Meridian Holdings Inc. (NASDAQ: MRDN) announced record fourth-quarter revenue of $49.6 million and full-year 2025 revenue of $182.9 million, representing increases of 8% and 21% year-over-year, respectively. The company also reported a net loss of $88.4 million for the fourth 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.
Adjusted EBITDA for the fourth quarter was $4.6 million, down from $6.5 million in the prior year, reflecting additional investment in selling and marketing expenses aimed at driving customer growth. For the full year, Adjusted EBITDA was $19.4 million compared to $22.2 million in 2024. 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.”
The Meridianbet Group segment, which contributed 68% of total company revenue, delivered $124.6 million in revenue, 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%. Expanse Studios, within the Meridianbet segment, expanded its operator network from 184 to 1,344 active sites, representing 630% year-over-year growth, and filed for system certification in Ontario, Canada.
The RKings & Classics for a Cause segment reported revenue of $43.8 million, up 35% year-over-year, representing 24% of total revenue. Raffle ticket volumes scaled 137% to 25.2 million, driven by higher-value customer acquisition. The GMAG segment delivered $14.5 million in revenue, up 16% year-over-year, with MexPlay registrations growing 256% in the fourth quarter.
For the first quarter of 2026, Meridian provided preliminary guidance of approximately $50 million in revenue, representing 17% growth year-over-year, and Adjusted EBITDA of approximately $6.1 million, reflecting 9% growth. Rich Christensen, CFO, noted, “The reported GAAP net loss was driven primarily by non‑cash, non‑recurring accounting charges that did not affect cash flow or operational performance. We entered FY2026 with a solid balance sheet and expected growth in Q1 revenue and Adjusted EBITDA of 17% and 9%, respectively.”
The full visual presentation and earnings call can be accessed at Meridian Holdings IR website. For more information, visit Meridian Holdings.
