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 brand 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, or $7.76 per diluted share, compared with a net loss of $1.4 million in 2024. The fourth quarter net loss was $88.4 million, or $7.09 per diluted share, compared with a net loss of $2.1 million in the prior year period. Management attributed the net losses primarily to a $91.8 million non-cash goodwill and intangible asset impairment charge triggered by a sustained decline in share price, which did not affect cash flow or operational performance.
Adjusted EBITDA, a non-GAAP financial measure, was $19.4 million for the full year compared to $22.2 million in 2024, while fourth quarter Adjusted EBITDA was $4.6 million compared to $6.5 million in the prior year period. The company reduced total debt by 51% to $34.7 million and maintained a net debt leverage ratio of less than 0.9x as of December 31, 2025, with cash of $18.1 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 preliminary outlook for Q1 2026 projects revenue of approximately $50 million, representing 17% growth over last year, and Adjusted EBITDA of approximately $6.1 million, representing 9% year-over-year growth.
Operational highlights included the Meridianbet Group segment delivering FY 2025 revenue of $124.6 million, up 17% year-over-year and representing 68% of total company revenue. Zoran Milosevic, CEO of Meridianbet, reported new customer registrations increased 72% year-over-year to 1.2 million, with active users up 35% and depositors up 40%. The Expanse Studios subsidiary 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 FY 2025 revenue of $43.8 million, up 35% year-over-year, while the GMAG segment delivered FY 2025 revenue of $14.5 million, up 16% year-over-year. Rich Christensen, CFO, emphasized that the business continues to generate strong cash flow and entered FY2026 with a solid balance sheet and expected growth in Q1 revenue and Adjusted EBITDA.
The full visual presentation and earnings call can be accessed at 8:00am ET on the Meridian Holdings IR website. For more information, please visit the company's main website.
