Golden Matrix Group Inc. demonstrated a substantial financial turnaround in its third quarter results, returning to profitability while achieving record revenue growth. The online gaming technology company 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 broad-based growth across both business-to-business and business-to-consumer divisions.
Gross profit reached $26.4 million, an 18% year-over-year increase, while adjusted EBITDA grew 32% to $5.7 million. Most notably, Golden Matrix reported net income of $0.4 million, marking a substantial improvement from the $3.3 million net loss recorded in the third quarter of 2024. Financial discipline has been a key focus for the company, with total debt declining by $25.9 million since December 31, 2024, representing a 37% reduction. This deleveraging effort has strengthened the balance sheet, with net debt leverage standing at 1.2 times annual adjusted EBITDA.
Segment performance showed particular strength in the Meridianbet division, which saw revenue increase 26% year-over-year to $32.5 million. Online casino gross gaming revenue grew 30% to $14.6 million, while sports betting revenue advanced 25% to $13.3 million. The player base expanded significantly, with depositors increasing 25% and new registrations up 70% compared to the prior year period. Other business units also contributed to the strong performance, with RKings delivering record revenue of $7.4 million, representing 14% growth, while advancing its new customer relationship management system rollout.
Classics for a Cause demonstrated strong sequential growth, with registrations increasing 72% and new VIPs up 82%. The division's August Holden Torana campaign broke company records, generating $776,000 in sales from 10,000 packages and 1,700 new customers. Looking ahead, Golden Matrix has 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. Additional financial details and presentations are available at https://goldenmatrix.com/events-presentations/.
CEO Brian Goodman commented that the quarter highlights how the strength of the company's portfolio and disciplined execution continue to translate into profitable growth. The company noted steady momentum across key markets, particularly in Latin America, supported by product innovation and operational efficiency improvements. The company ended the quarter with $22 million in cash and $45.1 million in total debt, positioning it for continued growth and strategic opportunities in the evolving online gaming market.
