PR in the Philippines

(AsiaGameHub) –   Meridian Holdings has achieved a significant milestone, reporting its initial profitable quarter since adopting its new corporate identity.

In the first quarter, Golden Matrix Group Inc (GMGI), listed on NASDAQ, finalized its rebranding to Meridian Holdings, also changing its ticker to MRDN as part of a broader strategic shift to become a multi-market gaming entity.

Upon releasing its Q1 financial results, Meridian disclosed total group revenue of $50.1 million (£37 million), representing a 17% increase year-over-year from $42.5 million. Gross profit climbed to $28.1 million (a 16% rise), with profit margins remaining consistent at 56.2%, largely mirroring the previous year’s figures.

Meridianbet, which stands as the largest gambling company in Serbia and Montenegro, remains the primary engine of growth. This segment contributed $34.9 million in Q1 revenue, a 26% year-over-year increase, making up almost 70% of the group’s overall revenues.

Meridian’s corporate financial statements revealed a net income of $2.3 million, marking its inaugural profitable quarter since adopting the new identity structure. This indicates that its restructuring and rebranding efforts are starting to yield positive financial outcomes.

Chairman William Scott characterized this quarter as a pivotal moment for the company.

Scott stated, “This quarter represents a significant achievement in our trajectory of growth.”

“We achieved revenues consistent with our projections, surpassed our profitability forecasts, and further solidified our balance sheet, all while investing in our proprietary technology and extending our presence into regulated markets,” he added.

Enhanced balance sheet performance was a prominent aspect of the report. Net debt decreased by 62% year-over-year to $13.4 million, and total debt was reduced by over 50%. The group concluded the quarter with $16.2 million in cash, demonstrating a more prudent financial position post-transformation.

Key Performance Indicators (KPIs) showed new customer registrations climbing 41% year-on-year to almost 500,000, with active users growing 21% to 333,700. This underscores sustained demand across both physical and online platforms.

In other areas, RKings Competitions recorded $7.7 million in sales within the UK, bolstered by better per-customer economics. In Australia, Classics for a Cause surpassed 10,000 VIP subscribers, and Mexplay, the group’s brand targeting Mexico, saw its registrations more than triple year-on-year to 74,000.

For the upcoming period, Meridian projects Q2 revenues to be between $51 million and $53 million, suggesting ongoing double-digit year-over-year growth of 18% to 23%. Meridianbet identifies substantial growth prospects in its core markets of Serbia and Montenegro, which are undergoing regulatory changes in the second half of the year.

To conclude the update, Chairman William Scott reiterated the company’s commitment to profitability as Meridian proceeds with its search for a new CEO, following Brian Goodman’s departure in December 2025.

Scott further stated: “These outcomes affirm that our transformation efforts are yielding results. Meridian Holdings now operates with enhanced discipline, more robust cash flow fundamentals, and a distinct path toward sustained long-term expansion.”