Meridian Holdings Reports Record FY2025 Revenue of $182.9 Million, Up 21%
Q4 2025 Revenue of $49.6 Million, Up 8% Year-over-YearMeridian Holdings Inc. (NASDAQ: MRDN), a global operator and licensor of online sports betting and gaming platforms, today announced its financial results for the fourth quarter and full-year ended December 31, 2025. This marks the Company’s first earnings release under the Meridian Holdings name, following a strategic rebrand that unifies its corporate identity under its most widely recognized global brand.
Fourth Quarter 2025 Financial Highlights
- Revenue was $49.6 million in Q4, an increase of 8% over the prior year.
- Gross Profit increased 6% from the prior year to $28.5 million.
- The Company reported a net loss of $88.4 million for Q4 2025, or $7.09 per diluted share, compared with a net loss of $2.1 million, or $0.20 per diluted share, in the prior year. The net loss was primarily driven by a $91.8 million non-cash goodwill and intangible asset impairment charge triggered by a sustained decline in share price.
- Adjusted EBITDA1 was $4.6 million for the quarter compared to $6.5 million in the prior year. The decline reflects additional investment in selling and marketing expenses targeted at driving customer growth.
Full-Year 2025 Financial Highlights
- Full-year revenue was $182.9 million, an increase of 21% compared to 2024.
- Gross Profit increased 17% from the prior year to $103.5 million.
- The Company reported a net loss of $92 million for 2025, or $7.76 per diluted share, compared with a net loss of $1.4 million, or $0.16 per diluted share, in 2024.
- Adjusted EBITDA1 of $19.4 million compared to $22.2 million in the prior year period.
- As of December 31, 2025, the Company had cash of $18.1 million and a net debt leverage ratio of less than 0.9x, with total debt declining 51% to $34.7 million.
“FY2025 was a year of significant progress. We delivered record revenue, reduced debt by more than half, and completed our rebrand to Meridian Holdings. As we enter 2026, our priorities remain strong execution across markets, continued technology integration, and disciplined capital allocation. We believe our business fundamentals are robust, and our opportunity pipeline across both core and emerging markets continues to grow.”
William Scott · Chief Executive Officer, Meridian Holdings
Q1 2026 Preliminary Outlook
Preliminary Guidance — Q1 2026
All forward-looking financial measures are preliminary, unaudited and subject to change. Adjusted EBITDA is a non-GAAP financial measure; a reconciliation to the nearest GAAP measure will be provided in the Company’s quarterly filing.
“In FY2025, we delivered strong performance, with revenue up 21%, gross profit up 17%, and net debt reduced by 59%. The reported GAAP net loss was driven primarily by non-cash, non-recurring accounting charges that did not affect cash flow or operational performance. We entered FY2026 with a solid balance sheet and expected growth in Q1 revenue and Adjusted EBITDA of 17% and 9%, respectively. Our business continues to generate strong cash flow, and we remain focused on translating operational execution into consistent financial results.”
Rich Christensen · Chief Financial Officer, Meridian Holdings
FY2025 Operational Highlights
Meridianbet Group delivered FY2025 revenue of $124.6 million, up 17% year-over-year, representing 68% of total company revenue at approximately 70% gross margin.
“FY2025 underscored the strength of a platform designed to scale across multiple regulated markets while maintaining margin discipline and operational efficiency. At Meridianbet, new customer registrations increased 72% year-over-year to 1.2 million, with active users up 35% and depositors up 40%. We enter 2026 with what we believe is the strongest operational foundation in our history and a robust pipeline of market and product expansion opportunities.”
Zoran Milosevic · Chief Executive Officer, Meridianbet
Expanse Studios expanded its operator network from 184 to 1,344 active sites during FY2025, representing 630% year-over-year growth, and delivered Q4 revenue growth of 435% year-over-year. The subsidiary has filed for system certification in Ontario, Canada, pending regulatory approval.
The segment delivered FY2025 revenue of $43.8 million, up 35% year-over-year. Q4 2025 revenue was $10.9 million, reflecting an 8% year-over-year decrease against a strong prior-year comparable. Raffle ticket volumes at RKings scaled 137% year-over-year to 25.2 million, driven by higher-value customer acquisition as the estimate of customer lifetime value per new registration increased 19% year-over-year.
