The record figure represents a massive 345.0% increase on the corresponding period of the previous year for the virtuals specialist.
Much of the revenue increase was attributed to the company’s acquisition of UK-based competitions brand RKings, which contributed $5.5m to the revenue total after being acquired in November 2021. A further $235,246 of revenue came from a related interest.
Costs of goods sold came to $6.9m for the quarter, up 626.3% from 2021.
Operating expenses in Q1 totaled $1.6m, compared to the $966,868 recorded in 2021. General and administrative costs came to $1.3m from the company and $155,600 from a related party. Professional fees were $145,447, while research and development costs came to $20,212.
When accounting for $403,958 of operating income, $84,676 of foreign exchange gain and $85,117 of other income, Golden Matrix’s pre-tax profits were $489,075. After removing $75,404 of income tax, profits amounted to $413,671 – an increase of 693.1% from 2021.
CEO Brian Goodman said: “We are excited to report our first quarter as a company with both B2B and B2C verticals. The integration of the two divisions has gone smoothly, and we have already begun to implement upgraded technology and stronger accounting controls with the goal of improving cash flow and profitability at RKings, and enable us to introduce the RKings’ platform into additional markets worldwide.
“We enter the remainder of 2022 with two robust operating divisions and a strong balance sheet.”