Golden Matrix Reports Record Q3 Revenue of $47.3 Million, Returns to Profitability

Golden Matrix Group Inc. delivered strong third-quarter financial results with record revenue of $47.3 million, representing a 15% increase compared to the same period last year. The company returned to profitability with net income of $0.4 million, a substantial improvement from the $3.3 million net loss reported in Q3 2024. This performance demonstrates the scalability of the company's business model and effective execution across both B2B and B2C divisions.

The revenue growth was primarily driven by expansion in online casino and raffle operations, with gross profit reaching $26.4 million, an 18% year-over-year increase. The gross margin improved to 56%, reflecting marketing optimization and favorable product mix. Adjusted EBITDA showed significant improvement, increasing 32% to $5.7 million, supported by disciplined cost management and higher operating efficiency. The company's financial strength is further evidenced by substantial debt reduction, with total debt declining by $25.9 million, or 37%, to $45 million since December 31, 2024.

Meridianbet, a key subsidiary acquired in 2024, delivered exceptional performance with revenue rising 26% year-over-year to $32.5 million. The segment saw strong growth across both online casino and sports betting operations, with gross gaming revenue from online casino increasing 30% to $14.6 million. Player engagement metrics showed significant improvement, with depositors increasing 25% and new registrations surging 70% compared to the prior year period. The full visual presentation and earnings call can be accessed at https://goldenmatrix.com/events-presentations/.

RKings Competitions achieved record revenue of $7.4 million in Q3, representing 14% growth, while advancing its new customer relationship management system rollout. Classics for a Cause demonstrated strong sequential growth with registrations increasing 72% and new VIPs growing 82%. The August Holden Torana campaign broke company records, generating $776,000 in sales from 10,000 packages and attracting 1,700 new customers. GMAG maintained stable 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. This improved outlook reflects the company's strong operational performance and market position across regulated gaming markets. The company's focus remains on advancing its position in regulated markets, improving operational efficiency, and strengthening its foundation for sustained growth into 2026.