# Meridian Holdings Inc./NV (MRDN)

Informational only - not investment advice.

CIK: 0001437925
SIC: 7372 Services-Prepackaged Software
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7372 Services-Prepackaged Software](/industry/7372/)
Latest 10-K filed: 2026-03-31
SEC page: https://www.sec.gov/edgar/browse/?CIK=1437925
Filing source: https://www.sec.gov/Archives/edgar/data/1437925/000147793226001750/meridian_10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-31 · accession 0001477932-26-001750 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001437925.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 182,863,373 USD | 2025 | verified |
| Net income | -91,982,136 USD | 2025 | verified |
| Assets | 118,078,800 USD | 2025 | verified |
| Free cash flow | 19,173,578 USD | 2025 | computed |
| Net margin | -50.30% | 2025 | computed |
| Operating margin | -52.59% | 2025 | computed |
| Revenue YoY | +21.01% | 2025 | computed |
| ROE | -197.62% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | MRDN | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -50.3% | 1.5% | 4 | 122 |
| Operating margin | -52.6% | 1.3% | 4 | 121 |
| Revenue growth | 21.0% | 13.5% | 76 | 124 |
| FCF margin | 10.5% | 19.3% | 28 | 120 |
| ROE | -197.6% | 2.0% | 1 | 112 |
| ROA | -77.9% | 0.9% | 0 | 124 |
| Liabilities / equity | 1.50 | 0.91 | 67 | 113 |
| Current ratio | 0.59 | 1.57 | 4 | 124 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7372 Services-Prepackaged Software, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 182863373 | USD | 2025 | 2026-03-31 |
| Net income | -91982136 | USD | 2025 | 2026-03-31 |
| Assets | 118078800 | USD | 2025 | 2026-03-31 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001437925.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2012 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  | 20,000 |  |  |  |  | 11,285,731 | 36,034,856 | 92,993,521 | 151,115,532 | 182,863,373 |
| Net income |  |  | -2,621,271 | -10,006,245 | 1,801,080 | -1,318,373 | 1,769,908 |  | 398,080 | 44,028 | 13,702,538 | -1,409,849 | -91,982,136 |
| Operating income |  |  | -2,039,931 | -5,196,357 | -250,436 | -990,947 | 1,812,325 |  | 399,325 | 192,492 | 13,759,230 | 2,743,704 | -96,169,008 |
| Gross profit |  |  | 0.00 | 20,000 | 70,000 | 843,801 | 2,860,215 |  | 3,223,007 | 9,162,627 | 68,243,228 | 88,572,125 | 103,456,720 |
| Diluted EPS |  | -0.01 |  | -45.08 | 0.00 | -0.17 | 0.06 |  | 0.01 | -0.01 | 0.16 | -0.16 | -7.76 |
| Operating cash flow |  |  | -2,010,636 | 1,296 | -15,129 | 302,716 | 1,451,934 |  | 1,878,043 | 2,771,418 | 23,689,511 | 23,916,426 | 25,358,108 |
| Capital expenditures | 1,973 |  |  |  |  |  |  |  |  | 36,755 | 5,744,202 | 7,164,733 | 6,184,530 |
| Dividends paid |  |  |  |  |  |  |  |  |  |  | 1,798,959 | 769,534 | 144,782 |
| Share buybacks |  |  |  |  |  |  |  |  |  | 0.00 | 32,322 |  | 3,000,000 |
| Assets |  |  |  | 12,296 | 87,667 | 819,874 | 3,005,050 | 3,706,719 | 20,458,948 | 32,571,413 | 79,852,980 | 213,717,593 | 118,078,800 |
| Liabilities |  |  |  | 3,993,738 | 1,623,814 | 2,161,177 | 1,971,722 | 1,233,521 | 1,530,839 | 2,774,932 | 19,866,431 | 104,767,013 | 69,740,174 |
| Stockholders' equity |  |  |  | -3,981,442 | -1,536,147 | -1,341,303 | 1,033,328 | 2,473,198 | 18,928,109 | 26,797,415 | 59,034,826 | 105,072,994 | 46,545,326 |
| Free cash flow |  |  |  |  |  |  |  |  |  | 2,734,663 | 17,945,309 | 16,751,693 | 19,173,578 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2012 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  |  |  |  | 3.53% | 0.12% | 14.73% | -0.93% | -50.30% |
| Operating margin |  |  |  |  |  |  |  |  | 3.54% | 0.53% | 14.80% | 1.82% | -52.59% |
| Return on equity |  |  |  |  |  |  | 171.28% |  | 2.10% | 0.16% | 23.21% | -1.34% | -197.62% |
| Return on assets |  |  |  |  |  | -160.80% | 58.90% |  | 1.95% | 0.14% | 17.16% | -0.66% | -77.90% |
| Liabilities / equity |  |  |  |  |  |  | 1.91 | 0.50 | 0.08 | 0.10 | 0.34 | 1.00 | 1.50 |
| Current ratio |  |  |  | 0.00 | 0.05 | 0.38 | 1.65 | 3.00 | 14.86 | 7.10 | 1.53 | 0.71 | 0.59 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/MRDN/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001437925.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-04-30 |  |  | 0.02 | reported discrete quarter |
| 2022-Q3 | 2022-07-31 |  |  | 0.02 | reported discrete quarter |
| 2023-Q1 | 2023-01-31 |  |  | -0.01 | reported discrete quarter |
| 2023-Q2 | 2023-04-30 | 10,308,359 | -533,753 | -0.01 | reported discrete quarter |
| 2023-Q3 | 2023-07-31 | 11,307,026 | -965,628 | -0.03 | reported discrete quarter |
| 2023-Q4 | 2023-10-31 | 11,780,988 | 770,152 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-01-31 | 11,843,882 | 74,505 | 0.00 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 39,415,242 | 15,626 | 0.00 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 40,992,329 | -3,405,564 | -0.03 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 45,857,374 | -2,130,344 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 42,723,053 | -231,608 | 0.00 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 43,245,368 | -3,584,345 | -0.03 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 47,316,308 | 566,014 | 0.00 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 49,578,644 | -88,732,197 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 50,103,870 | 2,168,157 | 0.18 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from MRDN's latest 10-K: [/company/MRDN/business/](/company/MRDN/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from MRDN's latest 10-K: [/company/MRDN/risk-factors/](/company/MRDN/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1437925/000147793226004577/mrdn_10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-07-29
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

