Golden Matrix Group Inc. (NASDAQ: GMGI) (“Golden Matrix” or the “Company”), a developer, licensor, and global operator of online gaming platforms, today announced financial and operational results for the first quarter ended March 31, 2025. The quarter reflects the Company’s strong group execution, platform innovation, and continued expansion across regulated gaming markets.

Brian Goodman, CEO of Golden Matrix, commented, “We entered fiscal 2025 with elevated operating efficiency and diversified revenue streams that continue to scale across high-growth markets. Our raffle segment reached all-time highs, our debt profile strengthened meaningfully, and our B2B and B2C businesses are both operating from positions of renewed financial and strategic strength.”

Financial and Strategic Highlights

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• Record Raffle Segment Performance: The Company’s raffle businesses reported all-time highs in revenue, ticket sales, and prize values. User growth surged 146% year-over-year, with 26,000 new registrations in Q1.

• Strategic Balance Sheet Optimization: GMGI eliminated approximately $9.6 million in Lind Global debt and converted over $9.5 million in Meridianbet acquisition-related debt into equity this year, enhancing financial flexibility.

• Revenue Growth: Q1 2025 consolidated revenue was $42.7 million, up 72% year-over-year, partially impacted by a negative 4% FX headwind

• Gross Profit: Gross profit reached $24.2 million, with a consolidated gross margin of approximately 57%. Meridianbet gross margin improved to 72%, while the combined GMAG and Rkings/CFAC segments improved to 29%.

• The Company had a net loss of $300,000 or a 0-cent loss per share. This was a decline of $4.2 million, or 5-cents a share, from the same period last year. The decline was due to an increase in acquisition-related amortization of $1.7 million, interest expense of $1.5 million, and stock-based compensation of $1 million.

• Adjusted EBITDA(1) declined by $0.3 million, or 5%, to $5.6 million, as increased gross profit was offset by an operating spend increase to expand our business geographically, improve our market share, and advance our gaming technology in support of full-year growth initiatives.

• Brazil: Secured a permanent online betting license, unlocking full national access in a projected $5.6 billion gross gaming revenue market for 2025.

• Africa: Launched B2B operations in Nigeria through a fully licensed local entity, entering one of Africa’s most dynamic gaming economies.

• Serbia: Renewed a 10-year online license, preserving regulatory continuity in a mature and profitable core market.

• User Metrics: First-time deposits grew 56%, new registrations rose 22%, and total deposits increased 12% compared to Q1 2024.

• Expanse Studios: Meridianbet’s proprietary game development arm expanded its North American footprint with five new integrations into U.S.-based sweepstakes casinos. The studio also advanced its in-house content roadmap, including an enhanced crash games portfolio and anticipates licensing in Romania for Q2.

Financial Outlook

Golden Matrix expects full-year 2025 revenue to range between $190 million and $195 million, reflecting a growth rate of 26% to 29% over 2024. The Company continues to invest in technology, content, and international licenses to drive long-term shareholder value.

Rich Christensen, CFO of Golden Matrix, added, “We’re executing on disciplined capital allocation and long-term strategic investments. Our improving net leverage, healthy free cash flow, and scalable platform position us to accelerate growth across 2025 and beyond.”

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(1)Adjusted EBITDA is a non-GAAP financial measure. See also “Non-GAAP Financial Measures” and “Reconciliation of Net Income to Adjusted Earnings excluding Interest Expense, Interest Income, Tax, Depreciation Expense, Amortization Expense, Stock-based Compensation Expense and Restructuring Costs”, included in the tables at the end of this release.

In terms of GAAP accounting and Meridianbet being the accounting acquirer, the comparisons presented are correctly stated and are reflective of our new structure. Comparisons presented in terms of GAAP are the consolidated Company’s results against Meridianbet Group historical results and not against Golden Matrix Group’s, historical results.

The full visual presentation and the earnings call can be accessed at 8:00am ET on the Golden Matrix Group IR website at goldenmatrix.com/events-presentations/.

For more information, please visit goldenmatrix.com.

