EveryMatrix’s 2Q22 update shows financial performance ahead of expectations and gross profit growth across all business segments, a strong global sales performance, a solid cash balance, and a successful acquisition.
Gross profit increased by 17 percent Y/Y in Q2 2022 to €14.9 million ($12.7) with a 4-year CAGR of 35percent. While the regulatory changes in Germany impacted Gross Profit in the Casino segment, that segment still grew by 11 percent Y/Y thanks to the company’s product diversification and broad client base.
EBITDA held at €5.2 million ($5.2) as the company continues to reinvest positive cash flow into future growth. Key investments remain U.S. expansion, and the quarter saw the acquisition of retail sports betting supplier Leapbit, bringing in nearly 20 new staff and a Croatian office.
The EBITDA/Gross Profit margin was 35 percent.
Net Cash grew from €11.1 million at the end of Q1 2022 to €15.2 million in 2Q22. The Company is reinvesting positive cash flow into future growth and remains debt-free.
Ebbe Groes, Group CEO of EveryMatrix, says: “Driven by our diverse product offering and strong client base, we saw yet another record number of new client wins in the quarter with 43 deals signed across all products. Furthermore, a 17 percent increase in Gross Profit, the best reflection of the underlying performance of the Group, allows us to continue to invest in our future growth.”
In May 2022, the company successfully finalized the acquisition of sports betting developer Leapbit. The merger strengthens the Group’s sports betting product OddsMatrix with an advanced and proven retail offering.
OddsMatrix will fully incorporate Leapbit’s comprehensive retail-focused software solution and other products such as virtual horse racing and lottery games. As such, the company elevates its online-first OddsMatrix sports betting platform to a true omnichannel iGaming solution to operators with retail presence.
Commenting on the largest acquisition to date, Ebbe Groes, says: “OddsMatrix is one of the company’s three pillars and is growing at a tremendous rate already. Retail is a big component of any comprehensive sports betting suite, and by integrating Leapbit’s technology, we will take OddsMatrix to become a leader of true omnichannel sports in regulated markets.”