Meridian Holdings Inc. (NASDAQ: MRDN) reported record fourth quarter revenue of $49.6 million for the period ended December 31, 2025, an 8% increase year-over-year, and record full-year revenue of $182.9 million, up 21% from 2024. The company, which recently rebranded from its previous name, also reported a net loss of $88.4 million for the quarter and $92 million for the full year, driven primarily by a $91.8 million non-cash goodwill and intangible asset impairment charge triggered by a sustained decline in its share price.
Gross profit for Q4 rose 6% to $28.5 million, while full-year gross profit increased 17% to $103.5 million. Adjusted EBITDA, a non-GAAP measure, was $4.6 million for the quarter, down from $6.5 million in the prior-year period, and $19.4 million for the year, compared to $22.2 million in 2024. The decline was attributed to increased selling and marketing expenses aimed at driving customer growth.
William Scott, Interim CEO of Meridian, stated, “FY2025 was a year of significant progress. We delivered record revenue, reduced debt by more than half, and completed our rebrand to Meridian Holdings.” The company reduced total debt by 51% to $34.7 million and ended the year with $18.1 million in cash, maintaining a net debt leverage ratio of less than 0.9x.
For the first quarter of 2026, Meridian provided preliminary guidance of approximately $50 million in revenue, representing about 17% growth year-over-year, and Adjusted EBITDA of approximately $6.1 million, up about 9%.
The Meridianbet Group segment, which accounted for 68% of total revenue, posted $124.6 million in revenue for the year, up 17% year-over-year. Zoran Milosevic, CEO of Meridianbet, noted that new customer registrations increased 72% to 1.2 million, with active users up 35% and depositors up 40%.
Expanse Studios, within the Meridianbet segment, expanded its operator network from 184 to 1,344 active sites, a 630% increase, and delivered Q4 revenue growth of 435% year-over-year. The subsidiary has filed for system certification in Ontario, Canada.
The RKings & Classics for a Cause segment delivered $43.8 million in revenue for the year, up 35%, representing 24% of total revenue. Raffle ticket volumes scaled 137% to 25.2 million, and customer lifetime value per new registration increased 19%.
The GMAG segment reported $14.5 million in revenue, up 16%, representing 8% of total revenue. Its Mexico-facing online casino, MexPlay, saw registrations grow 256% year-over-year in Q4.
Rich Christensen, CFO, commented, “The reported GAAP net loss was driven primarily by non-cash, non-recurring accounting charges that did not affect cash flow or operational performance.” The company expects continued growth in Q1 2026.
For more details, the full presentation and earnings call can be accessed at Meridian Holdings quarterly results page. Additional information is available at Meridian Holdings website.
