MRDN

LAS VEGAS, NV / ACCESS Newswire / August 10, 2026 / Meridian Holdings Inc. (NASDAQ:MRDN) ("Meridian" or the "Company"), a global operator and licensor of online and retail sports betting, gaming and casino platforms, serving B2B and B2C customers across over 20 regulated markets, today noted the publication of a sponsored article in The Jerusalem Post reviewing the Company's second quarter 2026 financial results. The article, published on August 6, 2026, discusses the Company's previously announced results for the second quarter ended June 30, 2026, including revenue of $50.2 million, an increase of 16% year over year; Adjusted EBITDA of $5.9 million, an increase of 43% year over year; net income attributable to Meridian Holdings of $2.2 million, or $0.17 per diluted share; operating cash flow of $7.8 million; and net debt of $9.4 million, a reduction of 65% year over year. These results were reported in the Company's earnings release dated July 29, 2026 and in its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, filed with the Securities and Exchange Commission. The article is available at: https://www.jpost.com/business-and-innovation/tech-and-start-ups/article-903910 Disclosure of Compensation and Third-Party Content The Company paid consideration to The Jerusalem Post in connection with the publication of this article. The article therefore constitutes sponsored content and is identified as such by the publisher. The Company reviewed the article for factual accuracy prior to publication. Readers should take this compensation into account when evaluating the article. The views, characterizations and conclusions expressed in the article are those of the author and do not necessarily reflect the views of the Company. Readers should not rely on third-party articles, commentary or summaries in making investment decisions. The Company's financial results, including all reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures, are set forth in full in the Company's earnings release dated July 29, 2026 and in its periodic reports filed with the Securities and Exchange Commission, available at www.sec.gov and on the Company's investor relations website. In the event of any inconsistency between the article and the Company's filings with the Securities and Exchange Commission, the Company's filings govern. About Meridian Holdings Meridian Holdings Inc. (NASDAQ: MRDN), headquartered in Las Vegas, Nevada, is an established B2B and B2C gaming technology group operating across over 20 international regulated markets. The Company's B2C division is led by Meridianbet Group, a leading online sports betting and gaming operator founded in 2001 and licensed across Europe, Africa, and South America. Meridian's B2B division, comprising game developer Expanse Studios and iGaming platform GMAG, develops, licenses, and distributes proprietary gaming technology to a global client base. Additional subsidiaries include RKings Competitions (pay-to-enter prize competitions in the UK), MexPlay (regulated online casino in Mexico), and Classics for a Cause (Australia's leading subscription-based digital memberships and trade-promotion lottery). The Company's software automatically declines gaming or redemption requests originating in the United States, in strict compliance with U.S. law. For more information, visit www.meridian-holdings.com or email [email protected]. Non-GAAP Financial Measures Adjusted EBITDA, Net Debt, and Net Debt Leverage Ratio are non-Generally Accepted Accounting Principles (GAAP) financial measures presented as supplemental indicators of the Company's performance and capital structure. EBITDA represents net income (loss) before interest expense, interest income, income taxes, and depreciation and amortization. Adjusted EBITDA represents EBITDA further adjusted to exclude stock-based compensation expense, severance costs related to the termination of executive officers and directors, restructuring costs (which include charges or expenses attributable to acquisition-related costs), and unrealized foreign exchange gains or losses. Prior-period Adjusted EBITDA has been presented on a basis consistent with the current definition. We present Adjusted EBITDA because we believe it provides investors with additional useful information regarding our core operating performance and the effects of certain non-cash or non-recurring items during the period. Net Debt is defined as total debt less cash and cash equivalents. Net Debt Leverage Ratio is defined as Net Debt as of the balance sheet date divided by annualized Adjusted EBITDA for the period then ended (calculated for the second quarter of 2026 as Adjusted EBITDA for the six months ended June 30, 2026, multiplied by two). We believe these measures provide investors with additional insight into the Company's leverage and liquidity position, illustrating our ability to service and repay debt using operating performance and available cash resources. Adjusted EBITDA, Net Debt, and Net Debt Leverage Ratio are non-GAAP measures, are unaudited, and have inherent limitations as analytical tools. These measures should not be considered in isolation, or as substitutes for analysis of the Company's results as reported under GAAP. Some of these limitations include: they do not reflect cash expenditures or future capital requirements; they do not reflect working capital requirements or contractual commitments; they do not reflect significant interest expense, principal, or income tax payments; although depreciation and amortization are non-cash charges, the assets being depreciated or amortized may require replacement in the future; and other companies may calculate these measures differently, limiting comparability. The Company's presentation of these measures should not be construed as implying that future results will be unaffected by unusual or non-recurring items. The most directly comparable GAAP measure to Adjusted EBITDA is net income (loss). For the three months ended June 30, 2026, the Company reported net income of $2.0 million on a consolidated basis and net income attributable to Meridian Holdings of $2.2 million, compared with Adjusted EBITDA of $5.9 million. A full reconciliation of net income (loss) to EBITDA and Adjusted EBITDA, and of Net Debt and the Net Debt Leverage Ratio, is contained in the Company's earnings release dated July 29, 2026, available on the Company's investor relations website and furnished to the Securities and Exchange Commission. Forward-Looking Statements Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1995 ("forward-looking statements"). Words such as "strategy," "expects," "continues," "plans," "anticipates," "believes," "would," "will," "estimates," "intends," "projects," "goals," "targets", "may," "should," "could," "potential" and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, (a) the Company's need for additional financing to grow and expand our operations, complete acquisitions, and potential dilution caused by such financing; (b) dilution resulting from the conversion of preferred stock and warrants, and from acquisitions; (c) the Company's reliance on third-party suppliers of gaming content and the cost of such content; (d) the Company's ability to obtain and maintain required gaming licenses; (e) the Company's ability to maintain the listing of its common stock on the Nasdaq Capital Market; (f) the Company's ability to effectively manage growth; (g) the Company's expectations regarding future growth, revenues and profitability; (h) the Company's expectations regarding future plans and the timing thereof; (i) the Company's reliance on its management team; (j) the fact that Aleksandar Milovanović has voting control over the Company; (k) related party relationships and potential conflicts of interest; (l) the effects of economic downturns, recessions, inflation, interest rate changes, global conflicts and other market conditions, including impacts on discretionary spending and the cost of capital; (m) the Company's ability to protect its proprietary information and intellectual property; (n) the impact of current and future regulations, the Company's ability to comply with such regulations, potential penalties for non-compliance, and changes in the interpretation or enforcement of laws; (o) risks associated with gaming fraud, user cheating and cyber-attacks; (p) risks associated with system failures and disruptions to technology and infrastructure, including cybersecurity and hacking risks; (q) the outcome of contingencies, including legal proceedings; (r) competition from existing and new market participants; (s) the risk that changes in market prices, including foreign exchange and interest rates, may affect the Company's income or the value of financial instruments; (t) risks relating to the protection of players' deposits; (u) risks that participants in sporting events may intentionally alter outcomes, resulting in higher than expected payouts; and (v) the impact of sporting results and payout variability on the Company's betting hold, revenue and margins, including outcomes that are unusually favorable to bettors. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this press release are reasonable, we provide no assurance that these plans, intentions or expectations will be achieved. The Company cautions that the foregoing list of important factors is not complete and does not undertake to update any forward-looking statements except as required by applicable law. Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company's publicly-filed reports, including, but not limited to, under the "Special Note Regarding Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's periodic and current filings with the SEC, including the Form 10-Qs and Form 10-Ks, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and the quarterly period ended June 30, 2026, and future periodic reports on Form 10-K and Form 10-Q. These reports are available at www.sec.gov. Contacts Investors & Press: [email protected] SOURCE: Meridian Holdings Inc. View the original press release on ACCESS Newswire

This article first appeared on GuruFocus. Release Date: July 29, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Meridian Holdings Inc (NASDAQ:MRDN) delivered strong revenue growth of 16% year-over-year to $50.2 million in Q2 2026, with first-half revenue exceeding $100 million for the first time in company history. The company achieved its second consecutive quarter of GAAP profitability, with net income attributable to Meridian of $2.2 million, compared to a net loss of $0.6 million in the prior year. Adjusted EBITDA increased 43% year-over-year to $5.9 million, with margin expanding 222 basis points to 11.8%, demonstrating operational leverage. Balance sheet strengthened significantly, with net debt falling 65% year-over-year to $9.4 million, marking the sixth consecutive quarter of deleveraging, and net debt leverage at a low 0.39 times annual adjusted EBITDA. Customer demand metrics were record-breaking, with new customer registrations up 37%, first-time depositors up 24%, and total deposit volume up 24% year-over-year, driven by the World Cup. Revenue of $50.2 million landed slightly below management's expectations due to unfavorable sportsbook margins during the World Cup group stage, where bettor-friendly results compressed margins. Gross margin declined to 53.5% from 56.4% in the prior year, impacted by lower sportsbook margins from the World Cup and casino hold running below its prior year rate. Casino operations experienced two major player wins totaling over $1.2 million in the quarter, which compressed casino hold and contributed to the margin decline. The company faces ongoing investment needs to maintain competitiveness, including significant spending on marketing software, CRM systems, and product improvements, which could pressure near-term profitability. Retention of the large cohort of new customers acquired during the World Cup remains uncertain, particularly in newer markets where brand awareness is lower and churn rates are higher. Here are the key highlights from the Meridian Holdings Inc (NASDAQ:MRDN) Q2 2026 earnings call, presented as summarized Q&A pairs. Warning! GuruFocus has detected 6 Warning Signs with MRDN. Is MRDN fairly valued? Test your thesis with our free DCF calculator. Q: The company saw record new customer registrations during the World Cup. Can you provide more color on the strategy for converting and retaining these new customers, and how recent promotional events like the new brand ambassador in Brazil and the upcoming UFC event in Serbia play into that goal? A: Zoran