Golden Matrix Group Announces Strong Second Quarter Financial Results

Golden Matrix Group (NASDAQ: GMGI), a developer and licensor of online gaming platforms, systems, and gaming content, has reported an impressive 75% increase in revenues of $39.4 million for Q2 2024 compared to Q2 2023, with year-to-date revenues increasing by 41% to $64.3 million.

Key Financial Highlights

Q2 2024 revenue growth by 75% to $39.4 million compared to Q2 2023, continuing the strong momentum from the previous quarter. Year-to-date (YTD) revenue increased by 41% to $64.3 million.
Q2 2024 gross profit rose by 31% to $21.7 million. YTD gross profits increased by 17% to $39.4 million compared to the same periods in 2023.
Shareholders’ equity grew by 52% to $89.5 million compared to December 31, 2023
Net Debt Leverage Ratio stands at a low 1.6 as of June 30, 2024
Cash on hand $40 million as of July 31, 2024, a significant increase of 96% compared to $20.4 million on December 31, 2023

Golden Matrix Group Announces Strong Second Quarter Financial Results

Golden Matrix Group, Inc. (NASDAQ: GMGI)(“Golden Matrix”, “GMGI” or the “Company”), a developer and licensor of online gaming platforms, systems, and gaming content, is pleased to announce its financial results for the second quarter of 2024 and year to date, demonstrating robust growth and continued operational success. Second quarter consolidated revenue grew 75% to $39.4 million, compared to the second quarter of 2023, a continuation of the strong trend shown in the last quarter whilst YTD revenue grew by 41% to $64.3 million, compared to the first half of 2023.

Second quarter consolidated gross profits increased by 31% to $21.7 million and YTD gross profits also increased by 17% to $39.4 million, each compared to the same periods in 2023. Second Quarter Net Income of $15,000 impacted by non-cash items as well as considerable one-off acquisition, restructuring and implementation costs related to the recent acquisition.

Second quarter consolidated Adjusted EBITDA (AEBITDA) was consistent at $5 million, compared to the second quarter of 2023, while recognising the one-time costs of completion and implementation of the Meridianbet – Golden Matrix acquisition.

Shareholders’ equity of the Company grew 52% to $89.5 million, compared to December 31, 2023. Net Debt Leverage ratio of only 1.6 as of June 30, 2024. Cash on hand as of 31st July at over $40 million, a 96% increase over December 31, 2023, cash on hand of $20.4 million.

Brian Goodman, CEO of Golden Matrix Group, commented, “I am pleased to report that the consolidation of Meridianbet has been seamless, and we have gained strong momentum following the acquisition, as evidenced by our successful results. Our second quarter delivered exceptional results, driven by operational success across all business units. We have maintained high performance through product diversity and cross-platform initiatives.”

Zoran Milošević, CEO of Meridianbet, added, “Meridianbet’s key performance indicators for this quarter reflect its strong performance, ongoing growth and market expansion. The solid results of this past quarter are further evidence of our belief that our strategy and positioning to capture the opportunities ahead of us are sound and are expected to lead to further growth and scale. The quarter has been marked by significant achievements and promising opportunities and I am excited about the future of this newly consolidated and diversified business.”

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.