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

Golden Matrix Group Inc. (NASDAQ: GMGI) reported strong third-quarter financial results for the period ended September 30, 2025, demonstrating substantial growth across key metrics. The company posted record revenue of $47.3 million, representing a 15% year-over-year increase from $41 million in Q3 2024, driven primarily by growth in online casino and raffle operations. This performance marks a significant turnaround as the company returned to profitability with net income of $0.4 million, compared to a $3.3 million net loss in the same period last year.

The company's improved operational efficiency was evident in gross profit, which reached $26.4 million with a 56% margin, up 111 basis points from the prior year. This margin expansion reflects successful marketing optimization and favorable product mix adjustments. Adjusted EBITDA showed even stronger growth, increasing 32% year-over-year to $5.7 million, representing a 12% margin. The company's disciplined cost management and higher operating efficiency contributed significantly to these improved results.

Perhaps most notably, Golden Matrix has made substantial progress in strengthening its balance sheet. The company reduced total debt by $25.9 million, or 37%, to $45 million since December 31, 2024. This deleveraging effort has improved the net debt leverage ratio to 1.2× annual Adjusted EBITDA, with $22 million in cash and $45.1 million in total debt as of September 30, 2025. The full visual presentation and earnings call can be accessed at https://goldenmatrix.com/events-presentations/.

Segment performance revealed broad-based strength across the company's operations. Meridianbet, acquired by Golden Matrix in 2024, delivered particularly strong results with revenue rising 26% year-over-year to $32.5 million. The segment saw online casino gross gaming revenue grow 30% to $14.6 million on 35% higher turnover of $485 million, while sports betting revenue advanced 25% to $13.3 million. Player engagement metrics showed significant improvement, with depositors up 25% year-over-year and new registrations increasing 70%.

RKings Competitions achieved record revenue of $7.4 million in Q3, representing 14% growth, 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 has 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 guidance reflects the company's confidence in its strategic position within regulated markets and its ongoing focus on operational efficiency improvements. The company's return to profitability combined with substantial debt reduction positions it well for sustained growth into 2026 and beyond in the competitive global online gaming market.