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
Portfolio Pulse from Benzinga Newsdesk
Golden Matrix Group Inc. (NASDAQ:GMGI) reported preliminary revenue estimates showing record revenues of over $44 million for fiscal 2023, a 22% increase from $36 million in fiscal 2022. The company also achieved a record $11.7 million in Q4 revenues. CEO Brian Goodman highlighted the strength of the B2B platform in Asia Pacific, growth in the B2C segment through RKings Competitions Ltd. and MEXPLAY, and a 14% increase in cash-on-hand. Additionally, GMGI filed a preliminary proxy statement for the acquisition of MeridianBet Group with the SEC, anticipating a strategic expansion in gaming markets worldwide. Final financial results are expected to be filed on or before January 29, 2024.
November 21, 2023 | 2:02 pm
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Golden Matrix Group Inc. reported a significant increase in revenues for fiscal 2023, with a 22% improvement from the previous year and a record Q4 revenue. The company's B2B and B2C segments are showing strong performance, and the acquisition of MeridianBet Group is expected to further enhance its market position.
The reported increase in revenue and positive outlook due to the strategic acquisition are likely to be viewed positively by investors, potentially leading to a short-term increase in stock price. The company's strong performance in both B2B and B2C segments, along with the increase in cash-on-hand, further supports a positive impact. However, as the financial results are preliminary and unaudited, there is a degree of uncertainty that tempers the confidence score slightly.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100