Golden Matrix Reports First-Quarter Financial Results with Record Revenues of $10.78 Million

Golden Matrix Group Incorporated, a developer, licensor and global operator of online gaming and eCommerce platforms, systems and gaming content, today reported its financial results for its fiscal quarter ended January 31, 2023.

* Q1 2023 revenues of $10,777,679, a 21.4% increase on revenues of $8,877,105 in the like year-ago quarter.

* Net loss of $443,521 for Q1 2023, versus net income of $349,379 for Q1 2022.

* Adjusted EBITDA for Q1 2023 of $889,605 versus adjusted EBITDA of $729,266 in Q1 2022.

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* Cash and cash equivalents of $15,423,897 and total assets of $34,383,085 as of January 31, 2023.

* Total liabilities as of January 31, 2023, of $3,866,696 comprising $3,828,963 in current liabilities and $37,733 in non-current liabilities.

* Working capital (current) ratio: 5.54.

* Golden Matrix Group Incorporated shareholders’ equity of $30,516,389 on January 31, 2023, up from $26,797,415 on October 31, 2022.

* Current gaming operator and registered user numbers of 710 and over 7.2. million, respectively, in business-to-business (B2B) traditional business.

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* Business-to-consumer (B2C) segment – RKingsCompetitions Limited – now has over 289,000 registered users on its tournament platform. During the quarter, RKings became a wholly-owned subsidiary when Golden Matrix Group Incorporated exercised its option to acquire the remaining 20 percent non-controlling interest.

* On January 12, 2023, Golden Matrix Group Incorporated entered into a definitive agreement to acquire MeridianBet Group and its related companies in a cash and stock transaction valued at approximately $300 million.

Revenue contributions in Q1 ’23 from GMGI’s B2B and B2C segments were $4,224,457 (39%) and $6,553,222 (61%), respectively.

A summary of the Company’s performance and highlights can also be found at www.GoldenMatrix.com/Highlights.

The increase in total operating expenses – to $2,771,989 in Q1 2023 from $1,620,145 during the quarter ended January 31, 2022 – was due primarily to non-cash charges totalling $961,730 for stock-based compensation issued to company management, directors, employees and consultants, which contributed to a Q1 net loss of $443,521 versus net income of $349,379 in the like year-ago quarter.

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“Despite a challenging economic climate worldwide, we are pleased that our B2B and B2C segments continue to grow and gain traction in their respective markets,” the Chief Executive Officer for Golden Matrix Group Incorporated, Anthony Brian Goodman, said. “Additionally, we are making significant progress in preparing to enter new geographic markets through MEXPLAY, our recently formed B2C casino platform in Mexico, and through the anticipated acquisition of the MeridianBet Group and its related companies, which is expected to be completed during the first half of this year subject to the completion of certain conditions to closing including funding and shareholder approval. The MeridianBet acquisition is expected to position Golden Matrix Group Incorporated as a profitable worldwide gaming company with significant growth prospects including the potential entry into regulated North American markets subject to applicable rules and regulations.”