EveryMatrix has announced strong results for Q1 of 2022, with growth across all areas of operation – casino, sports and platform), plus a strong cash position and sustained business momentum. The iGaming technology group has reinvested its positive cash flow into its in-house game studios and expansion into the US market.
Gross profits over the quarter increased by 14% year-on-year to €13.9m, driven by substantial growth around the world and the stabilisation of German revenues after regulatory changes. The company has continued to invest in its Spearhead, Armadillo and SlotMatrix RGS game studios and US market growth during the period, with comparable gross margin down from 46% to 35% due to and increase in headcount to 669 at the end of Q1 2022 from 553 at the end of Q1 2021, and costs associated with the game studios and US investments. Net cash grew to €11.1m in Q1 2022 and the company is reinvesting positive cash flow into future growth and remains debt-free.
Ebbe Groes, Group CEO of EveryMatrix says: “We have started the year with a strong financial performance across all three business segments, driven by our well-balanced and innovative product offering and broad client base. We saw a record number of new client wins in the quarter with 40 deals signed across all products. We continue to invest organically for our next level of growth, mainly in our game studios and the North American markets. On top of organic investments, we are also looking at M&A opportunities.”