Golden Matrix Group revenue up 219% in FY22
The company has posted full-year revenue of $36m.
US.- Golden Matrix Group Inc. (GMGI) has shared its financial results for full-year 2022, reporting a 219 per cent increase in revenue from $11.3m to $36m. The company posted adjusted EBITDA of $3.5m for the year ended October 31, 2022.
Golden Matrix’s traditional B2B business reported 685 current game operations and 7 million registered users. The B2C segment, RKings Competitions Ltd., saw significant growth with over 45,000 unique active users per month.
As of October 31, GMGI had cash and cash equivalents of $14.9m and total assets of $32.5m. The company’s liabilities on the same date were recorded at $2.77m, including $2,72m in current liabilities and $59,778 in non-current liabilities.
Golden Matrix CEO Brian Goodman said: “This has been a highly constructive year for our rapidly growing company. We believe the increased costs incurred and investments made in our B2B and B2C platforms have positioned GMGI to sustain and even accelerate our strong revenue growth.
“To remain competitive in the worldwide gaming industry, we are continually upgrading our systems and gaming content offerings to support the needs of our millions of participants.”
GMGI has since agreed to acquire MeridianBet Group and its related companies in a cash and stock transaction valued at approximately $300m. The agreement was entered into on January 12, 2023.
Goodman said the deal is expected to be completed in the first half of the year and will “significantly advance GMGI’sglobal footprint with numerous B2B and B2C product offerings on most continents and, we believe, create the opportunity for us to participate in online gambling markets in the U.S. and Canada.”