The stock may react positively to the revenue beat and strong forward guidance, but the massive GAAP loss will be a headwind. Monitor Q1 results to see if the 17% revenue growth and EBITDA improvement materialize, confirming the company's turnaround narrative.
Price Chart
Executive Summary
Meridian Holdings reported a strong revenue beat for Q4 2025 with $49.6M (8% YoY growth), but a massive GAAP net loss of $88.4M due to a $91.8M non-cash goodwill impairment. Adjusted EBITDA was $4.6M, below the prior year. The company guided to $50M Q1 revenue (+17% YoY) and $6.1M Adjusted EBITDA (+9% YoY), signaling confidence in recovery.
Key Financial Metrics
Key Facts
- Q4 2025 revenue was $49.6M, an 8% YoY increase and a $0.5M beat vs. $50.1M consensus.
- GAAP net loss was $88.4M ($7.09 per share) due to a $91.8M non-cash goodwill impairment charge.
- Adjusted EBITDA was $4.6M, down from $6.5M YoY, due to higher marketing spend.
- Full-year 2025 revenue was $182.9M (+21% YoY), with net debt reduced by 51% to $34.7M.
- Q1 2026 outlook is $50M revenue (+17% YoY) and $6.1M Adjusted EBITDA (+9% YoY).
Financial Impact
Revenue beat by $0.5M, but a $91.8M non-cash impairment masked underlying operational performance. Adjusted EBITDA declined 29% YoY.
Risk Factors
- The $91.8M goodwill impairment raises concerns about the long-term value of the MeridianBet acquisition.
- Adjusted EBITDA declined, indicating that increased marketing spend is not yet translating to bottom-line growth.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001477932-26-001762 |
| Document: meridian_8k.htm | 0001477932-26-001762 |
| Document: 0001477932-26-001762-index-headers.html | 0001477932-26-001762 |
| Document: 0001477932-26-001762-index.html | 0001477932-26-001762 |
| Document: 0001477932-26-001762.txt | 0001477932-26-001762 |
| 8-K Data (Synthetic) | 0001477932-26-001762 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 2, 2026 24d ago | DEFA14A | $11.55 | awaiting T+20 | — | $10.44 (−9.65%) |
Oct 2, 2026 24d ago | DEF 14A | $11.55 | awaiting T+20 | — | $10.44 (+9.65%) |
Oct 2, 2026 24d ago | 8-K | $11.55 | awaiting T+20 | — | $10.44 (−9.65%) |
Jul 29, 2026 12w ago | 8-K | $11.16 $14.00 | ▲ +25.50% | ▲ +21.54% | $10.44 (−6.45%) |
Jul 29, 2026 12w ago | 8-K | $11.01 $13.82 | ▲ +25.52% | ▲ +20.50% | $10.44 (−5.22%) |
Jul 18, 2026 14w ago | Press Release | $13.50 $14.33 | ▲ +6.15% | ▲ +2.03% | $10.44 (−22.70%) |
Jul 17, 2026 14w ago | Press Release | $13.52 $14.29 | ▲ +5.70% | ▲ +1.25% | $10.44 (−22.82%) |
Jun 2, 2026 21w ago | Press Release | $12.38 $13.74 | ▲ +10.99% | ▲ +12.55% | $10.44 (−15.71%) |
May 25, 2026 22w ago | Press Release | $10.54 $13.71 | ▲ +30.08% | ▲ +32.02% | $10.44 (−1.00%) |
Apr 28, 2026 26w ago | 8-K | $7.49 $10.47 | ▲ +39.79% | ▲ +34.33% | $10.44 (+39.32%) |
US Market Status
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