Meridian Holdings (MRDN) Q1 2026 earnings summary

Executive summary

• Achieved first GAAP-profitable quarter under the Meridian Holdings brand, with net income of $2.2 million ($0.18 per diluted share), reversing a prior year loss.

• Revenue grew 17% year-over-year to $50.1 million, driven by core Meridianbet operations and expansion in online casino, sports betting, and retail.

• Adjusted EBITDA increased 26% year-over-year to $6.3 million, exceeding guidance and reflecting operational leverage.

• Gross profit rose 16% to $28.1 million, with margin improvements across segments.

• Strengthened balance sheet with net debt reduced 62% year-over-year to $13.4 million and cash of $16.2 million.

Financial highlights

• Revenue: $50.1 million, up 17% year-over-year.

• Gross profit: $28.1 million (56.2% margin), up 16% year-over-year.

• Net income: $2.2 million, or $0.18 per diluted share, compared to a net loss last year.

• Adjusted EBITDA: $6.3 million (12.6% margin), up 26% year-over-year and above guidance.

• Cash on hand: $16.2 million as of March 31, 2026.

Outlook and guidance

• Q2 2026 revenue guidance: $51–$53 million, representing 18–23% growth over Q2 2025.

• Growth expected from core operations, new certifications, and seasonal uplift in wagering.

• Management expects continued revenue growth driven by expanded product offerings and new market entries.