Meridian Holdings (MRDN) Q4 2025 earnings summary

Executive summary

• Achieved record FY2025 revenue of $182.9 million, up 21% year-over-year, with Q4 revenue of $49.6 million, up 8% YoY.

• MeridianBet contributed 68% of group revenue ($124.6 million), with a 70% gross margin and 72% increase in new registrations.

• Net loss for FY2025 was $92 million, driven by a $91.8 million non-cash goodwill and intangible asset impairment charge.

• Net debt reduced by 59% year-over-year to $16.6 million, with leverage ratio at 0.86x adjusted EBITDA.

• Completed strategic rebrand to Meridian Holdings and transitioned to new management.

Financial highlights

• Full-year gross profit was $103.5 million (57% margin), up 17% year-over-year.

• Adjusted EBITDA for FY2025 was $19.4 million (10.6%–11% margin), down from $22.2 million in FY2024.

• Cash at year-end was $18.1 million; total debt reduced by 51% to $34.7 million.

• Q4 gross profit was $28.5 million (57.5% margin), and Q4 adjusted EBITDA was $4.6 million.

• EPS for FY2025 was $(7.76), reflecting the impairment charge.

Outlook and guidance

• Q1 2026 revenue guidance is approximately $50 million, representing 17% year-over-year growth.

• Q1 2026 adjusted EBITDA expected at $6.1 million, a 9% increase from Q1 2025.

• Strategic focus on delivering guidance, operational discipline, and continued balance sheet improvement.