Golden Matrix Group announced strong performance for the third quarter of 2024, achieving continuous growth through acquisitions and operational expansion.
The company's financial report for the quarter ending September 30, 2024, highlighted significant increases in revenue, gross profit, and operational scope.
Firstly, Golden Matrix's consolidated revenue for the third quarter of 2024 grew by 85% year-over-year, reaching $41 million, with revenue growth since the beginning of the year at 55%, totaling $105.3 million. This performance reflects the success of its core growth strategy and the acquisition of Classics for a Cause, which contributed an additional $2.1 million in revenue and $503,000 in EBITDA within two months.
The gross profit for the third quarter also increased by 39%, reaching $22.4 million, with a year-to-date increase of 24%, totaling $61.8 million, indicating improved operational efficiency and product profitability.
In terms of operational highlights, Golden Matrix's main brand Meridianbet achieved robust performance metrics in the third quarter. Meridianbet's revenue grew by 16% year-over-year, with online and retail divisions growing by 19% and 6%, respectively.
Additionally, player engagement metrics also rose: deposits increased by 13% to $61.9 million, and new registrations grew by 23% to 125,000.
The gambling sector also saw growth, with sports betting increasing by 7.4%, and the total gaming revenue (GGR) profit margin at 9.5%.
Golden Matrix's B2B aggregator platform GMAG also experienced growth, with betting volume increasing by 84%, reaching $1.4 billion.
Furthermore, Golden Matrix's Mexican online casino Mexplay reported a 56% increase in active players, with total gaming revenue rising to $15 million.
It is worth noting that an enhanced balance sheet and shareholder equity are expected to enable further expansion for the company in the future.
From a financial perspective, Golden Matrix ended the third quarter with over $38.4 million in cash and equivalents, with short-term debt at $17.5 million. The company's shareholder equity grew by 60%, reaching $94 million, highlighting a solid financial foundation that enables continued investment in growth plans.
The adjusted EBITDA for the third quarter was $4.3 million, showing resilience across multiple revenue streams despite minor currency fluctuations.
Regarding the performance, Meridianbet CEO Zoran Milosevic stated, "We have achieved some extraordinary milestones, our strategic acquisitions are now fully integrated, and our breakthrough fifth-generation platform has set a new benchmark for the global gambling and iGaming industry.
"Our global operations are delivering outstanding synergy and efficiency, bringing us unprecedented growth. All indicators suggest that the fiscal year 2024 will be a milestone year in terms of performance."
Golden Matrix CEO Brian Goodman added, "Golden Matrix's performance in the third quarter demonstrates our commitment and success in establishing sustainable long-term growth and strengthening our position in the industry.
"With the support of strategic acquisitions, platform upgrades, and the expansion of our iGaming product portfolio, our departments have once again achieved strong results."
