EveryMatrix's profit grows 14%, signs record 40 new client deals in Q1

B2B iGaming technology provider, EveryMatrix, announced Wednesday its financial results for Q1 2022, in an update that shows Gross Profit growth across all business segments including casino, sports and platform, increasing by 14% year-over-year to €13.9 million ($14.6 million). This result was driven by substantial growth around the world and the stabilization of German revenues after the regulatory changes there. 

EBITDA for the quarter was down by 14% to €4.8 million ($5 million) from €5.6 million in 2021. The company has continued to invest in its game studios (Spearhead Studios, ARmadillo Studios and SlotMatrix RGS) and the US market during this period. 

The EBITDA/Gross Profit margin was 35%, compared to last year’s 46%. 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 

Net cash was €11.1 million ($11.7 million) in Q1 2022. The company announced it is reinvesting positive cash flow into future growth and remains debt-free. 

In an official press release, Ebbe Groes, Group CEO of EveryMatrix, spoke about these results and said: “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.”

During the first quarter of the year, the company has achieved some key milestones, such as the addition of six new Tier 1 clients across the U.S., Africa, Asia and Europe; the launch of SlotMatrix, the pure B2B casino content aggregator, which has signed 13 clients so far; the release of JackpotEngine casino gamification solution ahead of ICE London 2022; the expansion into West Virginia through a B2B gaming license; new features added to the company’s sportsbook; a welfare support programme destined to its Ukrainian staff; among others. 

“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,” Ebbe Groes concluded.

See EveryMatrix's full Q1 2022 report here.