# Meridian returns to profitability as Q1 results show stronger growth and lower debt

- Link: https://www.directorstalkinterviews.com/meridian-returns-to-profitability-as-q1-results-show-stronger-growth-and-lower-debt/4121251424
- Published: 2026-05-13T14:14:00+01:00
- Author: Amilia Stone

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._

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