Golden Matrix Hits New Revenue Milestone in First Quarter of 2024
LISTEN TO THIS ARTICLE:The Golden Matrix Group set a new quarterly revenue record in Q1 posting $11.8 million as well as a net profit. The company’s revenue for the three months to 31 January 2024 was up 9.3% from the previous year. Furthermore, Golden Matrix enjoyed a positive cash flow from its operations for the ninth quarter in a row.
It is good news for the company after it reported a net loss for the 2023 full year despite its record revenue. The company’s CEO, Brian Goodman, said that he was “exceptionally pleased” and highlighted that the company “achieved positive GAAP earnings and adjusted EBITDA of almost $1.2m”.
Progress Made on MeridianBet Acquisition
Goodman also addressed Golden Matrix’s acquisition of MeridianBet, which the company agreed to buy in January 2023 in a deal worth around $300 million. It was first announced that the deal would close in H1 2023 but this was then pushed back to Q4 2023.
Amendments were then made to the deal in October and the closing date was moved to Q1 of 2024. In January it was announced that this is still the case, but the deal has not yet gone through.
Goodman said that “significant progress” is being made and that a meeting has been arranged for 19 March in which Golden Matrix shareholders can vote on the deal.
A Net Profit Despite Increased Costs
Looking at the figures for Q1, $7.2 million of revenue came from B2C operations, which are comprised of RKings and the Mexico-facing Mexplay brands.
The revenue for B2B activity was $4.6 million. According to Golden Matrix, there are 808 live casinos using its B2B gaming platforms and the total number of users across the platforms is 8.3 million.
Costs of goods sold in Q1 increased by 2.4% to $8.5 million and total operating expenses were up 10.7% to $3.1 million. The company also noted $57,481 in other income, which left a pre-tax profit of $336,685, a considerable improvement on the $297,835 loss in the previous year.
Golden Matrix paid a tax of $262,180 and saw $197,891 worth of positive foreign currency translation adjustments. This means that it ended Q1 with a net profit of $272,396. Furthermore, adjusted EBITDA for Q1 was up 33.8% at $1.2 million.
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