Golden Matrix Group Inc. (GMGI) has released its financial results for the full year 2022, revealing a remarkable 219% increase in revenue, soaring from $11.3 million to an impressive $36 million. The company’s strong performance is underlined by an adjusted EBITDA of $3.5 million for the fiscal year ending on October 31, 2022.
Thriving Traditional B2B Operations:
Golden Matrix’s core business in the traditional B2B sector showcased remarkable growth, boasting a portfolio of 685 active game operations and a substantial registered user base of 7 million individuals. This vibrant segment is a testament to the company’s commitment to delivering engaging gaming experiences and innovative solutions to its clients.
Expanding B2C Success:
Golden Matrix’s B2C division, RKings Competitions Ltd., experienced significant expansion, with over 45,000 unique active users participating on a monthly basis. This growth highlights the company’s ability to captivate end-users with captivating competitions and engaging content.
Robust Financial Position:
As of October 31, 2022, GMGI demonstrated a robust financial position, boasting $14.9 million in cash and cash equivalents. The company’s total assets amounted to $32.5 million, reflecting its solid operational foundation. Liabilities, including current liabilities of $2.72 million and non-current liabilities of $59,778, were recorded as $2.77 million.
CEO’s Insights and Strategic Vision:
Brian Goodman, CEO of Golden Matrix Group, emphasized the substantial progress achieved over the course of the year. He highlighted the company’s dedication to enhancing both B2B and B2C platforms through strategic investments to sustain and accelerate revenue growth. Goodman emphasized that staying competitive in the global gaming landscape necessitates continuous upgrades to systems and gaming content, catering to the evolving needs of millions of participants.
Strategic Acquisition and Global Expansion:
GMGI’s strategic expansion journey includes the recently announced acquisition of MeridianBet Group and its affiliated entities. The transaction, valued at approximately $300 million, is set to be finalized in the first half of the year. This transformative deal is poised to significantly expand GMGI’s global presence, offering a plethora of B2B and B2C product offerings across multiple continents. Moreover, the acquisition positions the company to potentially tap into the online gambling markets in the U.S. and Canada.
Golden Matrix Group’s remarkable financial performance in 2022 underscores its commitment to innovation, growth, and delivering value to its clients and users. The company’s success in both B2B and B2C segments, coupled with its strategic acquisition initiatives, positions GMGI as a key player in the rapidly evolving global gaming industry. As GMGI’s impressive journey continues, it remains poised to leverage its resources and expertise to further elevate its presence and offerings on a global scale.