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GMGI

Golden Matrix Group, Inc.

GMGI

Golden Matrix Group, Inc. • NASDAQ
$0.73 ▼ -3.81% (-0.03)
Market Cap $102.41 M
52w High $2.60
52w Low $0.72
Dividend Yield 0%
P/E -18.17
Volume 77.18K
Outstanding Shares 140.86M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $43.245M ▲ $26.682M ▲ $-3.584M ▼ -8.288% ▼ $-0.026 ▼ $2.05M ▼
Q1-2025 $42.723M ▼ $24.302M ▼ $-231.608K ▲ -0.542% ▲ $-0.002 ▲ $4.466M ▲
Q4-2024 $45.857M ▲ $26.891M ▲ $-2.13M ▲ -4.646% ▲ $-0.017 ▲ $3.862M ▲
Q3-2024 $40.992M ▲ $23.38M ▲ $-3.406M ▼ -8.308% ▼ $-0.028 ▼ $2.466M ▲
Q2-2024 $39.415M $21.56M $64.925K 0.165% $0.001 $573.079K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $22.481M ▼ $210.275M ▼ $85.292M ▼ $121.279M ▲
Q1-2025 $29.662M ▼ $213.954M ▲ $101.576M ▼ $108.527M ▲
Q4-2024 $30.456M ▼ $213.718M ▲ $104.767M ▼ $105.073M ▲
Q3-2024 $38.405M ▲ $213.492M ▲ $114.904M ▲ $94.254M ▲
Q2-2024 $32.83M $191.538M $101.146M $89.531M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-3.732M ▼ $2.378M ▼ $-6.563M ▼ $-9.301M ▼ $-7.526M ▼ $-3.727M ▼
Q1-2025 $-258.217K ▲ $7.74M ▼ $-5.341M ▲ $-5M ▲ $-464.018K ▲ $4.293M ▼
Q4-2024 $-2.079M ▲ $16.599M ▲ $-15.728M ▼ $-5.004M ▼ $-8.279M ▼ $8.185M ▲
Q3-2024 $-3.296M ▼ $4.764M ▲ $-10.52M ▼ $9.55M ▼ $38.405M ▲ $-3.265M ▼
Q2-2024 $64.925K $1.277M $-5.593M $11.583M $0 $514.95K

Five-Year Company Overview

Income Statement

Income Statement Revenue has scaled up meaningfully in the most recent year after several years of more modest activity, which suggests the business is gaining commercial traction. Gross profit has improved with it, showing that the core products and services carry reasonable economics. However, operating profit and net income are still hovering around break-even, and recent earnings per share have slipped slightly into the red after earlier small profits. That points to a company in investment and integration mode: growing the top line, but still absorbing costs from expansion, acquisitions, and product development, with thin margins and some earnings volatility.

Balance Sheet

Balance Sheet The balance sheet has expanded in size, reflecting the company’s growth and acquisitions. Cash levels have improved compared with earlier years but remain limited relative to the overall business, so there is not an excess liquidity cushion. Debt has appeared where there previously was almost none, though it still looks manageable beside the company’s equity base. Overall, the balance sheet shows a small but growing platform with some leverage now in the mix and a need to keep watching liquidity and funding flexibility as the company scales.

Cash Flow

Cash Flow Operating cash flow has recently turned meaningfully positive, which is a constructive sign that the business model can generate real cash and not just accounting profits. Free cash flow is roughly around break-even, as investment spending on technology and platforms has risen alongside that operating cash generation. This pattern is typical of a company prioritizing growth: cash coming in from operations is largely being recycled back into the business. The key questions going forward will be whether these investments lead to stronger, more consistent cash flows and how tightly management controls spending during that transition.

Competitive Edge

Competitive Edge Golden Matrix sits in a crowded and fast-moving iGaming and digital entertainment space, but it has carved out a differentiated position. Its in-house platforms, especially the aggregator solution that connects operators to a large library of games, give it control over technology and product direction rather than relying heavily on third parties. The business model is diversified across business-to-business software, business-to-consumer betting and gaming, and niche competition and raffle brands in multiple regions. The Meridianbet acquisition and other deals have broadened its geographic reach across Europe, Latin America, and other markets, spreading regulatory and market risk. At the same time, the company still competes against much larger, well-funded operators, faces ongoing regulatory uncertainty by market, and must execute integration and scaling very well to sustain its position.

Innovation and R&D

Innovation and R&D Innovation is one of the company’s main strengths. It develops its own platforms and games, which allows rapid feature changes and tailored solutions for different operators and regions. The AI-driven recommendation engine is a good example: it uses player behavior and preferences to personalize game suggestions, which can deepen engagement and improve the economics of customer acquisition and retention. Expanse Studios expands the pipeline of proprietary games, while experiments in sweepstakes, prize competitions, and social casino show a willingness to innovate on business models as well as technology. Much of the “R&D” here is embedded in ongoing platform and content development rather than a standalone lab, but the overall strategy is clearly innovation-led, with a strong focus on data, personalization, and new market formats like U.S. sweepstakes.

Summary

Golden Matrix Group is evolving from a small, niche player into a broader, more complex iGaming platform company. Financially, it has moved from very low revenue to more meaningful sales, with improving gross profit but still very slim and sometimes negative bottom-line results. The balance sheet has grown and now includes some debt, while cash flow from operations has recently turned positive, funding increased investment back into the business. Strategically, the company is leaning on proprietary technology, AI-driven personalization, and a mix of B2B and B2C brands across multiple countries to build a competitive moat. Acquisitions like Meridianbet bring scale and reach but also add integration and execution risk. The main opportunity lies in turning this growing, innovative platform into a consistently profitable and cash-generative operation, while key risks center on intense competition, regulatory complexity, and the challenge of managing growth without overextending financially or operationally.

NEWS

November 29, 2025 · 7:46 AM UTC

Expanse Studios Signs Content Distribution Deal with MerkurXtip to Accelerate European B2B Growth

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November 28, 2025 · 12:55 PM UTC

Expanse Studios Signs Strategic Game Distribution Agreement with Admiral Bet

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November 28, 2025 · 12:30 PM UTC

Meridianbet Founder and Golden Matrix's Largest Shareholder Aleksandar Milovanovic Completes $8 Million Cash-to-Equity Conversion Under Post-Closing Agreement with Company

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October 1, 2025 · 11:11 AM UTC

Expanse Studios to Showcase Flagship iGaming Portfolio at G2E 2025 in Las Vegas

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