Miljovic, CEO of Meridian Bet Group: The World Cup was the biggest sporting event we've ever experienced, generating a record 519,000 new account registrations. We estimate roughly 170,000 of these were directly attributable to World Cup marketing. Our strategy for retention is an integrated marketing approach. We leverage marketing successes in one country and replicate them in others to lower costs and increase excitement. The new brand ambassador in Brazil, a famous Serbian-Brazilian football star, and our sponsorship of the first-ever UFC event in Belgrade are prime examples of this. These events create significant regional excitement and brand awareness, which is crucial for converting new registrations into long-term, depositing customers. Q: Revenue came in slightly below expectations due to unfavorable sportsbook margins during the World Cup group stage. How much of a driver was the World Cup for Q2 revenue, and did the player outcomes improve in July for the final stages of the tournament? A: Zoran Miljovic, CEO of Meridian Bet Group: The World Cup accounted for approximately one-quarter of total Q2 revenue. Within sports betting, 56-57% of the handle came from the World Cup. The margin was lower than our typical football margin of 10%, coming in at 6.2%, but this was actually better than our internal forecast of 2-4%. June was particularly bad due to many favorites winning. However, July improved significantly as the weaker teams were eliminated and the national teams from our core operating countries were no longer participating, removing the risk of "emotional betting" and making the outcomes much more favorable for us. Q: The balance sheet has strengthened significantly with net debt leverage down to 0.39 times. Is the strategy to continue reducing debt in absolute terms, or are you comfortable as the relative leverage ratio declines with growing EBITDA? A: Rich Christensen, CFO: We are very pleased with the deleveraging, having reduced debt by 62% since year-end 2024. Our view is that we don't like carrying debt for its own sake. We will continue to pay down debt opportunistically. With net debt down to $9.4 million and a fortress balance sheet, we are in a strong position. This allows us to be opportunistic and potentially re-leverage for exciting growth opportunities in the future, but only when it makes strategic sense. Q: For the second-half revenue guidance of 8% to 10% constant currency growth, can you speak to the expected growth trends at the segment level? A: Rich Christensen, CFO: Looking at it on a constant currency basis, we expect a favorable mix shift. Meridian Bet Group is expected to grow roughly 30-40% higher than the company average, while the other, lower-margin businesses (Arching, Classic, GMAG) will grow about 30-40% lower. This is a positive trend because Meridian Bet has a ~70% gross profit margin, compared to the mid-to-high 20s for the other segments. This mix shift will drive significant operating leverage and improve the overall profitability of the income statement. Q: Prediction markets are a hot topic in the industry. What are your strategic thoughts on this emerging vertical and how does Meridian fit in? A: William Scott, Chairman and Interim CEO & Zoran Miljovic, CEO of Meridian Bet Group: We have been involved in prediction markets for years and currently operate them in three countries where it is regulatory allowed. While the volumes and profitability are still low for us, we view it as a fantastic marketing tool. It generates customer-driven content that no marketing team could create. We are currently improving our product and are quite bullish on its potential, but its ultimate success outside the U.S. remains to be seen. In the U.S., its success is tied to states without legal sports betting, but it is a volatile regulatory environment. Q: You mentioned strong registration growth ahead of the World Cup. Were there any standout markets that you view as key opportunities for cross-selling into casino, or was the expansion more broad-based? A: Zoran Miljovic, CEO of Meridian Bet Group: The trend of cross-selling from sports betting to casino is happening everywhere, but with a regional delay. Western Europe has already migrated to a casino-dominant mix. Eastern Europe is about 1-2 years away from a 50/50 split, and Africa is about 2-3 years away. Latin America has already migrated to a casino majority. The driver is the younger generation's preference for faster outcomes. This is a universal trend, and we are well-positioned to capitalize on it as these markets mature. Q: Now that the World Cup has passed and the company has achieved GAAP profitability, where do you see the company in its overall investment cycle? What are the key areas for ongoing investment? A: William Scott, Chairman and Interim CEO & Zoran Miljovic, CEO of Meridian Bet Group: This is a journey, not a destination. We must constantly invest to stay ahead of competitors. Key areas of ongoing investment include improving our gaming systems, significant investment in marketing software and CRMs, and constantly looking for new opportunities to acquire B2B partners. We are always on the lookout for strategic acquisitions to fuel growth. Q: You gained a large cohort of new customers from the World Cup. How do you assess the retention rate for these customers, and from which countries did they primarily come from? A: Zoran Miljovic, CEO of Meridian Bet Group: The 519,000 new registrations came from all our operating countries. Retention rates vary by market maturity. In mature markets where we have been present for decades, retention is high and churn is low. In newer markets, the challenge is not just getting a registration, but converting that into a first and second deposit. This requires significant brand awareness development, which is a standard marketing challenge we are actively working to solve. Q: The company's proprietary game studio saw revenue grow 138% year-over-year. Can you elaborate on the strategy and recent milestones for this segment? A: Zoran Miljovic, CEO of Meridian Bet Group: Our proprietary game studio is For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Meridian Holdings Inc.? Here are five stocks we like better. Meridian delivered stronger financial results: Second-quarter revenue rose 16% year over year to $50.2 million, and the company posted $2.2 million in GAAP net income versus a loss of $4.6 million a year earlier. Adjusted EBITDA increased 43% to $5.9 million, with the margin expanding to 11.8%. Customer activity reached records, but sportsbook margins were pressured: World Cup outcomes favorable to bettors reduced the football-betting margin to about 6.2%, below the typical 10%-11% range. Despite this, registrations, deposits and wagering volume grew sharply, while Meridianbet revenue increased 23%. Cash generation supported continued deleveraging: Operating cash flow more than tripled to $7.8 million, total debt fell 45% year over year to $26.7 million, and net debt declined 65% to $9.4 million. Management expects second-half constant-currency revenue growth of roughly 8%-10% and identified customer retention, Expanse Studios expansion and cost control as key priorities. Meridian (NASDAQ:MRDN) reported second-quarter revenue growth, a second consecutive quarter of GAAP profitability and continued debt reduction, while management said sportsbook margins were pressured by bettor-friendly World Cup results. Revenue rose 16% year over year to $50.2 million, although Chairman and Interim Chief Executive Officer William Scott said the result was modestly below the company’s prior guidance range. Net income attributable to Meridian was $2.2 million, or $0.17 per diluted share, compared with a net loss of $4.6 million, or $0.31 per share, a year earlier. → This Tiny AI Supplier Could Be More Important Than the Chipmakers For the first half of 2026, revenue increased 17% to $100.3 million, surpassing $100 million for the first time in the company’s history, according to Scott. Adjusted EBITDA increased 43% to $5.9 million in the second quarter, while adjusted EBITDA margin expanded about 222 basis points to 11.8%. Scott said the company’s revenue shortfall relative to its outlook resulted from sports outcomes rather than weaker customer demand. Wagering volume, deposits and new customer registrations all reached records during the quarter, he said. → Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Meridianbet Group revenue climbed 23% year over year to $35.8 million, representing 71% of total company revenue. Segment operating income rose 91% to $6.1 million. Zoran Milosevic, chief executive officer of Meridianbet Group, said new customer registrations exceeded 516,000, up 37% from the prior-year quarter. First-time depositors and total deposit volume each increased 24%, while betting gross gaming revenue rose 37% on record wagering activity. → Innovative ETF Strategies That Are Paying Off This Summer However, sportsbook results were affected by favorable outcomes for bettors during the World Cup group stage, including winning favorites and high-scoring matches. Milosevic said Meridianbet’s overall World Cup margin was approximately 6.2%, below its typical football-betting margin of about 10% to 11%, but above the company’s internal expectation of 2% to 4% for the tournament. Casino gross gaming revenue increased 12%, while casino wagering volume rose 27%. Casino hold was below the prior-year rate, including the effect of two major customer wins totaling more than $1.2 million during the quarter, management said. Milosevic said the company is focused on converting and retaining customers acquired during the tournament. He estimated that roughly 170,000 of the approximately 519,000 registered accounts during the period were incremental registrations associated with World Cup marketing activity. Gross profit increased 10% to $26.9 million, while gross margin declined to 53.5% from 56.4% a year earlier, reflecting sportsbook margin compression and lower casino hold. Selling, general and administrative expense fell 8.5% to $24.4 million despite revenue growth. SG&A represented about 49% of revenue, compared with approximately 62% in the prior-year quarter. Income from operations improved to $2.4 million from an operating loss of $2.3 million a year earlier. The company’s RKings & Classics segment generated combined revenue of $10.8 million, up 4% year over year. GMAG revenue was $3.6 million, in line with the prior-year period. Within GMAG, Meridian said its B2B aggregation platform deployed 2,382 new games, up 13%, and added three providers. MexPlay, the company’s consumer-facing online casino business in Mexico that is reported in GMAG, posted a 31% revenue increase. Registrations increased 50% and first-time depositors rose 53% from the prior year. Expanse Studios, Meridianbet’s proprietary game studio, increased revenue 138% and gross gaming revenue 90%. The studio distributes nearly 90 proprietary titles across more than 1,800 active sites, Milosevic said. During the quarter, Expanse received certifications in Latvia, Colombia, Portugal and Slovenia, entered a North American distribution partnership with Break Gaming, and launched with MaxBet Serbia. Chief Financial Officer Rich Christensen said operating cash flow more than tripled to $7.8 million from $2.4 million in the prior-year quarter. First-half operating cash flow rose 28% to $13 million. Cash and cash equivalents totaled $17.3 million at quarter-end, while total debt was $26.7 million, down 45% year over year and 62% from the end of 2024. Net debt declined 65% year over year to $9.4 million, marking the company’s sixth consecutive quarter of debt reduction. Net debt leverage fell to 0.39 times annual adjusted EBITDA from 0.53 times in the preceding quarter. Interest expense declined about 80% to $0.3 million, compared with $1.5 million a year earlier. Christensen said Meridian repaid $2.8 million of debt during the quarter while continuing to invest in technology and operations without raising capital. Shares outstanding increased 0.23%, solely because of vesting from previously granted employee awards, he said. Management said it will continue to reduce debt while retaining flexibility to use leverage for opportunities it considers attractive. The company is also evaluating capital allocation among growth investments and additional balance-sheet strengthening. For the second half of 2026, Meridian expects constant-currency revenue growth of approximately 8% to 10% year over year. Management expects the fourth quarter to be the company’s strongest period of the year, citing major sporting events and holiday wagering activity. Meridianbet is expected to grow faster than the consolidated outlook, Christensen said, while smaller raffle-ticket businesses are expected to grow more slowly. He said that mix shift could support profitability because Meridianbet has a higher gross-profit profile than the company’s other businesses. Management identified customer conversion and retention, expansion of Expanse distribution, sportsbook pricing and risk discipline, technology investments and continued cost control as priorities for the remainder of 2026. Meridian Holdings Inc is engaged in the online gaming and betting business, providing sports betting, online casino, and gaming operations across multiple jurisdictions in Europe, Africa, and Central and South America. The company has three reportable segments: MeridianBet Group, GMAG, and RKings & CFAC. The MeridianBet Group segment includes retail and online sports betting, casinos, and related gaming operations. The GMAG segment focuses on the resale of third-party gaming content, mainly serving customers in the Asia-Pacific region. