Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $42.7 million, representing a 72% year-over-year increase, with constant currency growth at 76% [10] - Gross profit reached $24.2 million, reflecting a gross margin of approximately 57%, a decline of 14 percentage points compared to the previous year [11] - Net loss was $300,000 or $0.00 per share, a decline of $4.2 million from the previous year [14] - Adjusted EBITDA declined by $300,000 or 5% to $5.6 million [14] - As of March 31, 2025, cash and cash equivalents stood at $29.7 million, with a net debt leverage ratio under 1.6 turns [15] Business Line Data and Key Metrics Changes - The raffle business achieved record results, including all-time highs in revenue, ticket sales, and prize values, with 26,000 new users added, a 46% increase year-over-year [6] - MeridianBet saw new registrations increase by 22%, first-time deposits surged over 56%, and total deposits rose by 12% [17] Market Data and Key Metrics Changes - MeridianBet secured a permanent online betting license in Brazil, allowing full national coverage in a market projected to generate over $5.6 billion in GGR for 2025 [18] - The company launched B2B operations in Nigeria, tapping into a market with over 60 million bettors [19] Company Strategy and Development Direction - The company is focused on platform innovations and expansion into high-growth regulated markets, emphasizing operational efficiency and geographic diversity [5] - MeridianBet's strategy includes smart growth, operational excellence, and returning value to shareholders [22] - The company aims to enhance growth through disciplined capital allocation and investments [23] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about growth opportunities for the year, projecting full-year revenue between $190 million and $195 million, representing a 26% to 29% growth rate over 2024 [23] - The company is well-positioned for long-term success, emphasizing a commitment to profitable and sustainable growth [24] Other Important Information - The company eliminated approximately $9.6 million in debt and converted over $9.5 million in acquisition-related debt into equity, enhancing financial strength and flexibility [6] - MeridianBet completed five new integrations with a US-based sweepstakes casino, expanding its footprint in the North American market [20] Q&A Session Summary - No specific questions or answers were documented in the provided content, thus this section is not applicable.

Financial Performance - Q1 2025 consolidated revenue was $42.7 million, up 72% year-over-year, despite a negative 4% FX headwind[4] - Gross profit reached $24.2 million, with a consolidated gross margin of approximately 57%[4] - Revenues for the three months ended March 31, 2025, were $42,723,053, a 71.8% increase from $24,850,587 in the same period of 2024[26] - Gross profit for the same period was $24,195,961, compared to $17,691,930, reflecting a significant increase in profitability[26] - Adjusted EBITDA declined by $0.3 million, or 5%, to $5.6 million due to increased operating expenses[4] - Adjusted EBITDA for the three months ended March 31, 2025, was $5,612,300, slightly down from $5,884,405 in the same period of 2024[28] - Comprehensive income attributable to GMGI for the three months ended March 31, 2025, was $1,139,440, down from $2,186,054 in the prior year[27] User Growth - User growth in the raffle segment surged 146% year-over-year, with 26,000 new registrations in Q1[4] - First-time deposits grew 56%, new registrations rose 22%, and total deposits increased 12% compared to Q1 2024[5] Debt and Financial Flexibility - The company eliminated approximately $9.6 million in debt and converted over $9.5 million in acquisition-related debt into equity, enhancing financial flexibility[4] - Total liabilities decreased to $101,576,120 from $104,767,013, showing a reduction in financial obligations[25] - Shareholders' equity increased to $112,377,647 from $108,950,580, indicating a growth in the company's net worth[25] Operating Expenses - Operating expenses rose to $24,301,978 from $13,997,809, indicating a 73.5% increase year-over-year[26] Market Expansion - The company secured a permanent online betting license in Brazil, unlocking access to a projected $5.6 billion gross gaming revenue market for 2025[5] - Meridianbet launched B2B operations in Nigeria, entering one of Africa's most dynamic gaming economies[5] Future Projections - Full-year 2025 revenue is expected to range between $190 million and $195 million, reflecting a growth rate of 26% to 29% over 2024[7] Asset Management - Total assets as of March 31, 2025, were $213,953,767, compared to $213,717,593 at the end of the previous period[25] - The weighted average ordinary shares outstanding increased to 131,728,855 from 83,475,190, reflecting a significant rise in share issuance[27]

Q1, 2025 Earnings Results 8 May 2025 Forward-Looking Statements This document contains forward-looking statements relating to our plans and expectations, all of which are subject to risks and uncertainties. Such statements are based on management's expectations and assumptions as of the date of this release and involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements including: (1) global economic conditions, ...

