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Golden Matrix Group reports over 21% revenue increase in 2023 Q1

16 March 2023

(PRESS RELEASE) -- Golden Matrix Group, Inc., a developer, licensor and global operator of online gaming and eCommerce platforms, systems and gaming content, today reported its financial results for its fiscal quarter ended 31 January 2023.

  • Q1 2023 revenues of $10,777,679, a 21.4% increase on revenues of $8,877,105 in the like year-ago quarter.

  • Net loss of $443,521 for Q1 2023, versus net income of $349,379 for Q1 2022.

  • Adjusted EBITDA for Q1 2023 of $889,605 versus adjusted EBITDA of $729,266 in Q1 2022.

  • Cash and cash equivalents of $15,423,897 and total assets of $34,383,085 as of 31 January, 2023.

  • Total liabilities as of 31 January 2023 of $3,866,696 comprising $3,828,963 in current liabilities and $37,733 in non-current liabilities.

  • Working capital (current) ratio: 5.54.

  • GMGI shareholders’ equity of $30,516,389 on 31 January 2023, up from $26,797,415 on 31 October 2022.

  • Current gaming operator and registered user numbers of 710 and over 7.2. million, respectively, in business-to-business (B2B) traditional business.

  • Business-to-consumer (B2C) segment – RKingsCompetitions Ltd. – now has over 289,000 registered users on its tournament platform. During the quarter, RKings became a wholly-owned subsidiary when GMGI exercised its option to acquire the remaining 20 percent non-controlling interest.

  • On 12 January 2023, GMGI entered into a definitive agreement to acquire MeridianBet Group and its related companies in a cash and stock transaction valued at approximately $300 million.

  • Revenue contributions in Q1 ’23 from GMGI’s B2B and B2C segments were $4,224,457 (39%) and $6,553,222 (61%), respectively.

A summary of the Company’s performance and highlights can also be found at www.goldenmatrix.com/highlights

The increase in total operating expenses – to $2,771,989 in Q1 ’23 from $1,620,145 during the quarter ended 31 January 2022 – was due primarily to noncash charges totaling $961,730 for stock-based compensation issued to Company management, directors, employees and consultants which contributed to a Q1 net loss of $(443,521) versus net income of $349,379 in the like year-ago quarter.

“Despite a challenging economic climate worldwide, we are pleased that our B2B and B2C segments continue to grow and gain traction in their respective markets,” said Golden Matrix, CEO, Anthony Brian Goodman, who continued, “Additionally, we are making significant progress in preparing to enter new geographic markets through MEXPLAY, our recently formed B2C casino platform in Mexico, and through the anticipated acquisition of the MeridianBet Group and its related companies which is expected to be completed, during the first half of this year, subject to the completion of certain conditions to closing, including funding and shareholder approval. The MeridianBet acquisition is expected to position GMGI as a profitable worldwide gaming company with significant growth prospects, including the potential entry into regulated North American markets, subject to applicable rules and regulations.”

For additional information on Golden Matrix’s financial performance, please refer to the Company’s Quarterly Report on Form 10-Q for the quarter ended 31 January 2023, which has been filed with the SEC today and is available at: https://www.nasdaq.com/market-activity/stocks/gmgi/sec-filings or www.sec.gov.

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Golden Matrix Group reports over 21% revenue increase in 2023 Q1 is republished from Online.CasinoCity.com.