Brian Goodman
Golden Matrix Provides Corporate Update
Golden Matrix Group Incorporated (NASDAQ:GMGI), a developer, licensor and global operator of online gaming and eCommerce platforms, systems and gaming content, today announced it expects third quarter (ending July 31, 2023) revenues to exceed $10 million, making it the third consecutive quarter for the company to achieve that milestone.
“In addition to benefitting from operational improvements in each of the company’s business units during the quarter, we have made excellent progress with the due diligence process of the MeridianBet Group and we now have multiple offers of funding that will help secure the financing required to complete the acquisition,” the Chief Executive Officer for Golden Matrix Group Incorporated, Brian Goodman, said. “We remain confident that Golden Matrix Group Incorporated, with its growing internal strength and the pending MerdianBet Group acquisition, is on the cusp of transforming into not only a diverse and profitable gaming company, but also one that has considerable scale and extensive global representation.”
Several key factors are contributing to the company’s continued revenue growth:
- Technology upgrades at RKings in Q2 to accommodate larger numbers of tournament participants has resulted in improved offerings; and GMGAsset, a complementary business offering tournament winners of an expensive car or other high-ticket item the option to take a pre-determined cash option in lieu of the prize, generated over $1.2 million in revenue in the first two months of Q3. As GMGAsset takes possession of an item and resells it, each transaction has a built-in positive margin.
- MEXPLAY, the company’s B2C online casino in Mexico, is showing consistent month-on-month progress since its launch in February. Total wagering increased to $3.13 million in June, up 167% on $1.17 million wagered in May. “We believe we are seeing solid compounding growth in our fully-regulated Mexican online casino and we expect our success there to lead to expansion into other Latin American countries,” Goodman said.
- The company’s B2B aggregate gaming system, GMX-Ag, continues to gain traction with the addition of new operators each quarter. The GMX-Ag is a seamless turnkey iGaming system offering the best casino, sportsbook and live gaming content via a single integration with the operators’ existing business systems and also providing a single wallet for their players.
“We are extremely pleased with the strength of our B2B and B2C platforms and their popularity with a growing number of participants,” Goodman concluded. “And with the completion of the MeridianBet acquisition, we will benefit from each other’s strategic contributions and create a new combined company with attractive product offerings in multiple gambling jurisdictions worldwide.”
Further information on financial results for the third fiscal quarter ended July 31, 2023, will be available in Golden Matrix Group Incorporated’s 10-Q filing with the Securities and Exchange Commission, expected to be filed on or before September 15, 2023.
Golden Matrix Group Inc, a developer, licensor and global operator of online gaming and eCommerce platforms, systems and gaming content, reported financial results for its fiscal year ended October 31, 2023, including:
Full-year record revenues of $44.2 million, an increase of 23% on revenues of $36 million in the comparable 12-month period ended October 31, 2022; includes record revenues of $11.8 million in the fourth fiscal quarter of 2023.
Net loss of $1.17 million with Adjusted EBITDA of $2.4 million in fiscal 2023.
Cash and cash equivalents of $17.1 million and total assets of $35.6 million as of October 31, 2023.
Current liabilities of $4.48 million and no long-term liabilities as of October 31, 2023.
GMGI shareholders’ equity increased to $31.1 million as of 2023.
Current gaming operators and registered user numbers of 785 and 8.2 million, respectively, in business-to-business (B2B) traditional business.
Business-to-consumer (B2C) segments – RKingsCompetitions Ltd. (RKings) and Mexplay – now have over 325,000 and 61,000 registered users, respectively.
Management expects the acquisition of the MeridianBet Group to close during the first calendar quarter of 2024.
Revenue contributions in fiscal 2023 from GMGI’s B2B and B2C segments were $15.63 million and $28.54 million, respectively.
The net loss in fiscal 2023 was due primarily to general and administrative non-cash expenses of $2.45 million for stock-based compensation, an increase in income tax expenses of $264,257, an increase in Mexplay operation costs of $497,278, an increase in consulting fees of $296,771, and a decrease in foreign exchange gain of $269,196.
“Year after year, we continue to achieve significant improvements in revenue. This solid momentum has delivered four consecutive years of revenue growth and shareholders’ equity increases. GMGI’s success in the past financial year was driven by our diversified portfolio, spanning B2B and B2C, in some of the fast-growing online gaming markets around the world,” said Golden Matrix CEO Brian Goodman.
“Additionally, we further strengthened our Mexplay B2C online casino operation in Mexico.
“We believe that the results delivered over the last financial year demonstrate the ongoing resilience, competitiveness and diversification of our portfolio, IP and the sound fundamentals in the markets in which we operate.
