EveryMatrix reveals strong start to 202212th May 2022 11:50 am GMT
Malta-based iGaming supplier EveryMatrix reveals strong results for Q1 of 2022, with all business segments achieving gross profit.
EveryMatrix’s Q1 update shows gross profit growth across all business segments (Casino, Sports, and Platform), and an increasing cash position, with the company planning to reinvest positive cash flow in its in-house game studios and expansion into the United States.
EveryMatrix said that gross profit at the privately held company increased by 14 per cent year-on-year to €13.9m in Q1, although EBITDA was down 14 per cent at €4.8m versus a strong comparative period last year.
EBITDA/Gross Profit margin was 35 per cent, down from 46 per cent a year ago, which the company attributed to increased headcount and costs associated with its game studios and U.S. investments. Net Cash grew from €5.9m a year ago to €11.1m.
“We have started the year with a strong financial performance across all three business segments, driven by our well-balanced and innovative product offering and broad client base,” said EveryMatrix group CEO Ebbe Groes. “We saw a record number of new client wins in the quarter with 40 deals signed across all products.
“We continue to invest organically for our next level of growth, mainly in our game studios and the North American markets. On top of the organic investments, we are also looking at M&A opportunities.”
“Throughout the events in Ukraine, our number one priority has been the health and safety of our colleagues, clients, and partners,” Groes added. “We have managed our operations with minimal interruptions since Lviv is a development office and I am truly thankful for the aid from our employees and our wider ecosystem.”