Meridian Holdings Inc., formerly Golden Matrix Group, Inc., reported its financial results for the year ended December 31, 2025, showing a revenue increase of 21% to $182.9 million, compared to $151.1 million in 2024. The increase in revenue was attributed to growth in both the MeridianBet Group and the GMAG, RKings & CFAC segments. MeridianBet Group's revenue rose by 17% to $124.6 million, driven by increases in online casino and sports betting, while the GMAG, RKings & CFAC segment saw a 30% increase to $58.3 million, primarily due to the acquisitions of Golden Matrix and Classics Holdings. The company's cost of goods sold also increased by 27% to $79.4 million, up from $62.5 million in the previous year, reflecting the higher revenue volume.
Despite the revenue growth, Meridian Holdings reported a net loss of $92.0 million for 2025, a significant increase from the $1.4 million loss in 2024. This was primarily due to a substantial increase in general and administrative expenses, which more than doubled to $199.6 million, driven by impairment losses, amortization expenses, and increased marketing spend. Specifically, the company recorded $91.8 million in impairment losses, primarily related to goodwill associated with the acquisitions of Classics Holdings and the accounting for the acquisition of MeridianBet Group, as well as the write-down of capitalized costs related to the Unity module.
Key operational developments included the integration of advanced Machine Learning technologies into its sports betting platform, the launch of a fifth-generation sports betting and online casino platform, and the expansion of its casino game library. The company also continued its geographic expansion, operating in over 15 jurisdictions across Europe, Africa, and Central and South America, with approximately 740 company-owned or franchised betting shops. The company's workforce consisted of approximately 1,200 employees across these regions, with a significant portion dedicated to cashier roles.
Looking ahead, Meridian Holdings aims to continue investing in its technology and product offerings, maintain organic revenue growth, streamline operations, and expand its global reach by obtaining gaming licenses in new markets. The company also plans to scale the distribution of its internally developed games, support existing customers through AI tools and loyalty programs, and pursue strategic acquisitions to strengthen its competitive position. However, the company acknowledges the need for additional financing to support its growth plans and address post-closing obligations related to the MeridianBet acquisition, which may involve raising capital through debt or equity offerings. The company also cautions investors regarding various risks and uncertainties, including economic downturns, regulatory changes, competition, and potential cybersecurity threats.
About Golden Matrix Group, Inc.
Golden Matrix Group, Inc. develops and operates online sports betting, casino, and gaming platforms across multiple jurisdictions. It offers proprietary SaaS solutions, scalable gaming systems, and licensed content for international operators. The company also runs online sports betting, casino, and trade promotion services, leveraging advanced technology, data resources, and omni-channel access to serve diverse global markets with a focus on innovation and regulatory compliance.
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