Meridian Holdings has delivered a “breakthrough statement”, marking its first profitable quarter under its new business identity.
During Q1, the NASDAQ-listed Golden Matrix Group Inc (GMGI) completed its rebrand to Meridian Holdings, adopting the MRDN ticker as part of a wider transformation as a multi-market gaming group.
Publishing its Q1 accounts, Meridian reported group revenue of $50.1m (£37m), up 17% year-on-year from $42.5m. Gross profit reached $28.1m (+16%), with margins holding steady at 56.2%, broadly in line with the prior year.
The principal growth driver continues to be Meridianbet, the biggest gambling firm in the markets of Serbia and Montenegro. The division generated $34.9m in Q1 revenue, up 26% YoY, accounting for nearly 70% of total group revenues.
Corporate accounts saw Meridian post a net income of $2.3m its first profitable quarter under its new identity structure, signalling that its restructuring and rebrand are beginning to translate into financial returns.
Chairman William Scott framed the quarter as a key inflection point for the business.
“This quarter marks an important milestone in our growth journey,” Scott said.
“We delivered revenue in line with guidance, exceeded profitability expectations and continued strengthening our balance sheet, while investing in proprietary technology and expanding across regulated markets.”
Balance sheet improvements were a central feature of the update. Net debt fell 62% YoY to $13.4m, while total debt was cut by more than half. The group ended the quarter with $16.2m in cash, reflecting a more disciplined financial footing following its transformation.
KPIs saw new customer registrations increased 41% year-on-year to nearly half a million, while active users rose 21% to 333,700, highlighting continued demand across both retail and digital channels.
Elsewhere, RKings Competitions generated $7.7m in sales in the UK, supported by improved per-customer economics. In Australia, Classics for a Cause saw its VIP subscription base exceed 10,000, while Mexplay, the group’s Mexico-facing brand, more than tripled registrations year-on-year to 74,000.
Looking ahead, Meridian has guided Q2 revenues in the range of $51m to $53m, implying continued double-digit YoY growth of between 18% and 23%. Meridianbet views significant growth opportunities in the home markets of Serbia and Montenegro undertaking regulatory shifts in H2.
Concluding the update, the company’s Chairman William Scott emphasised focus on profitability as Meridian continues its search for a new CEO following the departure of Brian Goodman in December 2025.
Scott continued: “These results confirm that our transformation is delivering. Meridian Holdings is now operating with greater discipline, stronger cash flow foundations and a clear pathway to sustainable long-term growth.”