Acquisition and Expansion - The company acquired 100% of MeridianBet Group on April 1, 2024, accounting for the transaction as a reverse merger [294]. - The company entered into a Share Exchange Agreement to acquire an 80% ownership interest in Classics Holdings Co. Pty Ltd., effective August 1, 2024 [331]. - The company is focused on expanding its deployment of gaming platforms into Europe, the U.S., South America, and Africa [322]. Market and Operations - The company operates in over 15 jurisdictions across Europe, Africa, and Central and South America, employing approximately 1,200 personnel and managing around 700 betting shops [296][297]. - The online betting market is experiencing significant growth, driven by the shift from physical betting shops to online platforms and increased mobile betting adoption [314]. - The sports betting offerings cover over 800 leagues, providing more than 11 million bets on over 20,000 sporting events each month, including in-play betting [301]. Financial Performance - Revenue increased by $17,872,466, or 72%, to $42,723,053 for the three months ended March 31, 2025, compared to $24,850,587 for the same period in 2024 [363]. - The company reported a net loss of $258,217 for the three months ended March 31, 2025, which was offset by increases in accounts payable and accrued liabilities [349]. - Adjusted EBITDA for the three months ended March 31, 2025, was $5,612,300, compared to $5,884,405 for the same period in 2024 [361]. Expenses and Costs - Cost of goods sold (COGS) rose by $11,368,435, or 159%, to $18,527,092 for the three months ended March 31, 2025, from $7,158,657 for the same period in 2024 [364]. - General and administrative expenses increased by $10,304,169, or 74%, to $24,301,978 for the three months ended March 31, 2025, from $13,997,809 for the same period in 2024 [366]. - Marketing expenses for Q1 2025 were $6,045,796, a 98% increase from $3,061,934 in Q1 2024, driven by marketing fees from Golden Matrix and increased budgets across all advertising channels [371]. Assets and Liabilities - The total assets of the company as of March 31, 2025, were $213,953,767, including $71,039,070 in goodwill and $56,465,858 in net intangible assets [343]. - As of March 31, 2025, the company had $29,661,926 in cash on hand and a working capital deficit of $16,077,344, compared to a deficit of $18,484,062 as of December 31, 2024 [335][344]. - The company had a total consideration payable of $70,000,000 to the former owners of MeridianBet Group, with $34,895,460 remaining as of March 31, 2025 [338]. Technology and Innovation - The company has developed 52 slot games in-house, available online where regulatory approval is granted, enhancing its gaming portfolio [304]. - The proprietary sports betting technology is crucial for operations, enabling online and offline betting across various geographies and regulatory demands [318]. - The integration of advanced Machine Learning technologies aims to personalize the betting experience and reduce the need for manual oversight [313]. Responsible Gaming - The company prioritizes responsible gaming by offering tools for deposit limits, time-outs, and self-exclusion options to empower players [323]. Other Financial Metrics - Interest expense surged by $1,466,989 or 33,562% to $1,471,360 in Q1 2025, mainly due to debt discount amortization and accrued interest on bank borrowings [374]. - Foreign exchange gain increased by $420,731 to $433,668 in Q1 2025, driven by favorable EUR/RSD/USD exchange rate fluctuations [376]. - The effective tax rate decreased to (38.4)% in Q1 2025 from 6.7% in Q1 2024, primarily due to changes in earnings and tax expenses mix [378].

Core Insights - Meridianbet, a leading global sports betting and iGaming operator, has highlighted its key ESG milestones for 2024, emphasizing community engagement, technology-driven operations, and resource discipline [1][7]. Group 1: ESG Achievements - The company executed 293 CSR campaigns across 25 markets in 2024, focusing on healthcare, education, and amateur sports, demonstrating its long-term commitment to community presence [7]. - Meridianbet's integration into the Golden Matrix Group (NASDAQ: GMGI) has facilitated disciplined growth, achieving a record organic revenue of $159.7 million (non-GAAP) [7]. Group 2: Technology and Operations - The company has strengthened its technology-driven moat through proprietary platforms and AI-powered product innovation, positioning itself within the global 5% tech ownership club, a rare achievement in the gaming industry [7]. - Meridianbet operates in 18 jurisdictions across Europe, Africa, and South America, utilizing a scalable business model that supports multiple countries and currencies through an omni-channel approach [4].

Core Insights - Meridianbet, a leading global sports betting and iGaming operator, has achieved significant ESG milestones in 2024, focusing on community engagement, technology-driven operations, and resource efficiency [1][2][4] - The company reported $151.1 million in FY24 GAAP revenue and $159.7 million in organic revenue, driven by its core operations [2] ESG Highlights - Meridianbet executed nearly 300 CSR actions across 25 markets, focusing on healthcare, education, sports development, and local institution support [6] - The company maintains a strong governance structure with over 60% of managerial positions held by women, reflecting its commitment to diversity [6] - Meridianbet's public uplisting as part of Golden Matrix Group's NASDAQ structure enhances transparency and investor access [4] Community Engagement - The company has partnered with Crvena Zvezda, integrating its logo with the elite Euroleague basketball club [6] - Initiatives include a global book donation campaign and the "Scan. Help." campaign to fund essential equipment for maternity hospitals [6] - The rollout of the Meridian Donate platform across LATAM and Africa allows users to support verified NGOs directly [6] Operational Efficiency - Energy usage has been reduced through digitalization and infrastructure upgrades [6] - Meridianbet is a member of the "5% Club," developing and maintaining its entire technology stack in-house [6]

