Q2 2024 Golden Matrix Group Inc Earnings Call
Good day and welcome to the Golden Matrix group's second quarter 2024 earnings conference call and webcast.
Operator: Good day, and welcome to the Golden Matrix Group second quarter 2024 conference call and webcast. All participants will be in listen-only mode.
Speaker Change: All participants will be in listen only mode.
Operator: Since you need assistance, please signal a conference specialist by pressing the star key followed by zero. Please note, today's event is being recorded. I would now like to turn the conference over to Brett Mellott, Senior Vice President of ICR. Please go ahead.
Speaker Change: So if you need assistance. Please signal conference specialist by pressing the star followed by zero.
Speaker Change: Please note today's event is being recorded.
Speaker Change: Now I'd like to turn the conference over to Brett a lot senior Vice President of ICR. Please go ahead.
Brett Mellott: Thank you, and welcome everyone to Golden Matrix Group's second quarter 2024 Earnings Coal. Joining us today is Brian Goodman, CEO of Golden Matrix Group, and Zord, and the Lost of the CIO of Verde and Beth. On this call, we will review GoToMatrix financial and operating results for the second quarter of 2024. Today's call will contain four forward-looking statements, and I will read some brief cautionary remarks regarding certain statements that may be made on this call.
Speaker Change: Thank you and welcome everyone to Golden matrix groups second quarter 'twenty 'twenty four earnings call. Joining us today is Brian Goodman, CEO called matrix groups, and Jordan Malosovich CEO of Virgin bet.
Speaker Change: On this call, we will review going to matrix financial and operating results for the second quarter of 2020 for today's call will contain forward looking statements and I will read a brief cautionary remarks regarding certain statements that maybe made on this call.
Brett Mellott: Certain statements made on this conference call in our response to various questions may constitute forward-looking information or future-oriented financial information within the meaning of the applicable security law. Statements about expected growth, prospective results, strategic outlook, and financial operating expectations, opportunities, and projections rely on several assumptions concerning future events, including market and economic conditions, business prospects or opportunity, future plan or strategy, technological development, and anticipated events, trends, and regulatory changes that may affect the corporation and its subsidiaries, and the respective customers and industries.
Certain statements during this conference call and our response to various questions may constitute forward looking information or future oriented financial information within the meaning of applicable security law.
Speaker Change: Statements about expected growth prospective results strategic outlook and financial operating expectations opportunities and projections rely on several assumptions concerning future events, including market and economic conditions business prospects or opportunity future planner strategy technological development and anticipated events trending regulatory changes that may affect the corporation named subsidiaries.
Speaker Change: And our respective customers industries.
Brett Mellott: While we believe these assumptions may be reasonable, they are subject to a number of risks, uncertainties, and other factors, many of which are outside the company's control and which would cause the actual results, performance, or achievement of the company to be materially different. There can be no assurances that these assumptions or estimates are accurate, or that any of these expectations will prove accurate.
Speaker Change: While we believe these assumptions seem to be reasonable they are subject to a number of risks uncertainties and other factors many of which outside of our outside the company's control.
Speaker Change: And which could cause the actual results performance or achievement of the company to be materially different.
Speaker Change: There can be no assurances that these assumptions restaurant accurate or that any of these expectations will prove accurate for complete discussion of these factors. Please refer to our recently filed 10-Q press release and other publicly available disclosures non-GAAP measures will also be discussed and a reconciliation of these numbers can be found in our recently filed 10-Q and the earnings press release the call. She found on nickel matrix group Investor Relations.
Brett Mellott: For a complete discussion on these factors, please refer to our recently filed 10-Q, press release, and other publicly available disclosures. Non-GAAP measures will also be discussed, and reconciliation of these numbers can be found in the recently filed TANQ and the earnings press release, which can also be found on the Gold Matrix Group Investor Relations website. I will now hand the call over to Brian Goodman, CEO and co-founder of Golden Matrix. Thank you, and welcome everyone to our second quarter 2024 Learning School. I'm pleased to announce that this is our first earnings report since our successful combination with Meridian Vets. And joining me on today's call is Meridian Vets CEO, Soren Milosevic.
Speaker Change: Right.
Speaker Change: I will now hand, the call over to Brian Goodman, CEO and cofounder of gold matrix group.
Brian Goodman: Thank you and welcome everyone second quarter 2020 earnings calls I'm pleased to announce that this is our first any reports seem to have successful combination with normally be in boots.
