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Online gaming platform Golden Matrix Group has published its financial performance after acquiring Meridianbet.
The company’s pro forma financial statements were filed with the US Securities and Exchange Commission (SEC).
According to the statements, Golden Matrix’s pro forma combined financial results for the fiscal 2023 showed total revenue of $137.17m, with a gross margin of 56.95%.
The pro forma combined quarterly results for Q1 2024 stood at $36.69m, with a gross margin of 57.41% and a combined net income of $2.06m.
Meanwhile, Meridianbet’s 2023 results showed sales growth of 24.1%, reaching $92.99m, with a gross margin of 73.39%, as well as a cash flow from operating activities to net income ratio of 170%.
The first quarterly results for Meridianbet in 2024 brought a sales growth of 8.33%, reaching $24.85m, together with a gross margin of 71.19% and net income of $3.95m.
Retrospectively, Merdianbet’s financial results remained strong throughout 2023 ahead of the cash and stock acquisition by Nasdaq-listed Golden Matrix Group last April. Prior to closing the deal, Meridianbet saw 25% revenue growth for 2023, surpassing the 24% growth the previous year.
As per Golden Matrix, the combined entity demonstrated total pro forma sales for Q1 2024 of $137m with a gross margin of 57%, which serves as evidence for the successful integration of Meridianbet as a subsidiary.
