Meridian Posts 17% Revenue Growth to $50.1M, First GAAP Profit at $2.2M
Meridian returned to GAAP profitability in Q1 2026 with net income of $2.2M ($0.18/share) versus a $0.3M loss year-ago on $50.1M revenue, up 17%. The company cut total and net debt by 54% and 62% to 0.53x leverage and guided Q2 revenue of $51M–$53M, implying 18%–23% growth.
1. Q1 Financial Results
Meridian achieved its first GAAP-profitable quarter under the new brand, reporting net income of $2.2M or $0.18 per diluted share compared with a $0.3M loss in Q1 2025. Revenue totaled $50.1M, up 17% year-over-year and in line with guidance, while Adjusted EBITDA targets were exceeded.
2. Segment Growth and Operational Footprint
Meridianbet Group registered 428,400 new customers (up 41%), 283,000 depositors (up 27%) and 333,700 active users (up 21%). Expanse Studios expanded to 1,519 active sites, added six new proprietary games and secured certifications in Latvia, Estonia, Sweden and Portugal. RKings & Classics generated $12.1M, up 9%, and GMAG onboarded 12 providers, deploying 1,382 games, with MexPlay registrations rising 271% to 74,000.
3. Debt Reduction and Q2 Outlook
Total debt declined 54% and net debt fell 62%, bringing leverage to 0.53x, supported by $16.2M cash on hand. Management issued Q2 revenue guidance of $51M–$53M, forecasting 18%–23% growth driven by core Meridianbet momentum, newly certified markets and seasonal wagering trends.