Tinygemsbreaks Golden Matrix Group Inc. (NASDAQ: GMGI) Announces 'Exceptional Results' In Q2 2024

(MENAFN- Investor Brand Network) Golden Matrix Group (NASDAQ: GMGI) , a developer and licensor of online gaming platforms, systems, and gaming content, today announced its financial results for the second quarter of 2024 (“Q2 2024”) ended June 30, 2024, and the first half of the year (year to date). According to the announcement, the results demonstrated robust growth and continued operational success. Key numbers included a 75% increase in Q2 2024 consolidated revenue to $39.4 million, compared to Q2 2023, and a 41% growth in YTD revenue to $64.3 million, compared to the first half of 2023.

In addition, Q2 2024 consolidated gross profits grew by 31% to $21.7 million, while YTD gross profits increased by 17% to $39.4 million, each compared to the same periods in 2023. The company also reported Q2 2024 net income of $15,000 and Q2 2024 adjusted EBITDA of $5 million. Additionally, cash on hand as of July 31 stood at over $40 million, a 96% increase over December 31, 2031, cash on hand of $20.4 million.“Our second quarter delivered exceptional results, driven by operational success across all business units. We have maintained high performance through product diversity and cross-platform initiatives,” said Brian Goodman, CEO of Golden Matrix Group.

To view the full press release, visit

About Golden Matrix Group Inc.

Golden Matrix Group , based in Las Vegas, Nevada, is an established business-to-business (“B2B”) and business-to-consumer (“B2C”) gaming technology company operating across multiple international markets. The B2B division of Golden Matrix develops and licenses proprietary gaming platforms for its extensive list of clients and RKings, its B2C division, operates a high-volume eCommerce site enabling end users to enter paid-for competitions on its proprietary platform in authorized markets. Besides Meridianbet and Expanse Studios, the company also owns and operates MEXPLAY, a regulated online casino in Mexico. The company's sophisticated software automatically declines any gaming or redemption requests from within the United States, in strict compliance with current U.S. law.

NOTE TO INVESTORS: The latest news and updates relating to GMGI are available in the company's newsroom at

About TinyGems

TinyGems
is a specialized communications platform with a focus on innovative small-cap and mid-cap companies with bright futures and huge potential. It is one of 60+ brands within
the
Dynamic Brand Portfolio
@
IBN
that delivers :
(1) access to a vast network of wire solutions via
InvestorWire
to efficiently and effectively reach a myriad of target markets, demographics and diverse industries ;
(2) article and
editorial syndication to 5,000+ outlets ;
(3) enhanced
press release enhancement
to ensure maximum impact ;
(4)
social media distribution
via IBN to millions of social media followers ;
and (5) a full array of tailored
corporate communications solutions . With broad reach and a seasoned team of contributing journalists and writers, TinyGems is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today's market, TinyGems brings its clients unparalleled recognition and brand awareness. TinyGems is where breaking news, insightful content and actionable information converge.

To receive SMS alerts from TinyGems, text“Gems” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit

Please see full terms of use and disclaimers on the TinyGems website applicable to all content provided by TinyGems, wherever published or re-published:
/Disclaimer

TinyGems
Los Angeles, CA

310.299.1717 Office
...

TinyGems is powered by
IBN

MENAFN13082024000224011066ID1108550354