Meridian Holdings Reports Record Revenue Amid Strategic Rebrand and Operational Growth

Meridian Holdings Inc. reported financial results for the fourth quarter and full-year ended December 31, 2025, highlighting record revenue figures alongside strategic operational achievements. The company's fourth quarter revenue reached $49.6 million, representing an 8% increase over the prior year, while full-year revenue grew 21% to $182.9 million. These results mark the company's first earnings release under the Meridian Holdings name following a strategic rebrand that unifies its corporate identity.

Despite the revenue growth, the company 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 share price. Adjusted EBITDA for the quarter was $4.6 million compared to $6.5 million in the prior year period, with the decline attributed to additional investment in selling and marketing expenses targeted at driving customer growth. Full-year Adjusted EBITDA was $19.4 million compared to $22.2 million in the prior year.

Operational highlights reveal significant growth across business segments. The Meridianbet Group segment delivered full-year revenue of $124.6 million, up 17% year-over-year, representing 68% of total company revenue. Within this segment, Expanse Studios expanded its operator network from 184 to 1,344 active sites during the year, representing 630% year-over-year growth, and 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, while the GMAG segment reported full-year revenue of $14.5 million, up 16% year-over-year.

William Scott, Interim CEO of Meridian, commented on the company's progress, stating, "FY2025 was a year of significant progress. We delivered record revenue, reduced debt by more than half, and completed our rebrand to Meridian Holdings." The company reduced its total debt by 51% to $34.7 million and maintained a net debt leverage ratio of less than 0.9x as of December 31, 2025. Rich Christensen, CFO, emphasized that 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 company provided a preliminary outlook for the first quarter of 2026, expecting revenue of approximately $50 million, representing 17% growth over last year, and Adjusted EBITDA of approximately $6.1 million, representing 9% growth year-over-year. The full visual presentation and earnings call can be accessed at 8:00am ET on the Meridian Holdings IR website. For more information about the company's operations and financial performance, visit their corporate website.