Meridian Holdings Inc. (NASDAQ: MRDN) reported record revenue for the fourth quarter and full-year 2025, marking the company's first earnings release under its new name following a strategic rebrand. The global operator and licensor of online sports betting and gaming platforms achieved fourth quarter revenue of $49.6 million, an 8% increase year-over-year, and full-year revenue of $182.9 million, up 21% from 2024. Gross profit rose 6% to $28.5 million in Q4 and 17% to $103.5 million for the full year.
Despite top-line growth, Meridian reported a net loss of $88.4 million for Q4 and $92 million for the full year, compared to a net loss of $2.1 million and $1.4 million, respectively, in the prior year. The losses were primarily driven by a $91.8 million non-cash goodwill and intangible asset impairment charge triggered by a sustained decline in the company's share price. Adjusted EBITDA, a non-GAAP measure, was $4.6 million in Q4, down from $6.5 million a year ago, reflecting increased investment in sales and marketing to drive customer growth. For the full year, Adjusted EBITDA was $19.4 million, compared to $22.2 million in 2024.
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.”
Meridian reduced total debt by 51% to $34.7 million as of December 31, 2025, and ended the year with $18.1 million in cash. The net debt leverage ratio stood at less than 0.9x. The company also provided a preliminary outlook for Q1 2026, expecting revenue of approximately $50 million, representing 17% growth year-over-year, and Adjusted EBITDA of approximately $6.1 million, up 9%.
The Meridianbet Group segment, which accounted for 68% of total company revenue, delivered full-year revenue of $124.6 million, up 17% year-over-year, with a gross margin of approximately 70%. New customer registrations increased 72% to 1.2 million, active users rose 35%, and depositors grew 40%. Zoran Milosevic, CEO of Meridianbet, stated, “FY2025 underscored the strength of a platform designed to scale across multiple regulated markets while maintaining margin discipline and operational efficiency.”
Expanse Studios, included in the Meridianbet Group segment, expanded its operator network from 184 to 1,344 active sites, 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 RKings & Classics for a Cause segment delivered full-year revenue of $43.8 million, up 35% year-over-year, representing 24% of total company revenue. Raffle ticket volumes scaled 137% to 25.2 million, driven by higher-value customer acquisition. The GMAG segment reported full-year revenue of $14.5 million, up 16% year-over-year, with MexPlay registrations growing 256% year-over-year in Q4.
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.”
Meridian's full visual presentation and earnings call can be accessed at https://meridian-holdings.com/quarterly-results/. For more information, visit https://meridian-holdings.com/.
