Key points:
- Golden Matrix Group reported Q1 2025 consolidated revenue of $42.7m (£34.2m), up 72% year-on-year
- The company also eliminated over $19m in debt and expanded operations across Brazil, Africa and Europe
Q1 overview
Golden Matrix Group announced financial results for the first quarter ending 31 March 2025. The company saw growth in its raffle segment and strengthened its balance sheet through debt reduction.
The company eliminated $9.6m in Lind Global debt and converted $9.5m in Meridianbet-related debt into equity, increasing financial flexibility.
Full Q1 results
Consolidated revenue reached $42.7m, a 72% increase year-on-year, despite a 4% foreign exchange headwind.
Gross profit was $24.2m with a 57% gross margin; Meridianbet achieved a 72% margin, while the GMAG and Rkings/CFAC segments hit 29%.
Net loss for the quarter was $300,000, primarily due to higher amortisation, interest expenses and stock-based compensation. Adjusted EBITDA declined slightly to $5.6m as spending rose for tech and geographic growth.
Raffle revenue and user metrics reached 146% year-on-year growth in user registrations and 26,000 new sign-ups in Q1 alone.
Future outlook
Golden Matrix projects 2025 revenue between $190m and $195m, reflecting up to 29% growth over 2024. The company continues to invest in international licensing, platform upgrades and proprietary content.
Good to know: Golden Matrix operates B2B and B2C gaming across multiple regions with its acquisition of Meridianbet enabling access to 15 jurisdictions worldwide.
CEO Comments
Zoran Milosevic, Meridianbet CEO, stated: "Our Q1 results demonstrate focused execution across regulated markets, bolstered by operational efficiency and continuous innovation.
"We are deepening user engagement, expanding licensing coverage and strengthening our position as a global operator of choice."
Brian Goodman, Golden Matrix CEO, added: "We entered fiscal 2025 with elevated operating efficiency and diversified revenue streams that continue to scale across high-growth markets.
"Our raffle segment reached all-time highs, our debt profile strengthened meaningfully and our B2B and B2C businesses are both operating from positions of renewed financial and strategic strength."
