Golden Matrix Group, Inc. - $GMGI STOCK NEWS

Golden Matrix Group Inc. (GMGI) announces stockholder approval for the acquisition of MeridianBet Group. The acquisition aims to expand operations and global footprint. The completion is subject to funding and closing conditions, expected in April 2024.

Golden Matrix Group Inc. (GMGI) reported record quarterly revenues of $11.84 million, a 10% increase from the previous year. The company achieved a net income of $74,505 compared to a loss of $(443,521) in the same quarter last year. Adjusted EBITDA for Q1 '24 was $1.19 million. Golden Matrix Group Inc. has cash-on-hand of $17.29 million, current assets of $24.19 million, and total assets of $37.1 million as of January 31, 2024. The company's shareholders' equity increased to $32.15 million. The B2B gaming platforms have 808 unique casino operations, and the B2C segment has over 338,000 registered users on its tournament platform. The company is set to acquire MeridianBet Group, with a Special Meeting of Shareholders scheduled for approval on March 19, 2024.

Golden Matrix Group Inc. (GMGI) CEO Brian Goodman will participate in an exclusive Q&A session hosted by JRC Stock Talk to discuss key topics such as the company's growth trajectory, RKings Competitions, MEXPLAY, GM-X Platform Debut, and the pending MeridianBet Acquisition.

Golden Matrix Group Inc. (GMGI) will hold a Special Meeting of Shareholders on March 19, 2024, to vote on the proposed acquisition of the MeridianBet Group. The meeting will be held virtually, and eligible shareholders will receive a control number to join the meeting. Shareholders are encouraged to vote and submit proxies early.

Golden Matrix Group Inc. (GMGI) reported record revenues of $44.2 million for fiscal year 2023, marking a 23% increase from the previous year. The company also disclosed a net loss of $1.17 million, with adjusted EBITDA of $2.4 million. GMGI's cash and cash equivalents stood at $17.1 million, while total assets were $35.6 million. The current liabilities were $4.48 million, with no long-term liabilities. The company's shareholders' equity increased to $31.1 million in 2023. GMGI's B2B and B2C segments contributed $15.63 million and $28.54 million, respectively, to the revenue. The acquisition of the MeridianBet Group is expected to close in the first quarter of 2024, with revenue contributions from B2B and B2C segments. The net loss was attributed to various expenses, including stock-based compensation, income tax, and operation costs. CEO Brian Goodman highlighted the company's revenue growth, strengthening of B2C online casino operation in Mexico, and the ongoing resilience and competitiveness of the company's portfolio and IP. The acquisition of the MeridianBet Group is anticipated to enhance GMGI's global footprint, increase revenues, and profitability, with potential product offerings in multiple regions worldwide.

Golden Matrix Group Inc. (GMGI) achieved record revenues of over $44 million for the fiscal year ended October 31, 2023, marking a 22% improvement from the previous fiscal year. The company also reported record revenues of $11.7 million in the fourth fiscal quarter. GMGI CEO, Brian Goodman, highlighted the consistent progress made, strong core B2B platform, and accelerated growth in the B2C segment. The company also generated positive cash flow, with a 14% increase in cash-on-hand compared to the previous fiscal year. Furthermore, GMGI has filed a preliminary proxy statement related to the planned acquisition of the MeridianBet Group, aiming to be a competitive participant in gaming markets worldwide.

Golden Matrix Group provides corporate update on its pending acquisition of MeridianBet Group, allowing for the use of up to $20 million of cash-on-hand to pay a portion of the $30 million cash payable at closing. Combined company projected to have approximately $132 million in revenues and $27 million in Adjusted EBITDA for fiscal year 2023. Acquisition expected to drive long-term value and benefit from economies of scale.

Golden Matrix Group Inc. reports Q3 revenues of $11.3 million, a 24% increase YoY. Q3 net loss of $(965,628), impacted by legal expenses and start-up costs for Mexplay. Cash flow from operations remains positive for the 7th consecutive quarter. CEO optimistic about pending acquisition of MeridianBet Group.

Golden Matrix Group Inc. (NASDAQ:GMGI) Achieves Record Third Quarter Revenues Exceeding $11 Million, with Significant Contributions from RKings Tournament Competitions