Meridian Holdings Reports Record Annual Revenue Despite Quarterly Loss Driven by Non-Cash Impairment

Meridian Holdings Inc. reported financial results for the fourth quarter and full year ended December 31, 2025, marking its first earnings release under the unified Meridian Holdings brand following a strategic rebrand. The company achieved record full-year revenue of $182.9 million, representing a 21% increase compared to 2024, while fourth quarter revenue reached $49.6 million, an 8% year-over-year increase.

The company reported a net loss of $88.4 million for the fourth quarter of 2025, or $7.09 per diluted share, compared with a net loss of $2.1 million in the prior year. For the full year, the net loss was $92 million, or $7.76 per diluted share, compared with a net loss of $1.4 million in 2024. Company executives emphasized that the net loss was primarily driven by a $91.8 million non-cash goodwill and intangible asset impairment charge triggered by a sustained decline in share price, which did not affect cash flow or operational performance.

Adjusted EBITDA, a non-GAAP financial measure, was $4.6 million for the quarter 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. As of December 31, 2025, the company had cash of $18.1 million and reduced total debt 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 on the company’s progress, stating that FY2025 was a year of significant progress with record revenue, reduced debt by more than half, and completion of the rebrand to Meridian Holdings. The company’s preliminary outlook for Q1 2026 projects revenue of approximately $50 million, representing approximately 17% growth over last year, and Adjusted EBITDA of approximately $6.1 million, representing approximately 9% growth year-over-year.

Operational highlights revealed strong performance across business segments. The Meridianbet Group segment, a subsidiary of Meridian, delivered FY 2025 revenue of $124.6 million, up 17% year-over-year, representing 68% of total company revenue at approximately 70% gross margin. Zoran Milosevic, CEO of Meridianbet, noted that new customer registrations increased 72% year-over-year to 1.2 million, with active users up 35% and depositors up 40%.

Expanse Studios, included in the Meridianbet Group Segment, expanded its operator network from 184 to 1,344 active sites during FY 2025, representing 630% year-over-year growth, and delivered Q4 revenue growth of 435% year-over-year. The RKings & Classics for a Cause Segment delivered FY 2025 revenue of $43.8 million, up 35% year-over-year, representing 24% of total company revenue. The GMAG Segment delivered FY 2025 revenue of $14.5 million, up 16% year-over-year compared to $12.5 million in FY 2024, representing 8% of total company revenue.

Rich Christensen, CFO, emphasized the company’s strong performance with revenue up 21%, gross profit up 17%, and net debt reduced by 59% in FY2025. The full visual presentation and the earnings call can be accessed at 8:00am ET on the Meridian Holdings IR website. For more information about the company, visit their main website.

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