Meridian Holdings Inc (NAS:MRDN)

Q2 2026 Meridian Holdings Inc Earnings Call Transcript

Jul 29, 2026 / 12:00 PM GMT

Release Date Price: $11.01 (-21.91%)

Transcript 8-K10-Q

Key Points

Positve

Meridian Holdings Inc (MRDN) delivered strong revenue growth of 16% year-over-year to $50.2 million in Q2 2026, with first-half revenue exceeding $100 million for the first time in company history.
The company achieved its second consecutive quarter of GAAP profitability, with net income attributable to Meridian of $2.2 million, compared to a net loss of $0.6 million in the prior year.
Adjusted EBITDA increased 43% year-over-year to $5.9 million, with margin expanding 222 basis points to 11.8%, demonstrating operational leverage.
Balance sheet strengthened significantly, with net debt falling 65% year-over-year to $9.4 million, marking the sixth consecutive quarter of deleveraging, and net debt leverage at a low 0.39 times annual adjusted EBITDA.
Customer demand metrics were record-breaking, with new customer registrations up 37%, first-time depositors up 24%, and total deposit volume up 24% year-over-year, driven by the World Cup.

Negative

Revenue of $50.2 million landed slightly below management's expectations due to unfavorable sportsbook margins during the World Cup group stage, where bettor-friendly results compressed margins.
Gross margin declined to 53.5% from 56.4% in the prior year, impacted by lower sportsbook margins from the World Cup and casino hold running below its prior year rate.
Casino operations experienced two major player wins totaling over $1.2 million in the quarter, which compressed casino hold and contributed to the margin decline.
The company faces ongoing investment needs to maintain competitiveness, including significant spending on marketing software, CRM systems, and product improvements, which could pressure near-term profitability.
Retention of the large cohort of new customers acquired during the World Cup remains uncertain, particularly in newer markets where brand awareness is lower and churn rates are higher.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MRDN.OQ - Meridian Holdings Inc
Q2 2026 Meridian Holdings Inc Earnings Call
Jul 29, 2026 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, everyone, and welcome to Meridian Holdings' second-quarter 2026 earnings call.

On today's call are William Scott, Chairman and Interterm Chief Executive Officer of Meridian Holdings, Soran Miljovic, Chief Executive Officer of Meridian Bet Group, a subsidiary of Meridian Holdings and Rich Christensen, Chief Financial Officer of Meridian Holdings.

Following management's prepared remarks, we will conduct a question-and-answer session. At the conclusion of the call, the recording and supporting materials will be available on the Meridian Holdings Investor Relations website at www.meridian-holdings.com.

As a reminder, today's call will contain forward-looking statements within the meaning of

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