Tag: EveryMatrix Press Releases

B2B iGaming technology provider EveryMatrix reveals strong results for Q1 of 2022.

EveryMatrix’s Q1 update shows Gross Profit growth across all business segments (Casino, Sports, and Platform), a strong cash position and sustained business momentum. The Group has reinvested the positive cash flow in its in-house game studios and expansion into the U.S. market, both set to support the Company’s future growth.

CONTINUED GROSS PROFIT GROWTH

Gross Profit (Gross Revenue less direct costs to game suppliers) increased by 14% Y/Y in Q1 2021 to €13.9 million (12.3) with a 4-year CAGR of 35%. Gross Profit was driven by substantial growth around the world and the stabilisation of German revenues after the regulatory changes there.

EBITDA is down by 14% to €4.8 million (5.6) versus a strong comparative in the first quarter of last year. €4.8 million is on par with the 2021 average. The Company has continued to invest in its game studios (Spearhead Studios, Armadillo Studios and SlotMatrix RGS) and the U.S. market during the period.

The EBITDA/Gross Profit margin was 35% (46%), which is at the same level as the EBITDA/Gross Profit margin for the full year 2021. The margin was affected by the increase in the Group’s headcount from 553 at the end of Q1 2021 to 669 at the end of Q1 2022, and costs associated with the game studios and U.S. investments.

Net Cash grew from €5.9 million in Q1 2021 to €11.1 million in Q1 2022. 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 the organic investments, we are also looking at M&A opportunities.”

KEY MILESTONES IN Q1

• Six new Tier 1 clients were added in Q1 across the U.S., Africa, Asia, and Europe.
• The newly launched SlotMatrix, the pure B2B casino content aggregator, is off to a good start, with 13 clients signed already in Q1.
• The casino gamification solution JackpotEngine was launched ahead of ICE 2022.
• A B2B gaming license was granted in West Virginia, and applications were filed in additional states.
• New features were added to the Company’s sportsbook OddsMatrix, including BetBuilder for American football and coverage of three more Esports titles.
• The Company initiated a determined welfare support programme for its Ukrainian staff.

“Throughout the events in Ukraine, our number one priority has been the health and safety of our colleagues, clients, and partners. We have managed our operations with minimal interruptions since Lviv is a development office and I am truly thankful for the aid from our employees and our wider ecosystem,” comments Ebbe Groes.

SALES PIPELINE

EveryMatrix has a solid sales pipeline with promising opportunities across the globe.

“The strength of the EveryMatrix team, the number of active leads, client wins and launches, and new product features, together with our continued investments, both organically and through M&A, make me confident about our growth and financial performance in 2022 and beyond,” concludes Ebbe Groes.

B2B iGaming technology provider EveryMatrix has released its 2021 financial results covering the company’s performance for Q4 and the full year of 2021.

EveryMatrix shows strong growth in 2021 powered by past product investments. The company has successfully launched new client brands, expanded its footprint with tier 1 operators and made key progress in the U.S. market. Continued hiring and investment in development have taken place throughout the pandemic.

STRONG FINANCIAL PERFORMANCE

The newly released report shows gross profit, gross revenue less direct costs to e.g., game suppliers, at €13.9 million in Q4 2021, an increase of 26% compared to the same period last year. For the full year of 2021, gross profit increased by 32% YoY to €51.5 million.

The EBIDTA also shows strong development and amounted to €4.4 million, an increase of 23% compared to the same period last year. For the full year of 2021, EBITDA increased by 65% YoY to €19.7 million.

Ebbe Groes, Group CEO of EveryMatrix, says: “I am delighted to report excellent results for the fourth quarter and 2021 as a whole in terms of strong gross profit and EBIDTA growth, onboarding of new clients, and deals signed. We delivered this result despite the regulatory changes in Germany which have impacted the Casino segment significantly. This achievement proves the positive effect of the bold leap EveryMatrix took when investing heavily in product and technology. It has given us a strong, diverse and competitive product offering and the ability to attract new clients.”

