Meridian Reports Strong Q2 Financials Despite Sportsbook Margin Pressure
Meridian Holdings Inc. (NASDAQ:MRDN) reported strong second-quarter financial results, with revenue rising 16% year over year to $50.2 million and GAAP net income of $2.2 million compared to a loss of $4.6 million in the prior-year period. Adjusted EBITDA increased by 43% to $5.9 million, while operating cash flow more than tripled to $7.8 million. Despite record customer activity and growth across key metrics like registrations, deposits, and wagering volume, sportsbook margins were pressured due to favorable outcomes for bettors during the World Cup group stage. Meridianbet Group revenue rose 23% year over year to $35.8 million, representing 71% of total company revenue. Management expects second-half constant-currency revenue growth in the range of 8%-10%, with a focus on customer retention and cost control.
Topics: deleveraging ebitda net_income revenue_growth sportsbook_margins