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Golden Matrix Group Reports Record Q2 2025 Results, Expands in Brazil, and Strengthens Balance Sheet

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Golden Matrix Group Inc. (NASDAQ: GMGI), a developer and operator of global online gaming platforms, today reported record second quarter revenue, continued international expansion, and major progress in strengthening its capital structure.

Q2 2025 Highlights

  • Revenue: $43.2 million, up 9.6% year-over-year, including a 4.5% lift from FX trends
  • Gross Profit: $24.4 million (+12.4% YoY), with gross margin expanding to 56.4%
  • Adjusted EBITDA: $3.4 million, reflecting ongoing investment in product and market growth

“We achieved our strongest Q2 to date, both in top-line performance and in strategic execution across key markets,” said Brian Goodman, CEO of Golden Matrix. “Despite some short-term fluctuations, we remain focused on long-term value creation through technology, product, and global reach.”

Balance Sheet Momentum

  • Cash on hand at quarter-end was $22.1 million, even after paying down $9.6 million in convertible debt
  • Net debt leverage improved to 1.5x, marking a 24% reduction vs Q1
  • Shareholder equity increased 36% quarter-over-quarter, supported by a strategic debt-to-equity conversion.

Meridianbet Drives International Growth

Zoran Milosevic, CEO of Meridianbet, added: “Q2 confirmed the strength of our online-first strategy and emerging market expertise. From Brazil to the Balkans, we’re building momentum.”

  • Meridianbet Q2 Revenue: $29.2M (+16% YoY)
  • Online revenue: +20% YoY
  • Brazil: Fully operational with license secured through 2029
  • Casino turnover: $434M (+30% YoY), with GGR up 29%
  • Turnover per player: +50% quarter-over-quarter
  • User growth – Active users: +15%; Registrations: +124%; First deposits: +165% QoQ; Sports revenue per player: +28%

Expanse Studios

  • Launched hit title Gates of Olympia
  • Secured 13 new U.S. social casino partnerships
  • Passed the 1,000 B2B client milestone
  • Obtained new certifications in Brazil, Peru, Romania, and Croatia

Full-Year 2025 Outlook

Golden Matrix reaffirmed its full-year 2025 revenue guidance of $185M–$188M, reflecting 22–24% YoY growth.

“We’ve built a scalable engine,” said CFO Rich Christensen. “With a leaner balance sheet, solid cash reserves, and rising engagement across all platforms, we’re ready for the next stage.”

 

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Peter Tolan, a rising talent in the dynamic world of igaming content, serves as the Junior Content Editor at European Gaming. At European Gaming, Peter has quickly become an integral part of the editorial team. His keen understanding of the igaming landscape across Europe, combined with his skill in digital media, allows him to produce engaging and informative content. He specializes in analyzing trends in online gaming, esports, and emerging technologies in the igaming sector.

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