In This Story
Golden Matrix Group Inc. (GMGI-5.56%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the acquisition of MeridianBet Group, completed on April 9, 2024, which expanded Golden Matrix's operations to include online sports betting, online casinos, and gaming operations in over 15 jurisdictions.
Revenue for the year increased by 63% to $151,115,532, primarily due to the acquisition of Golden Matrix and the inclusion of prize competitions and trade promotions.
Cost of goods sold rose by 153% to $62,543,407, reflecting the additional costs associated with the expanded operations.
The company reported a gross profit of $88,572,125, marking a 30% increase from the previous year.
General and administrative expenses increased by 58% to $85,828,421, attributed to higher salaries, professional fees, and marketing expenses following the acquisition.
Net income attributable to Golden Matrix Group Inc. decreased by 111% to a net loss of $1,480,249, impacted by increased expenses and foreign exchange losses.
Cash on hand as of December 31, 2024, was $30,125,944, with a working capital deficit of $18,484,062.
The company anticipates the need for additional funding to meet its obligations, including amounts due under the MeridianBet Group acquisition agreement.
Golden Matrix Group Inc. continues to focus on expanding its global reach and enhancing its technology platform to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Golden Matrix Group Inc. annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.