Golden Matrix Group Inc. Reports Strong Q3 2024 Earnings and Continued Operational Growth
Golden Matrix Group (NASDAQ: GMGI) reported strong Q3 2024 financial and operational results, reflecting a robust growth strategy. Consolidated revenue surged 85% to $41 million, with year-to-date revenue up 55% to $105.3 million. Gross profit increased 39% to $22.4 million, with year-to-date gross profit rising 24% to $61.8 million. Adjusted EBITDA reached $4.3 million. The company maintained a strong balance sheet with $38.4 million in cash and equivalents and short-term debt of $17.5 million. Shareholder equity grew 60% to $94 million.
Operational highlights include the integration of Classics for a Cause, adding $2.1 million in revenue and $503,000 in EBITDA, and significant growth in the GMAG B2B aggregator platform. Meridianbet's Q3 revenue grew 16% YoY, with online casino GGR margins hitting 3.37% and sports betting rising 7.4%. Mexplay in Mexico reported a 56% increase in active players and a rise in gross gaming revenue to $15 million.
Golden Matrix Group (NASDAQ: GMGI) ha riportato risultati finanziari e operativi solidi per il terzo trimestre del 2024, riflettendo una strategia di crescita robusta. Il fatturato consolidato è aumentato dell'85% raggiungendo i 41 milioni di dollari, con un fatturato da inizio anno in crescita del 55% a 105,3 milioni di dollari. L'utile lordo è aumentato del 39% a 22,4 milioni di dollari, con un utile lordo da inizio anno che è salito del 24% a 61,8 milioni di dollari. L'EBITDA adeguato ha raggiunto i 4,3 milioni di dollari. L'azienda ha mantenuto un bilancio solido con 38,4 milioni di dollari in contante e equivalenti e debito a breve termine di 17,5 milioni di dollari. Il patrimonio netto degli azionisti è cresciuto del 60% a 94 milioni di dollari.
I punti salienti operativi includono l'integrazione di Classics for a Cause, che ha aggiunto 2,1 milioni di dollari in fatturato e 503.000 dollari in EBITDA, e una crescita significativa nella piattaforma aggregatrice GMAG B2B. Il fatturato di Meridianbet per il terzo trimestre è cresciuto del 16% rispetto all'anno precedente, con i margini GGR del casinò online che hanno raggiunto il 3,37% e le scommesse sportive aumentate del 7,4%. Mexplay in Messico ha segnalato un aumento del 56% dei giocatori attivi e un incremento del fatturato lordo di gioco a 15 milioni di dollari.
Golden Matrix Group (NASDAQ: GMGI) informó resultados financieros y operativos sólidos para el tercer trimestre de 2024, reflejando una estrategia de crecimiento robusta. Los ingresos consolidados aumentaron un 85% alcanzando los 41 millones de dólares, con ingresos hasta la fecha en crecimiento del 55% a 105,3 millones de dólares. La ganancia bruta aumentó un 39% a 22,4 millones de dólares, con una ganancia bruta acumulada hasta la fecha que subió un 24% a 61,8 millones de dólares. El EBITDA ajustado alcanzó los 4,3 millones de dólares. La empresa mantuvo un balance sólido con 38,4 millones de dólares en efectivo y equivalentes y una deuda a corto plazo de 17,5 millones de dólares. El patrimonio de los accionistas creció un 60% alcanzando los 94 millones de dólares.
Los aspectos destacados operativos incluyen la integración de Classics for a Cause, que agregó 2,1 millones de dólares en ingresos y 503,000 dólares en EBITDA, y un crecimiento significativo en la plataforma agregadora B2B GMAG. Los ingresos de Meridianbet en el tercer trimestre crecieron un 16% interanual, con los márgenes GGR del casino en línea alcanzando el 3,37% y las apuestas deportivas aumentando un 7,4%. Mexplay en México reportó un aumento del 56% en jugadores activos y un incremento en los ingresos brutos de juego a 15 millones de dólares.
