EveryMatrix reports 41% revenue increase in Q2

EveryMatrix reported “strong results” for the second quarter of 2022, with revenue of €30.1 million ($30 million), up 41% year-on-year. Gross profit grew 17% to €14.9 million, with a four-year CAGR (compound annual growth rate) of 35%.

The group noted that regulatory changes in Germany impacted gross profit in the casino segment, but that it still grew by 11% due to the company’s product diversification and broad customer base.

EBITDA (earnings before interest, taxes, depreciation and amortization) was maintained at 5.2 million euros, as the group “continues to reinvest positive cash flow in future growth”, with an EBITDA margin of 35% . Net cash increased from €11.1 million at the end of the first quarter of 2022 to €15.2 million in the second quarter of 2022.

CEO evaluates EveryMatrix performance

The group secured four new customers, including 888casino and BetMGM in the US, while two of its main customers in Germany and Romania went live with CasinoEngine. Meanwhile, 54 new brands went live with SlotMatrix.

“Boosted by our diverse product offering and strong customer base, we saw another record number of new customers added in the quarter, with 43 deals signed across all products,” said EveryMatrix Group CEO Ebbe Groes.

“Moreover, a 17% increase in gross profit, the best reflection of the group’s underlying performance, allows us to continue investing in our future growth,” said the company’s CEO.

In May, the group finalized the acquisition of sports betting developer Leapbit. Commenting on the acquisition, Groes said, “OddsMatrix is ​​one of the three pillars of the company and it is already growing at a tremendous rate.”

“Retail is a huge component of any comprehensive sports betting package, and by integrating Leapbit’s technology, we will lead OddsMatrix to become a leader in the omnichannel sports segment in regulated markets,” concluded Groes.