General Information

The following discussion should be read in conjunction with the financial statements for the fiscal year ended December 31, 2025 and notes thereto, which the Company filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2026 as part of our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”) and Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our 2025 Annual Report. 

Statements made in this “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” are subject to forward-looking statements and various risks and should be read in connection with the “Special Note Regarding Forward-Looking Statements”, above and “Risk Factors”, described below and incorporated by reference into this Report, as described below.

As used in this Report, “EUR”, “€” or “Euros” means the official currency of the member states of the European Union; “GBP”, “£” or “Pounds” means the currency of the United Kingdom and its associated territories; “USD”, “$” or “dollars” means U.S. dollars; “RSD” or “dinars” means the Serbian Dinar, the official currency of Serbia; “AUD” means Australian dollars, “BRL” or “R$” means the Brazilian Real, the official currency of Brazil, “PEN” means the Peruvian Sol, the official currency of Peru, and “TZS” means the Tanzanian Shilling, the official currency of Tanzania, provided that all dollar amounts in this Report are in U.S. dollars unless otherwise stated.

Our Business 

We (i) operate online sports betting, online casino, and gaming operations in more than 20 jurisdictions across Europe, Africa and Central and South America, (ii) are an innovative provider of enterprise Software-as-a-Service (“SaaS”) solutions for online casino operators and online sports betting operators, commonly referred to as iGaming operators, and (iii) offer pay-to-enter prize competitions in the United Kingdom (UK) and lead trade promotions in Australia, providing members with free prizes.

