Meridian Holdings Inc. (NASDAQ: MRDN), the international gaming and technology group operating across more than 20 regulated markets, today reported new record financial and operational results.
The Company posted first-quarter 2026 revenue of $50.1 million, a 17 percent increase compared to the same period a year earlier, and returned to profitability with $2.3 million in net income, marking the first profitable quarter under the Meridian Holdings brand.
The numbers come less than two months after the Company completed its rebrand and began trading under the new MRDN ticker on the NASDAQ Capital Market.
Beyond profitability, the quarter brought a noticeably cleaner balance sheet. Total debt came down by more than half year over year. Net debt fell 62 percent to $13.4 million, and the Company ended the quarter with $16.2 million in cash.
William Scott, Chief Executive Officer of Meridian Holdings:
“This quarter marks an important milestone in our growth journey. We delivered revenue in line with our guidance, exceeded our profitability target, and continued strengthening our balance sheet, all while expanding our presence across regulated markets and investing in proprietary technology. We are well-positioned for sustained growth through 2026 and beyond.”
The driver of the quarter is also the oldest part of the business. Meridianbet, founded in 2001 and now the Group’s main operating subsidiary, has spent the past twenty-five years building one of the more recognized sports betting and gaming brands across Europe, Africa, and the Americas. The brand operates more than 740 retail locations alongside its online platforms, and processes hundreds of thousands of bets a day across the markets where it is licensed.
In the first quarter of 2026, Meridianbet brought in $34.9 million in revenue, a 26 percent year-over-year increase, and contributed nearly 70 percent of group revenue. New customer registrations approached half a million in the quarter, up 41 percent compared to the same period last year, with active users growing 21 percent to 333,700.
The rest of the Group spans different markets and business models:
- Expanse Studios, the Company’s iGaming content development arm, expanded its operator network to 1,519 active sites during the quarter, while securing new regulatory certifications in Latvia, Estonia, Sweden, and Portugal, and continuing the certification process in Ontario, Canada.
- RKings Competitions, the United Kingdom-based prize competitions business, posted sales of $7.7 million on improving per-customer economics.
- Classics for a Cause, the Australian subscription-based digital memberships and trade-promotion lottery, saw VIP subscriptions surpass 10,000 for the first time in 12 months.
- Mexplay, the Group’s Mexico-facing online casino and sportsbook, more than tripled new registrations year over year to 74,000.
For the second quarter of 2026, the Company has guided to revenue of $51 million to $53 million, which would translate to year-over-year growth of 18 to 23 percent.
The global online gaming and sports betting sector continues to expand as more jurisdictions open to regulated operators, creating a structural tailwind for established, multi-market platforms with proprietary technology and licensed footprints.
