Meridian Holdings Inc. reported financial results for the fourth quarter and full-year ended December 31, 2025, revealing record revenue figures alongside a significant net loss driven by non-cash accounting adjustments. The company, which operates online sports betting and gaming platforms globally, achieved fourth quarter revenue of $49.6 million, an 8% increase over the prior year, while full-year revenue reached $182.9 million, representing 21% growth compared to 2024.
The financial results mark Meridian's first earnings release under its new corporate identity following a strategic rebrand that unifies its operations under the Meridian Holdings name. Despite the revenue growth, the company reported a net loss of $88.4 million for the fourth quarter and $92 million for the full year, primarily attributed to a $91.8 million non-cash goodwill and intangible asset impairment charge triggered by a sustained decline in share price. Adjusted EBITDA, a non-GAAP measure, was $4.6 million for the quarter and $19.4 million for the year, reflecting continued operational performance despite increased investment in customer growth initiatives.
William Scott, Interim CEO of Meridian, emphasized the company's progress, stating, "FY2025 was a year of significant progress. We delivered record revenue, reduced debt by more than half, and completed our rebrand to Meridian Holdings." The company reduced its total debt by 51% to $34.7 million and maintained a net debt leverage ratio of less than 0.9x, with cash reserves of $18.1 million as of December 31, 2025. Rich Christensen, CFO, noted that the GAAP net loss was driven primarily by non-cash, non-recurring accounting charges that did not affect cash flow or operational performance.
Operational highlights reveal substantial growth across business segments. The Meridianbet Group segment, representing 68% of total company revenue, delivered $124.6 million in revenue for 2025, up 17% year-over-year. Zoran Milosevic, CEO of Meridianbet, reported new customer registrations increased 72% 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, and has filed for system certification in Ontario, Canada, pending regulatory approval.
The RKings & Classics for a Cause segment delivered $43.8 million in revenue, up 35% year-over-year, while the GMAG segment reported $14.5 million in revenue, up 16% compared to 2024. MexPlay, the segment's Mexico-facing online casino, saw registrations grow 256% year-over-year in Q4 2025. The company provided a preliminary outlook for Q1 2026, expecting revenue of approximately $50 million, representing 17% growth over last year, and Adjusted EBITDA of approximately $6.1 million, representing 9% growth year-over-year.
The importance of these results extends beyond financial metrics to strategic positioning in the competitive global gaming market. Meridian's successful debt reduction and operational expansion across multiple regulated markets demonstrate resilience amid market volatility. The company's ability to grow revenue while managing leverage positions it for sustainable expansion, particularly as it enters new markets like Canada. The substantial growth in customer registrations and active users across segments indicates successful market penetration strategies that could translate to long-term value creation. Investors can access the full visual presentation and earnings call at https://meridian-holdings.com/quarterly-results/ for additional details on the company's performance and strategic direction.
