Golden Matrix posts $44.2m in annual revenue for 2023

Golden Matrix has published its financial results for the 2023 fiscal year. The company posted $44.2m in revenue for the year, the highest full-year revenue in Golden Matrix history.

Yearly revenue for 2023 reflected a nearly $8m increase when compared to results from the previous year.

However, Golden Matrix posted a net loss in 2023 of nearly $1.2m. The company said that the net loss result during the year resulted from “general and administrative non-cash expenses of $2.45m for stock-based compensation” as well as due to a rise in income tax expenses.

EBITDA for 2023 reached $2.4m, while the company reported cash and cash equivalents of $17.1m and $35.6m in total assets.

Company CEO Brian Goodman elaborated on last year’s results and attributed its success to a “diversified portfolio.”

He commented, “We believe that the results delivered over the last financial year demonstrate the ongoing resilience, competitiveness and diversification of our portfolio, IP and the sound fundamentals in the markets in which we operate.”

He went on to discuss several company wins during the year.

Goodman said, “Year after year, we continue to achieve significant improvements in revenue. This solid momentum has delivered four consecutive years of revenue growth and shareholders’ equity increases.

“GMGI’s success in the past financial year was driven by our diversified portfolio, spanning B2B and B2C, in some of the fast-growing online gaming markets around the world. Additionally, we further strengthened our Mexplay B2C online casino operation in Mexico.”

Management said that it expects to close on the MeridianBet Group acquisition sometime during this year’s first quarter.

Amanda Foster

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