Earnings Releases·Nov 10, 2026, 4:30 PM ET

Meridian Holdings — Third Quarter 2026 Earnings Summary

Q3 revenue declined 3% YoY to $46.0 million, resulting in a $13.3 million net loss ($1.05/share) driven by $11.5 million in non-cash impairment charges; however, nine-month revenue grew 10% to $146.3 million, and free cash flow improved to $10.9 million.
Full-year 2026 revenue guidance was raised to $195 million–$198 million, contingent on no resumption of operations in Brazil following a $5.5 million license write-off and regulatory suspension.
Strategic focus remains on deleveraging, with total debt down 47% to $24.1 million and net debt falling 65% to $8.1 million, while management confirmed no equity capital was raised in 2026.
Segment performance was mixed, with Meridianbet Group revenue up 16% and Expanse Studios growing 114%, offset by a 19% decline in RKings and Classics for a Cause due to Australian regulatory changes and competitive pressures.
Future outlook targets margin improvement and operational efficiency through online casino growth and retail optimization, with management expressing confidence in cash sufficiency for working capital and capex for at least twelve months.