March 15, 2024 2 min read

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Golden Matrix Enjoys Strong First Fiscal Quarter Results

The company reported another successful quarter, reporting an increase in revenue for the latest trading period

The leading global online gambling operator, developer, licensor and supplier of gaming content, systems and platforms, Golden Matrix Group, released its latest financial report, outlining details regarding its performance for the first fiscal quarter ended January 31, 2024. The latest report highlights another successful quarter for the company considering its reported increase in revenue and net income.

In Q1 this year, Golden Matrix’s quarterly revenue hit $11.8 million. This result, compared to the $10.8 million revenue reported for the corresponding period in 2023, represents an increase of 10% year-over-year. Additional data disclosed by Golden Matrix reveals that its adjusted EBITDA for the first quarter this year hit $1.19 million.

The latest trading period represented the ninth consecutive quarter with positive cash flow for Golden Matrix. The company’s cash-on-hand as of January 31 this year was $17.3 million. Current assets for Golden Matrix were evaluated at $24.2 million while total assets for Q1 were estimated at $37.1 million.

Brian Goodman, Golden Matrix’s CEO, spoke about the strong start of the year, evident by its latest financial results. He said the company was thrilled about its Q1 performance, adding that the figures show a perfect start for the new fiscal year. Moreover, Goodman added: “We achieved positive GAAP earnings and adjusted EBITDA of almost $1.2 million, we set multiple records, delivering our highest ever quarterly results for Revenue, Total Assets, Shareholder Equity and Cash-on-Hand.”

We are exceptionally pleased with the company’s performance in Q1 to kick-off the new fiscal year.

Brian Goodman, CEO at Golden Matrix

The Company Is Positioned Well for Further Growth

Focusing on the future of the company, Goodman was optimistic. He said that Golden Matrix currently is positioned well for further expansion and growth of its business-to-customer (B2C) and business-to-business (B2B) operations. Finally, Goodman highlighted the ongoing efforts of the company toward closing the acquisition of MeridianBet, adding that Golden Matrix is looking forward to exceptional profitability and growth once the strategic combination is completed.

We continue to make significant progress towards closing the pending MeridianBet acquisition and look forward to working to boost top-line growth and profitability once these two world class businesses have been combined,

added Goodman

In Q1 this year, Golden Matrix said that RKings Competitions, its B2C business, has more than 338,000 registered customers. On the other hand, the company’s Mexico-facing B2C casino, MEXPLAY, also sees its customer base grow. At the end of the latest trading period, MEXPLAY had 84,000 registered customers.

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William Velichkov is a research-driven writer. His strengths lie in ensuring factual accuracy, vetting government documentation and reaching out to regulators and other officials. He is particularly fond of financial reporting, the sports betting industry, B2B partnerships and esports betting developments. William is a strong asset to the GamblingNews team as he adds a bedrock to our reporting.

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