Core Insights - Expanse Studios has entered a strategic distribution partnership with BetConstruct, enhancing its market reach and operational efficiency [1][7]. Group 1: Expanse Studios Overview - Expanse Studios is a subsidiary of Golden Matrix Group Inc. (NASDAQ: GMGI) and is recognized as a leading B2B iGaming content provider, specializing in various gaming formats including slots and table games [3]. - The company boasts a portfolio of over 55 proprietary games, catering to regulated markets and social casinos globally [3]. Group 2: BetConstruct Overview - BetConstruct is a prominent technology and service provider in the gaming industry, with over 20 years of experience and a range of innovative products including online sportsbooks and live casinos [8]. - The company holds licenses from reputable authorities such as the UK Gambling Commission and the Malta Gaming Authority, ensuring compliance and security in its operations [8]. Group 3: Partnership Implications - The partnership allows Expanse Studios' games to be accessible through BetConstruct's global B2B aggregation network, significantly expanding its reach to new operators [7]. - This collaboration supports GMGI's strategy to monetize in-house content, enhancing cost efficiency and recurring revenue potential [7].

Core Insights - Meridianbet, a subsidiary of Golden Matrix Group Inc. (NASDAQ: GMGI), has launched a new mobile feature called "Watch & Bet" that allows users to stream live sports in full-screen mode while placing in-play bets simultaneously [1][6] - This feature aims to enhance user engagement by increasing in-play betting volume, extending session duration, and driving higher revenue per active user, thereby supporting growth in turnover, user value, and margin [1][6] Company Overview - Meridianbet was founded in 2001 and is a leading provider of betting and gaming technology, licensed in 18 jurisdictions across Europe, Africa, and South America [4][7] - The company utilizes proprietary technology and scalable systems to support multi-market operations with a strong omnichannel presence, including retail, online desktop, and mobile gaming [4][7] Financial Performance - Golden Matrix Group Inc. reported FY24 GAAP revenue of $151.1 million and organic revenue of $159.7 million (unaudited) [6]

Company Overview - Golden Matrix Group, Inc. (GMGI) is an online gaming company based in Las Vegas, providing a wide range of products and software solutions to industry operators and end users [3] - The company operates in more than 20 regulated jurisdictions globally, including Europe, Africa, Asia Pacific, Central and South America, the U.K., and Australia, offering casino, sportsbook, and competition products [3] Market Position and Growth - GMGI is recognized as a growing player in the global gaming and betting markets, with a strategic focus on expanding its footprint through mergers and acquisitions [5] - The company’s subsidiary, Meridianbet, recently secured a license in Brazil, enhancing its presence in one of the largest regulated gaming markets [5] Strategic Initiatives - GMGI has adopted a strategic M&A model, acquiring companies that were previously strategic partners, which helps in retaining experienced management teams and reducing execution risk [5] - The latest version of GMGI's proprietary B2B iGaming aggregator platform, GM-AG (Atlas), was launched in 2024, providing access to over 10,000 games and incorporating AI capabilities to enhance user engagement [5] Financial Position - As of December 31, 2024, GMGI reported $30.1 million in cash and a net debt to EBITDA leverage ratio of 1.8 times, positioning the company well for future growth investments and acquisition-related considerations [5] Valuation - Based on forward enterprise value (EV)/revenue analysis, the fair value of GMGI shares is estimated at $4.00 [5]

Core Insights - Expanse Studios, a subsidiary of Golden Matrix Group Inc. (NASDAQ: GMGI), has received game certification for its crash game Super Heli in Brazil, marking a significant milestone in its global expansion strategy [1][5][8] - The certification was issued by Gaming Laboratories International (GLI) and ensures compliance with Brazil's federal iGaming technical standards [1][5] - The Brazilian iGaming market is projected to generate US$ 5.6 billion in gross gaming revenue (GGR) in 2025, indicating substantial growth potential for the company [8] Company Overview - Expanse Studios, founded in 2017, specializes in B2B iGaming content, offering a portfolio of over 55 proprietary games including slots, crash games, and table games [6] - Golden Matrix Group (NASDAQ: GMGI) is a developer and licensor of advanced online gaming platforms, operating in regulated markets globally through its B2B and B2C business units [7][9] Product Details - Super Heli is an innovative crash-type iGaming title where players bet on a rising multiplier and attempt to cash out before it crashes [4] - The certification of Super Heli in Brazil opens the door for broader deployment of the company's proprietary content in the region [5]