Golden Matrix Q1 Revenue Soars as Global Expansion Accelerates

IPO Edge

Thu, May 8, 2025, 9:23 AM 2 min read

• Raffle segment saw all-time highs in revenue, ticket sales, prize values; user registrations surged 146% year-over-year

• Retired $9.6M in Lind Global debt and converted $9.5M in acquisition-related debt into equity, strengthening balance sheet

• Q1 revenue rose 72% YoY to $42.7M, despite a 4% negative FX impact

• Gross profit hit $24.2M with a 57% margin; Meridianbet segment gross margin improved to 72%

• Meridianbet secured new or renewed licenses in Brazil, Nigeria, and Serbia; expanded U.S. presence via Expanse Studios

• Full-year revenue guidance set at $190M–$195M, driven by tech investments, global growth

By Jarrett Banks

Global online gaming platform Golden Matrix Group Inc. (NASDAQ: GMGI) saw first quarter revenue surge while significantly enhancing its financial position and expanding its geographic footprint.

The company’s raffle segment hit all-time highs across revenue, ticket sales, and prize values, with a 146% increase in user registrations compared to Q1 2024. Meanwhile, Golden Matrix improved its financial flexibility by eliminating approximately $9.6 million in Lind Global debt and converting over $9.5 million in Meridianbet acquisition obligations into equity.

Consolidated revenue reached $42.7 million, a 72% increase from the prior year, partially tempered by foreign exchange headwinds. Gross profit rose to $24.2 million, with a 57% consolidated gross margin. Meridianbet’s gross margin grew to 72%, while GMAG and Rkings/CFAC segments improved to 29%.

“We entered fiscal 2025 with elevated operating efficiency and diversified revenue streams that continue to scale across high-growth markets,” said Brian Goodman, CEO of Golden Matrix. “Our raffle segment reached all-time highs, our debt profile strengthened meaningfully, and our B2B and B2C businesses are both operating from positions of renewed financial and strategic strength.”

Adjusted EBITDA remained strong at $5.6 million, down slightly due to increased investment in technology and geographic expansion.

Meridianbet CEO Zoran Milosevic highlighted the quarter’s operational progress, including major regulatory wins. The segment secured a permanent betting license in Brazil, launched B2B operations in Nigeria, and renewed its Serbian license. User activity surged, with first-time deposits up 56% and registrations up 22% YoY.

Meridianbet also expanded its North American footprint through Expanse Studios, with five new integrations into U.S.-based sweepstakes casinos.

“Our Q1 results demonstrate focused execution across regulated markets, bolstered by operational efficiency and continuous innovation,” said Milosevic. “We are deepening user engagement, expanding licensing coverage, and strengthening our position as a global operator of choice.”