[[GREPCENT_TABLE]]
[["50"],["Table of Contents"]]
[[/GREPCENT_TABLE]]

Online Sports Betting, Online Casino, And Gaming Operations

We are a well-established brand and operator in the sports betting and gaming industry, spanning across over 20 markets in Europe, Central and South America, and Africa. We employ approximately 1,200 personnel, operating both online (mobile and web) and approximately 700 company-owned or franchised betting shops, with a primary focus (in those shops) on sports betting, slot machines, and virtual games. Of those 700 shops, approximately 260 are owned by our subsidiaries and approximately 440 shops are owned by franchisees. This is complemented by a variety of slot machines and online casinos, eSports, fixed odds games, and other entertainment options, contingent on the regulatory parameters of the specific jurisdictions. While sports betting is a primary focus, our online casino revenue has grown significantly over the past several years.

Our proprietary technology enables the development of scalable systems capable of operating in multiple jurisdictions and currencies, all the while leveraging the same technical infrastructure for odds setting and risk management. Our technology platform ensures consistency in odds setting and risk management across all the markets that they operate in.

Additionally, our approach to our markets is flexible and omni-channel, encompassing (for example) iOS, Android, mobile browser, desktop, SMS, SST, and USSD applications (discussed in greater detail below) and technologies (as well as customary retail operations). This omni-channel approach seeks to ensure that consumers can access our offerings in different ways, but is also, in certain jurisdictions, essential to overcoming some of the technological challenges faced by consumers in those territories. This approach ensures our customers across diverse regions and connectivity levels can engage with our content and have the same level of user experience.

More specifically, our technological platforms include:

[[GREPCENT_TABLE]]
[["","\u00b7","iOS and Android services: We offer dedicated mobile applications for both iOS and Android users, providing a seamless and user-friendly experience for those who prefer betting on the go."],["","\u00b7","Mobile Browser: Our mobile website is optimized for various mobile browsers, ensuring that customers can access these services conveniently from their mobile devices, even without the need for a dedicated app."],["","\u00b7","Desktop: For customers who prefer a traditional desktop experience, we offer a comprehensive desktop platform that provides a wide range of betting options."],["","\u00b7","SMS (Short Message Service): In regions with limited internet connectivity, such as parts of Africa, we offer SMS betting services. Customers can place bets and receive updates through text messages, making sports betting accessible to a broader audience."],["","\u00b7","SST (Simplified Service Text): Similar to SMS, SST allows customers to place bets and receive information via text messages, ensuring that users with basic mobile phones or limited internet access can still enjoy our services."],["","\u00b7","USSD (Unstructured Supplementary Service Data): USSD is a critical channel in regions where internet access is limited. It enables users to interact with our platform through a simple, menu-based system on their mobile phones. Customers can place bets, check odds, and manage their accounts using USSD, providing inclusivity in markets with varying levels of technological infrastructure."]]
[[/GREPCENT_TABLE]]

A significant component of our revenue is derived from our comprehensive sports betting offerings, which cover over approximately 800 different leagues, providing more than approximately 11 million bets on over approximately 20,000 sporting events each month, inclusive of in-play betting. Notably, the sports betting technology, odds setting, and risk management platforms are proprietary to us.

Our sports betting services cover a wide range of sports, events, and markets to cater to diverse player local preferences. They offer betting options for traditional sports such as soccer (football), basketball, tennis, table tennis, volleyball, handball, ice hockey, American football, baseball, rugby, cricket, horse racing, and more. Additionally, they provide opportunities for betting on emerging trends like e-football and e-sports. In addition to conventional sports, our portfolio extends to niche markets like futsal, floorball, snooker, badminton, beach volleyball, darts, water polo, golf, biathlon, cycling, boxing, martial arts, alpine skiing, skiing, Formula 1, motor sports, NASCAR, kabaddi, and even sports specials related to major competitions. Moreover, we offer betting on political events where regulatory conditions permit, and even allow customers to propose their own bets, provided they meet ethical and legal requirements and are measurable.