Speaker Change: And joining me on today's call.
Speaker Change: T O sovereign philosophy.
Speaker Change: On this call we will review <unk> operational highlights.
Brian Goodman: On this call, we will review Golden Matrix's operational highlights, financial performance, divisional performance, and the overall outlook for the company. Our second quarter delivered exceptional results driven by operational success across all business units. We have maintained high performance through product diversity and cross-platform initiatives, and our dedicated team has executed on all of our short-term objectives. I am pleased to report that the consolidation of Meridian debt has been seamless, and we have gained strong momentum as a result of the recent acquisition, as evidenced by a successful result from the transformation.
Actual performance divisional performance and the overall outlook sort of the company.
Speaker Change: I'll second quarter delivered exceptional results driven by operational success across all business units.
Speaker Change: He had maintained top performance through product based and Chi and cross platform initiatives and dedicated team has executed.
Speaker Change: All of that short chain objectives.
Speaker Change: I'm pleased to report that the consolidation of Meridian base has been seamless and we have gained strong momentum as a result of the recent acquisition.
Speaker Change: Evidence by our successful results.
Speaker Change: The transformation.
Speaker Change: We have now confirmed ourselves as a major player in the sports betting and gaming industry with a robust road map and we expect to continue achieving strong growth in all sectors of the business.
Brian Goodman: We have now confirmed ourselves as a major player in the sports betting and iGaming industry with a robust roadmap, and we expect to continue achieving strong growth in all sectors of the business. We have not only built on historical momentum but plan to continue to build on newfound tailwind as a result of the now-completed consolidation. Before we move on to the financial highlights, I'd like to clarify some important points. Due to the relative size of the Meridian Bet business in comparison to the Golden Matrix Group, Meridian Bet was deemed the accounting acquirer.
Speaker Change: We have not only bolt on historical momentum, but plan to continue to bolt on new films tailwind as a result of the now completed consolidations.
Speaker Change: Before we move on to the financial highlights I'd like to clarify something important.
Speaker Change: Yes.
Speaker Change: Due to the relative size of the meridian.
In comparison to the Golden matrix.
Speaker Change: Meridian debates was deemed the accounting acquirer.
Brian Goodman: As a result, and in terms of financial reporting, it is important to note that the financials I'm about to present are a comparison of the consolidated company's results against Meridian Bank's historical financials and performance, and not against GMGI's historical performance.
Speaker Change: As a result and in terms of the financial reporting it is important to note that the peninsula I'm about 2% all a comparison of the consolidated company's results against an iridium <unk> historical financials and performance and nuts again.
Speaker Change: <unk>.
Speaker Change: Historical equivalents.
Brian Goodman: It is also important to note that a comparison of the consolidated company's performance against Golden Matrix's historical performance would have resulted in much higher growth trends and improved results. However, in terms of GAAP accounting, and Meridian Bank being the accounting acquirer, the comparisons I will present are correctly stated and are reflective of our new structure. Now, on to financial hardware. As I'm sure everyone is aware, sports betting and eye gaming are the fastest growing green segment in gaming, and we are very proud to be part of this. Rapidly Golden Matrix.
Also important to note that the comparison of the consolidated company's performance against Goldman Matrix's historical performance would have resulted in much higher growth trends.
Speaker Change: Things improved through cycles.
Speaker Change: However, in terms of GAAP accounting and meridian baked deemed the accounting acquirer. The comparisons our pacings are correctly stated and are reflective of our new structure.
Speaker Change: On to financial highlights as I'm sure everyone is aware of sports betting and I gaming are the fastest growing segments in gaming and we are very proud to be part of this rapidly evolving.
Speaker Change: Yeah.
Brian Goodman: We have posted strong financial performance across the business. Second quarter consolidated revenue grew 75% to $39.4 million, a continuation of the strong trend shown in the last quarter. Whilst here today, revenue grew by 41% to $64.3 million. Next income in this quarter was $15,000.
Speaker Change: We have posted strong financial performance across the business.
Speaker Change: Second quarter consolidated revenue grew 70, 516 to $39 $4 million a continuation of the strong trading showing in the last quarter.
Speaker Change: Whilst year to date revenue grew by 41% to $64 $3 million linked income in this quarter was 15000. This was impacted by noncash items as well as considerable one no acquisition costs and restructuring aiming to maintain.
