MRDN · Meridian Holdings Inc./NV
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Metrics snapshot
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AI Brief
Q2 FY26 earnings call · Jul 29, 2026TL;DR. MRDN reported 16% Q2 revenue growth to $50.2M, a second consecutive quarter of GAAP profitability, 43% adjusted EBITDA growth, and a 65% year-over-year reduction in net debt, while guiding to 8-10% constant-currency revenue growth in the second half of 2026; the quarter's revenue was modestly below prior guidance due to bettor-favorable World Cup results despite record customer registrations and wagering volume.
- + Adjusted EBITDA up 43% year-over-year to $5.9M with margin expanding ~222 bps to 11.8%
- + Net debt down 65% year-over-year to $9.4M (sixth consecutive quarter of deleveraging) with interest expense down ~80%
- + First-half 2026 revenue crossed $100M for the first time in company history, up 17% YoY
- + Record customer demand: new registrations up 37%, first-time depositors up 24%, and total deposits up 24% to record levels
- + Operating cash flow of $7.8M in Q2 more than tripled from $2.4M a year ago
- − Q2 revenue of $50.2M came in modestly below the company's prior guidance range due to bettor-favorable World Cup results and lower casino hold
- − Gross margin compressed to 53.5% from 56.4% on lower sportsbook hold and below-trend casino hold (including two major casino wins over $1.2M)
- − Company guided to only 8-10% constant-currency revenue growth for second-half 2026, well below the ~16-17% growth pace of H1
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Gambling — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
MRDN
this stock
Meridian Holdings Inc./NV
|
$169.26M | — | +21.0% | — | 1.0% |
|
GRKZF
Greek Organisation of Football Prognostics S.A.
|
$18.00B | — | — | — | 0.0% |
|
DKNG
DraftKings Inc.
|
$17.10B | -43.1% | +27.0% | — | 4.2% |
|
FLUT
Flutter Entertainment plc
|
$14.44B | -64.8% | +16.6% | — | 8.0% |
|
LOTMY
Lottomatica Group S.p.A./ADR
|
$7.05B | +5.9% | — | — | 0.0% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| MRDN | -5.8% | -14.8% | +68.6% | -5.2% | +20.2% |
| SPY | +1.2% | +0.6% | +11.6% | +1.6% | +13.6% |
| vs SPY | -7.0% | -15.4% | +57.0% | -6.8% | +6.5% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.