Meridian Holdings reported a solid Q2 2026, with revenue growth, higher adjusted EBITDA, positive GAAP net income and stronger operating cash flow.
Revenue reached $50.2 million, up 16.1% year on year. Gross profit increased 10.2% to $26.9 million, while adjusted EBITDA rose 43% to $5.9 million. GAAP net income reached $2.2 million, compared with a $3.6 million loss a year earlier.
Operating performance improved despite the lower gross margin. Operating income reached $2.4 million compared with an operating loss of $2.3 million in Q2 2025. SG&A expenses declined 8.5% while revenue grew 16.1%, showing improved operating leverage.
Cash generation was also strong. Operating cash flow increased 228% year on year to $7.8 million.
The balance sheet continued to improve. Key debt positions fell to $34.6 million from $63.6 million a year earlier. Net debt declined to $9.4 million, while the company ended the quarter with $17.3 million in cash. Net debt leverage stood at 0.39 times.
This gives Meridian more flexibility to fund growth while continuing to manage its remaining obligations.
Meridian also changed its senior management structure. Zoran Milošević became Group CEO after leading Meridianbet since 2008. He has been with the business since 2003 and has experience across marketing, risk management and business development.
William Scott moved from Interim CEO to CFO while remaining Executive Chairman. His experience in financial management, capital markets and regulated gaming gives the company continuity in financial strategy, balance sheet management and capital allocation.
Meridianbet generated $36 million of revenue in Q2, up 23% year on year. The business also recorded strong customer acquisition during the FIFA World Cup. Meridianbet added 516,000 new customers, up 37%, while first-time depositors increased 24% to 89,900. Total deposit volume also rose 24%. Operating income increased 91% to $6.1 million, with a gross margin of 66%.
Meridian Holdings plc (formally Golden Matrix Group, Inc.) (Nasdaq:MRDN) positions itself as a leader in the iGaming technology space, offering casino, sportsbook, and competition products and combining cutting-edge solutions with a strong portfolio of partnerships to drive growth and innovation in the digital gaming market.