Brian Goodman: This was impacted by non-tash items as well as considerable one-off acquisition costs and restructuring and implementation costs related to the recent acquisition. However, Cypnical to Consolidated Adjusted EBITDA was consistent at $5.4 million. After recognizing the non-tash items, one of the costs was the completion and implementation of the Meridian beta acquisition. Second quarter consolidated gross profits increased by 31% to $21.7 million, and year-to-date gross profits also increased by 17% to $39.4 million. Our balance sheet.
Speaker Change: <unk> costs related to the recent acquisitions.
Speaker Change: Second quarter consolidated adjusted EBITDA was consistent at five.
Speaker Change: Millions of dollars after recognizing for noncash items and one off costs the completion and implementation.
The Meridian Bache acquisition.
Speaker Change: Second quarter consolidated gross profit increased 31, let's favorites, she $21 $7 million and year to date gross profit also increased by 17% to $39 $4 million.
Brian Goodman: The company has continued to maintain a healthy balance sheet. As at the 31st of July, the company had over $40 million in cash and equivalents, a 96% increase over December 2023 of $20.4 million. Our disposition remains healthy as well, with a nest-kipped, libre-dracer of only one person.
Speaker Change: Our balance sheet. The company has continued to maintain a healthy balance sheet.
Speaker Change: The 31st of July the company had $40 million in cash and equivalents.
Speaker Change: 96% increase over December 2023 up $24 million.
Speaker Change: How do you position remains healthy as well with a Nit newbridge ratio I wouldn't be one.
Brian Goodman: Shareholder equity of the company grew 52% to $89.7 million. Now, turning to the business units, where we have continued strong momentum. I'll begin with our high-performing tournament platform, Arkane's Competition. Arkings and its related company, G&G Assets, posted yet another record second quarter with revenues of over $9.6 million, an increase of over 43% over last year. Players now total 386,000 as of 30 June 2024, and over 53,000 new players have been acquired year-to-date. However, acquisition costs remain at a very low level of only $7.60 per player.
Speaker Change: Shareholder equity at the company grew 52% to 18 nine 7 million.
Speaker Change: Now turning to the business units, where we have continued strong momentum I'll begin with a high performing tournament platform all kings competition.
Speaker Change: All kings and its related company GMT assets posted yet another record second quarter with revenues of over nine $6 million an increase of 43%.
Speaker Change: The last year.
Clay is now total 386000.
Speaker Change: In June 2000 been swimming pools and as.
Speaker Change: The 53000, new players have been acquired year to date acquisition costs remain at a very low level of earnings $7 60 per player.
Speaker Change: Total active players now total 140000.
Speaker Change: A remarkable totaled <unk> five.
Speaker Change: Bob million tickets have been sold year to date to one point to 1 million purchases.
Speaker Change: Turning to G M E G.
Brian Goodman: Total active players now total 140,000. A remarkable total of over 5 million tickets have been sold year-to-date to 1.1 million purchasers. Turning to GMAG, I'll be the aggregator for Golden Matrix Group. Our recent focus has been on improving our gross margins this business year. We are achieving this by distributing our newly-acquired state-of-the-art gaming portfolio, which stands games, to a large number of clientele. We are diversifying our overall portfolio of games by adding the highly popular Crash games, which have shown very strong performance in both revenue generation and high margin.
Speaker Change: B to B aggregator.
Speaker Change:
Speaker Change: Our recent focus has been on improving our gross margins in this business unit.
Speaker Change: We're achieving this by distributing our newly acquired Saturday, our gaming portfolio.
Speaker Change: Sales to a large number of clientele, we are diversifying our overall portfolio of games.
Speaker Change: Adding the highly popular crush games, which have shown very strong performance in both revenue generation and high margins.
Brian Goodman: The second quarter of wagering grew by 124% to $1.2 billion, and year-to-date wagering also increased by a staggering 141% to $2.2 billion. Second quarter gross gaming revenue generated on the GMAG platform grew by 187% to $38 million, and year-to-date gross gaming revenue on the GMAG system grew by 186% to $68 million.
Speaker Change: Second quarter wagering grew by 124% to $1 $2 billion and year to date Wagering also increased by a staggering 141% to two 2 billion.
Speaker Change: When you sell this cyclical to gross gaming revenue generated on the GMA G platform grew by 187% to $38 million and year to date gross gaming revenue on the <unk> system grew by 186% to 68.
