# Golden Matrix returns to profit with 15% revenue growth in Q3 2025

- Link: https://www.directorstalkinterviews.com/golden-matrix-returns-to-profit-with-15-revenue-growth-in-q3-2025/4121224000
- Published: 2025-10-30T15:31:00+00:00
- Author: Amilia Stone

**[Golden Matrix Group Inc](https://www.directorstalkinterviews.com/company/golden-matrix-group-inc/gmgi).**(
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.”

[GOLDEN MATRIX Q3 2025 INVESTOR PRESENTATION](https://www.directorstalkinterviews.com/wp-content/uploads/2025/10/GOLDEN-MATRIX-Q3-2025-INVESTOR-PRESENTATION.pdf)
[Download](https://www.directorstalkinterviews.com/wp-content/uploads/2025/10/GOLDEN-MATRIX-Q3-2025-INVESTOR-PRESENTATION.pdf)

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