Golden Matrix Posts Record $47.3 Million Q3 Revenue up 15% YoY; Returns to Profitability with Net Income of $0.4M and Tightens FY 2025 Revenue Guidance to $186–$187M (+23–24%[...]

Golden Matrix Posts Record $47.3 Million Q3 Revenue up 15% YoY; Returns to Profitability with Net Income of $0.4M and Tightens FY 2025 Revenue Guidance to $186-$187M (+23-24% YoY)

Improving Gross Profit to $26.4M (+18%) and Adjusted EBITDA to $5.7M (+3 2 %) have allowed for further deleveraging this year with debt declining $25.9M (-37%) to $45M.

LAS VEGAS, NV - October 30, 2025 - Golden Matrix Group Inc. (NASDAQ: GMGI) ("Golden Matrix" or the "Company"), a developer, licensor and global operator of online gaming platforms, today announced financial results for the third fiscal quarter ended September 30, 2025.

Financial Highlights

Golden Matrix delivered another quarter of solid performance, underpinned by broad-based revenue growth, margin expansion, and continued operating discipline. Results reflect the scalability of the Company's model and the steady contribution of both B2B and B2C divisions.

Since December 31, 2024, the Company has reduced total debt, including long-term loans and acquisition-related payables, by $25.9 million, improving net debt leverage to 1.2× annual Adjusted EBITDA and further strengthening the balance sheet heading into Q4. Non-cash expenses totaled $16.6 million for the nine months ended September 30, 2025, mainly reflecting amortization and stock-based compensation.

Brian Goodman, CEO of Golden Matrix, commented:

"This quarter highlights how the strength of our portfolio and disciplined execution continue to translate into profitable growth. We're seeing steady momentum across key markets-particularly in Latin America-supported by product innovation, operational efficiency, and strong engagement across both B2B and B2C segments. We remain focused on delivering consistent results and long-term shareholder value."

Zoran Milosevic, Chief Executive Officer of Meridianbet, noted:

"A significant portion of this success is driven by Meridianbet's exceptional performance. This growth is a testament to our innovative platform, integrated gaming ecosystem, strategic expansions, and unwavering commitment to delivering superior user experiences. As we head into the final quarter, I'm confident that Meridianbet's contributions will continue to propel Golden Matrix Group toward our full-year guidance."

Segment Overview

Financial Outlook

Golden Matrix expects full-year 2025 revenue between $186 million and $187 million, representing 23-24% growth over 2024, and Q4 2025 revenue between $52.7 million and $53.7 million, an increase of 15-17% year-over-year. The Company remains focused on advancing its position in regulated markets, improving operational efficiency, and strengthening its foundation for sustained growth into 2026.

Rich Christensen, CFO of Golden Matrix, commented:

"Our record Q3 performance highlights the strength of our business model and the momentum across both B2B and B2C segments. Margin expansion continues to be fueled by disciplined cost management and operational leverage. With a fortified balance sheet, a highly scalable platform, and accelerating global reach, we're entering the final quarter with strong visibility and full confidence in our ability to drive sustained, long-term value for shareholders."

The full visual presentation and the earnings call can be accessed at 9:00am ET on the Golden Matrix Group IR website at https://goldenmatrix.com/events-presentations/.

About Golden Matrix

Golden Matrix Group, based in Las Vegas, NV, is an established B2B and B2C gaming technology company operating across multiple international markets. The B2B division develops and licenses proprietary gaming platforms to an extensive list of clients, while its B2C division operates RKings Competitions, a high-volume eCommerce site enabling end users to enter paid-for competitions on its proprietary platform in authorized markets. The Company also owns and operates MEXPLAY, a regulated online casino in Mexico.

Meridianbet Group, founded in 2001 and acquired by Golden Matrix in 2024, is a leading online sports betting and gaming operator, licensed in multiple jurisdictions across Europe, Africa, and South America.

Non-GAAP Financial Measures

Adjusted EBITDA ("AEBITDA"), Net Debt, Net Debt Leverage Ratio, and Organic Revenue are non-GAAP financial measures presented as supplemental indicators of the Company's performance and capital structure. These measures are not presented in accordance with accounting principles generally accepted in the United States ("GAAP").

Adjusted EBITDA represents net income before interest expense, interest income, income taxes, depreciation and amortization, and further excludes stock-based compensation expense and restructuring costs. We present Adjusted EBITDA because we believe it provides investors with additional useful information regarding our core operating performance and the effects of certain non-cash or non-recurring items during the period.

Net Debt is defined as total debt less cash and cash equivalents. Net Debt Leverage Ratio is defined as Net Debt as of the balance sheet date divided by annualized Adjusted EBITDA for the quarter then ended. We believe these measures provide investors with additional insight into the Company's leverage and liquidity position, illustrating our ability to service and repay debt using operating performance and available cash resources.

Organic Revenue is defined as revenue generated by MeridianBet Group, GMAG, and RKings for fiscal years 2024 and 2025, and by Classics for a Cause ("CFAC") for the periods of August to September 2024 and August to September 2025. We present Organic Revenue to provide investors with a clearer understanding of the Company's underlying performance, excluding the impact of newly acquired businesses outside of comparable reporting periods.

Adjusted EBITDA, Net Debt, Net Debt Leverage Ratio, and Organic Revenue are non-GAAP measures, are unaudited, and have inherent limitations as analytical tools. These measures should not be considered in isolation, or as substitutes for analysis of the Company's results as reported under GAAP. Some of these limitations include: they do not reflect cash expenditures or future capital requirements; they do not reflect working capital requirements or contractual commitments; they do not reflect significant interest expense, principal, or income tax payments; although depreciation and amortization are non-cash charges, the assets being depreciated or amortized may require replacement in the future; and other companies may calculate these measures differently, limiting comparability. The Company's presentation of these measures should not be construed as implying that future results will be unaffected by unusual or non-recurring items.

For additional information regarding these non-GAAP financial measures, please refer to the sections titled "Reconciliation of U.S. GAAP Net Income (Loss) to EBITDA and Adjusted EBITDA (Unaudited)", "Reconciliation of Net Debt and Leverage Calculation (Unaudited)", and "Reconciliation of U.S. GAAP Revenue to Organic Revenue (Unaudited)" included at the end of this release.