The company’s metrics improved across the board with revenues more than tripling. The executives believe that the provider is poised for future growth.
Golden Matrix’s Revenues Went Through the Roof
As outlined in Golden Matrix’s report, the company’s revenues for the year increased to $36 million, which represents a stellar 219% year-on-year increase from FY 2021. The bigger part of this revenue was thanks to the company’s business-to-customer operations, which earned it $21.2 million. At the same time, the business-to-business segment earned Golden Matrix an additional $14.8 million.
EBITDA levels were positive, with the company recording an adjusted EBITDA of $3.5 million. However, as revenues rose, so did expenses. The company reported that its general and administrative expenses skyrocketed from $1.26 million in 2021 to a whopping $5.44 million in 2022. Most of the expenses were related to the RKings B2C brand, Golden Matrix reported. It attributed the higher sum to an increase in marketing and payroll costs.
On the upside, the company’s B2B operations now number 685 and the total number of registered users sits at 7 million. Meanwhile, the B2C segment under the RKings brand now has over 45,000 unique active users each month.
Other reported metrics covered the company’s cash and cash equivalents, valued at $14.9 million as of October 31. In addition, the company reported total assets of $32.5 million. Liabilities as of October 31, 2022, sat at $2.77 million.
The Company Will Close a Major Deal in H1 2023
Golden Matrix’s chief executive officer, Brian Goodman, commented on the results. He called FY 2022 “a highly constructive year” for his company and praised his team for its hard work. He believes that the company is now well-positioned to drive strong and sustainable revenue. Even so, Golden Matrix will not stop improving its products.
To remain competitive in the worldwide gaming industry, we are continually upgrading our systems and gaming content offerings to support the needs of our millions of participants.
Brian Goodman, CEO, Golden Matrix
Goodman used the opportunity to further talk about the company’s acquisition of the MeridianBet Group for $300 million in cash and stock. The deal in question is expected to be closed in H1, 2023. Golden Matrix is certain that this M&A agreement will help the company further accelerate its growth while bolstering its global footprint.
The combined pro forma revenues of Golden Matrix and MeridianBet are expected to be greater than $100 million for FY2022, with an Adjusted EBITDA estimated to be greater than $22 million for the pro forma year ended October 31, 2022, making the combination financially appealing and earnings-accretive.
Brian Goodman, CEO, Golden Matrix
Goodman concluded by teasing that the company plans to double down on its efforts in Mexico and use it as a foothold to make a foray into Latin America.