Golden Matrix Group (NASDAQ: GMGI) has reported a notable financial and operational upturn in the first quarter of 2025, marked by a significant reduction in debt and expansion into new international markets. The company's consolidated revenue soared to $42.7 million, a 72% increase compared to the previous year, despite facing a 4% foreign exchange headwind. A strategic financial maneuver included the elimination of approximately $9.6 million in Lind Global debt and the conversion of over $9.5 million in Meridianbet acquisition-related debt into equity, bolstering the company's financial stability.
Meridianbet, a pivotal subsidiary of Golden Matrix, achieved critical milestones in key markets. In Brazil, the company secured a permanent online betting license, tapping into a market with an estimated gross gaming revenue of $5.6 billion. Furthermore, Meridianbet initiated B2B operations in Nigeria and renewed its online license in Serbia for another 10 years, significantly enhancing its global operational footprint. These developments underscore the company's aggressive expansion strategy and its ability to navigate complex regulatory environments.
The raffle segment of Golden Matrix witnessed extraordinary growth, with a 146% year-over-year increase in user registrations and the addition of 26,000 new users in the first quarter alone. Meridianbet's performance was particularly impressive, with first-time deposits growing by 56% and new registrations increasing by 22% compared to the same period in 2024. These figures highlight the company's growing appeal and the effectiveness of its market strategies.
Expanse Studios, the game development division of Meridianbet, expanded its presence in North America by forming five new sweepstakes casino partnerships and progressing with its in-house content development. The company is also preparing for further licensing expansions in Romania in the upcoming quarter, indicating a sustained commitment to growth and innovation.
Looking ahead, Golden Matrix maintains a positive financial outlook, with projected full-year 2025 revenue between $190 million and $195 million, representing a 26% to 29% growth over 2024. The company's ongoing investments in technology, content, and international licenses are poised to enhance long-term shareholder value. CEO Brian Goodman highlighted the company's strategic advancements, emphasizing improved operating efficiency and the diversification of revenue streams across high-growth markets.
