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Golden Matrix Reports First-Quarter Financial Results with Record Revenues of $10.78 Million
Golden Matrix Group Incorporated, a developer, licensor and global operator of online gaming and eCommerce platforms, systems and gaming content, today reported its financial results for its fiscal quarter ended January 31, 2023.
* Q1 2023 revenues of $10,777,679, a 21.4% increase on revenues of $8,877,105 in the like year-ago quarter.
* Net loss of $443,521 for Q1 2023, versus net income of $349,379 for Q1 2022.
* Adjusted EBITDA for Q1 2023 of $889,605 versus adjusted EBITDA of $729,266 in Q1 2022.
* Cash and cash equivalents of $15,423,897 and total assets of $34,383,085 as of January 31, 2023.
* Total liabilities as of January 31, 2023, of $3,866,696 comprising $3,828,963 in current liabilities and $37,733 in non-current liabilities.
* Working capital (current) ratio: 5.54.
* Golden Matrix Group Incorporated shareholdersâ equity of $30,516,389 on January 31, 2023, up from $26,797,415 on October 31, 2022.
* Current gaming operator and registered user numbers of 710 and over 7.2. million, respectively, in business-to-business (B2B) traditional business.
* Business-to-consumer (B2C) segment – RKingsCompetitions Limited – now has over 289,000 registered users on its tournament platform. During the quarter, RKings became a wholly-owned subsidiary when Golden Matrix Group Incorporated exercised its option to acquire the remaining 20 percent non-controlling interest.
* On January 12, 2023, Golden Matrix Group Incorporated entered into a definitive agreement to acquire MeridianBet Group and its related companies in a cash and stock transaction valued at approximately $300 million.
Revenue contributions in Q1 â23 from GMGIâs B2B and B2C segments were $4,224,457 (39%) and $6,553,222 (61%), respectively.
A summary of the Company’s performance and highlights can also be found at www.GoldenMatrix.com/Highlights.
The increase in total operating expenses – to $2,771,989 in Q1 2023 from $1,620,145 during the quarter ended January 31, 2022 – was due primarily to non-cash charges totalling $961,730 for stock-based compensation issued to company management, directors, employees and consultants, which contributed to a Q1 net loss of $443,521 versus net income of $349,379 in the like year-ago quarter.
âDespite a challenging economic climate worldwide, we are pleased that our B2B and B2C segments continue to grow and gain traction in their respective markets,â the Chief Executive Officer for Golden Matrix Group Incorporated, Anthony Brian Goodman, said. âAdditionally, we are making significant progress in preparing to enter new geographic markets through MEXPLAY, our recently formed B2C casino platform in Mexico, and through the anticipated acquisition of the MeridianBet Group and its related companies, which is expected to be completed during the first half of this year subject to the completion of certain conditions to closing including funding and shareholder approval. The MeridianBet acquisition is expected to position Golden Matrix Group Incorporated as a profitable worldwide gaming company with significant growth prospects including the potential entry into regulated North American markets subject to applicable rules and regulations.â
NetGaming, a fast-growing online casino content supplier, is proud to announce its launch in Ontario with Rush Street Interactive, Inc., a leading online casino and sports betting company in the United States, Canada and Latin America. This strategic collaboration marks a significant milestone for NetGaming as it continues to expand its footprint across regulated North American markets.
As part of the launch, Ontario players on BetRivers can now enjoy a diverse portfolio of NetGaming titles, known for their high-quality graphics, immersive gameplay, and unique themes. Standout games such as Zeus’s Thunderbolt, Bison Gold, and Fireball Inferno are among the first to go live, with additional titles set to follow soon.
This partnership is just the beginning. NetGaming plans to extend its collaboration with Rush Street Interactive into Michigan, New Jersey, Pennsylvania, Delaware, and Mexico over the coming months.
Pallavi Deshmukh, CEO of NetGaming, commented: âWe are thrilled to go live with Rush Street Interactive, a powerhouse operator with a strong presence and loyal player base. This launch marks a significant milestone in our
North American expansion strategy and underscores our commitment to delivering exceptional gaming experiences tailored to local player preferences across the region.â
Richard Schwartz, CEO of Rush Street Interactive, commented: âWe are pleased to partner with NetGaming to bring innovative, premium games to our players in Ontario. This collaboration aligns with our strategy to offer world-class
entertainment through engaging, action-packed online casino games. We look forward to expanding this partnership into additional regulated markets in the months ahead.â
This strategic partnership highlights both companies’ dedication to providing high- quality, innovative, and responsible entertainment to players in regulated markets.
The Saskatchewan Indian Gaming Authority (SIGA) has announced Chief Tammy Cook-Searson, of the Lac La Ronge Indian Band, as its new Board Chair for SIGAâs Board of Directors.
SIGA is a non-profit First Nation gaming operator for seven land-based casinos and the online gaming platform PlayNow.com in Saskatchewan.
Chief Cook-Searson first joined SIGAâs Board of Directors in 2018 and has been a regular SIGA Board member as well as a member of SIGAâs Audit & Finance Committee.
She is serving in her 20th year as Chief of Lac La Ronge Indian Band and has a Master of Business Administration (MBA) degree and a graduate diploma in management from Athabasca University. She also holds honorary degrees from the University of Regina, the Saskatchewan Indian Institute of Technologies (SIIT) and Saskatchewan Polytechnic.
Chief Cook-Searson replaces outgoing Board Chair former Chief of Muskowekwan First Nation Reginald Bellerose, who has held the Board Chair position since February 4, 2015.
SCCG Management has announced a strategic partnership with Applift, the worldâs top performance App Store Optimization (ASO) agency. This partnership will introduce Appliftâs proprietary ASO technology and advanced growth strategies to gaming companies worldwide, leveraging SCCGâs unmatched distribution capabilities and expansive gaming ecosystem of 120+ client partners.
Applift has earned a reputation as the gold standard in app growth by delivering data-driven ASO strategies powered by proprietary AI tools and the most comprehensive keyword intelligence system in the industry. Their work drives top keyword rankings, scalable user acquisition, and real business impact â increasing FTDs, improving retention, and maximizing LTV for some of the worldâs most successful gaming, finance, utility, and AI apps.
Through this partnership, SCCG will activate its global network â with offices in every major gaming market across North America, LATAM, Europe, Africa, and Asia â to bring Appliftâs breakthrough ASO technology to gambling companies seeking to scale user acquisition, boost visibility, and outperform the competition in app stores.
âAt SCCG, we identify and scale the technologies that shape the future of gambling,â said Stephen Crystal, Founder and CEO of SCCG Management.
âAppliftâs ASO platform is a game-changer. Our partnership gives gaming companies a proven solution to turn mobile visibility into performance at scale â and our global presence ensures the right operators and platforms benefit from this innovation.â
âAt Applift, weâve helped top gaming apps dominate the app stores, turning visibility into performance and installs into high-value users â all through our unmatched ASO technology and data-driven approach. Partnering with SCCG is a natural step forward. Their strategic footprint in the gaming world perfectly complements our ability to scale app growth at the highest level. Together, weâre not just optimizing â weâre redefining how gaming brands win in the app stores. I couldnât be more confident in what weâll achieve,â said Bar Nakash, CEO of Applift.
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