Golden Matrix Group Reports Record $151M FY2024 Revenue – Forecasts Up to 80% Growth in Q1 2025

Strong fourth-quarter performance, strategic acquisitions, and platform innovation drive Golden Matrix’s global momentum — with Meridianbet contributing significantly across regulated markets.

FY2024 Revenue Soars 63% to $151 Million, Q4 Revenue Jumps 81% to $46 Million

Golden Matrix Group Inc. (NASDAQ: GMGI), a global operator of B2B and B2C online gaming platforms, reported record full-year and fourth-quarter financial results for the fiscal year ended December 31, 2024. The total FY2024 revenue reached $151 million, a 63% year-over-year increase, while Q4 revenue surged 81% to $46 million, driven by strong demand, strategic acquisitions, and accelerated platform enhancements.

Gross profit for the year increased 30% to $89 million, with Q4 gross profit at $27 million, up 45% year-over-year. These gains were supported by operational efficiencies, high-margin product offerings, and continued international expansion.

Adjusted EBITDA Grows Despite One-Time Non-Cash Charges

Golden Matrix recorded a net loss of $1.5 million for FY2024 and $2.1 million for Q4, primarily due to non-operational costs related to amortization of acquisition-related intangible assets, stock-based compensation, interest expenses, and restructuring efforts.

However, after adjusting for these one-time, non-cash items, the Company delivered Adjusted EBITDA of $22.2 million for FY2024 (up 4%) and $6.5 million in Q4 alone, representing a 69% year-over-year increase for the quarter. These figures demonstrate the Company’s underlying profitability and operational resilience.

Strong Balance Sheet with $30 Million in Cash

As of year-end 2024, Golden Matrix held $30 million in cash reserves, underscoring strong liquidity and financial flexibility to fund future investments, geographic expansion, and technology development. CFO Rich Christensen emphasized the Group’s commitment to sustainable value creation and capital discipline across all business units.

Meridianbet Delivers Growth Across Regulated Markets and Expands Global Footprint

A key contributor to the Group’s record results and the FY2024 revenue, Meridianbet continued scaling its operations across Europe, Latin America, and Africa. The brand benefited from strong user engagement, content-driven personalization, and effective monetization strategies.

Major highlights for Meridianbet in FY2024 include:

• Full renewal of its 10-year license in Serbia, one of its most mature and profitable markets.
• Permanent online betting license secured in Brazil, unlocking full national access in a projected $5.6B GGR market through 2029.
• B2B operations launched in Nigeria via a fully licensed entity, entering a market with 60+ million bettors and over $2 billion in value.

These strategic moves strengthen Meridianbet’s leadership position in high-growth regions while ensuring long-term regulatory clarity and operational continuity.

2025 Outlook: Forecasting up to 80% Year-Over-Year Revenue Growth in Q1 2025

Looking ahead, Golden Matrix is forecasting Q1 2025 revenue growth of up to 80%, building on the momentum established in 2024. Continued AI-powered platform innovation, geographic expansion, and integration of recently acquired assets like Meridianbet and Classics for a Cause are expected to be key revenue drivers.

CEO Brian Goodman commented:

“2024 was a transformative year. We significantly expanded our global reach and enhanced our platform capabilities. With strategic foundations in place, we expect 2025 to deliver even stronger growth.”

About Meridianbet

Meridianbet Group, founded in 2001 and acquired by Golden Matrix in 2024, is a well-established online sports betting and gaming group, licensed and currently operating in 15 jurisdictions across Europe, Africa and South America. Meridianbet Group’s successful business model utilizes proprietary technology and scalable systems, thus allowing it to operate in multiple countries and currencies and with an omni-channel approach to markets, including retail, desktop online and mobile.