[[GREPCENT_TABLE]]
[["51"],["Table of Contents"]]
[[/GREPCENT_TABLE]]

Our innovative use of machine learning technologies within our platform serves enhanced customer experiences by offering tailored bets and continuously updated odds over an extensive range of events. This significantly reduces the requirement for manual oversight and intervention.

We offer a diverse and multifaceted portfolio of betting options that extends beyond traditional sports betting. We offer a portfolio of gaming products including casino games, slots, roulette, and other random number generator (RNG) games. We also own our own casino development studio, which has thus far produced 95 proprietary titles, which are available online, where regulatory approval is granted, catering to customers on our proprietary casino platform. RNG games are games in which the outcome is determined by a random element generated by a computer algorithm. These games rely on chance rather than skill or strategy to determine the results.

Our casino offerings include a mix of in-house developed games from Expanse Studios and a selection of titles from renowned third-party casino providers. These providers include Games Global, BluOcean, Relax, Oryx, Playtech, iSoftbet, Leap, Evolution, Easit, Amusnet, Thunderkick, Spribe, Habanero, PG Soft, Greentube, EvoPlay, Wazdan, Pragmatic Play, Playson, Fazi, Endorphina, Spearhead, CT Interactive, Kiron, and Platipus. We have established revenue-sharing agreements with such providers to offer a wide variety of casino games, ensuring a diverse and engaging casino experience for our players via a vibrant and ever-expanding casino game library.

We have a dedicated iGaming section that covers eSports competitions and allows betting on gaming tournaments. This section caters to the growing interest in competitive gaming and includes popular titles such as CS:GO, Dota 2, Fortnite, LoL, Valorant, Rainbow Six, Crossfire, King of Glory, and more. This diverse range allows us to cater to the preferences of eSports enthusiasts.

We also provide extensive coverage of eSports events, encompassing major tournaments such as The International (Dota 2), League of Legends World Championship, and CS:GO Majors. Additionally, we align our coverage with significant European and international eSports tournaments according to the European competition calendar. This approach ensures that customers have access to a broad spectrum of eSports events, adhering to regulatory guidelines. We also utilize ethical advertising practices and partnerships with specialized gaming websites to connect with eSports enthusiasts effectively.

We offer in-play betting for eSports matches, enabling customers to place bets during the live progression of the games. This real-time betting feature enhances the eSports betting experience while ensuring that we comply with regulatory standards. To maintain the integrity of eSports betting and prevent unethical practices like match-fixing, we collaborate closely with international eSports federations. This partnership allows us to monitor eSports events and swiftly respond to any suspicious activities. In the event of any concerns, we proactively engage with national law enforcement authorities to uphold fair play and regulatory compliance.

We understand that player preferences and market dynamics can vary significantly. To address these differences across the group’s many jurisdictions, we have implemented several unique features and tailored offerings, including:

[[GREPCENT_TABLE]]
[["","\u00b7","Localized content: In all markets, we provide localized content and promotions to align with city, country, and regional preferences. This includes language-specific interfaces, promotions tied to local events, and culturally relevant gaming experiences and consumer patterns."],["","\u00b7","Customer engagement: We prioritize responsible gaming and offer tools such as deposit and loss limits, time-out features, and self-exclusion options. These tools empower players to manage their gaming experiences responsibly."],["","\u00b7","Innovative Betting Options: Our \u201cEmpty Bets\u201d feature allows customers to propose their own bets, fostering a sense of engagement and personalization. These bets are subject to stringent ethical and legal criteria and must be measurable. These bets are strictly prohibited from involving any unethical or illegal events or activities. We maintain a strong commitment to upholding the highest ethical standards in all aspects of their operations, including innovative betting options."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["52"],["Table of Contents"]]
[[/GREPCENT_TABLE]]

Beyond our direct B2C operations, we also operate an indirect B2B franchise model. Under this model, we license our proprietary spor

