Meridian Holdings Inc. (NASDAQ: MRDN) reported record fourth quarter revenue of $49.6 million for the period ended December 31, 2025, an 8% increase over the prior year, and record full-year revenue of $182.9 million, up 21% from 2024. The company, which recently rebranded to Meridian Holdings, 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.
Despite the GAAP net loss, the company highlighted strong operational performance. Gross profit for the full year increased 17% to $103.5 million, and adjusted EBITDA was $19.4 million, compared to $22.2 million in 2024. The decline in adjusted EBITDA was attributed to additional investment in selling and marketing expenses aimed at driving customer growth. The company reduced total debt by 51% to $34.7 million and ended the year with $18.1 million in cash and a net debt leverage ratio of less than 0.9x.
“FY2025 was a year of significant progress. We delivered record revenue, reduced debt by more than half, and completed our rebrand to Meridian Holdings,” said William Scott, Interim CEO of Meridian. “As we enter 2026, our priorities remain strong execution across markets, continued technology integration, and disciplined capital allocation.”
The Meridianbet Group segment, a subsidiary, delivered FY 2025 revenue of $124.6 million, up 17% year-over-year, representing 68% of total company revenue at approximately 70% gross margin. 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 subsidiary has filed for system certification in Ontario, Canada, pending regulatory approval.
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. Raffle ticket volumes at RKings scaled 137% year-over-year to 25.2 million. The GMAG segment delivered FY 2025 revenue of $14.5 million, up 16% year-over-year, representing 8% of total company revenue. MexPlay, the segment's Mexico-facing online casino, continued to scale, with registrations growing 256% year-over-year in Q4 2025.
The company provided a preliminary outlook for the first quarter of 2026, expecting revenue of approximately $50 million, representing about 17% growth over last year, and adjusted EBITDA of approximately $6.1 million, representing about 9% growth year-over-year. Rich Christensen, CFO, commented, “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.”
For more information, visit Meridian Holdings or access the earnings call presentation at Meridian Holdings Quarterly Results.