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Meridian Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Revenue Up 16% Year-Over-Year to $50.2 Million Second Consecutive Quarter of GAAP Profitability with Net Income Attributable to MRDN of $2.2 Million and Diluted EPS of $0.17 Adjusted EBITDA Up 43% Year-Over-Year to $5.9 Million Total Debt Reduced 45% Year-Over-Year to $26.7 Million; Cash and Cash Equivalents of $17.3 Million Net Debt Reduced 65% Year-Over-Year to $9.4 Million; Net Debt Leverage of 0.39x LAS VEGAS, NV - July 29, 2026 (NEWMEDIAWIRE) - Meridian Holdings Inc. (NASDAQ: MRDN) ("Meridian Holdings" or the "Company"), a global operator and licensor of online and retail sports betting, gaming and casino platforms, serving B2B and B2C customers across over 20 regulated markets, today announced its financial results for the second quarter ended June 30, 2026. The Company delivered revenue growth of 16% year-over-year and reported net income attributable to Meridian Holdings of $2.2 million, marking its second consecutive quarter of GAAP profitability. Adjusted EBITDA increased 43% year-over-year to $5.9 million, while the Company continued to strengthen its balance sheet. First-half 2026 revenue surpassed $100 million for the first time in the Company's history. Second Quarter 2026 Financial Highlights Revenue of $50.2 million, an increase of $6.9 million or 16% year-over-year, reflecting record new customer registrations and double-digit growth in wagering and deposit volumes in core Meridianbet operations. These strong demand levels drove significant revenue growth in the quarter, partially offset by an unusually bettor-favorable run of World Cup results during the early stages of the tournament. Gross profit of $26.9 million, up 10% year-over-year, with gross margin of 53.5%, compared with 56.4% in the prior-year period, reflecting lower sportsbook and casino hold during the quarter. Net income attributable to MRDN of $2.2 million, or $0.17 per diluted share, compared with a net loss of $3.6 million, or $(0.31) per diluted share, in the prior-year period. This marks the Company's second consecutive quarter of GAAP profitability. Adjusted EBITDA* of $5.9 million, up 43% year-over-year from $4.1 million in the prior-year period. Adjusted EBITDA margin expanded approximately 222 basis points to 11.8%. Operating cash flow of $7.8 million, compared to $2.4 million generated in the prior-year period, supporting continued deleveraging and disciplined reinvestment in the Company's core operations. Continued balance sheet strength: cash of $17.3 million, total debt of $26.7 million, net debt* of $9.4 million (down 65% year-over-year) and net debt leverage* lowered to 0.39x. This is the Company's sixth consecutive quarter of deleveraging, while interest expense declined approximately 80%. Share count essentially flat, with shares outstanding up 0.23% in the quarter, entirely from the vesting and settlement of previously granted employee awards. No new equity awards were granted. The Company expects to continue providing share-count metrics with its quarterly results. Customer-acquisition investment associated with the World Cup was expensed during the second quarter, while many of the newly acquired customers joined late in June and contributed only modestly to the period. The retention, repeat-deposit activity, and revenue contribution of this cohort, including potential casino cross-sell, are expected to become clearer in subsequent quarters. William Scott, interim CEO of Meridian Holdings, commented, "Our second quarter reflects the discipline we have built into this business. We grew revenue 16%, expanded adjusted EBITDA* 43%, delivered our second consecutive quarter of GAAP profitability and reduced net debt* by 65% year-over-year, all against a sporting-results backdrop that was unusually favorable to bettors across the industry during the quarter. Furthermore, crossing $100 million in first-half revenue for the first time is a milestone that speaks to the scale we have reached. We remain focused on operational execution across our markets, continued technology integration and disciplined capital allocation as we build toward sustained, profitable growth." * Adjusted EBITDA, net debt and net debt leverage are non-GAAP financial measures. See "Non-GAAP Financial Measures" and the accompanying reconciliation tables, below. Segment Performance Meridianbet Group – Revenue of $35.8 million, up 23% year-over-year, representing 71% of total Company revenue. Segment operating income grew 91% year-over-year to $6.1 million. Zoran Milosevic, CEO of Meridianbet Group, stated, "The second quarter demonstrated the strength of our customer engine. New customer registrations surged 37% year-over-year, with first-time depositors up 24% and total deposit volume up 24%. Betting gross gaming revenue grew 37% year-over-year on record wagering activity. A high-scoring World Cup group stage made the period unfavorable to certain operators and markets across the industry, and our results were further affected by two major casino wins totaling over $1.2 million during the quarter. Just as importantly, the tournament brought a wave of new players onto our platform, strengthening our base for conversion and retention. The underlying growth in our customer base and handle is the clearest measure of the momentum in this business." Expanse Studios (in Meridianbet Group) – The Company's proprietary game studio continued to expand its distribution and content pipeline, growing revenue 138% and gross gaming revenue 90% year-over-year. The studio also went live with new operator partners including Maxbet Serbia, part of Flutter Entertainment, Synottip and Joker.lv. The studio entered a North American distribution partnership with Bragg Gaming and also secured new market certifications in Latvia, Colombia, Portugal and Slovenia. During the quarter, Expanse also launched new player-engagement tools, including jackpots, tournaments and its Achievo gamification product. RKingsCompetitions Ltd. ("RKings") and Classics For A Cause Pty Ltd ("Classics for a Cause") – Combined revenue of $10.8 million, up 4% year-over-year, representing 22% of Company revenue. At RKings, revenue of $7.0 million increased approximately 5% year-over-year. At Classics for a Cause, new users grew approximately 28% year-over-year and active VIP subscriptions remained above 10,000, ending the quarter at approximately 10,100. GMAG – Revenue of $3.6 million, compared with $3.6 million in the prior-year period, representing 7% of Company revenue. The segment deployed 2,382 new games in the quarter, up 13% year-over-year. MexPlay, the segment's Mexico-facing online casino, continued to expand, with the revenue up 31%, new customer registrations up 50% year-over-year and first-time depositors up 53%. Second Half 2026 Preliminary Outlook For the second half of 2026, the Company expects constant currency revenue growth of approximately 8% to 10% year-over-year. Consistent with historical seasonality, the fourth quarter is expected to be the strongest of the year, reflecting the concentration of major sporting events and holiday-period wagering activity. Earnings Call & Investor Resources A full visual presentation and the earnings call replay are available at the Meridian Holdings investor relations website: https://meridian-holdings.com/quarterly-results/. About Meridian Holdings Meridian Holdings Inc. (NASDAQ: MRDN), headquartered in Las Vegas, Nevada, is an established B2B and B2C gaming technology group operating across 20+ international regulated markets. The Company's B2C division is led by Meridianbet Group, a leading online sports betting and gaming operator founded in 2001 and licensed across Europe, Africa, and South America. Meridian's B2B division - comprising game developer Expanse Studios and iGaming platform GMAG - develops, licenses, and distributes proprietary gaming technology to a global client base. Additional subsidiaries include RKings Competitions (pay-to-enter prize competitions in the UK), MexPlay (regulated online casino in Mexico), and Classics for a Cause (Australia's leading subscription-based digital memberships and trade-promotion lottery). The Company's software automatically declines gaming or redemption requests originating in the United States, in strict compliance with U.S. law. For more information, visit www.meridian-holdings.com or email [email protected]. Non-GAAP Financial Measures Adjusted EBITDA, Net Debt, and Net Debt Leverage Ratio are non-Generally Accepted Accounting Principles (GAAP) financial measures presented as supplemental indicators of the Company's performance and capital structure. EBITDA represents net income (loss) before interest expense, interest income, income taxes, and depreciation and amortization. Adjusted EBITDA represents EBITDA further adjusted to exclude stock-based compensation expense, severance costs related to the termination of executive officers and directors, restructuring costs (which include charges or expenses attributable to acquisition-related costs), and unrealized foreign exchange gains or losses. Prior-period Adjusted EBITDA has been presented on a basis consistent with the current definition. We present Adjusted EBITDA because we believe it provides investors with additional useful information regarding our core operating performance and the effects of certain non-cash or non-recurring items during the period. Net Debt is defined as total debt less cash and cash equivalents. Net Debt Leverage Ratio is defined as Net Debt as of the balance sheet date divided by annualized Adjusted EBITDA for the period then ended (calculated for the second quarter of 2026, as Adjusted EBITDA for the six months ended June 30, 2026, multiplied by two). We believe these measures provide investors with additional insight into the Company's leverage and liquidity position, illustrating our ability to service and repay debt using operating performance and available cash resources. Adjusted EBITDA, Net Debt, and Net Debt Leverage Ratio are non-GAAP measures, are unaudited, and have inherent limitations as analytical tools. These measures should not be considered in isolation, or as substitutes for analysis of the Company's results as reported under GAAP. Some of these limitations include: they do not reflect cash expenditures or future capital requirements; they do not reflect working capital requirements or contractual commitments; they do not reflect significant interest expense, principal, or income tax payments; although depreciation and amortization are non-cash charges, the assets being depreciated or amortized may require replacement in the future; and other companies may calculate these measures differently, limiting comparability. The Company's presentation of these measures should not be construed as implying that future results will be unaffected by unusual or non-recurring items. For additional information regarding these non-GAAP financial measures, please refer to the sections titled "Reconciliation of U.S. GAAP Net Income (Loss) to EBITDA and Adjusted EBITDA (Unaudited)", and "Reconciliation of Net Debt and Leverage Calculation (Unaudited)", included at the end of this release. Forward-Looking Statements Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1995 ("forward-looking statements"). Words such as "strategy," "expects," "continues," "plans," "anticipates," "believes," "would," "will," "estimates," "intends," "projects," "goals," "targets", "may," "should," "could," "potential" and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, (a) the