Meridian Holdings Reports Strong Second Quarter 2026 Results with Record Revenue and Profitability

Meridian Holdings Inc. (NASDAQ: MRDN), a global operator and licensor of online and retail sports betting, gaming and casino platforms, reported its financial results for the second quarter ended June 30, 2026, showcasing significant growth and improved profitability. The company delivered revenue of $50.2 million, a 16% increase year-over-year, and net income attributable to MRDN of $2.2 million, or $0.17 per diluted share, compared to a net loss of $3.6 million in the same period last year. This marks the second consecutive quarter of GAAP profitability for the company.

Adjusted EBITDA rose 43% year-over-year to $5.9 million, with margins expanding approximately 222 basis points to 11.8%. The company also strengthened its balance sheet, reducing total debt by 45% year-over-year to $26.7 million and net debt by 65% to $9.4 million. Cash and cash equivalents stood at $17.3 million, resulting in a net debt leverage ratio of 0.39x, the sixth consecutive quarter of deleveraging. Interest expense declined approximately 80% year-over-year.

William Scott, interim CEO of Meridian Holdings, commented, "Our second quarter reflects the discipline we have built into this business. We grew revenue 16%, expanded adjusted EBITDA 43%, delivered our second consecutive quarter of GAAP profitability and reduced net debt by 65% year-over-year, all against a sporting-results backdrop that was unusually favorable to bettors across the industry during the quarter." He added, "Crossing $100 million in first-half revenue for the first time is a milestone that speaks to the scale we have reached."

First-half 2026 revenue surpassed $100 million for the first time in the company's history, reaching $100.3 million, up 17% year-over-year. The Meridianbet Group segment, which accounts for 71% of total revenue, saw a 23% increase to $35.8 million, with segment operating income growing 91% to $6.1 million. New customer registrations surged 37% year-over-year, and first-time depositors increased 24%.

Expanse Studios, the company's proprietary game studio, grew revenue 138% and gross gaming revenue 90% year-over-year. The studio went live with new operator partners including Maxbet Serbia (part of Flutter Entertainment), Synottip, and Joker.lv, and entered a North American distribution partnership with Bragg Gaming. New market certifications were secured in Latvia, Colombia, Portugal, and Slovenia.

The RKings and Classics for a Cause segments combined for revenue of $10.8 million, up 4% year-over-year. Classics for a Cause saw new user growth of approximately 28% year-over-year, with active VIP subscriptions remaining above 10,000. GMAG segment revenue was flat at $3.6 million, but its Mexico-facing online casino MexPlay grew revenue 31%, new customer registrations up 50%, and first-time depositors up 53%.

For the second half of 2026, the company expects constant currency revenue growth of approximately 8% to 10% year-over-year, with the fourth quarter expected to be the strongest due to major sporting events and holiday wagering. The company's focus on operational execution, technology integration, and disciplined capital allocation positions it for sustained profitable growth.

For more details on the quarterly results, a full visual presentation and earnings call replay are available at Meridian Holdings quarterly results page.