Speaker Change: <unk> million dollars.
Brian Goodman: We now have over 2 million active players on our GMAG system, and we continue to sign new operators on a regular basis. We are currently implementing AI tools and state-of-the-art loyalty systems into the GMAG system to improve customer attention and resultant revenues, and we expect the positive trend to continue. Now on to our next venture, a Mexican-licensed casino.
Speaker Change: We now have over 2 million excess platelets are now GMA G system, and we continue to find new operated on a regular basis.
Speaker Change: We are currently implementing AI tools and state of the art loyalty system into the <unk> system to improve customer attention and results improved the news and we expect the positive change she continues.
Speaker Change: Now onto our mixed play.
Speaker Change: Chicken lawsuit casino.
Speaker Change: While mixed play is a relatively new casino operation each has already shown solid growth trends, we have a monthly average of out of the non thousand extra players second quarter cash deposits increased 297% to $1 2 million.
Brian Goodman: While MixPlay is a relatively new casino operation, it has already shown solid growth trends. We have a monthly average of over 9,000 active players. 2nd quarter cash deposits increased 297% to 1.2 million.
Second quarter Wagering <unk> hundred percent P $9 3 million and gross gaming revenues grew by 154% to $422000.
Zoran Milošević: Second quarter wagering grew by 100% to $9.3 million, and gross gaming revenues grew by 154% to $422,000. I'll now hand you over to Zoran Miloevi, CEO of Meridian Bank, to talk about Meridian Bank's results. Thank you, Brian.
Speaker Change: I'll now hand, you over to Zoran lots of beach seemed yards meridian.
Zoran: Talk about the meridian dates for yourselves.
Zoran: Thank you Brian.
Zoran Milošević: And welcome everyone. We are excited to share our strong quarter results marked by significant achievements and promising opportunities. Let's first review Meridian's key performance indicators for this quarter, which reflect our strong performance, ongoing growth, and market expansion. Revenue growth. In Q2, our revenue saw a robust increase of 11.4% compared to Q2 2023. The online segment led with a 14% rise, while retail grew by 6%.
Zoran: And welcome everyone. We're excited to share our strong quarterly results marked by significant achievements in promising opportunities.
Zoran Milošević: Total deposits amounted to 59.2 million US dollars, reflecting 16% growth compared to Q2 2023. The number of new online registrations also increased to 136,000, marking a 17% year-over-year growth and online casino success. The online casino sector recorded 17% revenue growth in Q22024 compared to Q22023, significantly boosted by the addition of approximately 1,500 new games. A standout achievement in Q2 was the game Super Heavy from our expansion studios, which ranked second in the players' engagement among all others' offices.
Zoran: Mr. Zhu Meridian's key performance indicators for this quarter, which reflect the strong performance ongoing growth and market expansion.
Zoran: Revenue growth in Q2, our revenue saw a robust increase of 11, 4% compared to Q2 2023.
Zoran: The online segment led with 40% rise while the retail grew by 6% total deposits amounted to $59 $2 million, reflecting a 60% growth compared to Q2 2023.
Zoran: The number of new online Digitization also increased 236000, marking a 17% year over year growth.
Zoran: Online casino success, the online casino sector recorded 17% revenue growth in Q2 2024 compared to Q2 2023 significantly bolstered by the addition of approximately 1500 new games.
Zoran: Standards achievement in Q2 was the game Super Halley.
Zoran: Our experience studios.
Zoran: Secondly in the player's engagement among all others often this is particularly impressive given the extensive library of 6500 games from various providers.
Speaker Change: Betting on sports betting revenue, including Bolton retail.
Online rose by seven 3% in Q2 2024 compared to Q2 2022.
Speaker Change: Tough outcomes in April and May we maintained robust growth.
Zoran Milošević: Our online sports cross-gaming revenue margin for Q2 2024 improved to 9.9%, up from 8.3% posted in a retrospective of Q2 2023, thanks to targeted marketing during European Soccer. The second quarter of 2024 retail sports gross gaming revenue margin dropped to 13% from 14.4% in Q2 2023, influenced by unfavorable football results during the month of April and May in the second quarter of 2024. However, June set a new monthly record of 16% GGR above the average for the first half of 2024. However, the online casino margin in Q2 2024 slightly decreased to 3.07% from 3.52% in Q2 2023.
