Here are 1-3 brief analogies to describe Golden Matrix (GMGI):

• Shopify for online casinos and sportsbooks.
• Twilio for the iGaming industry.

• B2B iGaming Platform: Provides a comprehensive software suite and content aggregation services for online casino and sports betting operators.
• B2C Sports Betting & Online Casino Operations: Operates proprietary consumer-facing sports betting and online casino websites, primarily through its MeridianBet Group subsidiary, in regulated markets.
• Affiliate Marketing & Player Acquisition Software: Offers tools and systems to manage affiliate programs and enhance player acquisition and retention strategies for gaming operators.

Golden Matrix (symbol: GMGI) primarily sells its services and products to individuals.

Following its acquisition of MeridianBet Group, the vast majority of Golden Matrix's consolidated revenue is generated directly from consumers engaging with MeridianBet's B2C (Business-to-Consumer) sports betting and online casino platforms, predominantly in Southeast Europe. While Golden Matrix also has a B2B segment providing gaming software to other companies, its B2C operations now constitute the primary source of revenue.

The company serves the following categories of individual customers through its MeridianBet platforms:

• Sports Enthusiasts & Bettors: Individuals, predominantly adults in Southeast Europe, who actively follow various sports (e.g., football, basketball, tennis) and engage in online sports betting for entertainment and potential winnings. They typically seek comprehensive betting markets, competitive odds, and live betting options.
• Online Casino & Gaming Players: Adults in MeridianBet's operational regions who prefer online casino games, including slot machines, table games (e.g., roulette, blackjack), and live dealer experiences. They are looking for diverse game selections, engaging themes, and the convenience of playing from home or on mobile devices.
• General Entertainment Seekers: A broader group of individuals interested in various forms of online gaming and gambling as a leisure activity. They may participate occasionally, drawn by promotions, user-friendly platforms, and the thrill of potential wins across both sports betting and casino offerings.

• Amazon.com, Inc. (AMZN)
• Microsoft Corporation (MSFT)

Anthony Brian Goodman CEO, President, Secretary, Treasurer and Director

Mr. Goodman was appointed CEO in February 2016 and has over 20 years of diverse senior management experience within the iGaming industry. He is also a co-founder of Golden Matrix. His entrepreneurial background includes owning a successful chain of drug stores and launching his first B2C online casino in 2005. He has held CEO and senior management positions in smaller organizations he founded or held equity in, as well as multinational organizations.

Richard B. Christensen CPA Chief Financial Officer

Mr. Christensen was appointed CFO in March 2025 and brings over 25 years of experience in finance. Prior to joining Golden Matrix, he served as Senior Vice President, Chief Accounting Officer, and Treasurer at TrueBlue Inc., where he led global finance functions and implemented cost-saving initiatives. His career also includes leadership roles at Itron Inc., overseeing global finance operations and M&A transactions, and he began his career at Deloitte & Touche LLP. His expertise encompasses corporate finance, capital markets, mergers and acquisitions (M&A), and financial operations.

Weiting Feng Chief Operating Officer

Ms. Feng is a co-founder of GMGI and has more than 10 years of experience in executive roles within the iGaming industry. She holds a Master of Commerce degree. In past management positions, she interpreted, analyzed, and presented financial and operational information to facilitate business decisions, grow companies, and resolve complex problems.

Zoran Milosevic Chief Executive Officer of Meridianbet Group

Mr. Milosevic has served as CEO of Meridianbet since 2008 and has over 20 years of experience in various iGaming managerial roles. He has led the expansion of Meridianbet to operate in 30+ markets. Under his leadership, Meridianbet has expanded its brand portfolio and improved its market share in Europe, Africa, and Latin America.

Henry Zhang Chief Technology Officer

Mr. Zhang has more than 10 years of experience in executive-level technology positions within the iGaming industry. He oversees all aspects of development, integration, and deployment of GMGI's technology systems and plays a key role in evolving GMGI’s technology business. He was instrumental in launching the GM-X system.

The public company Golden Matrix (GMGI) faces several key risks to its business operations and financial performance. Based on available information, the most significant risks include profitability challenges and overall financial health, the dynamic and complex regulatory environment of the gaming industry, and intense competitive pressures.

1. Profitability Challenges and Financial Health
   Golden Matrix has demonstrated challenges with profitability, as indicated by a negative Earnings Per Share (EPS) of -0.05 and a net margin of -3%. The company's gross margin has been in a long-term decline, averaging a -19.6% decrease per year. In Q1 2025, the company reported a net loss of $0.3 million, a significant decrease from a $3.9 million profit in Q1 2024, with adjusted EBITDA also declining by 5% to $5.6 million. Furthermore, Golden Matrix's current ratio is 0.61 and its quick ratio is 0.52, suggesting potential liquidity concerns. An Altman Z-Score of 1.95 places the company in a "grey area," indicating financial stress. The company has experienced accelerating losses over the last five years, growing at an average annual rate of 66.5%, and has seen declining free cash flow since 2022, accompanied by an accumulation of costs, debt, and interest expenses. As of September 30, 2025, Golden Matrix had a working capital deficit of $25.3 million, partly due to future considerations from the Meridianbet acquisition being classified as current liabilities.
2. Regulatory Changes in the Gaming Industry
   The gaming industry is subject to extensive and evolving regulations across various jurisdictions where Golden Matrix operates. Sector-specific risks for the company include potential regulatory changes in the gaming industry. The complexities of navigating different regulatory frameworks across multiple countries represent a continuous challenge for the business. While the regulatory environment has shown shifts towards more favorable conditions in some areas, implying that it can also change in unfavorable ways, Golden Matrix must constantly adapt to new or altered regulations, which can impact its operations and profitability.
3. Intense Competition
   Golden Matrix operates in a highly competitive iGaming landscape. The company faces competitive pressures across its various segments, including sports betting, casino, and competition products. This intense competition makes it challenging for the company to balance growth with sustained profitability. Golden Matrix competes with a variety of companies in the computer software industry, all vying for market share in the global gaming market.

