Golden Matrix Group Reports Record Q2 2025 Results, Expands in Brazil, and Strengthens Balance Sheet

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Golden Matrix Group Inc. (NASDAQ: GMGI), a developer and operator of global online gaming platforms, today reported record second quarter revenue, continued international expansion, and major progress in strengthening its capital structure.

Q2 2025 Highlights

• Revenue: $43.2 million, up 9.6% year-over-year, including a 4.5% lift from FX trends
• Gross Profit: $24.4 million (+12.4% YoY), with gross margin expanding to 56.4%
• Adjusted EBITDA: $3.4 million, reflecting ongoing investment in product and market growth

“We achieved our strongest Q2 to date, both in top-line performance and in strategic execution across key markets,” said Brian Goodman, CEO of Golden Matrix. “Despite some short-term fluctuations, we remain focused on long-term value creation through technology, product, and global reach.”

Balance Sheet Momentum

• Cash on hand at quarter-end was $22.1 million, even after paying down $9.6 million in convertible debt
• Net debt leverage improved to 1.5x, marking a 24% reduction vs Q1
• Shareholder equity increased 36% quarter-over-quarter, supported by a strategic debt-to-equity conversion.

Meridianbet Drives International Growth

Zoran Milosevic, CEO of Meridianbet, added: “Q2 confirmed the strength of our online-first strategy and emerging market expertise. From Brazil to the Balkans, we’re building momentum.”

• Meridianbet Q2 Revenue: $29.2M (+16% YoY)
• Online revenue: +20% YoY
• Brazil: Fully operational with license secured through 2029
• Casino turnover: $434M (+30% YoY), with GGR up 29%
• Turnover per player: +50% quarter-over-quarter
• User growth – Active users: +15%; Registrations: +124%; First deposits: +165% QoQ; Sports revenue per player: +28%

Expanse Studios

• Launched hit title Gates of Olympia
• Secured 13 new U.S. social casino partnerships
• Passed the 1,000 B2B client milestone
• Obtained new certifications in Brazil, Peru, Romania, and Croatia

Full-Year 2025 Outlook

Golden Matrix reaffirmed its full-year 2025 revenue guidance of $185M–$188M, reflecting 22–24% YoY growth.

“We’ve built a scalable engine,” said CFO Rich Christensen. “With a leaner balance sheet, solid cash reserves, and rising engagement across all platforms, we’re ready for the next stage.”