Golden Matrix Group (GMGI) investor relations material

Executive summary

• Q2 2025 revenue grew 10% year-over-year to $43.2M, with gross profit of $24.4M and margin expansion to 56%.

• Net loss was $3.6M or $0.03 per share, driven by higher operating costs and $1.5M in interest expense from debt prepayment.

• MeridianBet acquisition completed, resulting in a reverse merger and expanded operations in over 15 jurisdictions.

• Raffle ticket business, especially RKings, achieved record daily sales and strong July/August performance.

• Operational momentum included a 30% increase in wager volume and 124% growth in new registrations at Meridianbet.

Financial highlights

• Gross profit reached $24.4M with a gross margin of 56%, up from 55% last year.

• Adjusted EBITDA declined 37% year-over-year to $3.4M, with margin down to 8%.

• Cash and cash equivalents at quarter end were $22.1M; net debt leverage ratio improved to 1.5x.

• Net loss of $3.6M for Q2 2025, compared to a profit in the prior year.

• Working capital deficit of $24.6M as of June 30, 2025, mainly due to current debt and acquisition payables.

Outlook and guidance

• Full-year 2025 revenue guidance set at $185M–$188M, representing 22%–24% growth over 2024.

• July revenue in Europe rebounded, up 25% sequentially and year-over-year in constant currency.

• Management expects continued revenue growth through product expansion and new market entries.

• Cash on hand of $22.1M is considered sufficient for at least 12 months of operations, but additional funding may be needed for debt and acquisition obligations.

• Up to $18.76M in additional equity may be raised under the existing at-the-market program.