Meridian Holdings Inc. (NASDAQ: MRDN) reported financial results for the first quarter ended March 31, 2026, achieving revenue of $50.1 million, a 17% increase year-over-year, and returning to GAAP profitability with net income of $2.2 million. The company also exceeded its Adjusted EBITDA guidance, reporting $6.3 million, a 26% increase from the prior year, while reducing net debt by 62% to $13.4 million.
William Scott, Interim CEO, stated that the quarter reflects disciplined execution of the growth plan, with the company delivering on revenue guidance and strengthening the balance sheet. The company's cash position stood at $16.2 million, with total debt declining 54% year-over-year, resulting in a net debt leverage ratio of 0.53x, the strongest in company history.
The Meridianbet Group, the company's B2C segment, generated revenue of $34.9 million, up 26% year-over-year, representing 69.6% of total revenue. The segment saw a 41% increase in new customer registrations to 428,400 and a 27% increase in depositors to 283,000. Expanse Studios, part of the Meridianbet Group, expanded its operator network to 1,519 active sites and launched six new proprietary game titles during the quarter, securing certifications in Latvia, Estonia, Sweden, and Portugal.
RKings & Classics for a Cause combined revenue reached $12.1 million, up 9% year-over-year, with RKings revenue increasing 12% to $7.7 million. Classics for a Cause saw VIP subscriptions surpass 10,000 for the first time in 12 months. The GMAG segment reported revenue of $3.1 million, down from $3.8 million in the prior year, but onboarded 12 new providers and deployed 1,382 new games, a 65% increase year-over-year. MexPlay, its Mexico-facing online casino, saw registrations surge 271% to 74,000.
For the second quarter of 2026, the company issued revenue guidance of $51 million to $53 million, representing 18% to 23% growth over the prior year, driven by continued momentum in core operations and seasonal uplift. CFO Rich Christensen noted the company's financial flexibility with $16.2 million in cash and a clean deleveraging trajectory.
Investor resources, including a full visual presentation and earnings call replay, are available at the company's investor relations website: https://meridian-holdings.com/quarterly-results/.
