Golden Matrix Group has published its financial results for the second quarter of its financial year, which ended April 30. Revenue during the quarter grew 21% year-over-year to reach $10.3m.
The company reported an income loss of $534,000 during the second quarter when compared to $586,984 in net income from a year ago.
Adjusted EBITDA in Q2 reached $452,000, while adjusted EBITDA results for the first half of 2023 totaled $1.3m.
The company also reported on its cash and cash equivalents for the quarter. During Q2, Golden Matrix posted $15.7m in current cash and cash equivalents. The company’s current assets stand at $21.8m.
Golden Matrix reported $34.8m in total assets as of April 30.
Company CEO Brian Goodman took a moment to comment on the quarter’s results and the factors that contributed to the company’s latest figures.
He said, “We are pleased with the revenue contributions from our B2B and B2C segments in Q2, which is traditionally our slowest quarter, and particularly in light of certain technology issues that occurred at RKings.
“Unfortunately, there had been some system failures when extreme numbers of customers purchased tickets for several high-ticket prize competitions, and this impacted both revenues and profitability at RKings.”
Goodman went on to discuss its most recent technological upgrades and the company’s ongoing expansion plans.
He concluded by saying, “Working with Amazon AWS, the technology has now been upgraded to increase the performance and speed of RKings’ servers and accommodate heightened levels of participation by our players.
“Having that resolved, we remain confident in RKings’ continued success in Great Britain and look forward to introducing its scalable platform to additional geographic markets.”