GMAG delivered FY2025 revenue of $14.5 million, up 16% year-over-year compared to $12.5 million in FY2024. Q4 2025 revenue was $3.5 million, down 3% year-over-year. MexPlay, the segment’s Mexico-facing online casino, continued to scale, with registrations growing 256% year-over-year in Q4 2025 and total active users reaching 32,308 in the quarter.
Financial Tables
Consolidated Balance Sheets
| Assets | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Cash and cash equivalents | $18,078,300 | $30,125,944 |
| Accounts receivable, net | $7,954,116 | $6,061,281 |
| Accounts receivable – related parties | $465,691 | $666,545 |
| Taxes receivable | $595,434 | $734,630 |
| Inventory | $5,524,570 | $3,937,854 |
| Prepaid expenses | $652,224 | $955,456 |
| Other current assets | $2,167,818 | $2,584,771 |
| Total Current Assets | $35,438,153 | $45,066,481 |
| Goodwill & intangible assets, net | $34,914,920 | $127,642,576 |
| Property, plant & equipment, net | $28,963,866 | $27,431,207 |
| Investments | $3,650,526 | $218,147 |
| Deposits | $6,315,584 | $5,706,319 |
| Operating lease right-of-use assets | $6,296,336 | $7,643,504 |
| Other non-current assets | $2,499,415 | $9,359 |
| Total Non-Current Assets | $82,640,647 | $168,651,112 |
| Total Assets | $118,078,800 | $213,717,593 |
| Liabilities & Equity | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Accounts payable and accrued liabilities | $20,572,774 | $12,912,300 |
| Current portion of long-term loan | $10,581,035 | $16,789,650 |
| Current portion of consideration payable – related parties | $16,199,672 | $22,520,460 |
| Taxes payable | $5,011,261 | $3,774,418 |
| Other current liabilities | $4,202,464 | $5,082,469 |
| Total Current Liabilities | $59,566,898 | $63,550,543 |
| Non-current portion of long-term loan | $6,590,907 | $14,364,246 |
| Other non-current liabilities | $3,582,369 | $26,852,224 |
| Total Non-Current Liabilities | $10,173,276 | $41,216,470 |
| Total Liabilities | $69,740,174 | $104,767,013 |
| Total Equity | $48,338,626 | $108,950,580 |
| Total Liabilities and Equity | $118,078,800 | $213,717,593 |
Consolidated Statements of Operations
| Q4 2025 | Q4 2024 | FY 2025 | FY 2024 | |
|---|---|---|---|---|
| Revenues | $49,578,644 | $45,857,374 | $182,863,373 | $151,115,532 |
| Cost of goods sold | ($21,081,327) | ($19,065,888) | ($79,406,653) | ($62,543,407) |
| Gross Profit | $28,497,317 | $26,791,486 | $103,456,720 | $88,572,125 |
| SG&A expenses | ($121,867,837) | ($26,890,632) | ($199,625,728) | ($85,828,421) |
| Income (Loss) from Operations | ($93,370,520) | ($99,146) | ($96,169,008) | $2,743,704 |
| Interest expense | ($1,115,179) | ($2,694,240) | ($4,578,844) | ($3,521,288) |
| Interest earned | $117,867 | $55,122 | $240,723 | $218,145 |
| Foreign exchange gain (loss) | ($427,194) | ($157,244) | $760,220 | ($494,825) |
| Other income | $827,042 | $764,219 | $2,558,579 | $2,262,782 |
| Provision for income taxes | ($5,562,154) | ($52,421) | ($5,206,194) | ($2,618,367) |
| Net Income (Loss) | ($88,405,830) | ($2,078,868) | ($91,982,136) | ($1,409,849) |
| EPS – Basic & Diluted (attributable to MRDN) | ($7.09) | ($0.20) | ($7.76) | ($0.16) |
| Weighted avg. shares – Basic & Diluted | 12,219,910 | 10,685,714 | 11,589,076 | 9,459,308 |
Reconciliation of GAAP Net Loss to Adjusted EBITDA
| Q4 2025 | Q4 2024 | FY 2025 | FY 2024 | |
|---|---|---|---|---|
| Net income (loss) | ($88,405,830) | ($2,078,868) | ($91,982,136) | ($1,409,849) |
| + Interest expense | $1,115,179 | $2,694,240 | $4,578,844 | $3,521,288 |
| − Interest income | ($117,867) | ($55,122) | ($240,723) | ($218,145) |
| + Taxes | ($5,562,154) | ($52,421) | ($5,206,194) | $2,618,367 |