U.S. MARKET EXPANSION

EveryMatrix continues to invest in the highly attractive regulated U.S market and has made key progress in Q4. After fulfilling the license requirements in New Jersey, license applications were submitted in Q4 in West Virginia and Michigan, with more fillings to happen soon in the U.S. and in Canada. Several new distribution and partner agreements were signed, including a games contract with Golden Nugget Online Gaming.

KEY MILESTONES IN Q4

OddsMatrix surpassed EUR 100 million total placed bets in each month of the quarter, almost double compared to Q4 2020.
10 game vendors integrations with CasinoEngine completed.
SlotMatrix RGS live with 9 partners end of Q4, including EveryMatrix’s own Spearhead and Armadillo Studios.
SlotMatrix RGS available in 15 regulated markets by the end of Q4.
18 games launched on SlotMatrix RGS, including three by Spearhead Studios.
13 payment integrations resulting in 80+ payment integrations in total.

ONGOING PRODUCT ENHANCEMENT AND NEW KEY SIGNINGS

EveryMatrix’s footprint with tier 1 operators is expanding at a good pace and in Q4 agreements were signed with four new clients, all of them in markets outside Europe: the U.S., Latin America, and Africa, leading to a total of eight new tier 1 operators in 2021.

Eight turnkey projects with new client brands were launched in the quarter. This adds up to 19 turnkey launches for the full year, including launches with brands in the regulated markets in Denmark, Cyprus, Greece, Malta, Romania, Mexico and Africa.

“The number of active leads, client launches, and new product launches makes me confident about our prospects and further demonstrates the momentum with EveryMatrix’s innovative product offering and highly scalable and modular software platform”, concludes Ebbe Groes.

In a sustained push to provide competitive technology and services to state lotteries, EveryMatrix has appointed Gaming Laboratories International (GLI®) to conduct a programme of audits of its technology platforms and operations against the WLA-SCS:2020 standard.

The audits will assess EveryMatrixs’ current policies and procedures to ensure they align with the World Lottery Association Standards as part of their strategy to further strengthen their business with State Lotteries. The work is expected to start in Q4 of this year as part of a three-year cycle.

Jakub Stefka, GLI Account Manager EMEA, said: “We are excited about working with EveryMatrix in support of their business plans to continue to grow into the lottery market. GLI is an associate member of the World Lottery Association with over three decades of experience working with lotteries around the world, so we have the knowledge and understanding required to carry out lottery audits in multiple jurisdictions.”

Stian Hornsletten, CCO of EveryMatrix, added: “We welcome GLI’s audit since we are keen on further expanding our presence in the sector. Our platforms currently support billions of transactions for over 100 licensed operators, including existing WLA member lotteries. Certification to the WLA-SCS:2020 standard will prove that our technology and operations are among the best in the world and will provide the security and reliability demanded by the WLA market.”

EveryMatrix is happy to announce Alina Alexandru as its new Chief Technology Officer. Previously EveryMatrix’s Head of Delivery and already a key member of the Leadership Team, Alina Alexandru is set to take over the company’s technology strategy and operations from the Bucharest office.

Alina Alexandru has been part of EveryMatrix for almost a decade. She joined the company as an Integration Manager and then was promoted to Head of Client Sites Division. In 2017, Alina assumed the role of the GamMatrix business unit CEO, a significant leap for her career. In 2020, she stepped up as Head of Delivery, and now she will take the responsibility of Chief Technology Officer.

Before joining EveryMatrix, Alina worked in various software development and project management positions for the U.K. educational sector and the investment banking vertical.

Ebbe Groes, CEO of EveryMatrix, comments: “Alina has been a joy to work with from the moment she joined EveryMatrix, nine years ago. The appointment as CTO is a natural next step for her. The company is experiencing exponential growth, and Alina’s hands-on approach will enable us to continue to maintain pristine stability of operations while handling the large volumes of our Tier 1 clients.”

Alina Alexandru, CTO of EveryMatrix, says: “Working for EveryMatrix is a wonderful and unique experience. Over the years, the company gained a reputation in the industry for its flexible approach towards supplying solutions to different-sized operators. I am happy to provide leadership and deliver the most secure infrastructure while enhancing the software platform, together with all EveryMatrix teams.”