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, up 15% year-over-year from $41 million in Q3 2024. The company returned to GAAP profitability with net income of $0.4 million, compared to a net loss of $3.3 million in the same period last year. Adjusted EBITDA rose 32% to $5.7 million, reflecting margin expansion and operational leverage.
The revenue growth was broad-based, driven primarily by the company's B2C division, Meridianbet, which saw revenue increase 26% to $32.5 million. Online casino gross gaming revenue (GGR) grew 30% to $14.6 million on 35% higher turnover of $485 million, while sports betting revenue advanced 25% to $13.3 million. The player base expanded with depositors up 25% year-over-year and new registrations up 70%. RKings delivered record revenue of $7.4 million, up 14%, and is advancing its new CRM rollout to enhance customer engagement. Classics for a Cause posted strong sequential growth, with registrations up 72% and new VIP customers up 82%. GMAG generated stable Q3 revenue of $3.5 million, with sales in emerging regions growing over 40%, led by Brazil and Mexico.
Gross profit reached $26.4 million, representing a 56% margin, up 111 basis points from the prior year, driven by marketing optimization and favorable product mix. The company reduced total debt by $25.9 million since December 31, 2024, including long-term loans and acquisition-related payables, bringing net debt leverage to 1.2 times annualized Adjusted EBITDA. As of September 30, 2025, the company held $22 million in cash and $45.1 million in total debt.
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... As we head into the final quarter, I'm confident that Meridianbet's contributions will continue to propel Golden Matrix Group toward our full-year guidance."
Looking ahead, Golden Matrix tightened its full-year 2025 revenue guidance to a range of $186 million to $187 million, representing 23-24% growth over 2024. The company 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, improving operational efficiency, and strengthening its foundation for sustained growth into 2026. The full earnings presentation and call can be accessed at https://goldenmatrix.com/events-presentations/.
