Golden Matrix (NASDAQ: GMGI), a developer, licensor and global operator of online gaming and eCommerce platforms, systems and gaming content, is reporting on its second quarter, the period ended April 30, 2023. Highlights of the report include increased revenues of $10.3 million, up 21% over the $8.5 million reported in the same quarter last year; net income loss of $(534,000) compared to $586,984 in the same quarter a year ago; and adjusted EBITDA for the quarter of $452,000. The report noted cash and cash equivalents of $15.7 million, current assets of $21.8 million, and total assets of $34.8 million with total liabilities coming in at $3.95 million and working capital of $17.8 million. Notable corporate highlights from the report include the fact that Golden Matrix’s B2C segment, RKings Competitions, reached more than 300,000 registered users on its tournament platform. In addition, the company launched MEXPLAY, its B2C regulated casino in Mexico. “We are pleased with the revenue contributions from our B2B and B2C segments in Q2, which is traditionally our slowest quarter, and particularly in light of certain technology issues that occurred at RKings,” said Golden Matrix CEO Brian Goodman in the press release.
“Unfortunately, there had been some system failures when extreme numbers of customers purchased tickets for several high-ticket prize competitions, and this impacted both revenues and profitability at RKings. Working with Amazon AWS, the technology has now been upgraded to increase the performance and speed of RKings’ servers and accommodate heightened levels of participation by our players. Having that resolved, we remain confident in RKings’ continued success in Great Britain and look forward to introducing its scalable platform to additional geographic markets. . . . This is a very exciting time in the history of our company. We enter the second half of this year with a strong balance sheet and two well-established verticals, as well as a growing casino business in Mexico. And, with the successful acquisition of the MeridianBet Group, the combined enterprise will be generating multiple streams of gaming revenue while providing players worldwide with the most popular best-in-class products, including casino games and sports betting.”
To view the full press release, visit https://ibn.fm/psU2Z
About Golden Matrix Group Inc.
Golden Matrix Group, based in Las Vegas, Nevada, is an established B2B and B2C gaming technology company operating across multiple international markets. The B2B division of Golden Matrix develops and licenses proprietary gaming platforms for its extensive list of clients, and RKings, its B2C division, operates a high-volume ecommerce site enabling end users to enter paid-for competitions on its proprietary platform in authorized markets. The company also owns and operates MEXPLAY, a regulated online casino in Mexico. The company’s sophisticated software automatically declines any gaming or redemption requests from within the United States, in strict compliance with current U.S. law. For more information about the company, visit www.GoldenMatrix.com
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