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1437925/000147793226001750/meridian_10k.htm
Complete FY 2025 MD&A: /company/MRDN/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-31
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-looking statements

The following discussion of the Company’s historical performance and financial condition should be read together with the consolidated financial statements and related notes in “Item 8. Financial Statements and Supplemental Data” of this Report. This discussion contains forward-looking statements based on the views and beliefs of our management, as well as assumptions and estimates made by our management. These statements by their nature are subject to risks and uncertainties, and are influenced by various factors. As a consequence, actual results may differ materially from those in the forward-looking statements. See “Item 1A. Risk Factors” of this Report for the discussion of risk factors and see “Cautionary Statement Regarding Forward-Looking Statements” for information on the forward-looking statements included below.

[[GREPCENT_TABLE]]
[["67"],["Table of Contents"]]
[[/GREPCENT_TABLE]]

Summary of Information Contained in Management’s Discussion and Analysis of Financial Condition and Results of Operations

Our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is provided in addition to the accompanying audited financial statements and notes to assist readers in understanding our results of operations, financial condition, and cash flows. MD&A is organized as follows:

[[GREPCENT_TABLE]]
[["","\u00b7","Results of Operations. An analysis of our financial results comparing the twelve-month periods ended December 31, 2025 and 2024."],["","\u00b7","Cash Requirements, Liquidity and Capital Resources. An analysis of changes in our consolidated balance sheets and cash flows and discussion of our financial condition."],["","\u00b7","Critical Accounting Policies and Estimates. Accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts."]]
[[/GREPCENT_TABLE]]

Results of Operations

Twelve months ended December 31, 2025, compared to the twelve months ended December 31, 2024.

The following table summarizes the consolidated results of operations for the changes between the periods. Effective on April 1, 2024, the Golden Matrix acquired 100% of the MeridianBet Group, which was accounted for as a reverse merger. As a result, the historical financial information below represents the accounts of MeridianBet Group. Golden Matrix’s operations before the MeridianBet Acquisition were excluded prior to April 1, 2024, the effective closing date of the MeridianBet Acquisition.

[[GREPCENT_TABLE]]
[["","","Twelve Months Ended December 31,"],["","","2025","","","2024","","","$Change","","","%Change"],["Revenue","","$","182,863,373","","","$","151,115,532","","","$","31,747,841","","","","21","%"],["Cost of goods sold (COGS)","","","79,406,653","","","","62,543,407","","","","16,863,246","","","","27","%"],["Gross profit","","","103,456,720","","","","88,572,125","","","","14,884,595","","","","17","%"],["General and administrative expenses","","","199,625,728","","","","85,828,421","","","","113,797,307","","","","133","%"],["(Loss) income from operations","","","(96,169,008",")","","","2,743,704","","","","(98,912,712",")","","","-3,605","%"],["Interest expense","","","(4,578,844",")","","","(3,521,288",")","","","(1,057,556",")","","","30","%"],["Interest earned","","","240,723","","","","218,145","","","","22,578","","","","10","%"],["Foreign exchange gain (loss)","","","760,220","","","","(494,825",")","","","1,255,045","","","","-254","%"],["Other income","","","2,558,579","","","","2,262,782","","","","295,797","","","","13","%"],["Provision for income taxes","","","(5,206,194",")","","","2,618,367","","","","(7,824,561",")","","","-299","%"],["Net loss","","","(91,982,136",")","","","(1,409,849",")","","","(90,572,287",")","","","6,424","%"],["Net income (loss) attributable to noncontrolling interest","","","(2,084,286",")","","","70,400","","","","(2,154,686",")","","","-3,061","%"],["Net loss attributable to MRDN","","$","(89,897,850",")","","$","(1,480,249",")","","$","(88,417,601",")","","","5,973","%"]]
[[/GREPCENT_TABLE]]

Revenue. Revenue increased by $31,747,841, or 21%, to $182,863,373 for the twelve months ended December 31, 2025, from $151,115,532 for the twelve months ended December 31, 2024.