Company's need for significant additional financing to grow and expand our operations, complete acquisitions and satisfy post-closing obligations, including in connection with the MeridianBet acquisition; (b) dilution resulting from the conversion of preferred stock and warrants, and from acquisitions; (c) the Company's ability to complete acquisitions, the availability of funding for such transactions, and disruptions and other risks associated therewith; (d) the Company's reliance on third-party suppliers of gaming content and the cost of such content; (e) the Company's ability to obtain and maintain required gaming licenses; (f) the Company's ability to maintain the listing of its common stock on the Nasdaq Capital Market; (g) the Company's ability to effectively manage growth; (h) the Company's expectations regarding future growth, revenues and profitability; (i) the Company's expectations regarding future plans and the timing thereof; (j) the Company's reliance on its management team; (k) the fact that Aleksandar Milovanovi has voting control over the Company; (l) related party relationships and potential conflicts of interest; (m) the effects of economic downturns, recessions, inflation, interest rate changes, global conflicts and other market conditions, including impacts on discretionary spending and the cost of capital; (n) the Company's ability to protect its proprietary information and intellectual property; (o) our ability to compete effectively in our markets; (p) the impact of current and future regulations, the Company's ability to comply with such regulations, potential penalties for non-compliance, and changes in the interpretation or enforcement of laws; (q) risks associated with gaming fraud, user cheating and cyber-attacks; (r) risks associated with system failures and disruptions to technology and infrastructure, including cybersecurity and hacking risks; (s) risks relating to inventory management; (t) foreign exchange and currency risks; (u) the outcome of contingencies, including legal proceedings; (v) competition from existing and new market participants; (w) the Company's ability to manage expenses related to sales and marketing and required general, administrative and technology investments; (x) general consumer sentiment and economic conditions affecting discretionary spending on the Company's products; (y) the risk of loss if customers or counterparties fail to meet contractual obligations, including with respect to receivables and financial institutions holding the Company's funds; (z) the risk that the Company may have difficulty meeting its financial liabilities as they come due; (aa) the risk that changes in market prices, including foreign exchange and interest rates, may affect the Company's income or the value of financial instruments; (bb) risks relating to the protection of players' deposits; (cc) risks that participants in sporting events may intentionally alter outcomes, resulting in higher than expected payouts; and (dd) the impact of sporting results and payout variability on the Company's betting hold, revenue and margins, including outcomes that are unusually favorable to bettors. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this press release are reasonable, we provide no assurance that these plans, intentions or expectations will be achieved. Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company's publicly-filed reports, including, but not limited to, under the "Special Note Regarding Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's periodic and current filings with the SEC, including the Form 10-Qs and Form 10-Ks, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and the quarter ended June 30, 2026, and future periodic reports on Form 10-K and Form 10-Q. These reports are available at www.sec.gov. The Company cautions that the foregoing list of important factors is not complete and does not undertake to update any forward-looking statements except as required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and undertakes no obligation to update or correct information prepared by third parties that is not paid for by the Company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Preliminary Outlook The preliminary outlook for the second half of 2026 (the "Preliminary Outlook") included herein was prepared by Meridian Holdings in good faith using assumptions believed to be reasonable. A significant number of assumptions about the operations of the business of Meridian Holdings were based, in part, on economic, competitive, and general business conditions prevailing at the time the Preliminary Outlook was developed. Any future changes in these conditions, may materially impact the ability of Meridian Holdings to achieve the financial results set forth in the Preliminary Outlook. The Preliminary Outlook is based on numerous assumptions, including realization of the operating strategy of Meridian Holdings; industry performance; no material adverse changes in applicable legislation or regulations, or the administration thereof, or generally accepted accounting principles; general business and economic conditions; competition; retention of key management and other key employees; absence of material contingent or unliquidated litigation, indemnity, or other claims; minimal changes in current pricing; no significant increases in interest rates or inflation; and other matters, many of which will be beyond the control of Meridian Holdings, and some or all of which may not materialize. Additionally, to the extent that the assumptions inherent in the Preliminary Outlook are based upon future business decisions and objectives, they are subject to change. Although the Preliminary Outlook is presented with numerical specificity and is based on reasonable expectations developed by Meridian Holdings' management, the assumptions and estimates underlying the Preliminary Outlook are subject to significant business, economic, and competitive uncertainties and contingencies, many of which will be beyond the control of Meridian Holdings. Accordingly, the Preliminary Outlook is only an estimate and is necessarily speculative in nature. It is expected that some or all of the assumptions in the Preliminary Outlook will not be realized and that actual results will vary from the Preliminary Outlook. Such variations may be material and may increase over time. In light of the foregoing, readers are cautioned not to place undue reliance on the Preliminary Outlook. The projected financial information contained herein should not be regarded as a representation or warranty by Meridian Holdings, its management, advisors, or any other person that the Preliminary Outlook can or will be achieved. Meridian Holdings cautions that the Preliminary Outlook is speculative in nature and based upon subjective decisions and assumptions. As a result, the Preliminary Outlook should not be relied on as necessarily predictive of actual future events. Contacts Investors & Press: [email protected] Investor Relations:[email protected] View the original release on www.newmediawire.com

The investors in Meridian Holdings Inc.'s (NASDAQ:MRDN) will be rubbing their hands together with glee today, after the share price leapt 57% to US$9.89 in the week following its quarterly results. Revenues were US$50m, approximately in line with whatthe analysts expected, although statutory earnings per share (EPS) crushed expectations, coming in at US$0.18, an impressive 800% ahead of estimates. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. Taking into account the latest results, the most recent consensus for Meridian Holdings from three analysts is for revenues of US$210.5m in 2026. If met, it would imply a notable 11% increase on its revenue over the past 12 months. Earnings are expected to improve, with Meridian Holdings forecast to report a statutory profit of US$0.66 per share. Yet prior to the latest earnings, the analysts had been anticipated revenues of US$207.2m and earnings per share (EPS) of US$0.44 in 2026. Although the revenue estimates have not really changed, we can see there's been a considerable lift to earnings per share expectations, suggesting that the analysts have become more bullish after the latest result. Check out our latest analysis for Meridian Holdings The average the analysts price target fell 31% to US$19.73, suggesting thatthe analysts have other concerns, and the improved earnings per share outlook was not enough to allay them. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. Currently, the most bullish analyst values Meridian Holdings at US$26.00 per share, while the most bearish prices it at US$16.20. These price targets show that analysts do have some differing views on the business, but the estimates do not vary enough to suggest to us that some are betting on wild success or utter failure. Looking at the bigger picture now, one of the ways we can make sense of these forecasts is to see how they measure up against both past performance and industry growth estimates. It's pretty clear that there is an expectation that Meridian Holdings' revenue growth will slow down substantially, with revenues to the end of 2026 expected to display 14% growth on an annualised basis. This is compared to a historical growth rate of 32% over the past three years. Juxtapose this against the other companies in the industry with analyst coverage, which are forecast to grow their revenues (in aggregate) 8.5% per year. So it's pretty clear that, while Meridian Holdings' revenue growth is expected to slow, it's still expected to grow faster than the industry itself. The most important thing here is that the analysts upgraded their earnings per share estimates, suggesting that there has been a clear increase in optimism towards Meridian Holdings following these results. Happily, there were no major changes to revenue forecasts, with the business still expected to grow faster than the wider industry. The consensus price target fell measurably, with the analysts seemingly not reassured by the latest results, leading to a lower estimate of Meridian Holdings' future valuation. Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. We have estimates - from multiple Meridian Holdings analysts - going out to 2028, and you can see them free on our platform here. You still need to take note of risks, for example - Meridian Holdings has 2 warning signs (and 1 which can't be ignored) we think you should know about. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

An overview of the financial results disclosed by Meridian Holdings Inc. (NASDAQ:MRDN) for the quarter ended March 31, 2026. HOUSTON, TX / ACCESS Newswire / April 28, 2026 / Meridian Holdings (NASDAQ:MRDN) has reported its financial results for the first quarter of 2026, offering investors a detailed view into the company's operational trajectory, financial positioning, and evolving growth profile. A review of the disclosed figures suggests a quarter defined by improving profitability, continued revenue expansion, and a materially strengthened balance sheet, even as certain structural and reporting considerations remain relevant for interpretation. Top-Line Growth and Profitability Trends For the quarter ended March 31, 2026, Meridian Holdings reported revenue of $50.1 million, representing a 17% increase compared with the same period last year and aligning with previously communicated expectations. Net income attributable to the company reached $2.3 million, or $0.18 per diluted share, marking a notable shift from a net loss recorded in the prior-year quarter. Adjusted EBITDA came in at $6.3 million, reflecting 26% year-over-year growth and exceeding earlier indicated levels. This corresponds to an adjusted EBITDA margin of 12.6%, pointing to gradual margin improvement as the business scales. Operating cash flow for the quarter was reported at $5.2 million, further supporting the company's improving financial profile. Balance Sheet and Leverage Position Balance sheet data indicates a continued focus on deleveraging and capital discipline. As of March 31, 2026, cash and cash equivalents stood at $16.2 million, while total debt declined to $29.7 million from $64.4 million in the prior-year period. Net debt was reduced to $13.4 million, compared with $35.4 million a year earlier. On an annualized basis, net debt leverage was reported at 0.53x, reflecting a significant improvement in financial flexibility and positioning relative to previous periods. Segment Performance and Business Mix The Meridianbet segment remained