Curated News
By: NewsRamp Editorial Staff
April 28, 2026

Meridian Holdings Reports Q1 2026 Revenue Up 17%, Returns to Profitability

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Original Source

TLDR

  • Meridian Holdings returned to profitability with net income of $2.2 million, a 17% revenue increase, and reduced net debt by 62%.
  • Revenue rose 17% year-over-year to $50.1 million, adjusted EBITDA exceeded guidance at $6.3 million, and net debt leverage improved to 0.53x.
  • Meridian's profitability and strengthened balance sheet enable continued investment in regulated markets, promoting responsible gaming and economic growth.
  • Expanse Studios expanded to 1,519 active sites with 77 proprietary game titles, filing for certification in Ontario, Canada.

Impact - Why it Matters

This news matters because it signals a turnaround for Meridian Holdings, demonstrating that its strategy of scaling across regulated markets, investing in proprietary technology, and deleveraging is bearing fruit. For investors and industry watchers, the return to GAAP profitability and strong balance sheet indicate reduced risk and potential for sustained growth. The company's ability to grow revenue and EBITDA while cutting debt in half year-over-year suggests operational efficiency and financial discipline, which could lead to increased shareholder value. Moreover, the expansion in key segments like Meridianbet and Expanse Studios, along with strong customer acquisition metrics, positions Meridian to capitalize on the growing global online gaming market, which is important for anyone tracking the sector.

Summary

Meridian Holdings Inc. (NASDAQ: MRDN), a global B2B/B2C operator and licensor of online sports betting and gaming platforms across 25+ regulated markets, has announced its financial results for the first quarter ended March 31, 2026. The Company reported revenue of $50.1 million, a 17% year-over-year increase, and returned to GAAP profitability with net income of $2.2 million, compared to a net loss in the prior-year period. Adjusted EBITDA rose 26% to $6.3 million, exceeding guidance, while cash stood at $16.2 million and net debt was reduced by 62% year-over-year to $13.4 million. The Company's balance sheet strength was highlighted with a net debt leverage ratio of 0.53x, the strongest capital structure in its history. Interim CEO William Scott commented on the disciplined execution of the growth plan, emphasizing the focus on scaled execution across 25+ markets, continued technology integration, and disciplined capital allocation.

The Meridianbet Group, the Company's B2C segment, saw revenue increase 26% year-over-year to $34.9 million, driven by a 41% rise in new customer registrations to 428,400 and a 27% increase in depositors to 283,000. Expanse Studios, within the Meridianbet Group, expanded its operator network to 1,519 active sites, adding 175 new sites in the quarter, and filed for system certification in Ontario, Canada. The RKings & Classics for a Cause segment combined for $12.1 million in revenue, up 9% year-over-year, with RKings revenue reaching $7.7 million and Classics for a Cause surpassing 10,000 VIP subscriptions for the first time in 12 months. The GMAG B2B segment, including MexPlay, reported $3.1 million in revenue, onboarding 12 new providers and deploying 1,382 new games, while MexPlay registrations surged 271% year-over-year to 74,000.

For the second quarter of 2026, Meridian Holdings issued revenue guidance of $51 million to $53 million, representing 18% to 23% growth over the prior-year period. CFO Rich Christensen highlighted the meaningful financial flexibility provided by the strengthened balance sheet, with total debt declining 54% year-over-year and net debt falling 62%. The Company also noted that its software automatically declines gaming or redemption requests originating in the United States, in strict compliance with U.S. law. A full visual presentation and earnings call replay are available at the Meridian Holdings investor relations website: https://meridian-holdings.com/quarterly-results/. The original release was published on NEWMEDIAWIRE.

Source Statement

This curated news summary relied on content disributed by NewMediaWire. Read the original source here, Meridian Holdings Reports Q1 2026 Revenue Up 17%, Returns to Profitability

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