골든 매트릭스 그룹 (NASDAQ: GMGI)은 2024년 3분기 재무 및 운영 결과가 강력한 성장 전략을 반영한다고 보고했습니다. 통합 수익은 8.5% 증가하여 4,100만 달러에 이르렀으며, 연 초 대비 수익은 55% 증가하여 1억530만 달러에 달했습니다. 총 이익은 39% 증가하여 2,240만 달러에 이르렀고, 연 초 대비 총 이익은 24% 증가하여 6,180만 달러에 이르렀습니다. 조정 EBITDA는 430만 달러에 도달했습니다. 회사는 3,840만 달러의 현금 및 현금성 자산과 1,750만 달러의 단기 부채로 강력한 재무 상태를 유지했습니다. 주주 자본은 60% 증가하여 9,400만 달러에 도달했습니다.
운영 주요 사항으로는 Classics for a Cause의 통합이 포함되어 있으며, 이는 210만 달러의 수익과 50만3,000 달러의 EBITDA를 추가했습니다. GMAG B2B 집계 플랫폼에서의 знач상한 성장도 포함됩니다. Meridianbet의 3분기 수익은 전년 대비 16% 증가했고, 온라인 카지노 GGR 마진은 3.37%에 도달했으며, 스포츠 베팅은 7.4% 증가했습니다. 멕시코의 Mexplay은 활성 플레이어가 56% 증가하고 총 게임 수익이 1,500만 달러로 상승했다고 보고했습니다.
Golden Matrix Group (NASDAQ: GMGI) a annoncé de solides résultats financiers et opérationnels pour le troisième trimestre de 2024, reflétant une stratégie de croissance robuste. Les revenus consolidés ont bondi de 85 % pour atteindre 41 millions de dollars, avec des revenus depuis le début de l'année en hausse de 55 % à 105,3 millions de dollars. Le bénéfice brut a augmenté de 39 % pour atteindre 22,4 millions de dollars, tandis que le bénéfice brut depuis le début de l'année a progressé de 24 % pour atteindre 61,8 millions de dollars. L'EBITDA ajusté s'est élevé à 4,3 millions de dollars. L'entreprise a maintenu un bilan solide avec 38,4 millions de dollars en liquidités et équivalents et une dette à court terme de 17,5 millions de dollars. Les capitaux propres des actionnaires ont augmenté de 60 % pour atteindre 94 millions de dollars.
Parmi les points saillants opérationnels, on trouve l'intégration de Classics for a Cause, ajoutant 2,1 millions de dollars de revenus et 503 000 dollars d'EBITDA, ainsi qu'une croissance significative de la plateforme agrégatrice B2B GMAG. Les revenus de Meridianbet pour le troisième trimestre ont augmenté de 16 % par rapport à l'année précédente, avec des marges GGR du casino en ligne atteignant 3,37 % et des paris sportifs en hausse de 7,4 %. Mexplay au Mexique a enregistré une augmentation de 56 % des joueurs actifs et une hausse des revenus bruts de jeu à 15 millions de dollars.
Golden Matrix Group (NASDAQ: GMGI) berichtete über starke Finanz- und Betriebsergebnisse für das dritte Quartal 2024, die eine robuste Wachstumsstrategie widerspiegeln. Der konsolidierte Umsatz stieg um 85% auf 41 Millionen Dollar, und der Umsatz bis zum heutigen Tag stieg um 55% auf 105,3 Millionen Dollar. Der Bruttogewinn erhöhte sich um 39% auf 22,4 Millionen Dollar, während der Bruttogewinn bis zum heutigen Tag um 24% auf 61,8 Millionen Dollar stieg. Das bereinigte EBITDA erreichte 4,3 Millionen Dollar. Das Unternehmen wies eine starke Bilanz mit 38,4 Millionen Dollar in liquiden Mitteln und kurzfristigen Schulden von 17,5 Millionen Dollar auf. Das Eigenkapital der Aktionäre wuchs um 60% auf 94 Millionen Dollar.
