Golden Matrix Achieves Record Revenues Exceeding $44M In Fiscal 2023 Up From $36M YoY; Pursuant To Preliminary Revenue Estimates, It Had Achieved Record Revenues Of $11.7M In Q4

Author: Benzinga Newsdesk | November 21, 2023 10:02am

Golden Matrix Group Inc. (NASDAQ:GMGI)("GMGI" or the "Company"), a developer, licensor and global operator of online gaming and eCommerce platforms, systems, and gaming content, today announced that pursuant to preliminary revenue estimates, it achieved record revenues of more than $44 million for the Company's fiscal year ended October 31, 2023, which represents, an approximately 22% improvement on revenues of $36 million in fiscal 2022.

The Company also said that pursuant to preliminary revenue estimates, it had achieved record revenues of $11.7 million in the fourth fiscal quarter.

"We are extremely pleased with the consistent progress made during this past year," said GMGI CEO, Brian Goodman, who continued, "Our core B2B platform for operators throughout the Asia Pacific region remains strong, and we have benefitted from an acceleration of growth, with greater profitability, in the Company's B2C segment, UK-based RKings Competitions Ltd. Also, our B2C Mexican casino, MEXPLAY, was launched and operating in the second half of the year and showed quarter on quarter improvements in customer deposits and player participation."

Mr. Goodman also noted that the Company continues to generate positive cash flow, with preliminary estimates showing cash-on-hand increasing 14% as of the end of fiscal '23, compared to the end of fiscal '22.

The Company also notes that the preliminary proxy statement related to the planned acquisition of the MeridianBet Group has been filed with the Securities and Exchange Commission (SEC). "We look forward to the closing of this strategic acquisition," concluded Mr. Goodman, who continued, "We believe the combined enterprise will be a highly competitive participant in gaming markets worldwide, offering casino games, sports betting and tournament competitions in multiple jurisdictions."

Further information on financial results for the fiscal year ended October 31, 2023, will be available in GMGI's Annual Report on Form 10-K filing, which is expected to be filed with the SEC on or before January 29, 2024.

Preliminary Results of Operations

The preliminary results for the year ended October 31, 2023, described above are an estimate, based on information available to management as of the date of this release, and are subject to further changes upon completion of the Company's standard quarter-end/year-end closing procedures. Such financial results for the year ended October 31, 2023 and related comparisons to prior periods included in this release are preliminary and have not been reviewed or audited. This press release does not present all necessary information for an understanding of the Company's financial condition as of the date of this release, or its results of operations for the year ended October 31, 2023. As the Company completes its quarter-end/year-end financial close process and finalizes its financial statements for the quarter/year, it will be required to make significant judgments in a number of areas. It is possible that the Company may identify items that require it to make adjustments to the preliminary financial information set forth above and those changes could be material. Accordingly, undue reliance should not be placed on this preliminary data. The Company does not intend to update such financial information prior to the release of its final financial statement information for the year ended October 31, 2023, which is currently scheduled to be released prior to January 29, 2024.

Posted In: GMGI