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Golden Matrix Group (GMGI) Q2 Earnings Results (Interview Opportunity)

Published

6 months ago

August 13, 2024

Adrienn Sarkany

Reading Time: 2 minutes

Golden Matrix Group, Inc.

(NASDAQ: GMGI)(“Golden Matrix”, “GMGI” or the “Company”), a developer and licensor of online gaming platforms, systems, and gaming content, is pleased to

announce its financial results for the second quarter of 2024 and year to date, demonstrating robust growth and continued operational success.

Second quarter consolidated revenue grew 75% to $39.4 million, compared to the second quarter of 2023, a continuation of the strong trend shown in the last quarter whilst YTD revenue grew by 41% to $64.3 million, compared to the first half of 2023.

Second quarter consolidated gross profits increased by 31% to $21.7 million and YTD gross profits also increased by 17% to $39.4 million, each compared to the same periods in 2023.

Second Quarter Net Income of $15,000 impacted by non-cash items as well as considerable one-off acquisition, restructuring and implementation costs related to the recent acquisition.

Second quarter consolidated Adjusted EBITDA (AEBITDA) was consistent at $5 million, compared to the second quarter of 2023, while recognising the one-time costs of completion and implementation of the Meridianbet – Golden Matrix acquisition.

Shareholders’ equity of the Company grew 52% to $89.5 million, compared to December 31, 2023.
Net Debt Leverage ratio of only 1.6 as of June 30, 2024.
Cash on hand as of 31st July at over $40 million, a 96% increase over December 31, 2023, cash on hand of $20.4 million.

Brian Goodman, CEO of Golden Matrix Group, commented, “I am pleased to report that the consolidation of Meridianbet has been seamless, and we have gained strong momentum following the acquisition, as evidenced by our successful results. Our second quarter delivered exceptional results, driven by operational success across all business units. We have maintained high performance through product diversity and cross-platform initiatives.”

Zoran Milošević, CEO of Meridianbet, added, “Meridianbet’s key performance indicators for this quarter reflect its strong performance, ongoing growth and market expansion.

The solid results of this past quarter are further evidence of our belief that our strategy and positioning to capture the opportunities ahead

of us are sound and are expected to lead to further growth and scale.

The quarter has been marked by significant achievements and promising opportunities and I am excited about the future of this newly consolidated and diversified business.”

Related Topics:Golden Matrix Group

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Adrienn Sarkany

Hello there! I'm a 21-year-old university student majoring in Finnish and Korean Language and Literature. I have a deep passion for art and a profound connection to the natural world. My journey through life has been a colorful one, driven by my love for creativity, music, and the wonders of the great outdoors. As a dedicated student, I've already earned a degree in Classic Cantos, a testament to my appreciation for the timeless beauty of classical music. Beyond the classroom, my artistic spirit thrives through my love for painting and drawing. These creative outlets allow me to express my thoughts and emotions, transforming blank canvases into vibrant stories. My interests go far beyond music and art. Singing, playing the piano, and exploring new melodies are integral parts of my life, providing me with both solace and exhilaration. When I'm not immersed in the world of art and music, I find solace in nature's embrace. My heart is drawn to animals and the serene beauty of the natural world, fueling my desire to protect and preserve our precious environment.