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Golden Matrix Group, Inc. is a prominent gaming technology company that focuses on developing and owning online gaming IP and constructing configurable and scalable white-label social gaming platforms for its international customers in the Asia Pacific region. The company operates in both B2B and B2C segments, with the B2C segment generating the majority of revenue. With operations in the UK, Asia Pacific, and Latin America, Golden Matrix offers configurable and scalable iGaming platforms and operates well-known brands like MexPlay, R Kings Competitions, and GM-AG.
Founded in 2008 and based in Las Vegas, Nevada, Golden Matrix provides tools for marketing, acquisition, retention, and monetization of users. The company's platform is accessible through desktop and mobile applications. Formerly known as Source Gold Corp., the company changed its name to Golden Matrix Group, Inc. in March 2016.
Golden Matrix Group (OTCQX:GMGI) reported record revenues of $9,333,492 for the nine-month transition period ending October 31, 2021, marking a 185% increase from the prior year’s $3,271,653. Net income rose to $648,072, up from $345,922. Adjusted EBITDA reached $1,654,187. The company holds $16,797,656 in cash and total assets of $20,458,948. GMGI also entered the UK market through an acquisition, aiming for growth in B2C sectors. This expansion is expected to enhance revenue streams and provide significant operational benefits.
Golden Matrix Group (OTCQX: GMGI) announced an agreement to acquire an 80% controlling interest in UK-based RKingsCompetitions Ltd. for approximately $10.6 million. The purchase consists of 50% cash and the balance in GMGI stock valued at $8.00 per share. RKings generated over $29 million in revenue and $2.4 million in net income for the fiscal year ending October 31, 2021. The acquisition will expand GMGI’s market presence in the regulated B2C space and is expected to enhance revenue streams and profit margins.
Golden Matrix Group (GMGI) has closed a registered direct offering, selling approximately $3.5 million worth of common stock and warrants to institutional investors. The offering comprised 496,429 shares of common stock at $7.00 per share, accompanied by warrants exercisable at $8.63 per share. The net proceeds will be used for general corporate purposes and potential investments in complementary businesses, though no specific agreements are in place. EF Hutton acted as the exclusive placement agent. This offering was registered under an effective shelf registration statement with the SEC.
Golden Matrix Group Inc. (GMGI) announced a registered direct offering to raise $3.5 million by selling 496,429 shares of common stock and corresponding warrants. The shares will be sold at $7.00 each, with warrants exercisable at $8.63 for three years. The offering, facilitated by EF Hutton, is set to close around October 27, 2021, subject to customary conditions. The initiative follows an effective shelf registration statement filed on October 5, 2021.
Golden Matrix Group (OTCQX: GMGI) announced its upgrade to the OTCQX Best Market, the highest tier of OTC Markets, effective September 22, 2021. This milestone reflects the company's adherence to stringent financial standards and corporate governance. CEO Brian Goodman emphasized that the upgrade will enhance their visibility to potential gaming operators and investors, anticipating future growth opportunities. Golden Matrix is a provider of online gaming platforms and content, with a focus on international markets.
OTC Markets Group Inc. announced that Golden Matrix Group, Inc. has qualified to trade on the OTCQX Best Market, upgrading from the Pink market. This transition underscores Golden Matrix's compliance with high financial standards and corporate governance, enhancing visibility among U.S. investors. CEO Brian Goodman highlighted that this step is pivotal for the company's growth and aims to increase shareholder value. The trading under symbol GMGI commenced on September 22, 2021.
Golden Matrix Group (GMGI) reported record revenues of $3,251,182 in Q2 '22, marking a 211% increase from $1,045,425 in Q2 '21 and a 23% rise from Q1 '22 revenues of $2,639,402. The net income reached $481,189, up from $127,872 year-over-year. For the first half of fiscal '22, revenues totaled $5,890,584, a 231% increase compared to $1,780,189 in the same period last year. The company is expanding its seamless gaming platform aiming for global market penetration, particularly in Europe and the Americas.
Golden Matrix Group (OTC: GMGI) reported over $3 million in revenue for Q2 2021, marking a significant 200% increase from $1.05 million in Q2 2020. The company has initiated the rollout of its GMX-Ag platform, an innovative gaming system, in the Asia-Pacific region, with plans to onboard 14 additional operators. This platform allows seamless integration with various gaming products and is expected to enhance GMGI's global reach in fast-growing regulated markets.
Golden Matrix Group, Inc. (OTC PINK:GMGI) announced a strategic partnership with Playson Ltd, enhancing its online gaming offerings. The agreement will integrate Playson's popular games, including Buffalo Power: Hold and Win and Solar Queen, onto GMGI's GM-X platform, servicing over 400 operators and 3.5 million users in the APAC region. This integration aims to boost market share and revenue growth, particularly with the upcoming launch of GM-Ag, GMGI's aggregate platform expected to attract global gaming operators.
Golden Matrix Group (OTCPK: GMGI) has reported record revenues of $1 million for June 2021, marking its first month surpassing this milestone. Total revenues for May and June exceeded $2 million, reflecting approximately 100% growth compared to $1.05 million in the same period last year. The increase in revenue is attributed to licensing fees from gaming operators in the Asia Pacific region, with 488 operators and 4.6 million registered users. CEO Anthony Goodman expects sustained growth through organic efforts and acquisitions.
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