Record-breaking quarterly earnings by Golden Matrix Corporation
Golden Matrix Posts Record Quarterly Revenues in Q1 2024
Golden Matrix Group (GMGI), a leading developer and operator of online gambling technology platforms, has announced impressive financial results for Q1 2024. According to CEO Brian Goodman, the company set a new record for quarterly revenues, total assets, cash-on-hand, and shareholder equity.
In Q1 2024, Golden Matrix reported revenues of $11.84m, marking a 10% increase from Q1 2023. This growth is particularly noteworthy as the adjusted EBITDA for the same quarter was $1.19m, an amount not reached in the previous year. The net income for Q1 2024 was $74,505, contrasting with a loss of $443,521 in the previous year, signifying a significant change.
Golden Matrix's success can be attributed to its diversified product portfolio and strategic expansion. The company operates in Central and South America, Europe, and Africa, servicing over 8.3 million registered players with more than 800 distinct games across proprietary platforms like GM-X and GM-Ag. The company targets both B2B and B2C markets, leveraging multiple gaming licenses and focusing on technological innovation and expansion into regulated markets.
The company's recent business strategy has been highlighted by geographic expansion and a deepening product offering. Notably, Golden Matrix is in the process of acquiring MeridianBet Group, an acquisition expected to strengthen its position through expanded market presence, particularly in regulated markets, and enhance its product portfolio. According to CEO Brian Goodman, this acquisition will boost top-line growth and profitability once completed.
Looking forward, Golden Matrix plans to continue expanding geographically and innovating its technology platforms. The MeridianBet acquisition exemplifies this approach, aiming to integrate MeridianBet's assets and customer base to capture further market share and increase revenue streams globally. Management emphasizes disciplined financial management alongside these growth initiatives.
Additional context includes significant insider ownership, reflecting strong insider confidence and alignment with the company’s expansion plans. Despite some recent insider sales and market cap fluctuations, 85% of Golden Matrix is owned by insiders, with 61% held by a single shareholder, Aleksandar Milovanovic.
In summary, Golden Matrix's background is rooted in iGaming platform development and operations with a multi-continental footprint and a diversified product portfolio. Its future plans focus on scaling via acquisitions like MeridianBet and technological innovation to capture growth opportunities in regulated markets worldwide.
- Golden Matrix's significant financial growth in Q1 2024, as indicated by increased revenues, adjusted EBITDA, and net income, suggests a promising future for its business operations in the finance sector.
- As Golden Matrix continues to expand geographically and innovate its technology platforms, it is anticipated that this strategic approach will bolster its position in the finance industry, particularly through acquisitions like MeridianBet and penetration into regulated markets worldwide.