Zu den operationellen Highlights gehören die Integration von Classics for a Cause, die 2,1 Millionen Dollar Umsatz und 503.000 Dollar EBITDA hinzugefügt hat, sowie das signifikante Wachstum der GMAG B2B Aggregator-Plattform. Der Umsatz von Meridianbet stieg im dritten Quartal im Jahresvergleich um 16%, wobei die GGR-Margen des Online-Casinos bei 3,37% lagen und die Sportwetten um 7,4% zulegten. Mexplay in Mexiko berichtete von einem Anstieg der aktiven Spieler um 56% und einer Steigerung des Bruttospielumsatzes auf 15 Millionen Dollar.
- Consolidated revenue increased 85% to $41 million in Q3 2024.
- Year-to-date revenue up 55% to $105.3 million.
- Gross profit grew 39% to $22.4 million in Q3.
- Year-to-date gross profit rose 24% to $61.8 million.
- Adjusted EBITDA reached $4.3 million.
- Shareholder equity increased 60% to $94 million.
- Classics for a Cause acquisition added $2.1 million in revenue and $503,000 in EBITDA.
- GMAG B2B aggregator platform wagering volume increased 84% to $1.4 billion.
- Meridianbet's Q3 revenue grew 16% YoY.
- Mexplay reported a 56% increase in active players and $15 million in gross gaming revenue.
- None.
Insights
The Q3 2024 results showcase remarkable financial performance with
- Revenue reached
$105.3 million YTD (55% growth) - Gross profit hit
$22.4 million (39% increase) - Strong balance sheet with
$38.4 million cash position
The multi-pronged expansion strategy is yielding significant market advantages. Mexplay's
Year-to-Date Revenue up
Company’s Classics for a Cause Acquisition Successfully Integrated
LAS VEGAS, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Golden Matrix Group Inc. (NASDAQ: GMGI) (“Golden Matrix” or the “Company”), a global developer, licensor, and operator of online gaming platforms, today announced strong financial and operational results for the third quarter ended September 30, 2024. The results reflect the Company’s robust growth strategy and expansion efforts across key markets, including the successful acquisition and integration of Classics for a Cause.
Brian Goodman, CEO of Golden Matrix, commented, “Golden Matrix’s Q3 performance demonstrates our commitment and success in building sustainable, long-term growth and strengthening our industry position. Once again, we have delivered strong results across our divisions, supported by strategic acquisitions, platform upgrades, and the expansion of our iGaming portfolio.”
Financial Highlights
- Revenue Growth: Q3 2024 consolidated revenue increased by
85% to$41 million , with year-to-date revenue up55% to$105.3 million , driven by consistent performance across key markets. - Gross Profit Increase: Gross profit grew
39% in Q3 to$22.4 million , with year-to-date gross profit rising24% to$61.8 million , reflecting improvements in operational efficiency and product margins. - AEBITDA: Adjusted EBITDA for Q3 reached
$4.3 million , reflecting resilient performance across multiple revenue channels with marginal impacts from currency fluctuations across subsidiaries. - Balance Sheet Strength: As of September 30, 2024, Golden Matrix maintained a robust financial position with over
$38.4 million in cash and equivalents and short-term debt of$17.5 million . Shareholder equity also grew60% to$94 million , reinforcing the Company’s ability to pursue strategic growth initiatives.
Operational Highlights
Golden Matrix achieved significant milestones during Q3 2024, including:
- Meridianbet Strong Growth Continues: Meridianbet’s Q3 revenue grew
16% YoY, led by a19% online increase and6% in retail. Deposits rose to$61.9M (+13% QoQ), with new registrations up23% to 125K. Online casino GGR margin hit3.37% (+21% turnover), sports betting rose7.4% YoY with GGR at9.5% , retail sports GGR at10.3% (record14.1% in August), and retail slots up17.5% YoY. - Expansion of GMAG Platform: The GMAG B2B aggregator platform saw substantial growth, with wagering volume increasing
84% to$1.4 billion . Enhanced customer retention tools and the addition of high-margin games have driven engagement and profitability. - Classics for a Cause Acquisition: This newly acquired Australian business added
$2.1 million in revenue and$503,000 in EBITDA within two months, expanding Golden Matrix’s market reach and contributing to overall profitability. - Mexplay Growth: Mexplay, the Company’s online casino in Mexico, reported a
56% increase in active players and a rise in gross gaming revenue to$15 million , underscoring growth potential in Latin America.
