EveryMatrix delivers record financial performances for Q4, full year 2022

B2B iGaming technology provider EveryMatrix has delivered a record financial performance in its 15-year history, posting both record quarter and record annual results for 2022. 

The company’s Q4 update shows record financial performance and gross profit ahead of expectations across all business segments (Casino, Sports, and Platform), achieving its second-largest signed contract alongside “a positive sales pipeline and strong cash balance.”

Annual gross profit increased by 26% year-over-year in 2022 to €65 million ($70 million), while Q4 gross profit rose by 39% from a year earlier to €19.4 million ($20.9 million) 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 regulations had on gross profit in the Casino segment, the business said. Excluding Germany, group gross profit for the rest of the world increased by 43% year-over-year and 113% between Q4 2020 and Q4 2022.

Every month of 2022 from March onwards recorded higher gross profit results, notes the business, with November the first €6 million month and December the first €7 million month. The company also achieved its best year for sales, signing 149 new deals worth more than €25 million ($26.9 million)  per year, including 14 turnkey, 18 tier-1, and 7 U.S. contracts.

Annual 2022 EBITDA increased by 23% to €23.3 million ($25 million) with quarterly EBITDA rising 81% year-over-year to €6.9 million ($7.4 million). EBITDA/Gross profit margin was 36% for the year. Net cash grew to €24.1 million ($26 million) 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, said: “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,” he added.

The final quarter of 2022 was of particular significance to the Sports segment: 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 digital sports betting software solutions and services for its online brand TippmixPro.

Meanwhile, the Casino segment reported yet another record quarter with all-time high gross profit of €8.9 million ($9.6 million), 43% Y-o-Y growth. Casino is expected to continue this strong growth trajectory in 2023 with further investment within the commercial team.