the primary revenue contributor, generating $34.9 million in revenue, up 26% year-over-year and accounting for nearly 70% of total group revenue. The segment reported a gross margin of 69.3% and operating income of $6.6 million. The RKings and Classics for a Cause segment delivered combined revenue of $12.1 million, reflecting moderate year-over-year growth. Subscription-based engagement within this segment continued to expand, with VIP memberships reaching 10,750 by quarter-end. The GMAG segment, including MexPlay, reported revenue of $3.1 million, compared with $3.8 million in the prior-year quarter. Despite the decline, operational activity showed expansion, including the onboarding of new providers and continued growth in user registrations within MexPlay. Expanse Studios continued to scale its distribution footprint, reaching 1,519 active operator sites, alongside new regulatory certifications across multiple European jurisdictions. Operational Indicators and User Activity Underlying user metrics within the Meridianbet segment point to continued engagement growth. New customer registrations totaled 428,400 during the quarter, representing a 41% year-over-year increase. Depositors rose by 27% to 283,000, while active users increased 21% to 333,700. These indicators suggest sustained momentum in user acquisition and activity levels, which remain central to long-term revenue generation across digital gaming platforms. Forward Outlook and Near-Term Guidance Looking ahead, the company has indicated Q2 2026 revenue in the range of $51 million to $53 million, implying continued year-over-year growth relative to the prior-year period. No adjusted EBITDA guidance was provided for the upcoming quarter, leaving margin expectations subject to interpretation based on operating trends and cost dynamics. Key Considerations for Interpretation Several factors may influence how investors interpret the reported results. The first quarter represents the company's initial reporting period under its updated corporate identity, following a rebranding earlier in the year. While the name has changed, underlying operations remain consistent, preserving comparability across periods. Foreign exchange movements had a modest negative impact during the quarter, in contrast to a positive contribution in the prior-year period. Notably, profitability improved despite this headwind. Additionally, prior-period comparisons are affected by a significant non-cash impairment charge recorded in late 2025, which is not present in the current quarter, potentially distorting sequential comparisons if not adjusted. As with many companies in the sector, adjusted EBITDA remains a non-GAAP measure, and comparability may vary depending on methodology across peers. Areas to Monitor Going Forward In subsequent quarters, market participants are likely to focus on several key areas, including revenue performance relative to guidance, trends within the GMAG segment, and the pace of expansion in newly entered markets. Other considerations include the sustainability of low leverage levels, potential changes in segment-level disclosure, and the progression of previously disclosed legal matters. Disclaimer This content is based solely on publicly disclosed financial information and independent analysis. It is provided for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are encouraged to conduct their own due diligence and consult qualified financial professionals before making investment decisions. Media Contact Stuart Brown [email protected] SOURCE: Meridian Holdings Inc. View the original press release on ACCESS Newswire

Revenue Up 17% Year-Over-Year to $50.1 Million Returns to Profitability with Net Income of $2.2 Million Adjusted EBITDA Up 26% Year-Over-Year to $6.3 Million, Exceeding Guidance Strengthened Balance Sheet With Cash of $16.2 Million and Net Debt Reduced 62% Year-Over-Year LAS VEGAS, NV - April 28, 2026 (NEWMEDIAWIRE) - Meridian Holdings Inc. (NASDAQ: MRDN) ("Meridian" or the "Company"), a global B2B/B2C operator and licensor of online sports betting and gaming platforms across 25+ regulated markets, today announced financial results for the first quarter ended March 31, 2026. The Company delivered revenue in line with guidance, exceeded its Adjusted EBITDA target, and returned to GAAP profitability - the first such quarter under the Meridian Holdings brand - while materially strengthening its balance sheet. First Quarter 2026 Financial Highlights Revenue of $50.1 million, an increase of $7.4 million or 17% year over year, in line with prior guidance and reflecting continued scale in core Meridianbet operations. Gross profit of $28.1 million, up 16% year over year, with gross margin of 56.2% broadly consistent with the prior-year period. Returned to GAAP profitability with net income of $2.2 million, or $0.18 per diluted share, compared with a net loss of $(0.3) million, or $(0.02) per diluted share, in the prior-year period. Adjusted EBITDA of $6.3 million, up 26% year over year, exceeding previously-issued guidance of $6.1 million. Adjusted EBITDA margin expanded approximately 86 bps to 12.6%. Balance sheet strength: cash of $16.2 million, total debt of $29.7 million (-54% YoY), net debt of $13.4 million (-62% YoY), and net debt leverage of 0.53x - the strongest capital structure in Company history. Operating cash flow of $5.2 million, supporting ongoing deleveraging and disciplined reinvestment in technology and regulated-market expansion. William Scott, Interim CEO of Meridian, commented, "Q1 2026 marks our first GAAP-profitable quarter under the Meridian Holdings brand and reflects the disciplined execution of our growth plan. We delivered revenue in line with guidance, exceeded our Adjusted EBITDA target, and continued to strengthen the balance sheet - all while expanding our licensed footprint and investing in proprietary technology. We remain focused on scaled execution across our 25+ markets, continued technology integration, and disciplined capital allocation as we position the Company for sustained, profitable growth through 2026 and beyond." Segment Performance Meridianbet Group (B2C sports betting & online casino) - Revenue of $34.9 million, up 26% YoY, representing 69.6% of Company revenue at a 69.3% gross margin. Segment operating income grew 37% YoY to $6.6 million. Zoran Milosevic, CEO of Meridianbet Group, stated, "The first quarter of 2026 demonstrates the scalability of our platform across multiple regulated markets. At Meridianbet, new customer registrations reached 428,400, up 41% year over year, with depositors up 27% to 283,000 and active users up 21% to 333,700. Our operational foundation is stronger than ever, and we continue to see substantial pipeline across market and product expansion opportunities." Expanse Studios (in Meridianbet Group) - Expanded its operator network to 1,519 active sites during Q1 2026, adding 175 new sites in the quarter on a cumulative basis, with 77 proprietary game titles, including six new titles launched during the quarter. The subsidiary has filed for system certification in Ontario, Canada, pending regulatory approval, and secured new certifications in Latvia, Estonia, Sweden, and Portugal during the quarter. RKings & Classics for a Cause - Combined revenue of $12.1 million, up 9% year over year, representing 24% of Company revenue. RKings Revenue reached $7.7 million, up 12% year over year on improving unit economics, with average order value up 29% to $16.91 and value per new registration up 15% to $17.72. At Classics for a Cause, new users rose 18% year over year to 9,813, total transactions grew 12% sequentially, and VIP subscriptions surpassed 10,000 for the first time in 12 months, ending Q1 at 10,750. GMAG (B2B iGaming aggregation, including MexPlay) - Revenue of $3.1 million in Q1 2026 compared with $3.8 million in the prior year period, representing 6% of Company revenue. The segment onboarded 12 new providers in Q1 2026, compared with 2 in Q1 2025, and deployed 1,382 new games, up 65% year over year from 836. MexPlay, the segment's Mexico-facing online casino, continued to expand its customer base, with registrations reaching 74,000 (up 271% year over year) and first-time depositors climbing to 6,101 (up 198% year over year). Second Quarter 2026 Preliminary Outlook Revenue: The Company is issuing Q2 2025 Revenue guidance of $51 million to $53 million, representing 18% to 23% growth over Q2 2025 revenue of $43.2 million. The outlook reflects continued momentum in core Meridianbet operations, incremental contribution from newly certified Expanse markets, and seasonal uplift in retail and online wagering activity. Rich Christensen, CFO of Meridian, commented, "In the first quarter of 2026 we delivered revenue at guidance and exceeded our Adjusted EBITDA target while materially strengthening the balance sheet. Total debt declined 54% year over year and net debt fell 62%, taking leverage to 0.53x. With $16.2 million of cash, a clean deleveraging trajectory, and accelerating growth, we have meaningful financial flexibility to invest behind the growth plan we have laid out for 2026." Earnings Call & Investor Resources A full visual presentation and the earnings call replay are available at the Meridian Holdings investor relations website: https://meridian-holdings.com/quarterly-results/. About Meridian Holdings Meridian Holdings Inc. (NASDAQ: MRDN), headquartered in Las Vegas, Nevada, is an established B2B and B2C gaming technology group operating across 25+ international regulated markets. The Company's B2C division is led by Meridianbet Group, a leading online sports betting and gaming operator founded in 2001 and licensed across Europe, Africa, and South America. Meridian's B2B division - comprising game developer Expanse Studios and iGaming platform GMAG - develops, licenses, and distributes proprietary gaming technology to a global client base. Additional subsidiaries include RKings Competitions (pay-to-enter prize competitions in the UK), MexPlay (regulated online casino in Mexico), and Classics for a Cause (Australia's leading subscription-based digital memberships and trade-promotion lottery). The Company's software automatically declines gaming or redemption requests originating in the United States, in strict compliance with U.S. law. For more information, visit www.meridian-holdings.com or email [email protected]. Non-GAAP Financial Measures Adjusted EBITDA, Net Debt, and Net Debt Leverage Ratio are non-Generally Accepted Accounting Principles (GAAP) financial measures presented as supplemental indicators of the Company's performance and capital structure. These measures are not presented in accordance GAAP Adjusted EBITDA represents net income before interest expense, interest income, income taxes, depreciation and amortization, and further excludes stock-based compensation expense, restructuring costs, and unrealized foreign exchange gain or loss. We present Adjusted EBITDA because we believe it provides investors with additional useful information regarding our core operating performance and the effects of certain non-cash or non-recurring items during the period. Net Debt is defined as total debt less cash and cash equivalents. Net Debt Leverage Ratio is defined as Net Debt as of the balance sheet date divided by annualized Adjusted EBITDA for the period then ended. We believe these measures provide investors with additional insight into the Company's leverage and liquidity position, illustrating our ability to service and repay debt using operating performance and available cash resources. Adjusted EBITDA, Net Debt, and Net Debt Leverage Ratio are non-GAAP measures, are unaudited, and have inherent limitations as analytical tools. These measures should not be considered in isolation, or as substitutes for analysis of the Company's results as reported under GAAP. Some of these limitations include: they do not reflect cash expenditures or future capital requirements; they do not reflect working capital requirements or contractual commitments; they do not reflect significant interest expense, principal, or income tax payments; although depreciation and amortization are non-cash charges, the assets being depreciated or amortized may require replacement in the future; and other companies may calculate these measures differently, limiting comparability. The Company's presentation of these measures should not be construed as implying that future results will be unaffected by unusual or non-recurring items. For additional information regarding these non-GAAP financial measures, please refer to the sections titled "Reconciliation of U.S. GAAP Net Income (Loss) to EBITDA and Adjusted EBITDA (Unaudited)", and "Reconciliation of Net Debt and Leverage Calculation (Unaudited)", included at the end of this release. