EveryMatrix highlights ‘phenomenal year’ in 2022 financial update

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EveryMatrix has declared a record financial performance in its fourth quarter update, with gross profit across all business segments ahead of expectations.

Group CEO Ebbe Groes has also reported a “phenomenal year” in annual performance, with a positive sales pipeline and a strong cash balance.

EveryMatrix reports record quarter

Publishing its Q4/full-year update, EveryMatrix has announced revenues of $43.5m, a 66% increase year-over-year, with gross profit standing at $21.3m, a 39% uptick YoY (Q4 2021: $15.3m).

The igaming technology provider’s EBITDA grew by 81% YoY to $7.6m (2021: $4.2m) following “reinvesting positive cash flow into future growth,” with a margin of 36%, a small decline to due “end of year expenses.”

Q4 finished with net cash of $26.5m as the company continued investing in new games. The firm won 28 new clients across all products, including a turnkey deal with omnichannel sports betting in Latin America.

For 2022, EveryMatrix posted revenues of $139.7m, a 47% YoY improvement, with a gross profit of $71.5m, a 26% uptick YoY (2021: $56.5m), driven by “impressive growth” across all business segments. 

From March onwards, every month recorded higher gross profit results for the provider, with new records achieved in November and December.

Sales were strong for the company throughout the year, with 149 new deals valued at more than $27.5m, including 14 turnkey, 18 tier one, and seven US contracts.

EveryMatrix’s US saw the provider go live with its first customer in the country with BetMGM, as well as securing its third state license in Michigan, expanding its igaming content.

Full-year EBITDA grew by 23% YoY to $25.6m (2021: $20.9m) “highlighting scalability,” with a margin of 36%, and net cash of $26.5m.

EveryMatrix added that it is “reinvesting positive cash flow into future growth and remains debt-free.”

“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,” commented Groes.

“Equally pleasing is that we foresee this strengthening with several imminent landmark tier-one launches in sports, casino, and platform set to contribute to even greater success and enabling us to continue to invest in future growth.

“This could not have been achieved without the extraordinary effort, expertise, and energy that our teams and individuals across multiple global locations have consistently shown throughout 2022, with a very special mention to our friends and colleagues in Ukraine who we are committed to unconditionally supporting at all costs.”

Casino and sports segments deliver

Following a diversification of its products and the broadening of its client base, EveryMatrix was able to manage Germany’s regulatory impact on its casino gross profit.

In 2021, Germany regulated online gambling on a federal level, rather than per individual state, but certain restrictions have limited operations.

Excluding Germany, group gross profit for the rest of the world increased by 43% YoY and 113% between Q4 2020 and Q4 2022.

Per vertical in Q4, EveryMatrix’s casino segment achieved a record gross profit of $9.8m, a 43% improvement YoY, off the back of a record GGR of $343.2m and the segment is expected to continue its strong growth in 2023 with “further investment within the commercial team.” Its CasinoEngine agreed to a deal with Nigerian operator Kingmakers.

The company’s sports segment saw its turnover more than double YoY in Q4 to $810.7m (2021: $341m) with a GGR of $26.4m (2021: $30.8m) “influenced by the heavy odds promotion.”

Gross profit for the segment was up 18% YoY for the quarter, and up by 28% YoY for the full year to $21.2m. 

EveryMatrix noted that its sports segment benefited from the victory in the Hungarian lottery tender with Szerencsejáték Privately Held Company Ltd for its technology and platform solutions.

Under the terms of the deal, the provider will supply its end-to-end suite of advanced digital sports betting software solutions and services for its online brand TippmixPro.

The firm explained that its platform segment “continues to support casino and sports contracts while getting an increasing share of the revenue.” Gross profit improved by 63% YoY and the segment also had a record EBITDA contribution of $1.65m.

The company also stated it continues to support its Ukrainian staff with its operations in the region remaining unaffected.