Golden Matrix Group Inc. (NASDAQ: GMGI) has reported a remarkable financial performance for the year 2024, with full-year revenues reaching $151 million, a 63% increase compared to the previous year. The fourth quarter stood out with revenues surging 81% to $46 million, underscoring the company's strong market position and operational efficiency. CEO Brian Goodman attributed this success to strategic acquisitions, including Meridianbet and Classics for a Cause, and the integration of AI-powered enhancements to their gaming platforms.
Operational highlights from the year include Meridianbet's 14% growth in full-year revenue, with online revenue specifically increasing by 18% to $80 million. The company's B2B gaming platform, GMAG, experienced an 84% increase in wagering volume, totaling $4.7 billion, a growth driven by innovative AI engagement tools designed to enhance user experience and retention.
Despite the impressive revenue growth, Golden Matrix reported a net loss of $1.5 million for the full year. This loss was primarily due to acquisition-related expenses, stock-based compensation, and restructuring costs. However, when adjusted for these factors, the company's Adjusted EBITDA saw a 4% increase to $22.2 million, indicating underlying profitability and operational strength.
Looking ahead, Golden Matrix is optimistic about its growth prospects for 2025, projecting first-quarter revenues between $42 million and $45 million. This forecast represents a potential year-over-year increase of 69% to 80%. The company's strategic focus includes expansion into new regulated markets, further development of AI-driven gaming innovations, and the pursuit of strategic acquisitions to bolster its market share.
Subsidiaries such as RKings Competitions, Classics for a Cause, MexPlay, and Expanse Studios have all shown significant growth, contributing to the company's overall success. Expanse Studios, in particular, expanded its game portfolio to 55 proprietary titles and achieved a 174% revenue growth in 2024. With a solid cash reserve of $30 million and a clear strategic direction, Golden Matrix Group is well-equipped to navigate the challenges and opportunities of the online gaming industry.