Speaker Change: Our online support.
Speaker Change: Gaming revenue margin for Q2, 2024 improved to nine 9% up from eight 3% posted in retrospective.
Speaker Change: Q2, 2023, thanks to targeted marketing during European Soccer Championship.
Speaker Change: Our retail sports performance the second quarter of 2024 retail suppose gross gaming revenue and margin dropped to 13% from 14, 4% in Q2 2023 influenced by unfavorable.
Speaker Change: Our results during the month of June.
Speaker Change: April and May in the second quarter of 2024, However June set a new monthly record.
Speaker Change: 16% G. G are above the average for the first half of 70 to 74.
Speaker Change: <unk> casino margin.
Speaker Change: <unk> casino margin in Q2, 2024 slightly decreased to 3.0% to 7%.
Speaker Change: Three points to 52% in Q2 2023.
Zoran Milošević: This was due to a 34% rise in amounts of wagers and our expanded game library. Retail growth. Revenue from retail slot machines in Q2 2024 grew by 16% year-over-year, driven by the addition of 220 new machines, enhancing our offerings and customer satisfaction. New Jurisdiction.
Speaker Change: This was due to a 34% rise in amounts wagered.
Speaker Change: Our expanded the game library.
Speaker Change: Retail growth.
Speaker Change: Revenue from retail slot machines in Q2, 2024 grew by 16% year over year driven by the addition of 120, new machines, enhancing our offerings and customer satisfaction.
Speaker Change: New jurisdictions since becoming part of Golden matrix in April this year Meridian debt continues to expand its global footprint leveraging our combined strengths. We believe we are poised for the next major market country, Brazil.
Zoran Milošević: Since becoming part of Golden Matrix in April this year, Meridian Bet continues to expand its global footprint. Leveraging our combined strengths, we believe we are poised for a next major market entry – Brazil, as one of the select global operators with pending federal licenses. We believe we are uniquely positioned to access Brazil's substantial market, projected at approximately 20 billion U.S. dollars with a potential player base of 106 million by 2025. We believe that this axis ensures that we are well positioned to leverage potential substantial growth opportunities across one of the planet's fastest growing betting and gaming markets.
Speaker Change: As one of the select global operators are depending decided our licenses. We believe we are uniquely positioned to access Brazilian substantial market.
Speaker Change: <unk> truck.
Zimmer: Zimmer please.
Speaker Change: $20 billion U S dollars with the potential to play a base of $106 million by 2025.
Speaker Change: We believe that this DOCSIS and show that we are well positioned to leverage potential substantial growth opportunities across one of the planet's fastest growing betting and gaming market.
Zoran Milošević: Our strategic expansion hasn't stopped there, We secured our new licenses in Peru, and the iGaming industry is valued at... one point two billion dollars and growing at six point four annually. In South Africa, where digital gaming revenue is expected to reach eight hundred and twenty eight point five million in twenty twenty four, we expect our upward trajectory to continue and believe that we are not just participating in the global gaming market, but we are actually shaping the future investment in tech and AI.
Speaker Change: Strategic expansion Hasnt stops there of course, we are secure new licenses in Peru, and the gaming industry is valued.
Speaker Change: One 2 billion years doors and it is growing at six four annually.
Speaker Change: South Africa digital gaming revenues expected to reach $828 5 million in 2024.
Speaker Change: We expect our upward trajectory to continue and believe that we are not just participating in the global gaming market. We are actively shaping.
Zoran Milošević: This quarter has been marked by our continued investment in AI as well. That's why we are thrilled to highlight our latest innovation, an AI-powered casino game recommender that is already transforming player experiences and driving results CRM-wise.
Speaker Change: Investments in Tech and AI. This quarter has been marked by our continued investment in AI as well. That's why we are thrilled to highlight our latest innovation and AI powered casino game. The commander that is already transforming platelet experiences and driving resolved CRM wise and just one more.
Zoran Milošević: In just one month, we've seen a three percent increase in engagement with recommended games and a nine percent boost in the world, positioning us for continued success. I'm also pleased to announce that we have transitioned our core market operations to our new software platform called ARC. This marks the most significant software upgrade in our history and represents the final phase of a five-year journey to completely overhaul our gaming infrastructure. With Atlas, we believe we are now positioned to compete with industry leaders like Bettery 55 and Betano, who also utilize the latest generation software.
