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 name 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 $92 million for 2025, 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 year was $19.4 million compared to $22.2 million in the prior year period. Despite the reported net loss, the company emphasized strong operational performance with gross profit increasing 17% to $103.5 million and net debt declining 59% to $16.6 million.
William Scott, Interim CEO of Meridian, stated that FY2025 was a year of significant progress with record revenue, reduced debt by more than half, and completion of the corporate rebrand. The company's priorities for 2026 include strong execution across markets, continued technology integration, and disciplined capital allocation. The full visual presentation and earnings call can be accessed at https://meridian-holdings.com/quarterly-results/.
Segment performance revealed significant growth across Meridian's diversified portfolio. The Meridianbet Group segment delivered FY 2025 revenue of $124.6 million, up 17% year-over-year, representing 68% of total company revenue. Zoran Milosevic, CEO of Meridianbet, noted new customer registrations increased 72% year-over-year to 1.2 million, with active users up 35% and depositors up 40%. Within this segment, Expanse Studios expanded its operator network from 184 to 1,344 active sites during FY 2025, representing 630% year-over-year growth.
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, driven by higher-value customer acquisition. 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, saw registrations grow 256% year-over-year in Q4 2025.
For Q1 2026, Meridian provided a preliminary outlook expecting 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. Rich Christensen, CFO, commented that the business continues to generate strong cash flow and the company remains focused on translating operational execution into consistent financial results. For more information, please visit https://meridian-holdings.com/.
The financial results demonstrate Meridian's ability to grow revenue across multiple international markets while maintaining operational discipline. The significant reduction in net debt and strong cash position provide financial flexibility for continued expansion. The company's diversified portfolio across B2B and B2C gaming segments, combined with geographic expansion into regulated markets like Ontario, Canada, positions Meridian for sustainable growth in the competitive global gaming industry.
