Golden Matrix Group has had a strong performance in its third-quarter results, with a reported $41 million in consolidated revenue, reflecting an impressive 85 percent year-over-year growth. This brings the total year-to-date revenue for fiscal year 2024 to $105.3 million. CEO Brian Goodman highlighted the company’s ability to achieve sustainable, long-term growth, attributing the success to strategic initiatives and the strength of its team.
Alongside the revenue growth, the company saw a 39 percent increase in gross profits, reaching $22.4 million, and shareholder equity grew by 60 percent. The quarter ended with a solid cash position of $38.4 million, far exceeding the company’s short-term debt of $17.5 million. Goodman emphasised that this financial strength gives Golden Matrix Group the flexibility to allocate capital effectively and continue delivering value to shareholders. The company’s financial position also contributes to its insider ownership, which stands at over 85 percent.
Looking ahead, the company is focused on obtaining a gaming licence in Brazil, which is expected to be confirmed by the end of 2024. Goodman views this as a transformative opportunity, anticipating it will allow Golden Matrix Group to establish a significant presence in one of the world’s fastest-growing gaming markets.
Golden Matrix Group’s strong financial performance and strategic initiatives position the company well for continued growth, with the Brazilian licence serving as a potential key driver of future success.
Golden Matrix Group, Inc. (Nasdaq:GMGI) positions itself as a leader in the iGaming technology space, offering casino, sportsbook, and competition products and combining cutting-edge solutions with a strong portfolio of partnerships to drive growth and innovation in the digital gaming market.