Speaker Change: We've seen 3% increase in engagement with recommended games and 9% boost.
Speaker Change: For new games introduced by AI.
Speaker Change: Innovations like these that we anticipate will keep us at the forefront of our industry.
Speaker Change: And position us for continued success.
Speaker Change: I'm also pleased to announce that we have transitioned our core market operations to our new software platform called operative.
Speaker Change: This marks the most significant software upgrades in our history and represents the final phase of a five year journey to completely overhaul our gaming infrastructure without closely believe we are now positioned to compete in this.
Speaker Change: Leaders like Bim 365 in Daytona.
Speaker Change: Also utilize the latest generation.
Speaker Change: Softer.
Speaker Change: We are on track to complete the transition in all the remaining countries by Q3 of 2024.
Speaker Change: Expense studios.
Zoran Milošević: We are on track to complete the transition in all remaining countries by Q3 of 2024. Expand Studios Expand Studios is making significant strides in expanding its market presence. We are in the process of entering the competitive U.S. gaming market by applying for the new Jersey Casino Service Industry Enterprise License. The application process is well underway and pending final confirmation. Additionally, we have secured a license for the Bulgarian market and are pursuing iLicense in Croatia and Romania.
<unk> studios: <unk> studios is making significant strides in expanding its market presence.
<unk> studios: We're in the process of entering competitive USA gaming market by applying for the New Jersey Casino service industry Enterprise license. The application process is well underway and pending final confirmation.
<unk> studios: Additionally, we have secured a license for our Bulgarian markets and pursuing our licensing Croatia, Romania, we.
Zoran Milošević: We believe that these regulatory advancements are key to expanding our footprint in Europe. Notably, Xpand Studios achieved a 30% revenue increase in Q2 2024 compared to Q1 2024, highlighting our strong performance and growth trajectory. This growth is further highlighted by our high-profile participation in major industry events such as Sigma Americas in Sao Paulo, SBC North America in New Jersey, and Sigma Asia in Manila, as well as completing our integration with SoftSafe, supporting our communities and creating impact.
<unk> studios: We believe that these regulatory advancements.
Key to expanding our footprint in Europe, notably expand studios achieved a 30% revenue increase in Q2 2024 compared to Q1 2024, highlighting our strong performance and growth trajectory. This growth is further emphasized by our high profile.
<unk> studios: <unk> in major industry events, such as the Sigma America's Yourself, Paolo SBC, North America, New Jersey, and see my Asia in Manila, as well as completing our integration with sources.
So 14 of our communities and creating impact.
Zoran Milošević: On the corporate social responsibility front, Meridian Group remains dedicated to making a positive impact. In the first half of 2024, we are actively engaged in various initiatives, setting us on an excellent trajectory to exceed last year's record of 225 CSR activities completed. Highlights include our ScanHelp campaign, which uses QR codes to fund essential equipment for maternity hospitals in Europe; our participation in Global Efforts for Father Leaf in Rio Grande, Seoul, in Brazil, and our Betting Awareness Initiative aimed at educating communities about our business and its potential risks. These efforts, alongside donations to local children's homes and environmental cleanups, underscore our commitment to community support and sustainability.
<unk> studios: On the corporate social responsibility fronts Meridien group remains dedicated to making a positive impact in the first half of 2024.
<unk> studios: Actively engaged in various initiatives setting us on an excellent trajectory to exceed last year's record of 225 CSR campaigns.
<unk> studios: Lights, and called our scan health campaign, which user chooses QR codes to fund essential equipment for our.
<unk> studios: For the maternity hospitals in Europe.
<unk> studios: Our participation in global lessons from flooding leaf in Rio Grande do Sul in Brazil.
<unk> studios: Our betting awareness initiative.
<unk> studios: Jim.
<unk> studios: Educating communities about our business and its potential risks.
Speaker Change: These efforts alongside donations to local children homes, and environmental cleanups underscore our commitment to community supporting system in there.
Zoran Milošević: This report is a snapshot of the positive impact we made in Q2 2024, reflecting our ongoing dedication to social security possibilities. As we look ahead, we are excited to build on these achievements and continue strengthening our market position, while delivering value to our stakeholders. We are confident that the strategic initiatives and investments we've made will keep driving our growth and success in the coming quarter. Thank you all for your continued support and for being part of this journey. Let's keep this momentum going and move forward together. I will now turn you back to Brian.