 

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• More than 1% of UK adults have self-excluded from licensed gambling sites
• Gamstop Group has become world-leading technology provider in sector

Gamstop Group’s outgoing Chair Jenny Watson CBE has paid tribute to the organisation’s “remarkable journey” since its inception as an industry scheme seven years ago, helping to safeguard hundreds of thousands of vulnerable consumers.

Writing in Gamstop Group’s annual report for the final time, Jenny Watson, who leaves her post as GAMSTOP’s first independent chair in September 2025, says more than 1% of UK adults have self-excluded from licensed gambling sites and there are no signs that the registration rate is slowing down.

“We have made significant progress in our mission to safeguard people from the harms of gambling addiction, positively impacting hundreds of thousands of lives,” she writes.

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“Our success is measured not only by the numbers but by the stories of transformation and recovery. Over the years we have heard from many consumers who credit GAMSTOP with helping them regain control over their lives. These personal accounts are a powerful reminder of the importance of our work and the profound impact it has on individuals and their families”.

More than 560,000 people have registered with GAMSTOP since 2018, giving them a practical tool to manage their online gambling. The number of registrations has far outstripped original forecasts, which, she says, shows there is a critical need for effective self-exclusion mechanisms.

Jenny Watson, who was recently nominated for a prestigious Non-Executive Director of the Year award in the not-for-profit category, writes: “I am confident the organisation is well-positioned to achieve the important objective of making gambling safer for everyone”.

She has served as Chair since September 2018 and her replacement is currently being recruited and will be in place by the autumn.

The Gamstop Group now runs two self-exclusion schemes, GAMSTOP for online gambling, and MOSES for betting shops, and is the technology provider for GamProtect, the industry led single customer view project which has come out of its pilot phase with seven operators now integrated.

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“We are firmly established as a world-leading technology provider in the gambling harm support sector,” she writes.

In her annual overview, CEO Fiona Palmer predicts that the recently announced changes in the funding mechanism for research, prevention and treatment in the UK will change the landscape for commissioners, national and locally. She says that GAMSTOP heatmap and demographic data can help commissioners navigate new challenges.

“We have made a commitment to them to do this going forward…our priority remains delivering a clear, technically robust exclusion solution to those who need it most,” she adds.

An independent evaluation of GAMSTOP, conducted by Ipsos in 2024, found that 75% of service users no longer gamble online and 78% said GAMSTOP had delivered the results they had hoped for.

The annual report includes case studies of users who credit GAMSTOP with protecting them from gambling harm. Hannah registered for GAMSTOP with her partner after he lost more than £100,000 so that he could not secretly gamble using her details and last year wrote a theatre show ‘Gamble’ detailing her family’s experiences.

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“My partner is no longer ashamed of his experience, we talk about his gambling with friends and family, and he supports the show…(he) is in recovery, we have tools in place, and I control our finances” she says.

BETBY, a leading sportsbook supplier, has reported an exceptional start to the year, posting strong Q1 results marked by significant growth in Gross Gaming Revenue (GGR), active bettors across its partner network, and total bets placed. These results reflect the continued evolution of BETBY’s sportsbook solution, the introduction of innovative new products, and strategic partnerships.

Overall sportsbook Gross Gaming Revenue surged by +179% compared to Q1 2024, fueled by the successful launch of new projects and the outstanding performance of key existing clients.

This impressive growth is the result of strategic initiatives led by BETBY’s commercial team, which have substantially expanded the company’s global footprint. During the same period, the number of active players increased by +20% year-on-year, while the total number of bets placed rose by +65%, further highlighting the platform’s growing traction.

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In addition to core sportsbook growth, BETBY’s proprietary esports feed, BETBY Games, also delivered robust results, registering a 203% GGR increase resulting from a 37% growth in active players and 64% increase in placed bets. This led to BETBY Games’ share of the supplier’s GGR for Q1 2025 standing at 12%.

Leonid Pertsovskiy, Chief Executive Officer at BETBY said: “These results reflect the strength of our long-term investments in product innovation, team excellence, and strategic partnerships. Our Q1 performance showcases the growing trust our clients have in BETBY and our ability to drive their business growth without ever compromising on quality.”