 4% to $23 million, reflecting strong user engagement and acquisition.
GMAG B2B gaming platform saw wagering volume surge 84% to $4.7 billion, driven by AI-powered engagement tools and high-margin content expansion.
RKings Competitions achieved record ticket sales, with revenue increasing 23% year-on-year, solidifying its dominance in the U.K. tournament sector.
Classics for a Cause surpassed 10,000 VIP members, generating $300,000 a month in recurring revenue, with two million orders expected soon.
MexPlay continued strong revenue momentum, with Gross Gaming Revenue rising 9% quarter-over-quarter, reinforcing its expansion in Latin America.
Expanse Studios delivered 174% revenue growth in 2024, expanding its portfolio to 55 proprietary games by year-end, including 4 new titles launched during the year such as top-performers “Beach Penalties” and “Super Heli”.
“Across all business units, we continue to see exceptional momentum,” said Mr. Goodman. “From our AI-driven gaming solutions to the expansion of proprietary platforms, we are enhancing engagement, profitability, and market leadership.”
2025 Outlook and Strategic Priorities
As Golden Matrix enters 2025, the Company is well-positioned to build upon its success by focusing on long-term growth, operational efficiency, and expansion into high-value gaming markets. For the first quarter of 2025, Golden Matrix expects revenue of $42 million-$45 million representing year-over-year growth of between 69% and 80%.
With a solid foundation in technology, AI-driven gaming innovation, and a strengthened financial position, the Company is set to drive sustainable profitability and increased shareholder value.
Key strategic priorities include:
Expanding into new regulated markets, including Latin America and Europe.
Enhancing AI-driven gaming innovation to drive personalized betting and gaming experiences.
Strengthening operational efficiencies to maximize margins and scalability.
Pursuing strategic acquisitions to increase market share and product offerings.
“We are confident in our ability to deliver another strong year of revenue growth, market expansion, and profitability in 2025,” concluded Mr. Christensen.
*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.
