B2B igaming technology provider EveryMatrix announces strong results for Q3 of 2022.
EveryMatrix’s Q3 update shows financial performance ahead of expectations and gross profit growth across all business segments (casino, sports, and platform) against the same period in 2021, a strong quarter in sales, two global operator launches and a strong cash balance.
FINANCIAL PERFORMANCE AHEAD OF EXPECTATION
Gross profit (gross revenue less direct costs to game suppliers) increased by 33% year-on-year in Q3 2022 to €16.8m with a four-year CAGR of 35%. EveryMatrix is now lapping the full Germany effect and the strong comparable figures reflect the core business’ continuous growth.
EBITDA increased to €6.4 million as the company continues to reinvest positive cash flow into future growth. Key investments remain US expansion and the games segment of the business.
The EBITDA/gross profit margin was 38%, growing after successful cost control and profit growth.
RECORD GROSS PROFIT IN CASINO
The casino unit enjoys the best gross profit in a quarter (€7.7m), with 31% year-on-year growth.
During Q3, EveryMatrix was awarded the public tender for “Online Casino Games as a Service” to provide the Finnish state-owned gaming and lottery monopoly Veikkaus with a vast library of casino content, including the SlotMatrix exclusive content.
Ebbe Groes, group CEO of EveryMatrix, said: “I am pleased to see a fantastic third quarter, with global sales performance and very good financial results. Even more important, we won two new Tier-1 clients in the quarter, Veikkaus in Finland and Bet-at-home in Germany and international markets.
“EveryMatrix launched with BetMGM in the US and Morocco’s state-owned lottery MDJS. The group’s record gross profit across all business segments clearly underlines our strong market position.”
KEY MILESTONES IN Q3
- Record traffic from clients on all products, surpassing a total of €100m GGR in September.
- Live in 18 regulated markets on its own RGS, with the addition of Argentina.
- The first US client, BetMGM, went live with SlotMatrix, the group’s casino content aggregator.
- Two Tier-1 client wins: Bet-at-home turnkey deal and Veikkaus public tender for “Online Casino Games as a Service”.
- Landmark launch with Morocco state lottery, MDJS.
- Launch of our first-ever crypto casino project.
- 14 new casino deals signed and 22 new client launches.
- 11 new sports client wins and 18 new affiliate platform deals signed.
- Secured market entry in Ontario.
In Q1 2022, the company initiated a determined welfare support programme for its Ukrainian staff. During Q2 and Q3 2022, the company offered continuous support to Ukrainian staff relocating abroad and large donations to supporting causes. At the period end, operations remain unaffected, and staff are now largely returning to Ukraine.