Golden Matrix reported strong financial results for the three months ending April 30th. Revenue amounted to $8.5 million, a significant increase of 226.9% compared to the same period last year. The revenue growth was primarily driven by the acquisition of an 80% controlling ownership of RKings in November 2021. This segment of the business accounted for 60% of total revenue in Q2. Additionally, there was a 28.0% year-on-year increase in revenue from the traditional B2B segment.
In Q2, Golden Matrix also began trading its common stock on the Nasdaq Capital Market as “GMGI”. The company had plans for this listing since March of the previous year. Despite higher expenses, gross profit increased by 127.3% to $2.5 million, thanks to the substantial rise in revenue. Total operating expenses rose by 80.0% to $1.8 million, resulting in an operating profit of $758,534 for the quarter, a significant 436.2% increase compared to the previous year.
Golden Matrix noted a foreign exchange gain of $114,153, bringing the pre-tax profit to $873,229, which represents a 582.3% year-on-year increase. After taking into account income tax payments and profit attributable to non-controlling interests, the net profit attributable to Golden Matrix was $586,984, up 351.6% from Q2 of 2021.
For the first half of the fiscal year, revenue amounted to $17.4 million, a substantial year-on-year increase of 278.3%. Costs of goods sold rose by 433.3% to $12.8 million, and operating expenses were 70.0% higher at $3.4 million. Nevertheless, the company achieved an operating profit of $1.2 million, up 578.9% compared to the previous year.
Golden Matrix ended the first half with a pre-tax profit of $1.4 million, up 656.2% from the previous year. After income tax payments and profit attributable to non-controlling interests, the net profit for the half was $936,363, an increase of 419.8%. The company is optimistic about the future and plans to explore new opportunities in both the B2B and B2C sectors to further accelerate revenue growth.