Zoran Milosevic, CEO of Meridianbet, also commented: “We achieved some remarkable milestones, with our strategic acquisitions now fully integrated and our ground-breaking 5th generation platform setting a new benchmark in the global betting and iGaming industry. Our global operations are delivering exceptional synergies and efficiencies, setting us up for unprecedented growth. All indicators point to FY2024 being a landmark year for performance."
For additional information on Golden Matrix’s financial performance, please refer to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, which has been filed with the SEC today and is available at https://www.nasdaq.com/market-activity/stocks/gmgi/sec-filings or www.sec.gov.
* Adjusted EBITDA is a non-GAAP financial measure. See also “Non-GAAP Financial Measures” and “Reconciliation of Net Income to Adjusted Earnings excluding Interest Expense, Interest Income, Tax, Depreciation Expense, Amortization Expense, Stock-based Compensation Expense and Restructuring Costs", included in the tables at the end of this release.
In terms of GAAP accounting and Meridianbet being the accounting acquirer, the comparisons presented are correctly stated and are reflective of our new structure. Comparisons presented in terms of GAAP are the consolidated Company’s results against Meridianbet Group historical results and not against Golden Matrix Group's historical results.
The full visual presentation and the earnings call can be accessed at 8am ET on the Golden Matrix Group website at https://goldenmatrix.com/events-presentations/.
For more information, please visit our website at goldenmatrix.com.
About Golden Matrix
Golden Matrix Group, based in Las Vegas NV, is an established B2B and B2C gaming technology company operating across multiple international markets. The B2B division of Golden Matrix develops and licenses proprietary gaming platforms for its extensive list of clients and RKings, its B2C division, operates a high-volume eCommerce site enabling end users to enter paid-for competitions on its proprietary platform in authorized markets. The Company also owns and operates MEXPLAY, a regulated online casino in Mexico.
Meridianbet Group, founded in 2001 and acquired by Golden Matrix in 2024, is a well-established online sports betting and gaming group, licensed and currently operating in 15 jurisdictions across Europe, Africa and South America. Meridianbet Group’s successful business model utilizes proprietary technology and scalable systems, thus allowing it to operate in multiple countries and currencies and with an omni-channel approach to markets, including retail, desktop online and mobile.
The companies’ sophisticated software automatically declines any gaming or redemption requests from within the United States, in strict compliance with current US law.
Non-GAAP Financial Measures
Adjusted EBITDA or AEBITDA, is a “non-GAAP financial measures” presented as a supplemental measure of the Company’s performance. Adjusted EBITDA, Net Debt and Net Debt Leverage are not presented in accordance with accounting principles generally accepted in the United States, or GAAP. Adjusted EBITDA represents net income before interest expense, interest income, taxes, depreciation and amortization, and also excludes stock-based compensation expense and restructuring costs. Net Debt is defined as total debt less cash and cash equivalents. Net Debt Leverage Ratio is defined as net debt as of the balance sheet date divided by annualized adjusted EBITDA for the quarter then ended. We believe that using Net Debt and Net Debt Leverage Ratio is useful to investors in determining our leverage ratio since we could choose to use cash and cash equivalents to retire debt. Adjusted EBITDA is presented because we believe it provides additional useful information to investors due to the various noncash items during the period. Adjusted EBITDA, Net Debt and Net Debt Leverage are not recognized in accordance with GAAP, are unaudited, and have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of the Company’s results as reported under GAAP. Some of these limitations are: Adjusted EBITDA, Net Debt and Net Debt Leverage do not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments; Adjusted EBITDA, Net Debt and Net Debt Leverage do not reflect changes in, or cash requirements for, working capital needs; Adjusted EBITDA, Net Debt and Net Debt Leverage do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments; although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA, Net Debt and Net Debt Leverage do not reflect any cash requirements for such replacements; and other companies in this industry may calculate Adjusted EBITDA, Net Debt and Net Debt Leverage differently than the Company does, limiting their usefulness as a comparative measure. The Company’s presentation of these measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. For more information on these non-GAAP financial measures, please see the section titled “Reconciliation of Net Income to Adjusted Earnings excluding Interest Expense, Interest Income, Depreciation Expense, Amortization Expense, Stock-based Compensation Expense and Restructuring Costs” and “Reconciliation of Net Debt and Leverage Calculation”, included at the end of this release.
FORWARD-LOOKING STATEMENTS
Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1995 (“forward-looking statements”). Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements.
Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, the amount, timing, and sources of funding for the Company’s repurchase program, the fact that common share repurchases may not be conducted in the timeframe or in the manner the Company expects, or at all, the ability of the Company to obtain the funding required to pay certain Meridianbet Group acquisition post-closing obligations, the terms of such funding, potential dilution caused thereby and/or covenants agreed to in connection therewith; potential lawsuits regarding the acquisition; dilution caused by the terms of an outstanding convertible note and warrants, the Company’s ability to pay amounts due under the convertible note and covenants associated therewith and penalties which could be due under the convertible note and securities purchase agreement related thereto for failure to comply with the terms thereof; the business, economic and political conditions in the markets in which the Company operates; the effect on the Company and its operations of the ongoing Ukraine/Russia conflict and the conflict in Israel, changing interest rates and inflation, and risks of recessions; the need for additional financing, the terms of such financing and the availability of such financing; the ability of the Company and/or its subsidiaries to obtain additional gaming licenses; the ability of the Company to manage growth; the Company’s ability to complete acquisitions and the availability of funding for such acquisitions; disruptions caused by acquisitions; dilution caused by fund raising, the conversion of outstanding preferred stock, convertible securities and/or acquisitions; the Company’s ability to maintain the listing of its common stock on the Nasdaq Capital Market; the Company’s expectations for future growth, revenues, and profitability; the Company’s expectations regarding future plans and timing thereof; the Company’s reliance on its management; the fact that the sellers of the Meridianbet Group hold voting control over the Company; related party relationships; the potential effect of economic downturns, recessions, increases in interest rates and inflation, and market conditions, decreases in discretionary spending and therefore demand for our products and services, and increases in the cost of capital, related thereto, among other affects thereof, on the Company’s operations and prospects; the Company’s ability to protect proprietary information; the ability of the Company to compete in its market; the effect of current and future regulation, the Company’s ability to comply with regulations and potential penalties in the event it fails to comply with such regulations and changes in the enforcement and interpretation of existing laws and regulations and the adoption of new laws and regulations that may unfavorably impact our business; the risks associated with gaming fraud, user cheating and cyber-attacks; risks associated with systems failures and failures of technology and infrastructure on which the Company’s programs rely; foreign exchange and currency risks; the outcome of contingencies, including legal proceedings in the normal course of business; the ability to compete against existing and new competitors; the ability to manage expenses associated with sales and marketing and necessary general and administrative and technology investments; and general consumer sentiment and economic conditions that may affect levels of discretionary customer purchases of the Company’s products, including potential recessions and global economic slowdowns. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this press release are reasonable, we provide no assurance that these plans, intentions or expectations will be achieved.
Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company’s publicly-filed reports, including, but not limited to, under the “Special Note Regarding Forward-Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s periodic and current filings with the SEC, including the Form 10-Qs and Form 10-Ks, including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended October 31, 2023 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and future periodic reports on Form 10-K and Form 10‑Q. These reports are available at www.sec.gov.
