Revenue growth reached 17.3% in 2026Q1, yet operating leverage remains constrained by high SG&A expenses, which peaked at $121.9M in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Oct'23 | Oct'22 | Dec'21 | Jan'21 | Oct'19 | Jul'18 | Jul'17 | Jul'16 | Jul'15 | Jul'14 | Jul'13 | Jul'12 | Jul'11 | Jul'10 | Jul'09 | Jul'08 |
|---|
| Sales/Revenue | 190.24M | 182.86M | 151.12M | 44.17M | 36.03M | 60.37M | 5.22M | 2.88M | 915.8K | 120K | 20K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 12.58% | 21.01% | 242.09% | 22.59% | -40.31% | 1055.79% | 81.22% | 214.72% | 663.17% | 500% | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 82.84M | 79.41M | 62.54M | 34.31M | 26.87M | 14.62M | 2M | 22K | 72K | 50K | 0 | 0 | 0 | 0 | 3.32K | 83.74K | 252.09K | 20.4K | 0 |
| COGS % of Revenue | - | 43.42% | 41.39% | 77.66% | 74.57% | 24.21% | 38.29% | 0.76% | 7.86% | 41.67% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 107.4M | 103.46M | 88.57M | 9.87M | 9.16M | 45.75M | 3.22M | 2.86M | 843.8K | 70K | 20K | 0 | 0 | 0 | -3.32K | -83.74K | -252.09K | -20.4K | 0 |
| Gross Margin % | 56.46% | 56.58% | 58.61% | 22.34% | 25.43% | 75.79% | 61.71% | 99.24% | 92.14% | 58.33% | 100% | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 16.81% | 797.49% | 7.71% | -79.97% | 1319.5% | 12.68% | 238.97% | 1105.43% | 250% | - | - | - | 100% | 96.04% | 66.78% | -1135.63% | - | - |
| Operating Expenses | 200.31M | 199.63M | 85.83M | 10.4M | 8.97M | 31.45M | 2.82M | 581.62K | 462.83K | 320.44K | 5.22M | 2.04M | 518.38K | 163.41K | 218.49K | 4.22M | 5.21M | 82.4K | 10K |
| OpEx % of Revenue | - | 109.17% | 56.8% | 23.53% | 24.89% | 52.1% | 54.06% | 20.18% | 50.54% | 267.03% | 26081.79% | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 200.31M | 199.63M | 78.1M | 10.4M | 8.95M | 20.29M | 2.78M | 581.62K | 462.83K | 320.44K | 492.11K | 2.04M | 517.51K | 159.1K | 185.87K | 4.2M | 5.21M | 82.02K | 10K |
| SG&A % of Revenue | - | 109.17% | 51.68% | 23.53% | 24.83% | 33.62% | 53.15% | 20.18% | 50.54% | 267.03% | 2460.53% | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 23.09K | 0 | 47.56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | 0.06% | - | 0.91% | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 7.73M | 0 | 0 | 11.16M | 0 | 0 | 0 | 0 | 4.72M | 0 | 865 | 4.3K | 32.62K | 22.62K | 0 | 382 | 0 |
| Operating Income | -92.91M | -96.17M | 2.74M | -526.25K | 192.49K | 14.3M | 399.32K | 1.81M | -990.95K | -250.44K | -5.2M | -2.04M | -518.38K | -163.41K | -266.12K | -4.3M | -5.46M | -102.8K | -10K |
| Operating Margin % | -48.84% | -52.59% | 1.82% | -1.19% | 0.53% | 23.69% | 7.65% | 62.88% | -108.21% | -208.7% | -25981.79% | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -3605.08% | 621.37% | -373.39% | -98.65% | 3480.63% | -77.97% | 282.89% | -295.69% | 95.18% | -154.73% | -293.52% | -217.24% | 38.6% | 93.82% | 21.22% | -5215.57% | -928.04% | - |
| EBITDA | -82M | -96.17M | 13.53M | -44.93K | 609.12K | 18.16M | 400.94K | 2.02M | -883.65K | 2.21M | -521.64K | -1.82M | -517.51K | -162.42K | -266K | -6.3M | -5.47M | -102.8K | -10K |
| EBITDA Margin % | -43.1% | -52.59% | 8.96% | -0.1% | 1.69% | 30.09% | 7.68% | 70.06% | -96.49% | 1845.61% | -2608.22% | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -973.55% | -810.58% | 30219.5% | -107.38% | -96.65% | 4430.21% | -80.14% | 328.5% | -139.9% | 524.57% | 71.31% | -251.32% | -218.63% | 38.94% | 95.78% | -15.32% | -5218.3% | -928.04% | - |
| D&A (Non-Cash Add-back) | 10.91M | 0 | 10.79M | 481.31K | 416.63K | 3.86M | 1.61K | 206.84K | 107.3K | 2.47M | 4.67M | 221.81K | 865 | 984 | 124 | -2M | -2.8K | 0 | 0 |
