Golden Matrix Group Inc. (NASDAQ:GMGI), a developer, licensor and global operator of online gaming platforms, has announced financial results for the third fiscal quarter ended September 30, 2025.
Financial Highlights
Golden Matrix delivered another quarter of solid performance, underpinned by broad-based revenue growth, margin expansion, and continued operating discipline. Results reflect the scalability of the Company’s model and the steady contribution of both B2B and B2C divisions.
- Revenue for the third quarter of 2025 was $47.3M, up 15% year over year from $41M in Q3 2024, driven primarily by growth in online casino and raffle operations.
- Gross profit reached $26.4M, representing a 56% margin, up 111 basis points from the prior year, reflecting marketing optimization and favorable product mix.
- The Company reported net income (GAAP) of $0.4M, compared with a $3.3M net loss in Q3 2024, marking a return to profitability.
- Earnings per share (GAAP) were $0.00, an improvement of $0.03 YoY.
- Adjusted EBITDA was $5.7M, up 32% YoY, representing a 12% margin, supported by disciplined cost management and higher operating efficiency.
- Organic revenue growth was 14% YoY, excluding acquired entities.
- Net debt leverage stood at 1.2× annual Adjusted EBITDA, with $22M in cash and $45.1M in total debt as of September 30, 2025.
Since December 31, 2024, the Company has reduced total debt, including long-term loans and acquisition-related payables, by $25.9 million, improving net debt leverage to 1.2× annual Adjusted EBITDA and further strengthening the balance sheet heading into Q4. Non-cash expenses totaled $16.6 million for the nine months ended September 30, 2025, mainly reflecting amortization and stock-based compensation.
Brian Goodman, CEO of Golden Matrix, commented:
“This quarter highlights how the strength of our portfolio and disciplined execution continue to translate into profitable growth. We’re seeing steady momentum across key markets – particularly in Latin America – supported by product innovation, operational efficiency, and strong engagement across both B2B and B2C segments. We remain focused on delivering consistent results and long-term shareholder value.”
Zoran Milosevic, Chief Executive Officer of Meridianbet, noted:
“A significant portion of this success is driven by Meridianbet’s exceptional performance. This growth is a testament to our innovative platform, integrated gaming ecosystem, strategic expansions, and unwavering commitment to delivering superior user experiences. As we head into the final quarter, I’m confident that Meridianbet’s contributions will continue to propel Golden Matrix Group toward our full-year guidance.”
Segment Overview
- Meridianbet – Revenue rose 26% YoY to $32.5M, driven by strong online and retail performance. Online casino GGR grew 30% to $14.6M on 35% higher turnover ($485M), while sports betting revenue advanced 25% to $13.3M.Player base expanded with depositors up 25% YoY and new registrations up 70%.
- RKings delivered record revenue of $7.4 million in Q3, up 14%, while advancing its new CRM rollout to enhance customer engagement and lifetime value. Once fully deployed in Q4, marketing will shift back to scalable acquisition channels like pay-per-click and search engine optimization to drive efficient, sustainable growth.
- Classics for a Cause delivered strong sequential growth, with registrations up 72% and new VIPs up 82%. The August Holden Torana campaign broke company records, generating $776K in sales from 10,000 packages and 1,700 new customers, as conversion and spending metrics remained robust.
- GMAG delivered stable Q3 revenue of $3.5 million, reflecting a strategic transition as momentum builds in key markets. Sales in emerging regions grew over 40%, led by Brazil and Mexico, while 12 new game providers were added to the platform using AI-driven integration to enhance scalability and personalization. These upgrades are expected to drive a 10% increase in operator count in the coming quarters.
Financial Outlook
Golden Matrix expects full-year 2025 revenue between $186 million and $187 million, representing 23-24% growth over 2024, and Q4 2025 revenue between $52.7 million and $53.7 million, an increase of 15-17% year-over-year. The Company remains focused on advancing its position in regulated markets, improving operational efficiency, and strengthening its foundation for sustained growth into 2026.
Rich Christensen, CFO of Golden Matrix, commented:
“Our record Q3 performance highlights the strength of our business model and the momentum across both B2B and B2C segments. Margin expansion continues to be fueled by disciplined cost management and operational leverage. With a fortified balance sheet, a highly scalable platform, and accelerating global reach, we’re entering the final quarter with strong visibility and full confidence in our ability to drive sustained, long-term value for shareholders.”
