Golden Matrix Returns to Profitability with Record Q3 Revenue, Tightens Full-Year Guidance
Golden Matrix Group reported a return to profitability with $47.3 million in third-quarter revenue, marking a 15% year-over-year increase and improved financial metrics across key segments.
Golden Matrix Group Inc. (NASDAQ: GMGI) announced financial results for the third fiscal quarter ended September 30, 2025, posting record revenue of $47.3 million, representing a 15% increase compared to the same period last year. The company returned to profitability with net income of $0.4 million, a significant improvement from the $3.3 million net loss reported in the third quarter of 2024.
The company's improved financial performance was driven by growth across both business-to-business and business-to-consumer divisions, with particular strength in online casino and raffle operations. Gross profit reached $26.4 million, an 18% year-over-year increase, while adjusted EBITDA grew 32% to $5.7 million. These improvements reflect the scalability of Golden Matrix's business model and disciplined cost management strategies.
Brian Goodman, CEO of Golden Matrix, commented on the results, stating that the quarter highlights how the strength of the company's portfolio and disciplined execution continue to translate into profitable growth. He noted steady momentum across key markets, particularly in Latin America, supported by product innovation and operational efficiency.
The Meridianbet segment, acquired by Golden Matrix in 2024, delivered particularly strong performance with revenue increasing 26% year-over-year to $32.5 million. Online casino gross gaming revenue grew 30% to $14.6 million, while sports betting revenue advanced 25% to $13.3 million. The segment's player base expanded significantly, with depositors up 25% and new registrations increasing 70% compared to the prior year period.
Other business segments also showed robust performance. RKings delivered record revenue of $7.4 million, up 14% year-over-year, while advancing its new customer relationship management rollout. Classics for a Cause demonstrated strong sequential growth with registrations up 72% and new VIPs increasing 82%. The August Holden Torana campaign broke company records, generating $776,000 in sales from 10,000 packages and 1,700 new customers.
The company's improved profitability and cash flow generation have allowed for significant debt reduction. Since December 31, 2024, Golden Matrix has reduced total debt by $25.9 million, representing a 37% decrease to $45 million. Net debt leverage stood at 1.2 times annual adjusted EBITDA as of September 30, 2025, strengthening the company's balance sheet heading into the final quarter.
Based on the strong third-quarter performance, Golden Matrix tightened its full-year 2025 revenue guidance to between $186 million and $187 million, representing 23-24% growth over 2024. The company expects fourth-quarter 2025 revenue between $52.7 million and $53.7 million, an increase of 15-17% year-over-year. Rich Christensen, CFO of Golden Matrix, highlighted that margin expansion continues to be fueled by disciplined cost management and operational leverage.
The full visual presentation and earnings call can be accessed at 9:00am ET on the Golden Matrix Group IR website. The company remains focused on advancing its position in regulated markets, improving operational efficiency, and strengthening its foundation for sustained growth into 2026.