Golden Matrix Group Inc. (NASDAQ: GMGI) announced third-quarter financial results showing a substantial improvement in performance, with revenue reaching $47.3 million, representing a 15% increase compared to the same period last year. The company's return to profitability, with net income of $0.4 million compared to a $3.3 million loss in Q3 2024, signals a critical turning point for the online gaming technology developer and operator.
The financial recovery is particularly significant given the challenging economic environment and demonstrates Golden Matrix's ability to execute its growth strategy effectively. Gross profit increased 18% to $26.4 million, while adjusted EBITDA surged 32% to $5.7 million, reflecting improved operational efficiency and disciplined cost management across both business-to-business and business-to-consumer segments.
Perhaps most importantly, the company has made substantial progress in strengthening its balance sheet, reducing total debt by $25.9 million (37%) to $45.1 million since December 2024. This deleveraging effort has improved the net debt leverage ratio to 1.2 times annual adjusted EBITDA, providing greater financial flexibility and reducing risk exposure for investors and stakeholders.
The performance across business segments highlights the diversified strength of Golden Matrix's operations. Meridianbet, acquired in 2024, delivered particularly strong results with revenue growth of 26% year-over-year to $32.5 million. The segment's online casino gross gaming revenue grew 30% to $14.6 million, while sports betting revenue advanced 25% to $13.3 million. Player engagement metrics showed significant improvement, with depositors increasing 25% and new registrations surging 70% year-over-year.
RKings Competitions achieved record revenue of $7.4 million in Q3, representing 14% growth, while advancing its customer relationship management rollout to enhance customer engagement and lifetime value. Classics for a Cause demonstrated strong sequential growth with registrations up 72% and new VIPs increasing 82%, highlighted by the successful August Holden Torana campaign that generated $776,000 in sales from 10,000 packages and attracted 1,700 new customers.
GMAG maintained stable revenue of $3.5 million while building momentum in key markets, with sales in emerging regions growing over 40% led by Brazil and Mexico. The platform added 12 new game providers using AI-driven integration to enhance scalability and personalization, with expectations to drive a 10% increase in operator count in coming quarters.
Looking ahead, Golden Matrix tightened its full-year 2025 revenue guidance to $186-$187 million, representing 23-24% growth over 2024. The company expects Q4 2025 revenue between $52.7 million and $53.7 million, an increase of 15-17% year-over-year. This improved outlook reflects management's confidence in the company's strategic direction and operational execution.
The company's improved financial health and return to profitability have broader implications for the online gaming industry, demonstrating that disciplined growth strategies and operational efficiency can drive sustainable performance even in competitive markets. The successful integration of acquisitions like Meridianbet and the expansion into emerging markets position Golden Matrix for continued growth as global online gaming adoption increases.
Investors and industry observers can access the full visual presentation and earnings call materials at https://goldenmatrix.com/events-presentations/ for detailed analysis of the company's performance and strategic outlook. The results underscore the importance of balanced growth, margin expansion, and financial discipline in building long-term value in the rapidly evolving online gaming sector.
