Golden Matrix Q2 2025 Results Highlight Meridianbet’s Strong Contribution to Growth

Q2 2025

Golden Matrix Q2 2025 Results Highlight Meridianbet’s Strong Contribution to Growth

Golden Matrix Group Inc. (NASDAQ: GMGI) (“Golden Matrix” or the “Company”), a developer, licensor, and global operator of online gaming platforms, today announced financial and operational results for the second quarter ended June 30, 2025. The Company reported continued strength across its diversified portfolio, with Meridianbet once again delivering a significant contribution to Group’s Q2 2025 results.

Consolidated Financial and Strategic Highlights

  • Total revenue reached $43.2 million in Q2 2025, representing 9.6% year-over-year growth. Foreign exchange was a benefit of 4.5%.
  • Gross profit was $24.4 million, reflecting a gross margin of ~56% (+135 bps YoY).
  • Net loss of $3.6 million, or $0.03 per share, due to higher operating costs ($2.4M above incremental gross profit) and $1.5M in interest expense tied to debt prepayment.
  • Adjusted EBITDA declined 37% YoY to $3.4 million, as incremental gross profit was reinvested to support geographic expansion, technology, and market share growth.
  • Raffle Ticket Businesses (including RKings) showed resilience and strong engagement. RKings Competitions achieved a 12% all-time daily revenue record increase during Q2 2025, and on August 1st surpassed that record by an additional 40%, with more than 30,000 orders in a single day.

Meridianbet: Core Value Drivers Accelerate

Zoran Milosevic, CEO of Meridianbet, commented:
“Meridianbet delivered solid operational performance in Q2, with revenue growing 16% year-over-year to $29.2 million. Online revenue, a key strategic focus, increased 20%, demonstrating strong momentum in our core growth channels.”

Highlights by Segment

  • Brazil: Meridianbet is now fully operational with a license through 2029. Brazil, projected as a $5.6 billion market this year, is already contributing significantly, with first deposits up 165% quarter-over-quarter.
  • Casino: GGR increased 29% YoY with turnover reaching $434 million (+30%). The Company expanded its content library by 2,500 titles, lifting casino turnover per player by 50% quarter-over-quarter.
  • User Metrics: Active users grew 15% YoY, while new registrations surged 124%, driven largely by the Brazil launch. Sports revenue per player grew 28% despite customer-friendly outcomes in Europe.
  • Expanse Studios: Meridianbet’s proprietary games division signed 13 U.S. social casino partnerships, surpassed 1,000 B2B partners, secured new certifications (Brazil, Peru, Croatia, Romania), and launched the flagship slot Gates of Olympia.

Financial Outlook

Golden Matrix expects FY 2025 revenue in the range of $185M–$188M (+22%–24% YoY). July results already indicate recovery in European operations, with revenue up ~25% YoY in constant currency, in line with expected trends.

Rich Christensen, CFO of Golden Matrix, stated:
“We remain focused on expanding our presence in regulated markets, enhancing our proprietary technology stack, and driving shareholder value through disciplined capital allocation. We are well-positioned to build on our success, with a strong balance sheet and significant opportunities across both existing and new markets to accelerate.”

About Golden Matrix

Golden Matrix Group, based in Las Vegas NV, is a global B2B and B2C gaming technology company. The B2B division develops and licenses proprietary gaming platforms, while its B2C raffle ticket business (RKings) operates a high-volume eCommerce site. GMGI also owns and operates MEXPLAY, a regulated online casino in Mexico.

About Meridianbet

Founded in 2001 and acquired by Golden Matrix in 2024, Meridianbet Group is a regulated online sports betting and gaming operator active in 15 jurisdictions across Europe, Africa, and South America. With proprietary technology, scalable systems, and an omni-channel approach (retail, desktop, online, and mobile), Meridianbet is a cornerstone of Golden Matrix’s international growth strategy.