The emergence and growing adoption of blockchain-based gaming (Web3 gaming), including play-to-earn models and NFT integration, which could offer alternative decentralized platforms and economies that bypass traditional online casino and sports betting operators and technology providers.

Golden Matrix Group (GMGI) operates within the iGaming industry, offering casino, sportsbook, and competition products through its proprietary technology platform. The company serves regulated gaming markets across Europe, Latin America, Asia-Pacific, and select U.S. jurisdictions, with a focus on both Business-to-Business (B2B) and Business-to-Consumer (B2C) segments.

The addressable markets for Golden Matrix's main products and services are substantial:

• Global iGaming Market: The global iGaming market was valued at approximately $85.62 billion by the end of 2023 and is projected to reach $97 billion by 2024. Some projections estimate it could soar to $125.6 billion by 2027 and even $583.69 billion by 2030.
• Global Online Gambling Market: The broader global online gambling market, encompassing iGaming, was estimated at $78.66 billion in 2024 and is projected to reach $153.57 billion by 2030, growing at a CAGR of 11.9% from 2025 to 2030. Other estimates place the global online gambling market at $95.5 billion in 2024, expected to reach $257 billion by 2034. Another report valued it at $111.44 billion in 2024, projected to grow to $277.55 billion by 2034.
• Global Online Casino Market: The global online casino market size was estimated at $19.11 billion in 2024 and is projected to reach $38.00 billion by 2030, growing at a CAGR of 12.2% from 2025 to 2030. Europe accounted for the largest revenue share, around 48%, in 2024.
• Global Sports Betting Market (including online and esports betting):
  • The global sports betting market was valued at $83.65 billion in 2022 and is projected to grow to $182.12 billion by 2030.
  • The online sports betting market specifically was worth $36.5 billion in 2022 and is expected to reach $116.7 billion by 2032. In 2024, the online sports betting market was valued at $36.9 billion.
  • The esports betting market was valued at $2.51 billion in 2023 and is poised to grow to $11.56 billion by 2032 globally, with a CAGR of 18.5% during the forecast period (2025-2032). Another source indicates the global esports betting market size was $9.96 billion in 2023 and is poised to grow to $28.98 billion by 2032. Other estimates state the esports betting market revenue reached $2.5 billion in 2024 and is expected to rise to $2.8 billion in 2025. The market is also projected to reach $51.74 billion by 2034. North America leads the esports betting market.
• Brazil Online Betting Market: Golden Matrix has secured an online betting license in Brazil, a market estimated to generate gross gaming revenue of over $5.6 billion in 2025.
• Global Social Gaming Market: The social gaming market was valued at $28.4 billion in 2024 and is projected to reach $36.0 billion by 2034, growing at a CAGR of 14.90%. Another estimate places the global social gaming market at $47.6 billion in 2024, projected to reach $110.9 billion by 2030. North America held approximately 40% of the social gaming market revenue share in 2023. The market size reached $35.60 billion in 2024 and is projected to touch $71.13 billion by 2030.

Share Repurchases

• Golden Matrix authorized a $5 million share buyback program on July 17, 2024, scheduled to expire on July 15, 2025.
• The company resumed its stock repurchase program on December 20, 2024, with approximately $4.958 million available under the current program.

Share Issuance

• The number of shares outstanding increased by 25.52% in one year prior to October 2025, reaching 141.18 million shares.
• As of October 2025, Golden Matrix had 137,968,429 shares outstanding, reflecting a 13.54% increase in 2025 and a 236.31% increase in 2024.
• As of September 30, 2024, the company had 129,242,993 shares outstanding.

Inbound Investments

• On July 5, 2024, Golden Matrix closed a $10 million funding agreement with Lind Global Asset Management VIII LLC.
• The agreement included The Lind Partners purchasing a $12 million senior convertible note and a common stock purchase warrant for up to 750,000 common stock shares.
• Institutional investors collectively purchased approximately $1.02 million in GMGI shares over the 24 months leading up to November 2025.

Outbound Investments

• Golden Matrix acquired Global Technology Group Pty Ltd for £0.085 million on January 19, 2021.
• The company acquired RKings Competition in 2022 to enter the B2C market.
• GMGI acquired MeridianBet in April 2024, significantly expanding its B2C presence in online gaming, sports betting, and casino gaming across various international jurisdictions.

Capital Expenditures

• Capital expenditures for the last 12 months, as of October 30, 2025, were -$7.61 million.
• Annual capital expenditures were approximately $7.9 million in 2021, $6.8 million in 2022, $5.7 million in 2023, and $7.2 million in 2024.
• The company's liquid cash position is expected to support future accretive acquisitions and its growth strategy.