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA to the most directly comparable GAAP financial measure because it is unable to do so without unreasonable effort due to the inherent uncertainty in forecasting certain items, including, but not limited to, stock-based compensation, transaction-related expenses, and other non-recurring or non-cash items; accordingly, a reconciliation is not available without unreasonable effort, and the unavailable information could have a material impact on the Company's future GAAP financial results. Forward-Looking Statements Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1995 ("forward-looking statements"). Words such as "strategy," "expects," "continues," "plans," "anticipates," "believes," "would," "will," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, (a) the Company's need for significant additional financing to grow and expand our operations, complete acquisitions and satisfy post-closing obligations, including in connection with the MeridianBet acquisition; (b) dilution resulting from the conversion of preferred stock and warrants, and from acquisitions; (c) the Company's ability to complete acquisitions, the availability of funding for such transactions, and disruptions and other risks associated therewith; (d) the Company's reliance on third-party suppliers of gaming content and the cost of such content; (e) the Company's ability to obtain and maintain required gaming licenses; (f) the Company's ability to maintain the listing of its common stock on the Nasdaq Capital Market; (g) the Company's ability to effectively manage growth; (h) the Company's expectations regarding future growth, revenues and profitability; (i) the Company's expectations regarding future plans and the timing thereof; (j) the Company's reliance on its management team; (k) the fact that Aleksandar Milovanovi has voting control over the Company; (l) related party relationships and potential conflicts of interest; (m) the effects of economic downturns, recessions, inflation, interest rate changes, global conflicts and other market conditions, including impacts on discretionary spending and the cost of capital; (n) the Company's ability to protect its proprietary information and intellectual property; (o) our ability to compete effectively in our markets; (p) the impact of current and future regulations, the Company's ability to comply with such regulations, potential penalties for non-compliance, and changes in the interpretation or enforcement of laws; (q) risks associated with gaming fraud, user cheating and cyber-attacks; (r) risks associated with system failures and disruptions to technology and infrastructure, including cybersecurity and hacking risks; (s) risks relating to inventory management; (t) foreign exchange and currency risks; (u) the outcome of contingencies, including legal proceedings; (v) competition from existing and new market participants; (w) the Company's ability to manage expenses related to sales and marketing and required general, administrative and technology investments; (x) general consumer sentiment and economic conditions affecting discretionary spending on the Company's products; (y) the risk of loss if customers or counterparties fail to meet contractual obligations, including with respect to receivables and financial institutions holding the Company's funds; (z) the risk that the Company may have difficulty meeting its financial liabilities as they come due; (aa) the risk that changes in market prices, including foreign exchange and interest rates, may affect the Company's income or the value of financial instruments; (bb) risks relating to the protection of players' deposits; and (cc) risks that participants in sporting events may intentionally alter outcomes, resulting in higher than expected payouts. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this press release are reasonable, we provide no assurance that these plans, intentions or expectations will be achieved. Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company's publicly-filed reports, including, but not limited to, under the "Special Note Regarding Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's periodic and current filings with the SEC, including the Form 10-Qs and Form 10-Ks, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and future periodic reports on Form 10-K and Form 10 Q. These reports are available at www.sec.gov. The Company cautions that the foregoing list of important factors is not complete and does not undertake to update any forward-looking statements except as required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that is not paid for by the Company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Preliminary Outlook The preliminary outlook for the first quarter of 2026 (the "Preliminary Outlook") included herein was prepared by Meridian in good faith using assumptions believed to be reasonable. A significant number of assumptions about the operations of the business of Meridian were based, in part, on economic, competitive, and general business conditions prevailing at the time the Preliminary Outlook was developed. Any future changes in these conditions, may materially impact the ability of Meridian to achieve the financial results set forth in the Preliminary Outlook. The Preliminary Outlook is based on numerous assumptions, including realization of the operating strategy of Meridian; industry performance; no material adverse changes in applicable legislation or regulations, or the administration thereof, or generally accepted accounting principles; general business and economic conditions; competition; retention of key management and other key employees; absence of material contingent or unliquidated litigation, indemnity, or other claims; minimal changes in current pricing; no significant increases in interest rates or inflation; and other matters, many of which will be beyond the control of Meridian, and some or all of which may not materialize. Additionally, to the extent that the assumptions inherent in the Preliminary Outlook are based upon future business decisions and objectives, they are subject to change. Although the Preliminary Outlook is presented with numerical specificity and is based on reasonable expectations developed by Meridian's management, the assumptions and estimates underlying the Preliminary Outlook are subject to significant business, economic, and competitive uncertainties and contingencies, many of which will be beyond the control of Meridian. Accordingly, the Preliminary Outlook is only an estimate and is necessarily speculative in nature. It is expected that some or all of the assumptions in the Preliminary Outlook will not be realized and that actual results will vary from the Preliminary Outlook. Such variations may be material and may increase over time. In light of the foregoing, readers are cautioned not to place undue reliance on the Preliminary Outlook. The projected financial information contained herein should not be regarded as a representation or warranty by Meridian, its management, advisors, or any other person that the Preliminary Outlook can or will be achieved. Meridian cautions that the Preliminary Outlook is speculative in nature and based upon subjective decisions and assumptions. As a result, the Preliminary Outlook should not be relied on as necessarily predictive of actual future events. Contacts Investors & Press: [email protected] Investor Relations: Brett Milotte [email protected] View the original release on www.newmediawire.com

First GAAP-profitable quarter: Meridian reported Q1 2026 revenue of $50.1 million (up 17% YoY), adjusted EBITDA of $6.3 million (up 26%, 12.6% margin) and net income of $2.2 million versus a loss a year ago. Meridianbet led growth: Meridianbet generated about $34.9 million (≈70% of revenue) with registrations up 41%, active users up 21% and depositors up 27%, while Expanse Studios expanded to 1,519 distribution sites and 77 titles and the company continues investing in AI for personalization and risk/pricing. Stronger balance sheet and outlook: Cash was $16.2 million, total debt fell to $29.7 million and net debt declined 62% YoY to $13.4 million; management guided Q2 revenue of $51–$53 million and cited the World Cup as a potential but unpredictable growth catalyst. Interested in Meridian Holdings Inc.? Here are five stocks we like better. Meridian Holdings reported first-quarter 2026 results that marked its first GAAP-profitable quarter under the Meridian Holdings brand, driven by double-digit revenue growth, expanded profitability, and continued debt reduction. Interim Chief Executive Officer William Scott said the quarter represented a milestone for the company, calling it “the first quarter in which we reported GAAP profitability under Meridian Holdings brand.” → Pipelines and Automation: 2 Energy Plays Built for Any Oil Price For Q1 2026, Meridian posted revenue of $50.1 million, up 17% from $42.7 million in the prior-year quarter and in line with guidance previously issued on the company’s Q4 2025 earnings call, according to Chief Financial Officer Rich Christensen. Adjusted EBITDA was $6.3 million, up 26% year over year, representing a 12.6% margin. Scott noted that the company exceeded its prior adjusted EBITDA guidance of $6.1 million. Meridian reported net income of $2.2 million, or $0.18 per diluted share, compared with a net loss of $300,000, or $0.02 per diluted share, in Q1 2025. Christensen said income from operations was $3.2 million, a $3.3 million improvement from a small operating loss in the year-ago period, attributing the change to operating leverage as revenue scaled alongside cost discipline. → Homebuilder Earnings: D.R. Horton Sticks Out as Pulte & NVR Sales Tank Gross profit was $28.1 million, with a 56.2% gross margin, compared with 56.6% in Q1 2025. Christensen said margins were “consistent with the prior period,” with the mix shift reflecting high-margin Meridianbet contributions partially offset by early-stage economics in smaller markets. Christensen said revenue growth was “broad-based across our portfolio,” but led by Meridianbet, which delivered $34.9 million in Q1 revenue, up approximately 26% year over year and representing about 70% of total company revenue. → Meta Platforms Earnings Preview: What to Watch in Q1 2026 Report Zoran Milosevic, CEO of Meridianbet Group, said the performance reflected execution across “our 25 regulated markets” and scaling of growth initiatives. He highlighted customer growth metrics, including: 428,400 registrations, up 41% year over year 333,000 active users, up 21% 283,000 depositors, up 27% Milosevic said the conversion from registration to activity and depositing indicates the company is “not only acquiring customers at an accelerating pace, we are converting and retaining them.” He also pointed to Brazil as an important growth market following its 2025 launch, saying the company has built local partnerships and invested in locally relevant content and user experience while positioning Meridianbet as a “credible, compliant operator.” On Brazil’s regulatory environment, Milosevic described it as “by far most regulated country in the world when it comes to KYC, AML and regulatory, and … customer protection,” and said the heavy regulatory burden has affected short-term scaling across the industry. He added that Meridianbet is focused on investing “with discipline,” targeting sustainable market share rather than “short-term promotional volume.” Milosevic also highlighted progress at Expanse Studios, Meridianbet Group’s B2B gaming content subsidiary. He said the operator network expanded to 1,519 active distribution sites in Q1, adding 175 new sites during the quarter, and the proprietary game portfolio grew to 77 titles with six new games launched. He described the content business as generating recurring B2B revenue with attractive margins and operating leverage, noting that new titles can be distributed across the operator network “with minimal incremental cost.” On the technology front, Milosevic said the company continues investing in AI-powered capabilities to enhance personalization, improve risk management and pricing accuracy in sportsbook operations, and drive efficiencies such as customer service automation and trading floor optimization. During Q&A, Milosevic addressed the status of Expanse Studios’ pending approvals in New Jersey and Ontario, saying the company had done everything on its side and was awaiting regulatory decisions. “We have never been closer to that, both relative to New Jersey and Ontario, and it’s really big news for us,” he said, while adding he could not predict timing. Christensen reported that RKings and Classics for a Cause delivered $12.1 million in combined revenue, up 9% year over year and representing 24% of total company revenue. At RKings, the U.K.