B2B technology provider iGaming EveryMatrix reveals strong results for Q1 of 2022.
EveryMatrix’s Q1 update shows Gross Earnings growth in all business segments (Casino, Sports, and Platform), strong cash position and sustained business momentum. The Group has reinvested positive liquidity in its in-house gaming studios and expansion into the U.S. market, both of which are set to support the Company’s future growth.
CONTINUED GROWTH OF GROSS PROFIT
Gross Earnings (Gross Income minus direct costs for gaming providers) increased by 14% Y / Y in 1 Q1 2021 to € 13.9 million (12.3) with a 4-year CAGR of 35% . Gross Earnings were driven by substantial worldwide growth and the stabilization of German revenues following the regulatory changes there.
EBITDA fell by 14% to € 4.8 million (5.6) compared to a strong comparison in the first quarter of last year. € 4.8 million is equal to the 2021 average. The Company continued to invest in its gaming studios (Spearhead Studios, Armadillo Studios and SlotMatrix RGS) and in the US market during the period.
The EBITDA / Gross Profit margin was 35% (46%), which is at the same level as the EBITDA / Gross Profit margin for the full year 2021. The margin was affected by the increase in number of people in the Group from 553 at the end of Q1 2021 to 669 at the end of Q1 2022, and the costs associated with US gaming studios and investments.
Net cash grew from € 5.9 million in 1 Q1 2021 to € 11.1 million in 1 Q1 2022. The Company is reinvesting positive liquidity in future growth and remaining debt-free.
Ebbe Groes, CEO of EveryMatrix Group, he says: “We started the year with strong financial performance in all three business segments, driven by our balanced and innovative product offering and our broad customer base. We saw a record number of new customer wins in the quarter with 40 deals signed in all products.
“We will continue to invest organically for our next level of growth, mainly in our gaming studios and North American markets. In addition to organic investments, we are also looking at M&A opportunities. ”
KEY PICTURES IN Q1
- Six new Tier 1 customers were added in Q1 across the United States, Africa, Asia and Europe.
- The newly launched SlotMatrix, the pure B2B casino content aggregator, got off to a good start, with 13 customers already signed up in Q1.
- The JackpotEngine casino gamification solution was launched before ICE 2022.
- A B2B gaming license was granted in West Virginia, and applications were filed in additional states.
- New features have been added to the Company’s OddsMatrix sportsbook, including BetBuilder for American football and coverage of three other Esports titles.
- The Company has initiated a determined program of welfare support for its Ukrainian staff.
“During the events in Ukraine, our top priority was the health and safety of our colleagues, clients and partners. We have managed our operations with minimal disruptions as Lviv is a development office and I am truly grateful for the help from our staff and our wider ecosystem, ” comments Ebbe Groes.
EveryMatrix has a solid sales pipeline with promising opportunities around the world.
“The strength of the EveryMatrix team, the number of active leads, customer wins and launches, and new product features, along with our ongoing investments, both organically and through M&A, make me confident about our growth and financial performance in 2022 and beyond, ” concludes Ebbe Groes.