“Increased costs incurred and investments made in our B2B and B2C platforms this past year have been critical to keeping us competitive and accelerating strong revenue growth. Our state-of-the-art gaming systems and superior gaming content continue to evolve to engage and increase our growing numbers of millions of participants.”
Mr. Goodman said the acquisition of the MeridianBet Group “is expected to significantly advance GMGI’s global footprint, and significantly increase revenues and profitability. There will be numerous B2B and B2C product offerings in multiple regions worldwide, and we believe that the combined company will be in a favorable position to participate in the online gambling markets in both the US and Canada.”
Brian Goodman
Golden Matrix Reports Fiscal 2023 Financial Results With Record Revenues of $44.2 Million
Golden Matrix Group Inc. (NASDAQ:GMGI)(the “Company”, “Golden Matrix” or “GMGI”), a developer, licensor and global operator of online gaming and eCommerce platforms, systems and gaming content, today reported financial results for its fiscal year ended October 31, 2023, including:
- Full-year record revenues of $44.2 million, an increase of 23% on revenues of $36 million in the comparable 12-month period ended October 31, 2022; includes record revenues of $11.8 million in the fourth fiscal quarter of 2023.
- Net loss of $1.17 million with Adjusted EBITDA of $2.4 million* in fiscal 2023.
- Cash and cash equivalents of $17.1 million and total assets of $35.6 million as of October 31, 2023.
- Current liabilities of $4.48 million and no long-term liabilities as of October 31, 2023.
- GMGI shareholders’ equity increased to $31.1 million as of 2023.
- Current gaming operators and registered user numbers of 785 and 8.2 million, respectively, in business-to-business (B2B) traditional business.
- Business-to-consumer (B2C) segments – RKingsCompetitions Ltd. (RKings) and Mexplay – now have over 325,000 and 61,000 registered users, respectively.
- Management expects the acquisition of the MeridianBet Group to close during the first calendar quarter of 2024.
Revenue contributions in fiscal 2023 from GMGI’s B2B and B2C segments were $15.63 million and $28.54 million, respectively.
The net loss in fiscal 2023 was due primarily to general and administrative non-cash expenses of $2.45 million for stock-based compensation, an increase in income tax expenses of $264,257, an increase in Mexplay operation costs of $497,278, an increase in consulting fees of $296,771, and a decrease in foreign exchange gain of $269,196.
“Year after year, we continue to achieve significant improvements in revenue,” said Golden Matrix CEO Brian Goodman, who continued, “this solid momentum has delivered four consecutive years of revenue growth and shareholders’ equity increases. GMGI’s success in the past financial year was driven by our diversified portfolio, spanning B2B and B2C, in some of the fast-growing online gaming markets around the world.”
“Additionally, we further strengthened our Mexplay B2C online casino operation in Mexico,” said Mr. Goodman.
“We believe that the results delivered over the last financial year demonstrate the ongoing resilience, competitiveness and diversification of our portfolio, IP and the sound fundamentals in the markets in which we operate,” stated Mr. Goodman.
“Increased costs incurred and investments made in our B2B and B2C platforms this past year have been critical to keeping us competitive and accelerating strong revenue growth. Our state-of-the-art gaming systems and superior gaming content continue to evolve to engage and increase our growing numbers of millions of participants,” said Mr. Goodman.
Mr. Goodman said the acquisition of the MeridianBet Group “is expected to significantly advance GMGI’s global footprint, and significantly increase revenues and profitability. There will be numerous B2B and B2C product offerings in multiple regions worldwide, and we believe that the combined company will be in a favorable position to participate in the online gambling markets in both the U.S. and Canada.”
Selective amounts stated above are rounded to the nearest $100,000, please see the Company’s Annual Report on Form 10-K for exact numbers.
Golden Matrix Group, a developer and licensor of online gaming platforms, systems and gaming content, has commenced trading its common stock on the Nasdaq Capital Market in the US. The Company’s shares are now trading on the Nasdaq Capital Market via the ticker symbol “GMGI”.
“Uplisting our common stock to Nasdaq is extremely important to Golden Matrix, at a time when we are expanding rapidly and entering into new global markets. We expect the uplisting to significantly improve the Company’s visibility, broaden our base of both retail and institutional stakeholders, and lead to enhanced long-term shareholder value. Additionally, we believe this uplisting will further strengthen our ability to execute on the Company’s acquisition strategy with the goal of accelerating both revenue and profit growth going forward,” CEO Brian Goodman said.
The Loev Law Firm, PC, Bellaire, Texas, provided legal services to Golden Matrix in connection with the uplisting.
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