Meridian Holdings Inc. (NASDAQ: MRDN), a global operator and licensor of online sports betting and gaming platforms, has announced its financial results for the fourth quarter and full-year ended December 31, 2025. The company reported a record revenue of $49.6 million for Q4 2025, marking an 8% increase compared to the previous year. However, this growth was overshadowed by a substantial net loss of $88.4 million, or $7.09 per diluted share, primarily due to a non-cash goodwill and intangible asset impairment charge of $91.8 million triggered by a decline in share price. For the full year, Meridian's revenue reached $182.9 million, a 21% increase from 2024, but the company still faced a net loss of $92 million, significantly higher than the $1.4 million loss reported in the prior year. Adjusted EBITDA for Q4 was $4.6 million, down from $6.5 million in the same period last year, attributed to increased investments in marketing aimed at customer growth. The company ended the year with cash reserves of $18.1 million and a net debt leverage ratio of less than 0.9x, with total debt declining by 51% to $34.7 million. Despite the losses, Meridian's leadership remains optimistic about future growth, emphasizing strong execution across markets and a robust opportunity pipeline. The company has also provided a preliminary outlook for Q1 2026, projecting revenue of approximately $50 million, representing a 17% growth year-over-year, and an adjusted EBITDA of around $6.1 million, indicating a 9% increase from the previous year.

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