EveryMatrix reports €60m revenue in Q3 2023 Financial Results

EveryMatrix has revealed growth in all its business segments during the third quarter of 2023.

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Key Stats:

- Net Revenue: €27m (62% YoY increase)

- Revenue: €60m (79% YoY increase)

- EBITDA: €14m (113% YoY increase)

- Cash Position: €24m

- EBITDA Margin: 50%

The company reported net revenue of €27m ($28.8m), marking a 62% year-over-year (YoY) increase and maintaining a steady performance compared to the previous quarter.

In addition to its record net revenue, EveryMatrix also reported a 79% YoY increase in revenue, to €60m.

The company's EBITDA reached at €14m, showing a 113% YoY growth. However, it experienced a minor 9% decline compared to the previous quarter, reportedly due to adverse exchange rate developments and fluctuations in sports trading margins.

EveryMatrix has been actively expanding its partnerships and initiatives. The company recently sealed an agreement with BetParx for a US multistate content aggregation deal, which includes sourcing Evolution live dealer products and other suppliers.

Additionally, EveryMatrix launched its turnkey platform and sportsbook with the Hungarian state lottery, Szerencsejáték Zrt., and also went live with its complete turnkey platform and sportsbook solution in the highly regulated German market with Bet-at-home.

EveryMatrix became the first iGaming provider to achieve WLA Safer Gambling certification. Furthermore, the company conducted a share buyback, repurchasing 5% of its outstanding shares.

EveryMatrix's growth is reflected in its performance over the past few quarters. In Q2 2023, the company reported strong financial results, also with net revenue of €27m. EveryMatrix also achieved revenue growth in Q2 2023, with the company making a total of €56m, an 88% increase YoY.

In Q3 2023, the company's casino operations contributed €13.3m to net revenue, and the sporting division generated €6.3m, representing a 29% increase in net revenue YoY. Additionally, platform net revenue saw growth, reaching €6.3m, an 87% increase compared to Q2 2022.

In Q2 2023, the company reported a cash position of €34m, a 76% increase from the €19.3m reported in Q1 2023.

Over the past few quarters, EveryMatrix has been expanding its portfolio in the iGaming industry. The company acquired DeepCI and launched its LotteryEngine solution in Malta. Additionally, EveryMatrix received a new B2B software license on the Isle of Man.

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