| EBIT | -633.77K | 0 | 4.73M | -477.04K | 192.49K | 14.3M | 399.32K | 0 | -990.95K | 0 | -5.2M | 0 | -518.38K | -163.41K | 0 | 0 | -5.46M | 0 | 0 |
| Net Interest Income | -1.91M | 0 | -3.3M | 44.6K | 0 | -51.16K | -10.24K | -37.23K | -162.04K | -413.65K | -4.55M | -803.15K | -596.83K | -156.91K | -32.16K | 0 | 0 | 0 | 0 |
| Interest Income | 137.4K | 0 | 218.15K | 57K | 9.19K | 0 | 1.61K | 8.12K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 512.91M | -4.58M | 3.52M | 12.4K | 9.19K | 51.16K | 11.85K | 45.35K | 162.04K | 413.65K | 4.55M | 803.15K | 596.83K | 156.91K | 32.16K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -823.9K | -1.02M | -1.54M | 36.8K | 270.58K | -135.95K | 9K | -471.46K | -1.54M | 2.47M | -258.09K | 221.81K | -265.29K | -151.66K | 32.53K | -2M | -2.8K | 0 | 0 |
| Pretax Income | -93.73M | -97.19M | 1.21M | -489.44K | 463.08K | 14.16M | 398.08K | 1.77M | -1.32M | 1.8M | -10.01M | -2.62M | -1.38M | -471.97K | -298.29K | -6.3M | -5.47M | -102.8K | -10K |
| Pretax Margin % | -49.27% | -53.15% | 0.8% | -1.11% | 1.29% | 23.46% | 7.62% | 61.41% | -143.96% | 1500.9% | -50031.22% | - | - | - | - | - | - | - | - |
| Income Tax | -4.17M | -5.21M | 2.62M | 683.31K | 419.05K | 1.21M | 10.24K | 42.42K | 1.7M | -2.47M | 4.81M | -221.81K | 862.11K | 308.57K | 298.29K | 6.3M | 5.47M | 102.8K | 0 |
| Effective Tax Rate % | 4.45% | 5.36% | 216.66% | -139.61% | 90.49% | 8.58% | 2.57% | 2.4% | -128.9% | -136.87% | -48.07% | 8.46% | -62.45% | -65.38% | -100% | -100% | -100% | -100% | 0% |
| Net Income | -89.58M | -91.98M | -1.48M | -1.17M | 44.03K | 12.87M | 398.08K | 1.77M | -1.32M | 1.8M | -10.01M | -2.62M | -1.38M | -471.97K | -298.29K | -6.3M | -5.47M | -102.8K | -10K |
| Net Margin % | -47.09% | -50.3% | -0.98% | -2.65% | 0.12% | 21.32% | 7.62% | 61.41% | -143.96% | 1500.9% | -50031.22% | - | - | - | - | - | - | - | - |
| Net Income Growth % | -1470.91% | -6113.96% | -26.22% | -2763.65% | -99.66% | 3132.95% | -77.51% | 234.25% | -173.2% | 118% | -281.73% | -89.88% | -192.49% | -58.23% | 95.27% | -15.32% | -5218.3% | -928.04% | - |
| Net Income (Continuing) | -89.56M | -91.98M | -1.41M | -1.17M | 44.03K | 12.95M | - | - | - | - | - | - | - | - | - | - | - | - | -10K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.7M | 1.79M | 3.88M | 0 | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -7.01 | -7.76 | -0.16 | -0.40 | -0.11 | 0.32 | 0.15 | 0.83 | -2.05 | 1.80 | -81134.92 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -0.00 |
| EPS Growth % | -1274.62% | -4874.36% | 60.73% | -271.91% | -133.21% | 112.66% | -81.74% | 140.35% | -214% | 100% | 99.99% | 92% | 0% | 0% | 92.31% | -8.33% | -4799928.09% | - | - |
| EPS (Basic) | - | -7.76 | -0.16 | -0.40 | -0.11 | 0.43 | 0.15 | 0.83 | -2.05 | 72.00 | -81134.92 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -0.00 |
| Diluted Shares Outstanding | 12.79M | 11.59M | 9.46M | 2.95M | 2.34M | 2.69M | 2.63M | 2.32M | 644.14K | 1M | 123 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Basic Shares Outstanding | 12.64M | 11.59M | 9.46M | 2.95M | 2.34M | 1.99M | 2.63M | 1.58M | 644.14K | 27.68K | 123 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | - | - | - | - | - | 90.12% | - | - | - | - | - | - | - | - | - | - | - | - | - |
Integration and regulatory volatility
According to recent financial disclosures, GMGI achieved a 17.3% year-over-year revenue growth in 2026Q1, signaling that the company's transition toward a hybrid B2B and B2C model is successfully driving top-line expansion despite the inherent complexities of integrating the large-scale MeridianBet assets into its existing platform infrastructure.
The revenue trajectory appears to have shifted from a low-growth B2B software provider to a more dynamic entity with broader market reach. Investors should monitor whether this growth remains sustainable as the company moves deeper into competitive B2C sports betting markets where customer acquisition costs are significantly higher.
As reported in quarterly filings, GMGI has maintained a relatively consistent gross margin profile, hovering around 56% in recent periods, which suggests that the company's core B2B aggregation business continues to provide a stable foundation despite the operational volatility introduced by its recent expansion into B2C wagering.
The stability in gross margins indicates that the company has successfully managed its content licensing costs, even as the revenue mix shifts. However, the gap between these healthy gross margins and the company's bottom-line performance warrants further investigation into the scalability of its current operating model.
Based on the provided income statement data, GMGI's operating leverage appears constrained, as evidenced by the 2025Q4 period where SG&A expenses surged to $121.9M, resulting in a significant operating loss that highlights the heavy overhead burden currently associated with the company's aggressive M&A-led growth strategy.
The inability to consistently scale operating income alongside gross profit suggests that the company is currently in a high-investment phase. Analysts should look for signs of SG&A rationalization in future quarters to determine if the current cost structure is a temporary integration hurdle or a permanent drag on profitability.
Financial statements indicate that GMGI's net income has experienced extreme fluctuations, including a $88.7M loss in 2025Q4, which appears largely driven by non-recurring integration costs and acquisition-related expenses rather than a fundamental deterioration in the underlying unit economics of the core gaming platform business.
The erratic nature of the bottom line makes it difficult to assess the true earnings power of the firm at this stage. Investors should focus on adjusted metrics that strip out these one-time charges to better understand the company's normalized profitability potential.
Data from the last ten quarters suggests that GMGI's transition to a hybrid operator may be fraught with execution risks, as the company has struggled to maintain consistent positive operating margins, raising concerns about whether the B2C segment can eventually achieve the scale necessary to offset its high costs.
Short-term observers may point to the recurring operating losses as evidence that the MeridianBet acquisition has created a bloated cost structure. The company must demonstrate a clear path to operating leverage to convince the market that its current strategy is value-accretive rather than merely revenue-additive.
Quick answers to the most common questions about buying GMGI stock.
For fiscal year 2025, Golden Matrix Group, Inc. (GMGI) reported total revenue of $182.9M.
Golden Matrix Group, Inc. (GMGI) reported a net loss of $92.0M for the fiscal year ending 2025.
Golden Matrix Group, Inc. (GMGI) reported an operating income of $-96.2M, resulting in an operating profit margin of -52.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Golden Matrix Group, Inc. (GMGI) generated $103.5M in gross profit for the year, representing a gross profit margin of 56.6%. This demonstrates the company's core pricing power and production efficiency.