Golden Matrix Group (GMGI) reports progress on financial and operating objectives as it continues to expand the presence of its flagship Meridianbet brand across Brazil and new markets. 

The Global Nasdaq online gambling group maintains its record revenue momentum, to help ongoing strategic expansion of Meridianbet and the B2B gaming divisions of Expanse and RKings. 

In Q2 2025, GMGI reported revenue of $43.2m, up 9.6% year-on-year, and gross profit of $24.4m, with gross margin expanding to 56.4%. Adjusted EBITDA came in at $3.4m, reflecting ongoing investment in market entry and brand development initiatives.

Despite the strong top-line results, the group posted a net loss of $3.7m for the quarter, largely due to elevated operating costs associated with its Brazil market launch.

Meridianbet is now fully operational in Brazil with a licence secured through 2029, and that early traction is exceeding expectations. Strategic costs tied to local marketing, regulatory compliance, and infrastructure integration were key contributors to the quarterly loss. GMGI also incurred $1.48m in interest expenses, though this was offset by a $9.6m repayment of convertible debt to reduce future dilution risk.

CEO Brian Goodman stated: “Brazil is a priority market for MeridianBet, and Q2 was about setting the foundations for long-term scale. We’re seeing promising early signs, and we remain confident in our roadmap.”

Cumulatively, first-half 2025 revenue reached approximately $88.4m, combining strong Q1 and Q2 performance. Gross profit over the six-month period is estimated at $48.2m, while H1 adjusted EBITDA totaled $7.0m. These results affirm the strength of GMGI’s diversified platform spanning B2B and B2C operations in over 25 regulated markets.

The second half of the year will focus on deepening market penetration in Latin America and accelerating B2B monetisation in Asia and the US, particularly through Expanse Studios, which recorded 652% revenue growth in Q2 and surpassed 1,000 B2B partners.

Holding $22.1m in cash, reduced net debt leverage to 1.5x, and shareholder equity up 36% quarter-on-quarter, GMGI enters H2 with a strong financial position to support further growth.

CFO Rich Christensen concluded: “With a rebalanced capital structure and operational momentum across all verticals, we’re focused on delivering sustainable profitability and market leadership in H2 and beyond.”

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