Golden Matrix posts preliminary results, expects $34m in revenue

Golden Matrix Group Inc. (GMGI), the leading licensor and developer of gaming platforms, systems and content, released its preliminary results outlining the performance of the company for the fiscal year that ended October 31, 2022. Although those are preliminary results, the company unveiled it expects to see strong revenue for the fiscal year.

In total, the company predicts $34 million in revenue for the fiscal year ended October 31, 2022. A comparison to the corresponding period in 2021 shows that this result marks an increase of more than 200%. This is because revenue for the twelve-month period that ended October 31, 2021, was $11.3 million.

Upon releasing its preliminary fiscal 2022 results, Golden Matrix explained that it acquired an 80% interest in the competition provider RKings Competitions at the beginning of the latest period. The company pointed out that the acquired interest did not impact the prior fiscal period but contributed toward the fiscal 2022 results.

Brian Goodman, Golden Matrix's CEO, commented in a statement released on November 17, 2022. He pointed out: "the Company's traditional business-to-business (B2B) gaming segment showed a 30% improvement in revenue growth for the twelve months ended October 31, 2022, compared to 2021, and it currently services over 600 Online Casino Brands with more than 6.8 million registered users across all GM-X platforms."

"The revenues referenced in this press release include the 20% minority interest in RKings," explained Golden Matrix.

According to Golden Matrix's latest announcement, additional details for its performance for the fiscal year ended October 31, 2022, will be submitted within its annual report on Form 10-K. The company revealed it expects to submit the report before January 15 next year with the Securities and Exchange Commission.

The latest announcement comes after only recently, Golden Matrix obtained 100% interest in RKings Competitions earlier this month. As noted, initially, the company acquired 80% interest. Then, earlier this month, it acquired the remaining 20% interest in RKings Competitions. The two former owners received a total of 165,444 restricted shares of GMGI common stock for the exchange.

At the time of the announcement, Goodman said: "we are pleased to now have this exciting and successful B2C business as a wholly-owned entity; it is highly scalable and expected to grow quickly in multiple regulated jurisdictions."

As a part of its preliminary results, Golden Matrix released details regarding RKings' performance. The company revealed for the fiscal year, RKings awarded more than $14.5 million in prizes that included cars, jewelry and other expensive items.

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