-based pay-to-enter prize competition business, revenue was $7.7 million, up 12%. Christensen said average order value increased 29% to $16.91, and value per new registration rose 15% to $17.72. At Classics for a Cause, the Australia-based subscription and trade promotion lottery platform, Christensen said new users rose 18% to 9,813, total transactions increased 12% sequentially, and VIP subscriptions ended the quarter at 10,750, surpassing 10,000 “for the first time in 12 months.” GMAG, the company’s B2B iGaming aggregation segment that includes MexPlay, contributed $3.1 million in revenue, down 18% from $3.8 million a year ago, representing about 6% of total company revenue. Christensen said MexPlay, a Mexico-facing regulated online casino, grew 28% year over year, with registrations reaching 74,000 (up 271%) and first-time depositors rising to 6,101 (up nearly 200%). He added that shifting mix away from the competitive B2B aggregation business toward MexPlay improved gross margin by “over 5 percentage points over last year.” In discussing Mexico during Q&A, Scott said he did not have specific market size figures but called it “a very robust market” and “a regulated regime, which is where we like to play.” Milosevic added Mexico is “one in top like five countries when it comes to new customer registration,” and said the company is “really, really positive about Mexico as well.” Scott and Christensen emphasized continued balance sheet improvement. Christensen said cash and cash equivalents were $16.2 million at quarter end, total debt was $29.7 million (down from $34.7 million at year-end 2025 and down 54% year over year), and net debt was $13.4 million, a 62% reduction from the prior year. The net debt leverage ratio was 0.53x annualized adjusted EBITDA. Operating cash flow was $5.2 million. For Q2 2026, Christensen issued revenue guidance of $51 million to $53 million, implying 18% to 23% growth over Q2 2025 revenue of $43.2 million. He cited continued growth in Meridianbet, seasonal uplift in retail and online wagering, and confidence in business fundamentals. Management and analysts focused heavily on the upcoming World Cup as a potential catalyst. Scott said the World Cup can be a strong acquisition driver, though outcomes can be unpredictable. Milosevic said four of Meridianbet’s operating countries—Belgium, Brazil, Mexico, and Bosnia—have national teams participating, which he said can drive “maximum growth,” particularly in Brazil. However, he cautioned that profitability around the event can be “tricky” due to emotional betting patterns, saying company simulations suggest outcomes can range “from neutral to mild positive” for profit. Milosevic also described how increased regulatory requirements have added friction to customer onboarding in many markets, particularly Brazil. Separately, he said retention efforts could reactivate the existing customer database “40%-50% more” than periods without the World Cup. On capital deployment, Scott said the company is maintaining a disciplined approach focused on returns, with continued investment in technology and regulated market expansion. He said Meridian previously declared dividends when it was private and suggested shareholder returns could be considered in the future, stating the company may “announce something in the future” regarding shareholder returns, while emphasizing that the company does not feel pressure to deploy capital “recklessly.” Golden Matrix Group Inc is a technology-driven gaming entertainment company that develops and delivers digital real-money gaming solutions. Incorporated in Nevada with principal operating offices in Malta, the company focuses on providing a comprehensive online gaming platform to licensed operators. Golden Matrix Group’s core mission is to enable its clients to launch and scale casino, sports betting, lottery and other interactive gaming offerings—backed by proprietary technology and a portfolio of third-party content integrations. The company’s flagship product, the KaFe Rocks platform, combines player account management, risk and fraud monitoring, payment processing, and back-office reporting into a single, modular system. The article "Golden Matrix Group Q1 Earnings Call Highlights" was originally published by MarketBeat.

This article first appeared on GuruFocus. Release Date: March 31, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Meridian Holdings Inc (NASDAQ:MRDN) achieved record revenue of $49.6 million for the fourth quarter, marking an 8% increase over the previous year. The company closed 2025 with a record annual revenue of $182.9 million, up 21% from the prior year. Meridian Holdings Inc (NASDAQ:MRDN) significantly reduced its debt by $36.3 million in 2025, resulting in a 59% year-over-year decline in net debt to $16.7 million. Meridianbet, a subsidiary of Meridian Holdings Inc (NASDAQ:MRDN), delivered strong performance with a 15% year-over-year revenue increase in the fourth quarter. The company successfully completed its rebranding to Meridian Holdings, aligning its corporate identity with its most recognized brand. Meridian Holdings Inc (NASDAQ:MRDN) reported a substantial net loss of $88.4 million for the fourth quarter, primarily due to non-cash goodwill and intangible impairments totaling $91.8 million. Adjusted EBITDA for the quarter was $4.6 million, falling short of the company's near-term expectations of 12% due to lower sports betting margins and higher marketing and administrative costs. The company's gross profit margin declined by 90 basis points to 57.5% compared to the previous year, reflecting lower revenue and a shift to earlier-stage markets. Operating expenses increased significantly by $95 million in the fourth quarter, driven by impairment charges and executive transition costs. Meridian Holdings Inc (NASDAQ:MRDN) experienced a decline in share price during the fourth quarter, triggering the impairment of goodwill and intangible assets. Warning! GuruFocus has detected 5 Warning Signs with MRDN. Is MRDN fairly valued? Test your thesis with our free DCF calculator. Q: Can you elaborate on the factors that led to the significant net loss in the fourth quarter? A: William Scott, Interim CEO, explained that the net loss of $88.4 million was primarily due to non-cash goodwill and intangible impairments totaling $91.8 million. These impairments were triggered by a sustained decline in the company's share price, which necessitated an interim quantitative impairment test under US GAAP standards. Q: What are the strategic priorities for Meridianbet in 2026? A: Zoran Milosevic, CEO of Meridianbet Group, outlined four key priorities: scaling operations in Brazil, expanding AI-powered capabilities, deepening market presence in existing jurisdictions, and pursuing strategic licensing opportunities in high-growth regions, particularly in Latin America and selected European markets. Q: How did Meridian Holdings perform financially in 2025, and what are the expectations for 2026? A: William Scott reported record revenue of $182.9 million for 2025, a 21% increase from the previous year. For 2026, the company expects approximately $50 million in revenue for the first quarter, representing 70% growth from 2025, and $6.1 million in adjusted EBITDA, a 9% increase. Q: What measures has Meridian Holdings taken to improve its balance sheet? A: Richard Christensen, CFO, highlighted that the company reduced its debt by $36.3 million in 2025, resulting in a 59% decline in net debt to $16.7 million. The net debt leverage ratio fell to 0.9 times, reflecting the company's strong cash-generating capability and focus on debt management. Q: Can you provide more details on the operational performance of Meridianbet and Expanse Studios? A: Richard Christensen noted that Meridianbet's revenue grew 17% to $124.6 million in 2025, with a 70% gross margin. Expanse Studios achieved a 435% revenue growth in Q4, expanding its operator network significantly and securing new B2B licenses in Romania and Sweden. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

LAS VEGAS, NV - March 31, 2026 (NEWMEDIAWIRE) - Meridian Holdings Inc. (NASDAQ: MRDN) ("Meridian" or the "Company"), a global operator and licensor of online sports betting and gaming platforms, today announced its financial results for the fourth quarter and full-year ended December 31, 2025. This marks the Company's first earnings release under the Meridian Holdings name, following a strategic rebrand that unifies its corporate identity under its most widely recognized global brand. Fourth Quarter 2025 Financial Highlights Revenue was $49.6 million during the fourth quarter, an increase of 8% over the prior year. Gross Profit increased 6% from the prior year to $28.5 million. The Company reported a net loss of $88.4 million for the fourth quarter of 2025, or $7.09 per diluted share, compared with a net loss of $2.1 million, or $0.20 per diluted share, in the prior year. The net loss was primarily driven by a $91.8 million(1) non-cash goodwill and intangible asset impairment charge triggered by a sustained decline in our share price. Adjusted EBITDA(1) was $4.6 million for the quarter compared to $6.5 million in the prior year period. This decline was due to the additional investment in selling and marketing expenses targeted at driving customer growth. Full-Year 2025 Financial Highlights Full-year revenue was $182.9 million, an increase of 21% compared to 2024. Gross Profit increased 17% from the prior year to $103.5 million. The Company reported a net loss of $92 million1 for 2025, or $7.76 per diluted share, compared with a net loss of $1.4 million, or $0.16 per diluted share, in 2024. Adjusted EBITDA1 of $19.4 million compared to $22.2 million in the prior year period. As of December 31, 2025, the Company had cash of $18.1 million and a net debt leverage ratio of less than 0.9x. with total debt declining 51% to $34.7 million. William Scott, Interim CEO of Meridian, commented, "FY2025 was a year of significant progress. We delivered record revenue, reduced debt by more than half, and completed our rebrand to Meridian Holdings. As we enter 2026, our priorities remain strong execution across markets, continued technology integration, and disciplined capital allocation. We believe our business fundamentals are robust, and our opportunity pipeline across both core and emerging markets continues to grow." Q1 2026 Preliminary Outlook Revenue: $50 million, representing approximately 17% growth over last year, plus or minus 1%. Adjusted EBITDA: approximately $6.1, representing approximately 9% growth year-over-year, plus or minus 2%. Rich Christensen, CFO, commented, "In FY2025, we delivered strong performance, with revenue up 21%, gross profit up 17%, and net debt reduced by 59%. The reported GAAP net loss was driven primarily by noncash, nonrecurring accounting charges that did not affect cash flow or operational performance. We entered FY2026 with a solid balance sheet and expected growth in Q1 revenue and Adjusted EBITDA of 17% and 9%, respectively. Our business continues to generate strong cash flow, and we remain focused on translating operational execution into consistent financial results." All forward-looking financial measures are preliminary, unaudited and subject to change. Adjusted EBITDA is a non-GAAP financial measure; a reconciliation to the nearest GAAP measure will be provided in the Company's quarterly filing. FY 2025 Operational Highlights Meridianbet Group Segment, a subsidiary of Meridian, delivered FY 2025 revenue of $124.6 million, up 17% year-over-year, representing 68% of total company revenue at approximately 70% gross margin. Zoran Milosevic, CEO of Meridianbet, added, "FY2025 underscored the strength of a platform designed to scale across multiple regulated markets while maintaining margin discipline and operational efficiency. At Meridianbet, new customer registrations increased 72% yearoveryear to 1.2 million, with active users up 35% and depositors up 40%. We enter 2026 with what we believe is the strongest operational foundation in our history and a robust pipeline of market and product expansion opportunities." Expanse Studios (Included in the Meridianbet Group Segment) expanded its operator network from 184 to 1,344 active sites during FY 2025, representing 630% year-over-year growth, and delivered Q4 revenue growth of 435% year-over-year. The subsidiary has filed for system certification in Ontario, Canada, pending regulatory approval. 