Golden Matrix ends Q1 2023 with $10.7m in revenue
The CEO said the company ended the quarter on a good note despite economic challenges.
Golden Matrix has published its financial results for this year’s first quarter. The global developer, licensor and operator finished the quarter that ended January 31, 2022 with a total revenue of $10.7m.
The company’s revenue grew by more than 21% year-over-year. Golden Matrix posted an increase in its adjusted EBITDA during the first quarter. Adjusted EBITDA reached nearly $900,000 during Q1.
However, the company reported net loss for the quarter versus its net income a year ago. Net loss totaled $443,521 during the first quarter.
Golden Matrix finished the period with a cash and cash equivalents total of $15.4m and a total assets amount of $34.4m.
Company CEO Anthony Brian Goodman commented on the company’s results by saying: “Despite a challenging economic climate worldwide, we are pleased that our B2B and B2C segments continue to grow and gain traction in their respective markets.
“Additionally, we are making significant progress in preparing to enter new geographic markets through Mexplay, our recently formed B2C casino platform in Mexico, and through the anticipated acquisition of the MeridianBet Group and its related companies.”
During 2022, the company signed a definitive deal to purchase MeridianBet Group, along with its related companies. Both companies have agreed to a cash and stock transaction of close to $300m.
The two anticipate wrapping up the sale during the first half of this year, pending customary closing conditions. The companies have also agreed to continue operations under their current brand names.
Goodman commented: “The MeridianBet acquisition is expected to position GMGI as a profitable worldwide gaming company with significant growth prospects, including the potential entry into regulated North American markets, subject to applicable rules and regulations.”
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