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, a 21% increase compared to 2024. The company, which recently rebranded to Meridian Holdings, also reported a net loss of $88.4 million for the quarter and $92 million for the full year, primarily driven 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 the quarter increased 6% to $28.5 million, while full-year gross profit rose 17% to $103.5 million. Adjusted EBITDA, a non-GAAP measure, was $4.6 million for the quarter compared to $6.5 million in the prior year period, reflecting increased investment in sales and marketing. For the full year, Adjusted EBITDA was $19.4 million versus $22.2 million in 2024. The company ended the year with $18.1 million in cash and total debt reduced by 51% to $34.7 million, 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.”
Operationally, the Meridianbet Group segment delivered full-year revenue of $124.6 million, up 17% year-over-year, representing 68% of total company revenue. New customer registrations increased 72% to 1.2 million, with active users up 35% and depositors up 40%. Expanse Studios expanded its operator network from 184 to 1,344 active sites, a 630% increase, and reported Q4 revenue growth of 435% year-over-year. The RKings & Classics for a Cause segment delivered revenue of $43.8 million, up 35% year-over-year, with raffle ticket volumes scaling 137% to 25.2 million. The GMAG segment reported revenue of $14.5 million, up 16%, while MexPlay 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 about 17% growth year-over-year, and Adjusted EBITDA of approximately $6.1 million, representing about 9% growth. CFO Rich Christensen noted, “We entered FY2026 with a solid balance sheet and expected growth in Q1 revenue and Adjusted EBITDA of 17% and 9%, respectively.”
The company’s financial results reflect a mix of strong operational performance and significant non-cash charges. The impairment charge, while impacting GAAP net income, did not affect cash flow or operational performance. Meridian’s focus remains on executing across its core and emerging markets, with a robust pipeline of opportunities. The full earnings presentation is available on the Meridian Holdings IR website at https://meridian-holdings.com/quarterly-results/.
