Golden Matrix Group Inc (GMGI) has reported record annual revenue of $43.5 million, marking a 22.8% increase from the previous year. This growth was attributed to the company’s diversified portfolio, with GMGI’s CEO Brian Goodman expressing optimism for further expansion in 2024.

Despite the positive revenue figures, GMGI also disclosed an increased net loss for the 2023 financial year. The net loss rose to $1.0 million, up from $454,065 in 2022. This was primarily attributed to higher general and administrative non-cash expenses, stock-based compensation, increased tax, and additional spending on Mexplay operations and consulting fees.

Goodman emphasized the significance of the revenue growth and highlighted the company’s success driven by its diverse portfolio, spanning B2B and B2C in various online gaming markets worldwide. He noted that GMGI’s solid momentum has led to four consecutive years of revenue growth and increased shareholders’ equity.

In terms of the B2B and B2C segments, GMGI reported revenue of $15.6 million and $28.5 million, respectively. The company currently works with 785 gaming operators and has over 8.2 million B2B customers. Additionally, GMGI’s B2C brands, RKings and Mexplay, have accrued over 325,000 and 61,000 registered users, respectively.

The company’s cost of goods sold increased by 27.5% to $34.3 million, while total operating expenses surged by 15.6% to $10.4 million. As a result, GMGI reported a pre-tax loss of $489,444, compared to a profit of $463,077 in 2022. After accounting for income tax and foreign currency translation, the comprehensive loss attributable to GMGI stood at $1.0 million.

Despite the financial challenges, Goodman commended the company’s resilience, competitiveness, and portfolio diversification, highlighting the strong fundamentals in the markets in which GMGI operates.

Additionally, GMGI provided an update on its pending acquisition of MeridianBet, expressing hope that the deal will close before the end of Q1. The acquisition, valued at approximately $300.0 million, is expected to significantly advance GMGI’s global footprint and increase its revenues and profitability. It is also anticipated to offer various B2B and B2C product offerings in multiple regions worldwide, positioning the combined company favorably in the online gambling markets in the US and Canada.

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