Meridian Posts $1.05 Per-Share Loss as Third-Quarter Revenue Falls 2.9%
Key Facts
Meridian Holdings, formerly known as Golden Matrix Group, reported on November 10 results for the third quarter ended September 30, 2026, posting a loss of $1.05 per basic and diluted share, compared with earnings of $0.05 per share in the same period of 2025. Quarterly revenue fell 2.9% year over year, while the company swung from net income in the year-earlier quarter to a net loss attributable to the company. The period’s results included non-cash impairment charges related to goodwill and intangible assets. Those items put the accounting loss in context, while revenue from the businesses showed a clear divergence between online casino and sports betting. The company had scheduled the announcement for before the market opened on the day of its release.
Goodwill impairment charges totaled about $5.903 million in the first nine months of 2026, while impairment charges for intangible assets reached $5.628 million. The company said in its filing that most of the impairment of intangible assets was related to the Brazilian gaming license, the magicbet777 domain and its associated player base. Charges for the license totaled $4.115 million, compared with $1.421 million for the domain and player base. The company linked its recoverability assessment to adverse regulatory and operational developments in Brazil. These charges formed part of the non-cash costs that affected how the period’s results should be read, alongside operational developments that affected some revenue segments.
By business line, MeridianBet’s internet casino revenue rose 17% in the third quarter, while online sports betting revenue fell 15%. The company attributed the weaker sports betting activity to football match results that favored customers, alongside a decline in the betting margin to 7.4% from 8.2% in the third quarter of 2025. Online casino provided revenue support, but did not offset the decline in sports betting or weakness in another group business. The divergence underscores the importance of the revenue mix in explaining the year-over-year change in quarterly results. The comparison between the two businesses shows that casino growth did not prevent overall revenue from falling during the quarter.
Revenue from the RKings and Classics for a Cause segment fell about 19.3% year over year in the third quarter. The company said the decline was mainly tied to increased competition, which weakened customer acquisition and engagement as well as competition sales. The drop added another source of revenue pressure alongside the decline in online sports betting. By contrast, online casino posted annual growth in the same period, leaving operating performance uneven across the group’s businesses. Results for the first nine months were stronger than those for the quarter alone: total revenue rose 9.7%, and online casino revenue increased 21% from the year-earlier period.
Cash generated from operating activities was $17.739 million in the first nine months of 2026, compared with $17.150 million in the same period of 2025. The company said impairment charges, depreciation and amortization, which are non-cash items, contributed to the reconciliation of operating cash flow. As of September 30, cash and cash equivalents totaled $15.982 million, against a working capital deficit of $9.100 million. The company said it may need additional financing and cited an equity distribution agreement that allows it to sell up to $16.9 million of shares.
Regarding liabilities, the company agreed in September to defer payment of the remaining balance owed to the former sellers of MeridianBet Group until November 1, 2031. The balance owed was $15.626 million as of September 30, 2026. In the market, the investor relations page showed MRDN shares at $8.20, down 5.53%, in a display dated November 10, 2026. Management had announced that it would hold a conference call on the day results were released at 8:00 a.m. Eastern time. These milestones provide context for the company’s obligations and the disclosures accompanying the results, while the year-over-year operating comparison remains tied to the period ended September 30.