This report is a snapshot of the positive impact we made in Q2 2024, reflecting our ongoing dedication to social.
Speaker Change: Possibility.
Speaker Change: As we look ahead, we are excited to build on these achievements and continue strengthening our market position, while delivering value to our stakeholders we are confident.
Speaker Change: The strategic initiatives and investments, we've made and we'll keep driving our growth and success in coming quarters. Thank you all for continued support and for being part of this journey.
Speaker Change: Let's keep this momentum going and move forward together.
Speaker Change: I will now turn you back to Brian.
Brian Goodman: Thank you Hassan.
Brian Goodman: Thank you, Zoran. I'd like to finish by emphasizing our belief that we are extremely well positioned to capture the opportunities ahead of us and maintain significant growth. It goes without saying that we have streamlined and transformed the company. And, most importantly, we have a robust balance sheet with significant cash on hand. As at the 31st of July, we had over $40 million in cash, giving us the flexibility not only to be in a position to settle any current debts, but, most importantly, we are in a position to make accretive acquisitions and to settle any derivative debts if the need arises.
Brian Goodman: I'd like your opinion short by emphasizing our belief that we are extremely well positioned to capture the opportunities ahead of us and to maintain significant growth. It goes without saying that we have streamlined and transform the company and most importantly, we have a robust balance sheet with significant cash.
Speaker Change: On the hand.
Speaker Change: The 31st of July we had over $40 million in cash, giving us the flexibility not only to be in a position to settle any current gates, but also most importantly, we are in a position to make accretive acquisitions and to settle any derivative.
Speaker Change: The need arises.
Brian Goodman: These quarterly results are just a proof point of the expected consolidated results to come, and we are continuing to progress towards our targeted annual revenues of over $150 million per annum and adjusted EBITDA of over $30 million per annum by 2025. As part of our strategy, we plan to continue to scale the company via acquisitions and by investing in new markets in order to expand our global footprint. We will continue to take a disciplined approach towards M&A as we have done to date, only planning to deploy capital towards profitable, cash-positive, and robust businesses.
Speaker Change: These quarterly results on just improving points of the expected consolidated results to come and we are continuing to progress towards our targeted annual revenues of over 115 million per annum and adjusted EBITDA, although the $13 million per annum by 2025.
Speaker Change: As part of our strategy, we plan to continue to scale the company.
Speaker Change: Acquisitions and by investing in new markets in order to extend our global footprint.
Speaker Change: We will continue to.
Speaker Change: We take a disciplined approach towards M&A as we have done to date.
Speaker Change: Are you planning to deploy capital towards profitable cash positive and robust.
Speaker Change: We have an extremely diversified business, which we believe are unmatched market positions as well as cross platform capabilities and we plan to focus on operational excellence driving enhanced shareholder value and we expect to continue and sustain.
Brian Goodman: We have an extremely diverse supply of prisoners, which we believe is an unmatched market position as well as cross-platform capability, and we plan to focus on operation, excellence, driving, enhancing shareholder value, and we expect to continue and sustainable double-digit growth by developing more. Our industry-leading talents across our business units and their disciplined and high-performance culture is no doubt one of the keys to our success. And as such, we will continue to invest in our talent.
Annabelle: Annabelle double digit growth with healthy margins.
Annabelle: Our industry leading tenants.
Annabelle: Across our business units and a disciplined and high performance culture with no doubt one of the key to our success and as such we will continue to invest in ourselves as I wrap up I'd like to thank all of our employees for their ongoing hard work and dedication in closing.
Brian Goodman: As I wrap up, I'd like to thank all of our employees for their ongoing hard work and dedication. In closing, I'd like to say that these quarterly results are a validation of our expected results to come, and I'm very excited about the future. Thank you, everyone, for listening to our call. Thank you. This concludes today's conference call on Webcast. You may now disconnect your line. BF-WATCH TV 2021
Annabelle: I'd like to say that these quarterly results are a validation of our expected results to come and I'm very excited about the future. Thanks, everyone for listening to our calls.
Speaker Change: Thank you. This concludes today's conference call and webcast you may now disconnect your lines.
Speaker Change: [music].
Zoran Milošević: This is particularly impressive given the extensive library of 6,500 games from various providers; sports betting revenue from sports betting, including both in retail and online rose by 7.3% in Q2 2024 compared to Q2 2023. Despite tough outcomes in April and May, women came to rob us to grow.