Meridian Holdings Q2 2026: Revenue Climbs 16%, Second Straight GAAP Profit, Net Debt Cut 65%
MRDN has more than doubled off its 52-week low of $5.8.
Summary
Meridian Holdings posted Q2 revenue of $50.2M (+16% YoY), its second straight GAAP-profitable quarter with net income of $2.2M, and slashed net debt by 65% to $9.4M. The company guided for 8–10% H2 revenue growth.
Key Events · Earnings and Guidance · MRDN
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Q2 Revenue +16% to $50.2M
Revenue reached $50.2 million, up 16% year-over-year, driven by record customer registrations and double-digit wagering growth in core Meridianbet operations. For the first time, first-half revenue surpassed $100 million.
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Second Consecutive GAAP Profit
Net income attributable to MRDN was $2.2 million, or $0.17 per diluted share, compared to a net loss of $3.6 million a year ago. This marks the second straight quarter of GAAP profitability.
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Adjusted EBITDA Up 43% to $5.9M
Adjusted EBITDA rose to $5.9 million from $4.1 million, with margin expanding 222 basis points to 11.8%, reflecting operating leverage and cost discipline.
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Net Debt Slashed 65% to $9.4M
Total debt fell 45% year-over-year to $26.7 million, while cash stood at $17.3 million. Net debt dropped to $9.4 million, with net debt leverage improving to 0.39x — the sixth consecutive quarter of deleveraging.
Analysis · MRDN · Technology
A strong second quarter underscores Meridian Holdings' accelerating momentum. Revenue rose 16% to $50.2 million, and the company delivered a second consecutive quarter of GAAP profitability — net income of $2.2 million, a sharp reversal from the prior-year loss. Adjusted EBITDA surged 43% to $5.9 million, while the balance sheet continued to strengthen: net debt fell 65% year-over-year to $9.4 million, with leverage at just 0.39x. Looking ahead, management guided for 8–10% constant currency revenue growth in the second half. These results mark a clear inflection toward sustained profitability and deleveraging, directly addressing prior concerns about cash burn and dilution that had weighed on the stock.
At the time of this filing, MRDN was trading at $13.66 on NASDAQ in the Technology sector, with a market capitalization of approximately $178.6M. The 52-week trading range was $5.80 to $19.98. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.