Meridian Holdings Inc. (NASDAQ: MRDN) reported record fourth quarter revenue of $49.6 million and full-year 2025 revenue of $182.9 million, marking increases of 8% and 21% year-over-year, respectively. The company, which recently rebranded under the Meridian Holdings name, also saw gross profit rise 6% in Q4 to $28.5 million and 17% for the full year to $103.5 million. However, a non-cash goodwill and intangible asset impairment charge of $91.8 million triggered by a sustained decline in share price led to a net loss of $88.4 million for the quarter and $92 million for the year.
Adjusted EBITDA, a non-GAAP measure that excludes the impairment and other items, came in at $4.6 million for the quarter and $19.4 million for the full year, compared to $6.5 million and $22.2 million in the prior year periods. The decline in adjusted EBITDA was attributed to increased selling and marketing expenses aimed at driving customer growth. The company reduced total debt by 51% to $34.7 million and ended the year with $18.1 million in cash, resulting in a net debt leverage ratio of less than 0.9x.
William Scott, Interim CEO of Meridian, commented, “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.”
On an operational basis, the Meridianbet Group segment, which contributed 68% of total revenue, saw full-year revenue increase 17% to $124.6 million at approximately 70% gross margin. New customer registrations surged 72% year-over-year to 1.2 million, with active users up 35% and depositors up 40%. Expanse Studios, part of the Meridianbet segment, expanded its operator network from 184 to 1,344 active sites, representing 630% growth, 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 full-year revenue of $43.8 million, up 35% year-over-year, while the GMAG segment reported revenue of $14.5 million, up 16%. MexPlay, the Mexico-facing online casino within GMAG, saw registrations grow 256% year-over-year in Q4.
For the first quarter of 2026, Meridian provided preliminary guidance of revenue of approximately $50 million, representing roughly 17% growth year-over-year, and adjusted EBITDA of approximately $6.1 million, representing about 9% growth. Rich Christensen, CFO, noted, “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.”
The full earnings presentation and call can be accessed at Meridian Holdings IR website. More information about the company is available at meridian-holdings.com.