| + Depreciation | $1,790,950 | $1,243,022 | $5,984,384 | $4,416,495 |
| + Amortization | $1,971,944 | $2,056,173 | $9,165,798 | $6,373,696 |
| EBITDA | ($89,207,778) | $3,807,024 | ($77,700,027) | $15,301,852 |
| + Stock-based compensation | $1,088,395 | $1,454,510 | $4,091,449 | $4,707,313 |
| + Restructuring costs | ($164,635) | $1,278,111 | $113,455 | $2,184,397 |
| + Impairment losses on intangible assets | $91,819,422 | — | $91,819,422 | — |
| + Severance costs | $1,058,542 | — | $1,058,542 | — |
| Adjusted EBITDA | $4,593,946 | $6,539,645 | $19,382,841 | $22,193,562 |
Net Debt & Leverage Reconciliation
| Item | December 31, 2025 |
|---|---|
| Total debt | $34,689,140 |
| Less: cash and cash equivalents | ($18,078,300) |
| Net debt | $16,610,840 |
| Divided by: annual Adjusted EBITDA | $19,382,841 |
| Net debt leverage ratio | 0.86x |
About Meridian Holdings
Meridian Holdings Inc. (NASDAQ: MRDN), based in Las Vegas, Nevada, is an established B2B and B2C gaming technology company operating across multiple international markets. The Company’s B2C division is represented by Meridianbet Group, a leading online sports betting and gaming operator founded in 2001, licensed in multiple jurisdictions across Europe, Africa, and South America. MRDN’s B2B division, comprised of game developer Expanse Studios and iGaming platform GMAG, develops, licenses and distributes proprietary gaming platforms to an extensive list of global clients. Meridian Holdings’ other subsidiaries include RKings Competitions, Mexplay (a regulated online casino in Mexico), and Classics for a Cause (Australia’s leading subscription-based digital memberships and trade promotion lottery). The Company’s sophisticated software automatically declines any gaming or redemption requests from within the United States, in strict compliance with current U.S. law.
Adjusted EBITDA, Net Debt, and Net Debt Leverage Ratio are non-GAAP financial measures presented as supplemental indicators of the Company’s performance and capital structure. Adjusted EBITDA represents net income before interest expense, interest income, income taxes, depreciation and amortization, and further excludes stock-based compensation expense, restructuring costs, impairment losses on intangible assets, and severance costs. Net Debt is defined as total debt less cash and cash equivalents. Net Debt Leverage Ratio is defined as Net Debt as of the balance sheet date divided by annualized Adjusted EBITDA for the period then ended. These non-GAAP measures are unaudited and have inherent limitations as analytical tools and should not be considered in isolation, or as substitutes for analysis of the Company’s results as reported under GAAP.
Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements. Actual results may differ materially from those contained in such forward-looking statements. For a full discussion of risk factors, please refer to the Company’s filings with the SEC available at www.sec.gov.
The preliminary outlook for Q1 2026 was prepared by Meridian in good faith using assumptions believed to be reasonable. The Preliminary Outlook is based on numerous assumptions and is subject to significant business, economic, and competitive uncertainties. Accordingly, the Preliminary Outlook is only an estimate and is necessarily speculative in nature. Readers are cautioned not to place undue reliance on the Preliminary Outlook.
Investor & Media Contact
Investors & Press: ir@meridian-holdings.com
Brett Milotte (ICR): Brett.milotte@icrinc.com
1 Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” and the accompanying reconciliation tables above.
