Golden Matrix Group (GMGI) has underscored the “efficient expansion of Meridianbet into new and existing markets’ as its top priority. Positive Q3 results see a return to profitability trading, as the group outlines stronger operational momentum across its operations.

The Global NASDAQ iGaming group reported $47.3m in quarterly revenue, up 15.4% year-on-year, alongside net income of $400,000, returning the business to its profit status.

Gross profit stood at $26m with a 56% margin, while adjusted EBITDA climbed 32% to $5.7m, reflecting improved operating leverage and tighter cost control.

GMGI CEO Brian Goodman described the third quarter as a “clear turning point” for the company’s performance. “We have a business that can scale rapidly, efficiently and with profitability as its primary consideration,” Goodman said.

 “This quarter shows that our disciplined execution and investment in technology is beginning to pay off. We are now at a point of sustainable growth driven by Meridianbet and our diverse portfolio.”

GMGI has restructured its internal finance operations, filing its quarterly 10-Q ahead of peers and with significantly reduced length — a change management said demonstrates a “more disciplined, data-driven” organisation. Within Meridianbet, the group continues to refine its Atlas AI-powered betting platform, adding dynamic customer engagement tools to enhance retention and user experience.

Meridianbet remains the core growth driver for the group, with significant gains recorded across regulated markets — particularly Brazil, where GMGI has launched both betting and casino offerings built on a fully localised technology stack.

New registrations in the segment were up 70% year-on-year, first depositors increased 87%, and monthly active users grew 21%. Segment revenue rose 26% to $32m, fuelled by double-digit growth across both sports betting and online casino operations.

Goodman highlighted Brazil as the company’s most promising opportunity: “We have taken a long-term approach to Brazil, investing early and ensuring our platform and player experience are localised to the market. As the regulatory framework evolves, we are well positioned to be among the leading compliant operators in the region.”

Management anticipates continued momentum into Q4, traditionally the company’s strongest trading period  while maintaining guidance for mid-teens group revenue growth through FY2026, supported by further operating leverage as Brazil transitions from investment to contribution.

Group diversifies beyond Meridianbet

GMGI  is also seeing renewed strength across its newer business divisions. Its raffle operations, RKings and Classics for a Cause, achieved a record October following a Q2 slowdown, expanding into lifestyle-themed prize categories including travel, premium spirits and golf. 

Meanwhile, Expanse Studios, the group’s B2B gaming arm, posted triple-digit annual growth and continues to widen its reach through new distribution partnerships and expected North American regulatory approvals. In Mexico, Mexplay remains a high-margin brand delivering stable cash flow across the company’s Latin American operations.

Looking ahead, GMGI will continue to invest in proprietary technology and expand into regulated jurisdictions where opportunities arise. Goodman concluded: “Our strategy is disciplined and focused. We’ll only pursue partnerships or acquisitions that clearly create value, and we’ll continue to drive efficiencies and profitability in all the markets where we operate.”