Golden Matrix (GMGI) - 2025 Q2 - Quarterly Results

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]