Golden Matrix Group Inc. reported third-quarter revenue of $47.3 million, representing a 15% year-over-year increase from $41 million in 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 Q3 2024. This financial turnaround demonstrates the company's operational efficiency and market positioning in the rapidly evolving online gaming sector.
The company's gross profit reached $26.4 million, an 18% increase year-over-year, with gross margins expanding to 56%. Adjusted EBITDA showed even stronger growth, increasing 32% to $5.7 million. These improved financial metrics have enabled Golden Matrix to reduce its total debt by $25.9 million, or 37%, bringing the debt level down to $45 million while maintaining $22 million in cash reserves. The full visual presentation and earnings call can be accessed at https://goldenmatrix.com/events-presentations/.
CEO Brian Goodman attributed the strong performance to the company's portfolio strength and disciplined execution, noting steady momentum across key markets, particularly in Latin America. The results reflect contributions from both business-to-business and business-to-consumer divisions, with organic revenue growth of 14% year-over-year excluding acquired entities. The Meridianbet segment, acquired in 2024, delivered particularly strong results with revenue increasing 26% to $32.5 million.
Meridianbet's online casino gross gaming revenue grew 30% to $14.6 million, while sports betting revenue advanced 25% to $13.3 million. The segment also showed strong user growth with depositors increasing 25% and new registrations up 70% year-over-year. Zoran Milosevic, Chief Executive Officer of Meridianbet, highlighted the innovative platform and integrated gaming ecosystem as key drivers of this success.
Other business segments also showed positive momentum. RKings delivered record revenue of $7.4 million, up 14%, 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 company's GMAG division maintained stable revenue of $3.5 million while expanding into emerging markets, with sales in regions like Brazil and Mexico growing over 40%.
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 revenue between $52.7 million and $53.7 million, an increase of 15-17% year-over-year. CFO Rich Christensen emphasized that margin expansion continues to be fueled by disciplined cost management and operational leverage.
The company's improved financial position and strategic focus on regulated markets position it for sustained growth into 2026. The reduction in debt and improved profitability metrics indicate a stronger foundation for future expansion and potential market share gains in the competitive global online gaming industry. The performance suggests resilience in the face of economic uncertainties and demonstrates the scalability of the company's business model across different geographic markets and product offerings.
