B2B iGaming technology provider EveryMatrix reveals strong results for Q1 of 2022.
EveryMatrix’s Q1 update shows Gross Profit growth across all business segments (Casino, Sports, and Platform), a strong cash position and sustained business momentum. The Group has reinvested the positive cash flow in its in-house game studios and expansion into the U.S. market, both set to support the Company’s future growth.
Gross Profit (Gross Revenue less direct costs to game suppliers) increased by 14% Y/Y in Q1 2021 to €13.9 million (12.3) with a 4-year CAGR of 35%. Gross Profit was driven by substantial growth around the world and the stabilisation of German revenues after the regulatory changes there.
EBITDA is down by 14% to €4.8 million (5.6) versus a strong comparative in the first quarter of last year. €4.8 million is on par with the 2021 average. The Company has continued to invest in its game studios (Spearhead Studios, Armadillo Studios and SlotMatrix RGS) and the U.S. 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 the Group’s headcount from 553 at the end of Q1 2021 to 669 at the end of Q1 2022, and costs associated with the game studios and U.S. investments.
Net Cash grew from €5.9 million in Q1 2021 to €11.1 million in Q1 2022. The Company is reinvesting positive cash flow into future growth and remains debt-free.
Ebbe Groes, Group CEO of EveryMatrix, says: “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. 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. 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,” comments Ebbe Groes.
EveryMatrix has a solid sales pipeline with promising opportunities across the globe.
“The strength of the EveryMatrix team, the number of active leads, client wins and launches, and new product features, together with our continued investments, both organically and through M&A, make me confident about our growth and financial performance in 2022 and beyond,” concludes Ebbe Groes.
EveryMatrix is delivering iGaming software, solutions, content and services for casino, sports betting, payments, and affiliate/agent management to 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 650+ employees across ten offices and serves 140 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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