EveryMatrix achieves 26% year-on-year increase in gross profit

B2B iGaming technology supplier EveryMatrix has recorded its best financial year in its 15-year history.

The Malta-headquartered company recorded growth across all of its business segments, including casino, sports, and platform, surpassing expectations with its gross profit increasing by 26% year-on-year in 2022 to reach €65m.

Revenue was up 47% year-on-year to €127m.

Annual EBITDA increased by 23% year-on-year to €23.3m in 2022, which resulted in an EBITDA margin of 36%.

Q4 performance

In Q4 2022, gross profit rose by 39% year-on-year to €19.4m, with a three-year compound annual growth rate of 40%.

Revenue increased by 66% to €39.5m, while quarterly EBITDA rose by 81% year-on-year to €6.9m.

Gross profit in casino was up 43% to €8.9m, while sport gross profit was up 18% to just over €5m.

Gross profit for EveryMatrix’ platform segment increased 63% year-on-year to around €5m.

The supplier attributed the financial performance to its strategic diversification and broad client base of over 200 global customers, which has helped to mitigate the “impact German regulation had on gross profit in the casino segment”.

Excluding Germany, group gross profit for the Rest of the World saw an increase of 43% year-on-year and 113% between Q4 2020 and Q4 2022.

Best sales year

The company also achieved its best sales year, signing 149 new deals worth more than €25m per year, including 14 turnkey, 18 tier-1, and 7 US contracts.

Net cash grew from €21.1m at the end of Q3 2022 to €24.1m in Q4 2022, allowing the company to reinvest positive cash flow into future growth while remaining debt-free.

EveryMatrix Group CEO Ebbe Groes commented: “It has been a phenomenal year on so many levels with records broken in every area of the business and every business unit contributing to our best 12 months yet.

The final quarter of 2022 was of particular significance as the supplier won 28 new clients across all products, including the tender to supply Hungary’s National Lottery operator Szerencsejáték with sports betting software solutions and services for its online brand TippmixPro.