B2B iGaming technology provider announces both record quarter and record annual results for 2022.
EveryMatrix’s Q4/end of year update shows record financial performance and Gross Profit ahead of expectations across all business segments (Casino, Sports, and Platform) since it was founded 15 years ago, achieving its second largest signed contract alongside a positive sales pipeline and strong cash balance.
Annual Gross Profit (Gross Revenue less direct costs to game suppliers) increased by 26% Y/Y in 2022 to €65 million (51.3) while Q4 Gross Profit rose by 39% Y/Y to €19.4m with a 3-year CAGR of 40%.
Strategic diversification and a broad client base of more than 200 global customers saw EveryMatrix further diminish the impact German regulation had on Gross Profit in the Casino segment with strong comparable figures reflecting the core business’ continuous growth.
Excluding Germany, Group Gross Profit for the rest of the world increased by 43% Y/Y and 113% between Q4 2020 and Q4 2022.
Every month of 2022 from March onwards recorded higher Gross Profit results, with November the first €6m month and December the first €7m month.
The company also achieved its best year for sales signing 149 new deals worth more than €25m per year, including 14 turnkey, 18 tier-1, and 7 U.S. contracts.
Annual 2022 EBITDA increased by 23% Y/Y to €23.3m with quarterly EBITDA rising 81% Y/Y to €6.9m. EBITDA/Gross Profit margin was 36% for the year.
Net Cash grew from €21.1m at the end of Q3 2022 to €24.1m in Q4 2022 while still paying dividends in December. The Company is reinvesting positive cash flow into future growth and remains debt-free.
Ebbe Groes, Group CEO of EveryMatrix, says: “It has been a phenomenal year on so many levels with records broken in every area of the business and every business unit contributing to our best 12 months yet. Equally pleasing is that we foresee this strengthening with several imminent landmark tier-1 launches in Sports, Casino and Platform set to contribute to even greater success and enabling us to continue to invest in future growth.
“This could not have been achieved without the extraordinary effort, expertise and energy that our teams and individuals across multiple global locations have consistently shown throughout 2022, with a very special mention to our friends and colleagues in Ukraine who we are committed to unconditionally supporting at all costs.”
The final quarter of 2022 was of particular significance to the Sports segment with a big tier one win for the OddsMatrix team. EveryMatrix beat 25 bidders to win the tender for the Hungarian lottery company, Szerencsejáték Privately Held Company Limited, providing it with an end-to-end suite of advanced digital sports betting software solutions and services for its online brand TippmixPro.
This bolstered what was already a good year due to the earlier signing of German-focused operator bet-at-home to replace its existing platform with EveryMatrix technology.
The Casino segment reported yet another record quarter with record Gross Profit of €8.9m, 43% Y/Y growth. Casino is expected to continue this strong growth trajectory in 2023 with further investment within the commercial team.
In Q1 2022, the Company initiated a welfare support programme for its Ukrainian staff. From Q2 2022 onwards the Company has offered continuous support to Ukrainian staff and large cash donations to supporting causes exceeding EUR 700,000 for the year. At the period end, operations remain unaffected, and most exiled staff have returned to Ukraine.
EveryMatrix delivers iGaming software, solutions, content and services for casino, sport betting, payments, and affiliate/agent management to global Tier 1 operators as well as to newer brands. The platform is highly modular, scalable, and compliant, allowing operators to choose the optimal EveryMatrix solution depending on their needs and existing in-house technology and capabilities.
EveryMatrix empowers clients to unleash bold ideas and deliver outstanding player experiences in regulated markets. The company has 700 employees across ten countries and serves 200+ customers worldwide, including the regulated U.S. market.
EveryMatrix is a member of the World Lottery Association, European Lotteries Association, and iDEA Growth in the U.S.
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