The Company cautions that the foregoing list of important factors is not complete, and does not undertake to update any forward-looking statements except as required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that is not paid for by the Company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
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| Golden Matrix Group, Inc. and Subsidiaries | |||||||
| Consolidated Balance Sheets | |||||||
| As of | As of | ||||||
| 30-Sep-24 | 31-Dec-23 | ||||||
| (Unaudited) | (Audited) | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 38,404,951 | $ | 20,405,296 | |||
| Accounts receivable, net | 8,496,716 | 2,674,967 | |||||
| Accounts receivable – related parties | 663,636 | 399,580 | |||||
| Taxes receivable | 301,349 | 997,778 | |||||
| Inventory | 4,414,399 | 133,905 | |||||
| Prepaid expenses | 1,374,534 | 328,400 | |||||
| Other current assets | 3,013,530 | 1,989,476 | |||||
| Total current assets | 56,669,115 | 26,929,402 | |||||
| Non-current assets: | |||||||
| Goodwill & intangible assets, net | 117,351,145 | 15,107,422 | |||||
| Property, plant & equipment, net | 29,180,941 | 27,826,594 | |||||
| Investments | 240,152 | 237,828 | |||||
| Deposits | 5,997,157 | 5,586,495 | |||||
| Operating lease right-of-use assets | 4,036,771 | 4,147,375 | |||||
| Other non-current assets | 16,484 | 17,864 | |||||
| Total non-current assets | 156,822,650 | 52,923,578 | |||||
| Total assets | $ | 213,491,765 | $ | 79,852,980 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued liabilities | $ | 12,252,903 | $ | 8,751,562 | |||
| Accounts payable - related parties | 21,555 | 12,605 | |||||
| Current portion of operating lease liability | 1,427,983 | 2,299,317 | |||||
| Current portion of long-term loan | 17,491,098 | - | |||||
| Taxes payable | 3,310,929 | 6,137,513 | |||||
| Other current liabilities | 1,164,523 | 581,644 | |||||
| Deferred revenues | 1,251,287 | - | |||||
| Contingent liability | 2,139,122 | - | |||||
| Current portion of consideration payable | 30,331,867 | - | |||||
| Total current liabilities | 69,391,267 | 17,782,641 | |||||
| Non-current liabilities: | |||||||
| Non-current portion of operating lease liability | 2,603,992 | 1,795,870 | |||||
| Non-current portion of long-term loan | 16,167,631 | - | |||||
| Other non-current liabilities | 134,176 | 287,920 | |||||
| Non-current portion of consideration payable - Meridian acquisition | 25,000,000 | - | |||||
| Convertible note | 1,606,882 | - | |||||
| Total non-current liabilities | 45,512,681 | 2,083,790 | |||||
| Total liabilities | $ | 114,903,948 | $ | 19,866,431 | |||
| Shareholders’ equity: | |||||||
| Preferred stock: | - | - | |||||
| Preferred stock, Series B: | - | - | |||||
| Preferred stock, Series C: | - | - | |||||
| Common stock: | $ | 1,227 | $ | 835 | |||
| Stock payable | 120,000 | - | |||||
| Stock payable - related party | 120,664 | - | |||||
| Additional paid-in capital | 38,431,527 | 3,044,894 | |||||
| Treasury stock, at cost (September 2024 – 700 shares) | (1,671 | ) | - | ||||
| Accumulated other comprehensive income (loss) | (3,595,263 | ) | (3,307,578 | ) | |||
| Accumulated earnings | 59,177,236 | 59,296,675 | |||||
| Total shareholders’ equity of GMGI | 94,253,720 | 59,034,826 | |||||
| Noncontrolling interests | 4,334,097 | 951,723 | |||||
| Total equity | 98,587,817 | 59,986,549 | |||||
| Total liabilities and equity | $ | 213,491,765 | $ | 79,852,980 | |||
| Golden Matrix Group, Inc and Subsidiaries | |||||||||||||
| Consolidated Statements of Operations and Comprehensive Income | |||||||||||||
| (Unaudited) | |||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||
