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Golden Matrix Group Inc. (NASDAQ: GMGI) Grows Quarterly Net Income by Over 359% Yoy, Sees Margins Widen by Nearly 43%

  • Golden Matrix Group recently reported its 15th consecutive quarter of profitability
  • GMGI’s second quarter revenues rose 221% YoY with net income expanding by upwards of 359% YoY
  • GMGI attributed the rise in revenues to the added contribution from UK-based competition company, RKingsCompetitions Ltd, which Golden Matrix acquired in November 2021
  • Management expressed their continued optimism on GMGI’s future prospects, with the company’s B2B and B2C verticals both showing robust growth 

Fifteen consecutive quarters of profitability is a remarkable feat; even Amazon, the world’s largest e-commerce operator, reported a net loss over the past three months. Moreover, Golden Matrix Group (NASDAQ: GMGI), a developer and licensor of online gaming platforms, systems, and gaming content, achieved the feat in impressive fashion. The company recently reported financial results for its second fiscal quarter, with quarterly revenues rising by 221% year-over-year to $8,482,743. Meanwhile, Q2 net income rose to $586,984, a significantly increase relative to the $127,986 recorded in the equivalent period a year ago (https://nnw.fm/NIFnf).

Golden Matrix Group attributed part of the significant increase in year-over-year revenues to the 28% increase in GMGI’s B2B segment’s top-line, in addition to strong revenue contributions from RKings. Golden Matrix Group acquired an 80 percent controlling stake in UK-based RKingsCompetitions Ltd in November 2021, with the company contributing 60 percent of GMGI’s total revenues in the quarter. 

Notably, GMGI also recorded a significant boost to their net income margin, with the latter figure expanding from 4.85 percent in Q2 last fiscal year to 6.92 percent in the most recent quarter. Perhaps more impressively, the company’s net margin widened despite a significant rise in GMGI’s cost base, with general and administrative expenses rising 321 percent year-over-year to $1,380,706 in the most recent quarter. The increase in costs was primarily due to G&A expenses arising from the RKings acquisition, which included payroll costs as well as bank charges for transaction fees. 

“We are pleased with the financial results of our second quarter as a company with both B2B and B2C verticals,” said Golden Matrix CEO Brian Goodman. “During the quarter we implemented upgraded technology and stronger accounting controls to improve cash flow and profitability at RKings. With the Tournament Platform’s added features and functionality, we expect steady increases in both the monthly number of skill tournaments and participants; and, because this robust platform gives RKings’ tournament players immediate access to a growing number of exciting prize competitions, we expect this third quarter and future quarters to generate increasing revenues and profits. 

GMGI has recently targeted its efforts on growing out both, their B2B and B2C verticals in recent months. On the B2B side, the company recently announced the launch of their revamped GM-X turnkey solution, a complete software package designed to support online gaming businesses. Benefitting from their partnership with upwards of 25 providers, GMGI have established a robust portfolio of over 10,000 games ranging from online slots, casino table games, live operator games, and more, which are then licensed to gaming platform operators seeking to operate a proven set-up. 

Golden Matrix Group have also simultaneously sought to grow out their B2C segment, most recently through the acquisition of RKingsCompetitions Ltd. In addition to contributing approximately $5.1 million of the group’s total revenues for the quarter, RKings’s unique competitions have also resulted in GMGI acquiring over forty five thousand new players a quarter at relatively low cost – a crucial factor towards growing out their addressable consumer universe going forward.

For more information, visit the company’s website at www.GoldenMatrix.com

NOTE TO INVESTORS: The latest news and updates relating to GMGI are available in the company’s newsroom at https://nnw.fm/GMGI

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