Meridian reported a stronger first quarter for 2026. The company delivered GAAP net income of $2.3 million, its first meaningful profitable quarter since the merger, while revenue growth reached its fastest pace in four quarters. Revenue increased 17.3% year over year to $50.1 million, compared with $42.7 million in Q1 2025. Gross profit rose 16% to $28.1 million, with gross margin holding steady at 56%.
Adjusted EBITDA increased 26% year over year to $6.3 million, while the adjusted EBITDA margin improved to 12.6%. Operating income was $3.2 million, compared with a small operating loss in the same period last year. Net income reached $2.3 million, compared with a net loss of $0.26 million in Q1 2025. Earnings per share were $0.18, compared with a loss of $0.02 a year earlier.
Meridianbet remained the most important part of the group. The segment generated $34.9 million of revenue in Q1, up 26% year over year, and accounted for about 70% of total group revenue. Meridianbet operates online sports betting and casino games across more than 18 regulated countries in Europe, Africa, and South America, supported by both online activity and a network of 740 betting shops.
Expanse Studios also continued to build momentum. The studio develops proprietary online casino games and distributes them through third-party operators. Its games were available on 1,519 operator sites by the end of the quarter, an increase of 175 from the end of the previous year. The studio also launched six new games, bringing its total portfolio to 77 titles.
RKings, based in the United Kingdom, generated $7.7 million of revenue, up 12% year over year. The segment is focusing on fewer but higher-value customers. Average order value increased 29% to $16.91, while value per new registrant increased 15% to $17.72.
Classics for a Cause, based in Australia, generated $4.4 million of revenue, up 4.3%. Its VIP subscriber base passed 10,000 for the first time in a year, ending the quarter at 10,750. The subscription model is useful because it can provide more repeat revenue than one-off transactions.
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.
