Golden Matrix: Q3 revenue rises 15% to $47.3m

Golden Matrix has unveiled its latest financial statistics, highlighting a record Q3 2025 revenue figure of $47.3m, up 15% in comparison to results from the year prior.

Overall, it has been a positive quarter for the operator, which has marked its return to net profitability by posting a $0.4m net profit figure - up from its previous net loss of $3.3m during Q3 2024.

Golden Matrix Q3 highlights

Coming in tandem with Golden Matrix's positive revenue figure was a gross profit sum that amounted to $26.4m during this year's third quarter. Indeed, this figure represents a 56% profit margin and was spurred on by a 14% year-over-year upswing in organic revenue growth for the operator.

Elsewhere, company adjusted EBITDA also rose by 32% year-over-year - one of the sharpest recorded upswings in the report - settling at $5.7m for the quarter and represented by a 12% adjusted EBITDA margin. Golden Matrix has attributed this rise to higher operational efficiency and a more disciplined cost management approach. Total net debt for the operator, however, stood at $45.1m as of the closing date of Q3 on September 30.

Golden Matrix Q3 by segment

Breaking down these latest results, the operator's MeridianBet subsidiary led the way with regard to revenue, which rose by 26% year-over-year to account for $32.5m of the company's overall Q3 figure. Golden Matrix has attributed MeridianBet's quarterly success to both strong retail and online performance, with online casino turnover surging 35% to spur on a subsequent segment GGR of $14.6m, up 30% from last year's third quarter. Sports betting revenue also increased 25% to $13.3m.

RKings also experienced a positive quarter, with revenue up 14% year-over-year to $7.4m following the advancement of its CRM rollout. Additionally, the operator's GMAG subsidiary delivered stable revenue of $3.5m thanks to strong performance in emerging markets - particularly Brazil and Mexico.

FY financial outlook

In the wake of this most recent update, Golden Matrix has sought to reiterate its full year 2025 financial expectations - with the company now stating that revenues are set to reach between $186m-$187m by the end of the year, a figure that would represent 23%-24% growth from 2024.

Speaking on the operator's outlook, Golden Matrix CFO, Rich Christensen, said: "Our record Q3 performance highlights the strength of our business model and the momentum across both B2B and B2C segments. Margin expansion continues to be fueled by disciplined cost management and operational leverage. With a fortified balance sheet, a highly scalable platform and accelerating global reach, we're entering the final quarter with strong visibility and full confidence in our ability to drive sustained, long-term value for shareholders."

CEO's comments

Also commenting on this financial update, Golden Matrix CEO, Brian Goodman, stated: "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. We remain focused on delivering consistent results and long-term shareholder value."