Golden Matrix Group (NASDAQ:GMGI) reported solid financial and operational results for Q3 2025, highlighting ongoing profitable growth, margin expansion, and strategic scaling across multiple markets. Revenue for the quarter reached $47.3 million, up 15% year-on-year, with gross profit growing nearly 18% to $26.4 million. The company also returned to profitability with net income of $0.4 million, compared to a $3.3 million loss in the same quarter last year.
Adjusted EBITDA rose 32% year-on-year to $5.7 million, reflecting a 12% margin, as operational discipline led to improved leverage. Gross margin expanded by 111 basis points to 55.8%, and the operating expense-to-revenue ratio fell by 510 basis points sequentially to 56.6%, indicating enhanced cost efficiency.
Shareholder equity increased 18% to $123.5 million since the end of 2024, primarily due to debt restructuring that eliminated convertible obligations. Net debt leverage declined from 1.5x to 1.2x, while the company maintained a strong cash position of $22 million. Organic revenue for the quarter stood at $46.6 million, excluding contributions from newly acquired entities.
The company issued full-year 2025 revenue guidance in the range of $186 million to $187 million, reflecting 23% to 24% year-on-year growth. Q4 2025 revenue is expected between $52.7 million and $53.7 million, up 15% to 17% on an annual basis.
At the operational level, Meridianbet recorded revenue growth of 26% year-on-year to $32.5 million. Sports betting and online casino segments contributed to this performance, with turnover growth of 29% and 35% respectively. User metrics were notably strong, with new registrations up 70% and first depositors increasing by 87%.
Expanse Studios posted a record-breaking quarter, with revenue surging 433% and unique players rising 248% year-on-year. Game engagement grew sharply, underpinned by new titles and continued expansion in its B2B partner base.
RKings generated record revenue of $7.6 million, up 14% year-on-year. Growth was supported by a new CRM system, which enhanced user retention and conversion, as well as higher order values from new registrations.
Classics, Golden Matrix’s Australian loyalty business, saw revenue grow 13% sequentially to $2.3 million. The business benefitted from strong user growth and increased average order values, alongside improvements in CRM-led lifecycle management.
GMAG’s revenue remained stable at $3.5 million amid strategic repositioning. Growth in emerging markets, particularly Brazil and Mexico, supported forward momentum, with new AI-driven content integrations improving scalability.
Golden Matrix now operates across more than 25 regulated markets and continues to emphasise capital efficiency, platform innovation, and self-funded growth. Its diversified brand portfolio includes six core businesses spanning B2B and B2C, each contributing to a unified strategy without operational overlap.
These Q3 2025 results demonstrate Golden Matrix Group’s ability to scale revenue while maintaining profitability and operational control. Strategic investments in technology and market expansion appear to be positioning the company for continued top-line growth and stronger capital structure heading into Q4.
