Golden Matrix Group Inc. (NASDAQ: GMGI), a developer and operator of global online gaming platforms, today reported record second quarter revenue, continued international expansion, and major progress in strengthening its capital structure.

Q2 2025 Highlights

• Revenue: $43.2 million, up 9.6% year-over-year, including a 4.5% lift from FX trends
• Gross Profit: $24.4 million (+12.4% YoY), with gross margin expanding to 56.4%
• Adjusted EBITDA: $3.4 million, reflecting ongoing investment in product and market growth

“We achieved our strongest Q2 to date, both in top-line performance and in strategic execution across key markets,” said Brian Goodman, CEO of Golden Matrix. “Despite some short-term fluctuations, we remain focused on long-term value creation through technology, product, and global reach.”

Balance Sheet Momentum

• Cash on hand at quarter-end was $22.1 million, even after paying down $9.6 million in convertible debt
• Net debt leverage improved to 1.5x, marking a 24% reduction vs Q1
• Shareholder equity increased 36% quarter-over-quarter, supported by a strategic debt-to-equity conversion.

Meridianbet Drives International Growth

Zoran Milosevic, CEO of Meridianbet, added: “Q2 confirmed the strength of our online-first strategy and emerging market expertise. From Brazil to the Balkans, we’re building momentum.”

• Meridianbet Q2 Revenue: $29.2M (+16% YoY)
• Online revenue: +20% YoY
• Brazil: Fully operational with license secured through 2029
• Casino turnover: $434M (+30% YoY), with GGR up 29%
• Turnover per player: +50% quarter-over-quarter
• User growth – Active users: +15%; Registrations: +124%; First deposits: +165% QoQ; Sports revenue per player: +28%

Expanse Studios

• Launched hit title Gates of Olympia
• Secured 13 new U.S. social casino partnerships
• Passed the 1,000 B2B client milestone
• Obtained new certifications in Brazil, Peru, Romania, and Croatia

Full-Year 2025 Outlook

Golden Matrix reaffirmed its full-year 2025 revenue guidance of $185M–$188M, reflecting 22–24% YoY growth.

“We’ve built a scalable engine,” said CFO Rich Christensen. “With a leaner balance sheet, solid cash reserves, and rising engagement across all platforms, we’re ready for the next stage.”

Boomerang Partners, an affiliate iGaming & Betting Marketing Agency, announces the launch of a new seasonal league for affiliate teams from around the world, the Golden Boomerang League. Set to kick off in September 2025, this unique event offers an unparalleled platform for both current and new Boomerang’s affiliate partners to showcase their expertise and rise to the top.

What is the Golden Boomerang League

The Golden Boomerang League is a unique seasonal tournament, open to all registered Boomerang’s affiliate partners, regardless of experience. Participants will be assigned special tasks and will have the opportunity to increase their traffic, revenue, and expertise through tournament support and increased visibility. Successful completion of tasks will bring affiliates closer to the prizes, the main of which will be automatic access to the third season of the Golden Boomerang Awards (GBA) in 2026. The Golden Boomerang League, therefore, is where legends are made.

The Golden Boomerang Awards: The pinnacle of motivation

The Golden Boomerang Awards is a prestigious annual tournament for affiliate teams from Boomerang Partners. Not everyone is allowed to participate. If you win the Golden Boomerang League, you will be among the favorites without a nomination or without making it into the top 30.

The best participants of GBA 2026 will be recognized at the industry level and will be invited to attend the exclusive awards ceremony, held at a top location. This is your chance to join the circle of legends, engage in elite networking, and be part of the most vibrant show in the industry. Recall that the Golden Boomerang Awards 2025 ceremony was held at the legendary San Siro Stadium in Milan with the participation of AC Milan Legend Andrea Pirlo.

Stay tuned

The Golden Boomerang League is your opportunity to prove yourself, gain recognition, and join the ranks of affiliate legends. More details will be coming soon — keep an eye on the Boomerang website and social media channels: LinkedIn, Instagram, Telegram.

About Boomerang

Boomerang Partners is a rapidly growing global brand offering a wide range of services. Boomerang is the Official Regional Partner of AC Milan. In 2024, it launched the inaugural Golden Boomerang Awards — a global tournament for affiliate teams. More than 400 affiliate teams participated in the second season of the tournament in 2025. Boomerang launched six new products in 2024, contributing to a nearly 1.5-fold increase in product users.

Boomerang’s portfolio contains 17+ brands offering affiliate and entertainment services across 40+ markets in compliance with local regulations. These products provide personalized bonuses and 24/7 multilingual support.