Record revenues for Golden Matrix

Golden Matrix has reported record revenues of US$44.2m in its financial results for the fiscal year ending October 31, 2023.

This is an increase of 23 per cent, or $36m, on the previous month, and includes record revenues of $11.8m in the fourth fiscal quarter of 2023.

This gave the company a net loss of $1.17m with Adjusted EBITDA of $2.4m in fiscal 2023, which the company said was “due primarily to general and administrative non-cash expenses of $2.45m for stock-based compensation, an increase in income tax expenses of $264,257, an increase in Mexplay operation costs of $497,278, an increase in consulting fees of $296,771, and a decrease in foreign exchange gain of $269,196.”

As of October 31, 2023, the company has cash and cash equivalents of $17.1m and total assets of $35.6m, current liabilities of $4.48m and no long-term liabilities.

“Year after year, we continue to achieve significant improvements in revenue,” said Golden Matrix CEO Brian Goodman. “This solid momentum has delivered four consecutive years of revenue growth and shareholders’ equity increases.

“GMGI’s success in the past financial year was driven by our diversified portfolio, spanning B2B and B2C, in some of the fast-growing online gaming markets around the world.

“Additionally, we further strengthened our Mexplay B2C online casino operation in Mexico.”