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. Q4 2025 revenue was $10.9 million, reflecting an 8% year-over-year decrease against a strong prior-year. Raffle ticket volumes at RKings scaled 137% year-over-year to 25.2 million, driven by higher-value customer acquisition as our estimate of customer lifetime value per new registration increased 19% year-over-year. GMAG Segment delivered FY 2025 revenue of $14.5 million, up 16% year-over-year compared to $12.5 million in FY 2024, representing 8% of total company revenue. Q4 2025 revenue was $3.5 million, down 3% year-over-year against a prior-year comparable of $3.6 million. MexPlay, the segment's Mexico-facing online casino operating within the GMAG segment, continued to scale, with registrations growing 256% year-over-year in Q4 2025 and total active users reaching 32,308 in the quarter. The full visual presentation and the earnings call can be accessed at 8:00am ET on the Meridian Holdings IR website at https://meridian-holdings.com/quarterly-results/. For more information, please visit https://meridian-holdings.com/. About Meridian Holdings Meridian Holdings Inc. (NASDAQ: MRDN), based in Las Vegas, Nevada, is an established B2B and B2C gaming technology company operating across multiple international markets. The Company's B2C division is represented by Meridianbet Group, a leading online sports betting and gaming operator founded in 2001, licensed in multiple jurisdictions across Europe, Africa, and South America. MRDN's B2B division, comprised of game developer Expanse Studios and iGaming platform GMAG, develops, licenses and distributes proprietary gaming platforms to an extensive list of global clients. Meridian Holding's other subsidiaries include RKings Competitions, which operates a high-volume eCommerce site enabling end users to enter paid-for competitions on its proprietary platform in authorized markets., Mexplay, a regulated online casino in Mexico, and Classics for a Cause, Australia's leading subscription-based digital memberships and trade promotion lottery. The Company's sophisticated software automatically declines any gaming or redemption requests from within the United States, in strict compliance with current U.S. law. For more information, visit www.meridian-holdings.com or email us at [email protected] Non-GAAP Financial Measures Adjusted EBITDA, Net Debt, and Net Debt Leverage Ratio are non-Generally Accepted Accounting Principles (GAAP) financial measures presented as supplemental indicators of the Company's performance and capital structure. These measures are not presented in accordance GAAP. Adjusted EBITDA represents net income before interest expense, interest income, income taxes, depreciation and amortization, and further excludes stock-based compensation expense, restructuring costs, impairment losses on intangible assets, and severance costs. We present Adjusted EBITDA because we believe it provides investors with additional useful information regarding our core operating performance and the effects of certain non-cash or non-recurring items during the period. Net Debt is defined as total debt less cash and cash equivalents. Net Debt Leverage Ratio is defined as Net Debt as of the balance sheet date divided by annualized Adjusted EBITDA for the period then ended. We believe these measures provide investors with additional insight into the Company's leverage and liquidity position, illustrating our ability to service and repay debt using operating performance and available cash resources. Adjusted EBITDA, Net Debt, and Net Debt Leverage Ratio are non-GAAP measures, are unaudited, and have inherent limitations as analytical tools. These measures should not be considered in isolation, or as substitutes for analysis of the Company's results as reported under GAAP. Some of these limitations include: they do not reflect cash expenditures or future capital requirements; they do not reflect working capital requirements or contractual commitments; they do not reflect significant interest expense, principal, or income tax payments; although depreciation and amortization are non-cash charges, the assets being depreciated or amortized may require replacement in the future; and other companies may calculate these measures differently, limiting comparability. The Company's presentation of these measures should not be construed as implying that future results will be unaffected by unusual or non-recurring items. For additional information regarding these non-GAAP financial measures, please refer to the sections titled "Reconciliation of U.S. GAAP Net Income (Loss) to EBITDA and Adjusted EBITDA (Unaudited)", and "Reconciliation of Net Debt and Leverage Calculation (Unaudited)", included at the end of this release. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA to the most directly comparable GAAP financial measure because it is unable to do so without unreasonable effort due to the inherent uncertainty in forecasting certain items, including, but not limited to, stock-based compensation, transaction-related expenses, and other non-recurring or non-cash items; accordingly, a reconciliation is not available without unreasonable effort, and the unavailable information could have a material impact on the Company's future GAAP financial results. Forward-Looking Statements Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1995 ("forward-looking statements"). Words such as "strategy," "expects," "continues," "plans," "anticipates," "believes," "would," "will," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, (a) the Company's need for significant additional financing to grow and expand our operations, complete acquisitions and satisfy post-closing obligations, including in connection with the MeridianBet acquisition; (b) dilution resulting from the conversion of preferred stock and warrants, and from acquisitions; (c) the Company's ability to complete acquisitions, the availability of funding for such transactions, and disruptions and other risks associated therewith; (d) the Company's reliance on third-party suppliers of gaming content and the cost of such content; (e) the Company's ability to obtain and maintain required gaming licenses; (f) the Company's ability to maintain the listing of its common stock on the Nasdaq Capital Market; (g) the Company's ability to effectively manage growth; (h) the Company's expectations regarding future growth, revenues and profitability; (i) the Company's expectations regarding future plans and the timing thereof; (j) the Company's reliance on its management team; (k) the fact that Aleksandar Milovanovi has voting control over the Company; (l) related party relationships and potential conflicts of interest; (m) the effects of economic downturns, recessions, inflation, interest rate changes, global conflicts and other market conditions, including impacts on discretionary spending and the cost of capital; (n) the Company's ability to protect its proprietary information and intellectual property; (o) our ability to compete effectively in our markets; (p) the impact of current and future regulations, the Company's ability to comply with such regulations, potential penalties for non-compliance, and changes in the interpretation or enforcement of laws; (q) risks associated with gaming fraud, user cheating and cyber-attacks; (r) risks associated with system failures and disruptions to technology and infrastructure, including cybersecurity and hacking risks; (s) risks relating to inventory management; (t) foreign exchange and currency risks; (u) the outcome of contingencies, including legal proceedings; (v) competition from existing and new market participants; (w) the Company's ability to manage expenses related to sales and marketing and required general, administrative and technology investments; (x) general consumer sentiment and economic conditions affecting discretionary spending on the Company's products; (y) the risk of loss if customers or counterparties fail to meet contractual obligations, including with respect to receivables and financial institutions holding the Company's funds; (z) the risk that the Company may have difficulty meeting its financial liabilities as they come due; (aa) the risk that changes in market prices, including foreign exchange and interest rates, may affect the Company's income or the value of financial instruments; (bb) risks relating to the protection of players' deposits; and (cc) risks that participants in sporting events may intentionally alter outcomes, resulting in higher than expected payouts. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this press release are reasonable, we provide no assurance that these plans, intentions or expectations will be achieved. Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company's publicly-filed reports, including, but not limited to, under the "Special Note Regarding Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's periodic and current filings with the SEC, including the Form 10-Qs and Form 10-Ks, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and future periodic reports on Form 10-K and Form 10 Q. These reports are available at www.sec.gov. The Company cautions that the foregoing list of important factors is not complete and does not undertake to update any forward-looking statements except as required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that is not paid for by the Company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Preliminary Outlook The preliminary outlook for the first quarter of 2026 (the "Preliminary Outlook") included herein was prepared by Meridian in good faith using assumptions believed to be reasonable. A significant number of assumptions about the operations of the business of Meridian were based, in part, on economic, competitive, and general business conditions prevailing at the time the Preliminary Outlook was developed. Any future changes in these conditions, may materially impact the ability of Meridian to achieve the financial results set forth in the Preliminary Outlook. The Preliminary Outlook is based on numerous assumptions, including realization of the operating strategy of Meridian; industry performance; no material adverse changes in applicable legislation or regulations, or the administration thereof, or generally accepted accounting principles; general business and economic conditions; competition; retention of key management and other key employees; absence of material contingent or unliquidated litigation, indemnity, or other claims; minimal changes in current pricing; no significant increases in interest rates or inflation; and other matters, many of which will be beyond the control of Meridian, and some or all of which may not materialize. Additionally, to the extent that the assumptions inherent in the Preliminary Outlook are based upon future business decisions and objectives, they are subject to change. Although the Preliminary Outlook is presented with numerical specificity and is based on reasonable expectations developed by Meridian's management, the assumptions and estimates underlying the Preliminary Outlook are subject to significant business, economic, and competitive uncertainties and contingencies, many of which will be beyond the control of Meridian. Accordingly, the Preliminary Outlook is only an estimate and is necessarily speculative in nature. It is expected that some or all of the assumptions in the Preliminary Outlook will not be realized and that actual results will vary from the Preliminary Outlook. Such variations may be material and may increase over time. In light of the foregoing, readers are cautioned not to place undue reliance on the Preliminary Outlook. The projected financial information contained herein should not be regarded as a representation or warranty by Meridian, its management, advisors, or any other person that the Preliminary Outlook can or will be achieved. Meridian cautions that the Preliminary Outlook is speculative in nature and based upon subjective decisions and assumptions. As a result, the Preliminary Outlook should not be relied on as necessarily predictive of actual future events. Contact: Investors & Press [email protected] Brett Milotte [email protected] [1] Adjusted EBITDA is a nonGAAP financial measure. See "NonGAAP Financial Measures" and the accompanying reconciliation tables. View the original release on www.newmediawire.com