Golden Matrix Group, Inc. (GMGI) | Investment Case

1. Company Snapshot

1.a. Company Description

Golden Matrix Group, Inc.provides enterprise software-as-a-service solutions for online casino and sports betting operators.The company develops and owns online gaming intellectual property; and builds gaming platforms for customers located primarily in the Asia Pacific region and Europe.

Its platform facilitates gaming customers in operating online casinos, sportsbooks, lottery, and live games; and provides customers with access to a portfolio of licensed gaming content, which are provided by gaming content providers.The company also provides services and resells third party gaming content to licensed online gaming distributors.Its platform is accessed through desktop and mobile applications.

The company was formerly known as Source Gold Corp.and changed its name to Golden Matrix Group, Inc.in April 2016.

Golden Matrix Group, Inc.was incorporated in 2008 and is based in Las Vegas, Nevada.

Show Full description

1.b. Last Insights on GMGI

Golden Matrix Group's recent performance was driven by a series of positive developments. The company's Q1 2025 earnings were likely boosted by the strong revenue growth reported by Meridianbet, its sports betting and iGaming division, which exceeded $9 million in January 2025, marking a 24% year-over-year increase. Additionally, Meridianbet's expansion into new markets, including Nigeria, is expected to contribute to the company's growth. The launch of "Watch & Bet," a new in-play feature, is also expected to drive user monetization and core revenue growth. Furthermore, Expanse Studios, the company's iGaming division, has secured Brazilian iGaming certification and entered a strategic distribution partnership with BetConstruct, a leading iGaming aggregator and technology provider.

1.c. Company Highlights

Last Price	0.8
Change Percentage	-2.76%
Open	0.82
Previous Close	0.82
Market Cap ( Millions)	112
Volume	58842
Year High	2.6
Year Low	0.72
M A 50	0.97
M A 200	1.51

FCF Yield	4.89%
Dividend Yield	0.00%
ROE	-8.72%
Debt / Equity	24.08%
Net Debt / EBIDTA	55.03%
Price To Book	0.91
Price Earnings Ratio	-11.75
Price To FCF	20.46
Price To sales	0.65
EV / EBITDA	9.29

2. Transcript Summary

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3. NewsRoom

Expanse Studios Partners with Vegas.hr to Deploy Game Portfolio in Croatian Market

Dec -04

Source: globenewswire.com

Expanse Studios Secures Swedish B2B Gaming License

Dec -02

Source: globenewswire.com

Meridianbet Reports on Workforce Development and Community Programs in Operating Markets

Dec -02

Source: globenewswire.com

Expanse Studios Secures Romanian Class 2 B2B Gaming License

Dec -01

Source: globenewswire.com

Meridianbet Launches "Missions" Gamification Platform to Maximize Player Lifetime Value Across Worldwide Markets

Nov -30

Source: globenewswire.com

Expanse Studios Signs Content Distribution Deal with MerkurXtip to Accelerate European B2B Growth

Nov -29

Source: globenewswire.com

Expanse Studios Signs Strategic Game Distribution Agreement with Admiral Bet

Nov -28

Source: globenewswire.com

Meridianbet Founder and Golden Matrix's Largest Shareholder Aleksandar Milovanovic Completes $8 Million Cash-to-Equity Conversion Under Post-Closing Agreement with Company

Nov -28

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.30%)

6. Segments

Business-to-Consumer

Expected Growth: 12.3%

Growing demand for online gaming and sports betting, increasing adoption of digital platforms, and rising disposable income are driving the growth of Golden Matrix Group's Business-to-Consumer segment.

Business-to-Business

Expected Growth: 12.3%

The growth of Golden Matrix Group's B2B segment is driven by the increasing demand for online gaming content, the need for gaming operators to diversify their offerings, and the company's ability to provide a comprehensive library of games, thereby enhancing customer engagement and retention.

7. Detailed Products

GM-X

A state-of-the-art online gaming platform that offers a suite of gaming products and services to operators and players.

GM-BOS

A business operating system that provides a comprehensive suite of tools and services for operators to manage their online gaming business.

GM-Agency

A white-label platform that enables operators to create their own online gaming agency, with features such as customizable branding, player management, and game integration.

GM-Studios

A game development studio that creates innovative and engaging online games for operators and players.

8. Golden Matrix Group, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Golden Matrix Group, Inc. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the evolving nature of the gaming industry.

Bargaining Power Of Customers

Golden Matrix Group, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are designed to be engaging and entertaining, making it difficult for customers to negotiate prices.

Bargaining Power Of Suppliers

Golden Matrix Group, Inc. relies on a few key suppliers for its gaming content and technology. While the company has some bargaining power due to its size, the suppliers also have some leverage due to the specialized nature of their products.

Threat Of New Entrants

The online gaming industry is highly competitive, and new entrants can easily enter the market. Golden Matrix Group, Inc. needs to continuously innovate and improve its products to stay ahead of the competition.

Intensity Of Rivalry

The online gaming industry is highly competitive, with many established players and new entrants vying for market share. Golden Matrix Group, Inc. faces intense competition from other gaming companies, which can lead to pricing pressure and reduced margins.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	0.57%
Debt Cost	15.09%
Equity Weight	99.43%
Equity Cost	15.09%
WACC	15.09%
Leverage	0.58%

11. Quality Control: Golden Matrix Group, Inc. passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

A10 Networks

A-Score: 5.4/10

Value: 2.5

Growth: 6.3

Quality: 7.3

Yield: 2.0

Momentum: 7.5

Volatility: 6.7

1-Year Total Return ->

American Software

A-Score: 4.1/10

Value: 2.6

Growth: 3.0

Quality: 6.1

Yield: 5.0

Momentum: 5.0

Volatility: 2.7

1-Year Total Return ->

PLAYSTUDIOS

A-Score: 3.8/10

Value: 9.6

Growth: 4.2

Quality: 4.6

Yield: 0.0

Momentum: 1.0

Volatility: 3.3

1-Year Total Return ->

SigmaTron International

A-Score: 3.2/10

Value: 9.3

Growth: 2.2

Quality: 2.5

Yield: 0.0

Momentum: 5.0

Volatility: 0.0

1-Year Total Return ->

Golden Matrix Group

A-Score: 3.2/10

Value: 6.6

Growth: 5.9

Quality: 4.3

Yield: 0.0

Momentum: 0.5

Volatility: 1.7

1-Year Total Return ->

Snail

A-Score: 3.1/10

Value: 10.0

Growth: 2.7

Quality: 5.9

Yield: 0.0

Momentum: 0.0

Volatility: 0.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

22.45%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

15.09%

Golden Matrix Group, Inc. - US3810983003

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on GMGI

1.c. Company Highlights

Strong Momentum

More Volatile

Average Quality

Lower Quality

Stable Momentum

Average Yield

Weak Momentum

Revenues Beats

Fairly Valued

Earnings Miss

Revenues Miss

Medium Volatility

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.30%)

6. Segments

Business-to-Consumer

Expected Growth: 12.3%

Business-to-Business

Expected Growth: 12.3%

7. Detailed Products

GM-X

GM-BOS

GM-Agency

GM-Studios

8. Golden Matrix Group, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Golden Matrix Group, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.8$

Current Price

0.8$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA