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Thursday, September 28, 2023

What Caused The Golden Matrix (GMGI) Stock Jump After-Hours?

The gaming technology company Golden Matrix Group Inc. (NASD: GMGI) has seen an increase in its stock price in after-hours trading. The latest update shows a 5.31% rise, with shares being traded at $3.77. This positive development comes on the back of the company announcing impressive financial results for the full year 2022, with a more than 200% growth in revenue. This news has been well received by investors, resulting in a boost in the stock price.

How strong remained GMGI’s financials?

Golden Matrix (GMGI) reported substantial growth in its revenues over the course of a full year, with a 219% increase from the previous 12-month period. This was due to the company’s revenues rising from $11.3 million to $36 million. The company’s financial performance was further highlighted by its strong adjusted EBITDA of over $3.5 million for the year ended October 31, 2022. Additionally, the company had a healthy cash position, with cash and cash equivalents of $14.9 million and total assets of $32.5 million as of October 31, 2022. These financial metrics indicate that the company is performing well and is in a good position for future growth.

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Elray Resources and Golden Matrix have formed a partnership through which Elray will exclusively offer all gaming content from Golden Matrix to its clients. The B2B online crypto casino systems and technology from Elray, trading as Elray Gaming, will be integrated with Golden Matrix’s content for crypto casino operators. The global crypto-gambling industry is forecast to grow to $93 billion by 2024 due to the alignment of online entertainment and virtual currency.

How the collaboration will help GMGI excel?

The collaboration between Golden Matrix (GMGI) and Elray Gaming is expected to be mutually beneficial as Elray Gaming has proprietary blockchain technology and Golden Matrix has gaming content. The partnership will allow gaming operators to utilize both Elray’s technology and GMGI’s content.

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