Meridian Holdings Inc. (NASDAQ: MRDN) reported record financial results for the fourth quarter and full year ended December 31, 2025, with revenue reaching $49.6 million in Q4, an 8% increase year-over-year, and full-year revenue of $182.9 million, up 21% from 2024. The company, which recently rebranded to Meridian Holdings, also disclosed a net loss of $88.4 million for the quarter and $92 million for the year, primarily due to a $91.8 million non-cash goodwill and intangible asset impairment charge triggered by a sustained decline in its share price.
Adjusted EBITDA, a non-GAAP measure, was $4.6 million for the quarter and $19.4 million for the full year, compared to $6.5 million and $22.2 million in the prior year periods, respectively. The decline in adjusted EBITDA was attributed to increased selling and marketing expenses aimed at driving customer growth. Despite the net loss, the company reduced its 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.”
Operationally, the Meridianbet Group segment, which represents 68% of total revenue, grew 17% year-over-year to $124.6 million, with new customer registrations increasing 72% to 1.2 million. Expanse Studios, included in this segment, 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 $43.8 million in revenue, up 35%, while the GMAG segment contributed $14.5 million, up 16%.
Looking ahead, the company provided preliminary Q1 2026 guidance, expecting revenue of approximately $50 million, representing 17% growth year-over-year, and adjusted EBITDA of approximately $6.1 million, up 9%. 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. Our business continues to generate strong cash flow, and we remain focused on translating operational execution into consistent financial results.”
For more information, visit https://meridian-holdings.com/. The full visual presentation and earnings call can be accessed at https://meridian-holdings.com/quarterly-results/.
