Golden Matrix Group (GMGI), a developer of gaming platforms, has reported its financial results for the third fiscal quarter ending on July 31. It reports a Q3 revenue of $9.1m, a 180% year-on-year increase with a net income of $628,332 compared to $484,613 in the same prior year period.
The company noted that this is the 16th consecutive quarter in which it has reported profitability.
Revenue total for the first nine months totaled $26.5m which was an annual increase of 237%. The company’s total assets came to $33.9m at the end of Q3, while its liabilities were reported at $3.7m.
GMGI’s will own 80% of its B2C segment RKingsCompetitions Ltd., which now has over 229,000 registered users. RKings made no significant contribution to GMGI’s revenue, but its 80% controlling stake does not come into effect until the beginning of next fiscal year.
There was an increase in general and administrative expenses, up to $1.5m compared to $340,903 in Q3 of 2021, primarily due to expenses related to RKings start-up operations.
GMGI CEO Anthony Brian Goodman commented: “Because of the highly competitive nature of our industry, we are continually upgrading our systems and gaming content offerings to support the needs of our millions of participants.
“The GMX-Ag platform, which provides features to benefit both operators and their players, continues to gain traction. We have improved functionality and responsiveness of the RKings website and expanded its marketing efforts to encompass the UK.”
This strong Q3 performance has given Goodman lofty ambitions. He remarks: “the company’s strong cash position and asset-to-liability ratio of 9:1 has enabled us to actively pursue expansion plans for both divisions. We are anticipating introducing the RKings Tournament Platform soon, as well as a B2C casino platform, in Mexico. We believe new market penetration is critical to accelerating our overall growth.”
