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A B2B iGaming technology provider announced record quarterly and annual results for 2022.
EveryMatrix’s end-of-year update for Q4/2015 shows record financial performance. Gross Profit is higher than expected across all business segments (Casino and Sports). EveryMatrix was founded 15 years ago. It has achieved its second largest contract, as well as a strong sales pipeline and strong cash flow.
RECORD FINANCIAL PERFORMANCE AHEAD OBSERVATIONS
Annual Gross Profit (Gross revenue less direct costs to game supplier) increased 26% Y/Y in 2022 (51.3), while Q4 Gross profit rose 39% Y/Y, to EUR19.4m (3.0), with a 3-year CAGR 40%.
EveryMatrix’s strategic diversification and broad client base of over 200 customers around the world helped to reduce the negative impact German regulation had upon Gross Profit in the Casino Segment. Strong comparable figures reflect the core business’ continual growth.
Excepting Germany, the Group Gross Profit for Rest of the World increased by 43% Y/Y, and 113% respectively between Q4 2020 & Q4 2022.
From March 2022 onwards, every month recorded higher Gross Profit results. November was the first month to earn EUR6m and December the first month to earn EUR7m.
The company also had its best year in sales, signing 149 deals exceeding EUR25m annually, including 14 turnkey, 18 Tier-1 and 7 U.S. contracts.
EBITDA for 2022 increased 23% Y/Y, to EUR23.3m. Quarterly EBITDA rose 81% Y/Y, to EUR6.9m. EBITDA/Gross profit margin was 36% in the past year.
While net cash grew from EUR21.1m to the end of Q3 2022, it was EUR24.1m by Q4 2022. Dividends were still paid in December. The company is investing positive cash flow in future growth and remains debt-free.
Ebbe Groes is the group CEO of EveryMatrix. He says, “It was a phenomenal 12 months with records being broken in every area and every business unit, contributing to our best year yet.” We are excited about this strengthening, with several landmark tier-1 launches in Sports, Casino, and Platform set for even greater success and allowing us to continue investing in future growth.
“This couldn’t have been achieved without our extraordinary effort, expertise, and energy throughout 2022. With a special mention to our Ukrainian friends and colleagues who we are committed at all cost to supporting unconditionally, we cannot have done it without them.”
SIGNIFICANT CASINO GROWTH
The Sports segment was particularly proud of the final quarter of 2022, with an important tier one win by the OddsMatrix Team. EveryMatrix defeated 25 bidders in the tender to the Hungarian lottery company Szerencsejatek Privately Held Company Limited. This award provided the company with an entire suite of digital sports betting software solutions for TippmixPro.
This added to an already successful year thanks to the earlier signing by German-focused operator Bet-at-Home to replace its current platform with EveryMatrix technology.
With record Gross Profit at EUR8.9m and 43% YoY growth, the Casino segment posted another record quarter. This strong growth trend is expected to continue in 2023, with additional investment from the commercial team.
KEY MILESTONES Q4
- 28 new clients signed across all products
- EveryMatrix won the Hungarian Lottery tender over 25 other bidders, taking EveryMatrix up to six WLA customers. This is the second-largest win in deal value in EveryMatrix’s history.
- Szerencsejatek Privately Held Company Ltd will be able to benefit from turnkey technology online – first WLA victory with sports as the key product
- CasinoEngine agreement reached with Kingmakers, a leading operator in Nigeria
- Live with BetMGM’s first American customer; received licensing in Michigan, the third U.S. State after New Jersey and West Virginia.
- Continued support for our Ukrainian staff; operations are unaffected
The Company started a welfare program for its Ukrainian employees in Q1 2022. The Company offered support to Ukrainian employees from Q2 2022 to date and made large cash donations to charity causes. This totaled EUR 700,000. Operational operations were not affected by the closure of the period. Most exiled employees have returned to Ukraine.
