Golden Matrix Group Inc. reported third quarter financial results demonstrating a substantial turnaround as the company returned to profitability while posting record revenue growth and significant debt reduction. The online gaming platform developer and operator reported $47.3 million in revenue for the quarter ended September 30, 2025, representing a 15% increase compared to the same period last year. The company's improved financial performance was driven by growth across both business-to-business and business-to-consumer divisions, with gross profit increasing 18% to $26.4 million.
More significantly, Golden Matrix reported net income of $0.4 million, a substantial improvement from the $3.3 million net loss recorded in the third quarter of 2024. Adjusted EBITDA grew 32% year-over-year to $5.7 million, reflecting improved operational efficiency and cost management. Brian Goodman, CEO of Golden Matrix, commented that the quarter highlights how the strength of the company's portfolio and disciplined execution continue to translate into profitable growth.
The Meridianbet segment, acquired by Golden Matrix in 2024, played a crucial role in the quarter's success, with revenue rising 26% year-over-year to $32.5 million. Online casino gross gaming revenue grew 30% to $14.6 million on 35% higher turnover, while sports betting revenue advanced 25% to $13.3 million. The segment also saw substantial user growth, with depositors increasing 25% and new registrations up 70% compared to the prior year.
Other business units also contributed to the strong performance. RKings delivered record revenue of $7.4 million, up 14% year-over-year, while advancing its new customer relationship management rollout. Classics for a Cause demonstrated strong sequential growth, with registrations increasing 72% and new VIPs up 82%. The August Holden Torana campaign broke company records, generating $776,000 in sales from 10,000 packages and 1,700 new customers.
Perhaps most notably, Golden Matrix made significant progress in strengthening its balance sheet, reducing total debt by $25.9 million since December 31, 2024. This represents a 37% reduction in debt, bringing total debt down to $45 million. The company's net debt leverage ratio improved to 1.2 times annual Adjusted EBITDA, with $22 million in cash on hand as of September 30, 2025. Looking ahead, Golden Matrix tightened its full-year 2025 revenue guidance to between $186 million and $187 million, representing 23-24% growth over 2024. The company expects fourth quarter revenue between $52.7 million and $53.7 million, an increase of 15-17% year-over-year. The full visual presentation and earnings call can be accessed at https://goldenmatrix.com/events-presentations/.
