Golden Matrix Group Inc. (NASDAQ: GMGI) announced financial results for the third fiscal quarter ended September 30, 2025, posting record revenue of $47.3 million, a 15% increase year-over-year from $41 million in Q3 2024. The company returned to profitability with GAAP net income of $0.4 million, compared to a net loss of $3.3 million in the same period last year, and tightened its full-year 2025 revenue guidance to a range of $186 million to $187 million, representing 23-24% growth over 2024.
Gross profit improved to $26.4 million, up 18% from $22.4 million in Q3 2024, with gross margin expanding 111 basis points to 56%. Adjusted EBITDA rose 32% to $5.7 million, reflecting disciplined cost management and higher operating efficiency. The company also continued to deleverage, reducing total debt by $25.9 million since December 31, 2024, to $45.1 million, resulting in a net debt leverage ratio of 1.2x annualized Adjusted EBITDA.
Revenue growth was broad-based, with the Meridianbet segment contributing $32.5 million, up 26% year-over-year, driven by a 30% increase in online casino gross gaming revenue to $14.6 million and a 25% rise in sports betting revenue to $13.3 million. RKings delivered record revenue of $7.4 million, up 14%, while Classics for a Cause saw strong sequential growth with registrations up 72% and new VIPs up 82%. GMAG reported stable revenue of $3.5 million, with sales in emerging markets growing over 40%.
Brian Goodman, CEO of Golden Matrix, commented: “This quarter highlights how the strength of our portfolio and disciplined execution continue to translate into profitable growth. We’re seeing steady momentum across key markets - particularly in Latin America - supported by product innovation, operational efficiency, and strong engagement across both B2B and B2C segments.”
Zoran Milosevic, CEO of Meridianbet, added: “A significant portion of this success is driven by Meridianbet’s exceptional performance. This growth is a testament to our innovative platform, integrated gaming ecosystem, strategic expansions, and unwavering commitment to delivering superior user experiences.”
Looking ahead, Golden Matrix expects Q4 2025 revenue between $52.7 million and $53.7 million, an increase of 15-17% year-over-year. The company remains focused on advancing its position in regulated markets and improving operational efficiency. The full earnings presentation and call can be accessed at Golden Matrix IR website.