| September 30, | September 30, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Revenues | $ | 40,992,329 | $ | 22,209,657 | $ | 105,258,158 | $ | 67,724,779 | |||||
| Cost of goods sold | (18,589,162 | ) | (6,116,688 | ) | (43,477,519 | ) | (17,943,260 | ) | |||||
| Gross profit | 22,403,167 | 16,092,969 | 61,780,639 | 49,781,519 | |||||||||
| Operating expenses | |||||||||||||
| Selling, general and administrative expenses | 23,379,550 | 12,863,262 | 58,937,789 | 37,797,023 | |||||||||
| Income from operations | (976,383 | ) | 3,229,707 | 2,842,850 | 11,984,496 | ||||||||
| Other income (expense): | |||||||||||||
| Interest expense | (790,193 | ) | (4,049 | ) | (827,048 | ) | (31,930 | ) | |||||
| Interest earned | 58,475 | 25,807 | 163,023 | 35,532 | |||||||||
| Foreign exchange loss | (219,060 | ) | 366,183 | (337,581 | ) | 320,852 | |||||||
| Other income | 495,654 | 219,145 | 1,498,563 | 725,372 | |||||||||
| Total other income | (455,124 | ) | 607,086 | 496,957 | 1,049,826 | ||||||||
| Net income before tax | (1,431,507 | ) | 3,836,793 | 3,339,807 | 13,034,322 | ||||||||
| Provision for income taxes | 1,864,122 | 316,733 | 2,670,788 | 1,148,270 | |||||||||
| Net income | $ | (3,295,629 | ) | $ | 3,520,060 | $ | 669,019 | $ | 11,886,052 | ||||
| Less: Net income (loss) attributable to noncontrolling interest | 109,935 | 41,771 | 18,924 | 171,159 | |||||||||
| Net income attributable to GMGI | $ | (3,405,564 | ) | $ | 3,478,289 | $ | 650,095 | $ | 11,714,893 | ||||
| Weighted average ordinary shares outstanding: | |||||||||||||
| Basic | 121,510,697 | 83,475,190 | 108,570,269 | 83,475,190 | |||||||||
| Diluted | 121,510,697 | 83,475,190 | 115,016,974 | 83,475,190 | |||||||||
| Net income per ordinary share attributable to GMGI: | |||||||||||||
| Basic | $ | (0.03 | ) | $ | 0.04 | $ | 0.01 | $ | 0.14 | ||||
| Diluted | $ | (0.03 | ) | $ | 0.04 | $ | 0.01 | $ | 0.14 | ||||
| Net income | (3,295,629 | ) | 3,520,060 | 669,019 | 11,886,052 | ||||||||
| Foreign currency translation adjustments | 1,818,258 | (1,492,622 | ) | (287,685 | ) | (1,316,847 | ) | ||||||
| Comprehensive income | (1,477,371 | ) | 2,027,438 | 381,334 | 10,569,205 | ||||||||
| Less: Net income (loss) attributable to noncontrolling interest | 109,935 | 41,771 | 18,924 | 171,159 | |||||||||
| Comprehensive income attributable to GMGI | (1,587,306 | ) | 1,985,667 | 362,410 | 10,398,046 | ||||||||
| Reconciliation of Net Income to Adjusted Earnings excluding Interest Expense, Interest Income, Tax, Depreciation Expense, Amortization Expense, Stock-based Compensation Expense, and Restructuring Costs. | ||||||||||||
| Three Months Period Ended | Nine Months Period Ended | |||||||||||
| 30-Sep-24 | 30-Sep-23 | 30-Sep-24 | 30-Sep-23 | |||||||||
| Net income | $ | (3,295,629 | ) | $ | 3,520,060 | $ | 669,019 | $ | 11,886,052 | |||
| + Interest expense | 790,193 | 4,049 | 827,048 | 31,930 | ||||||||
| - Interest income | (58,475 | ) | (25,807 | ) | (163,023 | ) | (35,532 | ) | ||||
| + Taxes | 1,864,122 | 316,733 | 2,670,788 | 1,148,270 | ||||||||
| + Depreciation | 1,145,210 | 878,516 | 3,173,473 | 2,670,258 | ||||||||
| + Amortization | 1,962,157 | 473,047 | 4,317,523 | 1,357,453 | ||||||||
| EBITDA | $ | 2,407,578 | $ | 5,166,598 | $ | 11,494,828 | $ | 17,058,431 | ||||
| + Stock-based compensation | 1,614,751 | - | 3,252,803 | - | ||||||||
| + Restructuring costs | 314,555 | 112,488 | 906,286 | 313,699 | ||||||||
| Adjusted EBITDA | $ | 4,336,884 | $ | 5,279,086 | $ | 15,653,917 | $ | 17,372,130 | ||||
Attachment
FAQ
What were GMGI's Q3 2024 earnings results?
How much did GMGI's revenue grow in 2024?
What is the impact of the Classics for a Cause acquisition on GMGI?
How did Meridianbet perform in Q3 2024?
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