EveryMatrix cites that it has achieved its ‘highest growth in company history’ as all business segments deliver on record financial performance and profitability.
Publishing its Q1 trading report, the B2B igaming technology group achieved a net revenue of €23.5m, representing a 69% 2022 comparatives and a subsequent 21% Quarter-on-Quarter increase – to mark EveryMatrix’s sixth consecutive quarter of headline revenue growth.
Robust revenue results led to record profits generated as EveryMatrix Q1 EBITDA saw a 119% YoY increase, reaching €10.5m compared to €4.8m in Q1 2022. – financial results reflecting a three-year CAGR of 39% and an EBITDA/Net Revenue margin uplift to 45%, fueled by substantial growth and effective cost management.
Ebbe Groes, Group CEO of EveryMatrix, said: “Records keep on being broken, and that is all down to our people. I’m very proud of all our business units and their teams who are relentlessly driving quarter-on-quarter growth for the business and for our partners across all areas.”
EveryMatrix set a record quarterly Gross Gaming Revenue (GGR) performance for operator partners within its casino business unit, generating €374m, up 77% YoY compared to the same period in 2022.
The sports business unit continued to make impressive progress, recording €991m in turnover, a more than 210% YoY increase. This strong growth is set to stay with two of the company’s largest deals signed in 2022 with bet-at-home and The Hungarian Lottery, Szerencsejáték, expected to be reflected in the last two remaining quarters of the year.
Technical highlights saw EveryMatrix deliver on several large-scale projects, including a successful platform migration and a new look sportsbook for bet-at-home, and the launch of the Hungarian lottery’s new digital sports offering later this year.
The company’s casino segment recorded its fifth quarterly record net revenue in a row (€10.8m), up 84% YoY compared to Q1 2022, with EBITDA margin rising to 52%.
The sports segment’s net revenue was up 29% to €5.9m compared with the same period last year, with the team migrating and relaunching bet-at-home.com on the EveryMatrix front-end sportsbook platform.
“This year is all about delivering and going above and beyond for our global customers. We have several large-scale projects underway including a successful platform migration and new look sportsbook for bet-at-home, with Germany to come shortly, and the launch of the Hungarian lottery’s new digital sports offering later this year.” Groes explained.
The platform segment reported a net revenue increase of 97% compared to the same period last year, with a record EBITDA contribution of €3.4m, supporting both casino and sports business units.
In North America, EveryMatrix continues to diversify its market make-up in which the tech group has received licence approval in the US states of Connecticut, the fifth North American licence after Michigan, West Virginia, New Jersey, alongside Ontario, Canada.
Further commercial highlights saw EveryMatrix agree on a content deal with US brand betParx, one of the largest mobile brands in the country’s northeast, and received MGA (Malta) and Greece licence approval for new jackpot gamification product JackpotEngine.
Confident of matching all FY2023 objectives, Groes concluded, “I’m more excited than ever for the future growth of EveryMatrix, with new omnichannel agreements being signed and new, innovative gamification features set to create even more value for our operator partners.”