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

Golden Matrix Group Inc. (NASDAQ: GMGI) reported financial results for the third fiscal quarter ended September 30, 2025, demonstrating strong performance across key metrics. The company posted record revenue of $47.3 million, representing a 15% increase compared to the same period last year, driven primarily by growth in online casino and raffle operations.

The company returned to profitability with net income of $0.4 million, a significant improvement from the $3.3 million net loss reported in the third quarter of 2024. Gross profit reached $26.4 million, an 18% year-over-year increase, while gross margin expanded to 56%, reflecting marketing optimization and favorable product mix. Adjusted EBITDA showed substantial improvement, climbing 32% to $5.7 million, supported by disciplined cost management and higher operating efficiency.

Golden Matrix made significant progress in strengthening its balance sheet, reducing total debt by $25.9 million since December 31, 2024. This represents a 37% reduction, bringing total debt down to $45 million. The company maintained $22 million in cash and achieved a net debt leverage ratio of 1.2 times annual Adjusted EBITDA, indicating improved financial stability and reduced risk profile.

Segment performance showed broad-based strength across the company's business units. Meridianbet delivered particularly strong results with revenue increasing 26% year-over-year to $32.5 million. Online casino gross gaming revenue grew 30% to $14.6 million on 35% higher turnover, while sports betting revenue advanced 25% to $13.3 million. The player base expanded significantly, with depositors increasing 25% and new registrations surging 70% compared to the prior year.

RKings Competitions achieved record revenue of $7.4 million in the third quarter, representing 14% growth, while advancing its new customer relationship management rollout. 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 revenue of $3.5 million while building momentum in key markets. Sales in emerging regions grew over 40%, led by Brazil and Mexico, while the platform added 12 new game providers using AI-driven integration to enhance scalability and personalization. These upgrades are expected to drive a 10% increase in operator count in the coming quarters.

Based on the strong third-quarter performance, 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 fourth-quarter 2025 revenue between $52.7 million and $53.7 million, an increase of 15-17% year-over-year. The full visual presentation and earnings call can be accessed at https://goldenmatrix.com/events-presentations/.

Brian Goodman, CEO of Golden Matrix, commented that the quarter highlights how the strength of the company's portfolio and disciplined execution continue to translate into profitable growth. The company is seeing steady momentum across key markets, particularly in Latin America, supported by product innovation, operational efficiency, and strong engagement across both B2B and B2C segments.

Zoran Milosevic, Chief Executive Officer of Meridianbet, noted that a significant portion of the success is driven by Meridianbet's exceptional performance, attributing the growth to innovative platform development, integrated gaming ecosystem, strategic expansions, and commitment to delivering superior user experiences. Rich Christensen, CFO of Golden Matrix, emphasized that margin expansion continues to be fueled by disciplined cost management and operational leverage, with the company entering the final quarter with strong visibility and confidence in driving sustained, long-term value for shareholders.