Golden Matrix reports net loss of $3.6m for ‘challenging’ Q2 2025
The company’s Meridianbet business witnessed revenue growth of 16% from the prior year period for a total of $29.2m, with online revenue having increased 20% year-over-year.
Key Points
- Golden Matrix CEO Brian Goodman stated customer-friendly sports results in Europe may have contributed to the net loss reported for the second quarter of 2025
- Total revenue increased 9.6% year-over-year, however, as the company reported a total of $43.2m throughout Q2 2025, with foreign exchange representing a benefit of 4.5%
Golden Matrix Group has reported the financial results for what CEO Brian Goodman described as a “challenging” second quarter of 2025 for the company, having witnessed a net loss of $3.6m despite net revenue increasing 9.6% year-over-year for a total of $43.2m.
“Our second quarter was a challenging quarter. Due to customer-friendly sports outcomes within our European business, our second quarter revenue grew 10% year-over-year. Adjusting for this, we remain on track for our full-year revenue guidance and are confident in the strength of our business and the opportunities ahead,” Goodman said.
Gross profit for Golden Matrix was reported to be $24.4m for Q2 2025, reflecting a gross margin of approximately 56% and a 135-basis point increase from the prior year period. The company’s Meridianbet business witnessed revenue growth of 16% from the prior year period for a total of $29.2m, with online revenue having increased 20% year-over-year.
“Meridianbet delivered solid operational performance in Q2, with revenue growing 16% year-over-year to $29.2 million. Online revenue, a key strategic focus, increased 20%, demonstrating strong momentum in our core growth channels,” Meridianbet CEO Zoran Milosevic said.
Good to know: Golden Matrix announced its subsidiary organization, Expanse Studios, had begun the application process for a B2B Gaming License in the province of Ontario on December 19, 2024
Meridianbet also launched in the newly regulated Brazil iGaming market in 2025, carrying a full operational license through 2029. The casino platform of Meridianbet reported a gross gaming revenue (GGR) increase of 29% year-over-year with turnover reaching $434m and showcasing growth of 30% from the prior year period.
In line with the net loss reported for Q2 2025, Golden Matrix’s adjusted EBITDA fell 37% year-over-year to $3.4m, as the rise in gross profit was reportedly offset by the “increase in operating spend to expand our business geographically, improve our market share and advance our gaming technology in support of full-year growth initiatives.”
Golden Matrix operating cost for Q2 2025 grew by $2.4m from the prior year period, paired with a $1.5m interest expense for a debt repayment structure. The company expects full-year 2025 revenue to fall between $185m and $188m, representing a growth rate of between 22%-24% year-over-year.
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
