Key points:
- Golden Matrix reported a 63% increase in full-year revenue for 2024, reaching $151m
- The company forecasts up to 80% revenue growth in Q1 2025, driven by acquisitions and AI-powered gaming solutions
- Strategic priorities include expanding into new markets, enhancing AI-driven gaming experiences and enhancing operational efficiencies
Golden Matrix Group has announced its financial results for the fiscal year 2024, highlighting both revenue growth and satisfactory operational performance.
The company reported a 63% increase in full-year revenue to $151m, with fourth-quarter revenue also growing by 81% to $46m.
Looking ahead to 2025, Golden Matrix projects first-quarter revenue growth of up to 80%, reflective of the company's continued expansion and strategic acquisitions.
CEO Brian Goodman described 2024 as a pivotal year for the company, stating: “We successfully scaled our iGaming and sports betting operations, expanded our global footprint and delivered strong full-year revenue growth of 63%, with 81% revenue growth achieved in the fourth quarter.
“Our strategic acquisitions of Meridianbet and Classics for a Cause, combined with our AI-powered platform enhancements, position us for sustained success.
“As we enter 2025, we remain well positioned for growth, with revenues for Q1 2025 estimated to rise by up to 80%. Our focus remains on innovation, profitability and expanding into high-growth markets.”
Golden Matrix’s revenue growth was supported by increased player engagement and an expanded portfolio of gaming products – with gross profit for the year also rising 30% to $89m.
Net income, however, declined, resulting in an overall full-year net loss of $1.5m due to acquisition-related amortisation, stock-based compensation and restructuring expenses.
Adjusted EBITDA, on the other hand, increased 69% in the fourth quarter to $6.5m, reflecting improved operational performance.
Good to know: CFO Rich Christensen expressed confidence in the company’s financial position, citing a strong balance sheet and $30m in cash reserves to support future investments
Golden Matrix subsidiary Meridianbet saw a 14% increase in full-year revenue to $106m, with online revenue growing by 18%, contributing to the company’s record performance.
The GMAG B2B platform also reported an 84% upswing in wagering volume, while RKings Competitions recorded a 23% revenue increase.
Additionally, Classics for a Cause surpassed 10,000 VIP members, generating $300,000 in monthly recurring revenue, and Expanse Studios achieved 174% revenue growth, expanding its portfolio to 55 proprietary games.