[[GREPCENT_TABLE]]
[["68"],["Table of Contents"]]
[[/GREPCENT_TABLE]]

Revenues from MeridianBet Group increased by $18,330,167, or 17%, to $124,560,589, for the twelve months ended December 31, 2025, from $106,230,422 for the twelve months ended December 31, 2024.

Revenues from online casinos increased by $11,318,728, or 27%, to $53,848,192, for the twelve months ended December 31, 2025, from $42,529,464 for the twelve months ended December 31, 2024, mainly due to the increase in the offer of online casino games from different providers to 2,500+, the integration of 10+ new providers (some of which are AIR Dice, Push Gaming, and EGT Digital), launching of the new game "Gates of Olympia" from the Company’s studio Expanse, which became a top 3 most popular game in the fourth quarter of 2025; revenues from online sports betting which increased by $4,619,540, or 12%, to $42,224,494, for the twelve months ended December 31, 2025, from $37,604,954 for the twelve months ended December 31, 2024, mainly due to the launch of our fifth-generation sports betting and online casino platform – ATLAS – in 2024, which includes three key new features, such as: Bet Boost – enhanced odds on selected bets, Auto Cashout – automatic cashout based on predefined conditions, and Early Payout – settlement of bets before the final result, as well as a complete redesign of the entire sports webpage, improvements to the live betting offered through the Watch & Bet feature, and an increase in live streams, especially for tennis.

Revenues from retail sports betting and retail casino increased by $1,885,894, or 8%, to $25,068,948 for the twelve months ended December 31, 2025, compared to $23,183,054 for the twelve months ended December 31, 2024. The increase was primarily driven by the deployment of an additional 100 new, latest-generation IMPERA slot machines, as well as the impact of betting shop promotions such as “happy hour” and slot promotions, the renovation of 50 premises, and the opening of 10 new locations.

Revenues from the GMAG segment, RKings and Classics For a Cause increased by $13,417,674, or 30%, to $58,302,784, for the twelve months ended December 31, 2025, from $44,885,110 for the twelve months ended December 31, 2024. The increase was primarily due to the acquisition of Golden Matrix becoming effective on April 1, 2024, and because, as a result, revenues generated by these segments for the period from January to March 2024 were not included in the prior-year comparative figures. In addition, the Classics Holdings acquisition became effective on August 1, 2024, and accordingly revenues generated by Classics For a Cause from January 1, 2024 through July 31, 2024 were not included in the prior-year comparative period.

COGS. Costs of goods sold increased by $16,863,246, or 27%, to $79,406,653 for the twelve months ended December 31, 2025, from $62,543,407 for the twelve months ended December 31, 2024. COGS from online casino, online sports betting, retail casino and retail sports betting increased by $7,828,887 in total, or 27%, to $36,970,553 for the twelve months ended December 31, 2025, from $29,141,666 for the twelve months ended December 31, 2024, mainly due to the increase in the variable amounts of gaming tax and software fee costs in line with the increase in income from online casinos, online sports betting, retail casinos and retail sports betting. COGS from the GMAG segment, RKings, and Classics For a Cause increased by $9,034,359, or 27%, compared to the same period in the prior year, primarily due to the acquisition of Golden Matrix becoming effective on April 1, 2024, and as a result, COGS generated by these segments for the period from January to March 2024, were not included in the prior-year comparative figures. In addition, the Classics Holdings acquisition became effective on August 1, 2024, and accordingly revenues generated by Classics For a Cause from January 1, 2024 through July 31, 2024 were not included in the prior-year comparative period.

Gross profit. Gross profit increased by $14,884,595, or 17%, to $103,456,720 for the twelve months ended December 31, 2025, from $88,572,125 for the twelve months ended December 31, 2024. Gross profit from online casino increased by $37,865,629 or 23%; gross profit from online sports betting increased by $29,691,935, or 9%; gross profit from retail sports betting and retail casino increased by $17,628,289 or 5%; gross profit from bars increased by $1,520,876 or 3%, and gross profit from franchise fee increased by $883,307 or 38%, for the twelve months ended December 31, 2025 compared to the twelve months ended December 31, 2024. Gross profit from the GMAG segment, RKings, and Classics For a Cause increased by $4,383,315, or 38%, compared to the same period in the prior year, primarily due to the acquisition of Golden Matrix becoming effective on April 1, 2024, and as a result, gross profits generated by these segments for the period from January to March 2024 were not included in the prior-year comparative figures.

General and administrative expenses (G&A). General and administrative expenses increased by $113,797,307, or 133%, to $199,625,728 for the twelve months ended December 31, 2025, from $85,828,421 for the twelve months ended December 31, 2024. General and administrative expenses consisted primarily of stock-based compensation, depreciation expenses, amortization expenses, salary and wages, professional fees, marketing expenses, bad debt expense, impairment losses, rents and utilities. The reasons for the increase in the G&A are discussed in greater detail below:

[[GREPCENT_TABLE]]
[["69"],["Table of Contents"]]
[[/GREPCENT_TABLE]]

Stock-based compensation (within G&A) for the twelve months ended December 31, 2025, was $4,002,846, compared to $4,627,557, for the twelve months ended December 31, 2024, a $624,711, or 13% decrease from the prior period, which was due mainly to the reduced number of restricted stock units (RSUs) granted during the period.

Amortization expenses for the twelve months ended December 31, 2025, were $9,165,798, compared to $6,373,696, for the twelve months ended December 31, 2024, an increase of $2,792,102, or 44%. The amortization expenses from MeridianBet Group increased by $1,218,088, or 52%, which was primarily due to certain previously capitalized intangible assets being completed and placed into service and therefore beginning amortization during the period. The amortization expenses from Golden Matrix increased by $1,574,014, or 39%, which was primarily due to the amortization of newly recognized intangible assets resulting from the acquisitions of Golden Matrix and Classics Holdings.

Salaries and wages for the twelve months ended December 31, 2025, were $27,715,365, compared to $21,230,038, for the twelve months ended December 31, 2024, a $6,485,327, or 31% increase from the prior period. Salaries paid to employees of MeridianBet Group increased by $3,478,266, or 19%, which was due mainly to increased headcount to both support increased operations and to enable the entry into new markets. Salaries paid to employees of Golden Matrix increased by $3,007,061, or 120%, which was due to the acquisition of Golden Matrix becoming effective on April 1, 2024, and because as a result, salaries for the period from January to March 2024 were not included in the prior-year comparative figures. The increase was further driven by severance payments to Anthony Brian Goodman, the former Chief Executive Officer, in the amount of $848,542, a

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/MRDN/mda/fy2025/
All MD&A years: /company/MRDN/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/MRDN/mda/fy2024/): filed 2025-03-24; accession 0001477932-25-001897 (https://www.sec.gov/Archives/edgar/data/1437925/000147793225001897/gmgi_10k.htm)
- [FY 2023 MD&A](/company/MRDN/mda/fy2023/): filed 2024-01-17; accession 0001477932-24-000230 (https://www.sec.gov/Archives/edgar/data/1437925/000147793224000230/gmgi_10k.htm)
- [FY 2022 MD&A](/company/MRDN/mda/fy2022/): filed 2023-01-30; accession 0001477932-23-000591 (https://www.sec.gov/Archives/edgar/data/1437925/000147793223000591/gmgi_10k.htm)
- [FY 2021 MD&A](/company/MRDN/mda/fy2021/): filed 2021-04-30; accession 0001477932-21-002744 (https://www.sec.gov/Archives/edgar/data/1437925/000147793221002744/gmgi_10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7372 Services-Prepackaged Software) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/MRDN.md · JSON record: /company/MRDN.json · verified financials: /company/MRDN/financials.json / /company/MRDN/financials.csv · machine TOC for the whole site: /llms.txt