MRDN
Meridian Holdings Inc./NV
Next earnings Aug 4, 2026 · consensus $0.14 EPS, $53.5M rev
Last earnings +3.7% on 2026-04-28
$13.57
▼ -5.44%$13.57▼ -36.47%
over 1Y
L $6.07H $22.08
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-5.4%
1W+11.0%
1M+9.6%
3M+97.0%
YTD+50.7%
1Y-36.5%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 8 analysts
Buy
Fast-growing Balkan gaming operator at 0.9x sales throws off $25M cash, but a $114M G&A blowup and thin liquidity keep it a hold, not a buy.
Revenue $183M · FY2025
MRDN is not the "prepackaged software" company its SIC code implies — the filing makes clear this is Golden Matrix/MeridianBet, an online-and-retail gambling operator (sports betting, online casino, IMPERA slot halls) that reverse-merged in April 2024. The top line is genuinely strong and broad-based: revenue grew 21% to $182.9M with every segment up — MeridianBet +17%, online casino +27% (2,500+ games, the top-3 hit "Gates of Olympia"), online sports betting +12% on the new ATLAS platform, and the GMAG/RKings segment +30%. Five-year revenue went $5M→$36M→$93M→$151M→$183M, gross margin is a healthy 56.6%, and — critically — operating cash flow was positive $25.4M and still growing (+6%). At a $172M market cap that's ~0.9x sales and roughly 7x operating cash flow, cheap for a 20%+ grower.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 3, 2026, 11:46 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Is MRDN a buy? The one-page verdict, explained →
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $5.22M | $36.0M | $93.0M | $151M | $183M |
| Gross profit | $3.22M | $9.16M | $68.2M | $88.6M | $103M |
| Operating income | $399K | $192K | $13.8M | $2.74M | -$96.2M |
| Net income | $398K | $44.0K | $13.7M | -$1.41M | -$92.0M |
| Diluted EPS | $0.01 | -$0.01 | $0.16 | -$0.16 | -$7.76 |
| Net margin | 7.6% | 0.1% | 14.7% | -0.9% | -50.3% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$171M
EV / EBITDA—
EV / Sales0.9
EV / FCF8.9
P / FCF9.0
PEG (trailing)—
Earnings yield-53.6%
FCF yield11.2%
Quality & risk
ROIC (est.)-119.2%
Free cash flow$19.2M
Total debt$17.2M
Net cash$906K
Altman Z-Score-0.30 distress
Piotroski F-Score5/9
Capital returns
Buyback yield1.7%
Dividend yield (est.)0.1%
Shareholder yield1.8%
Shares Δ YoY-90.4%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 10-K/A Restated periodic report2026-04-30
10-K/A amends FY2025 annual report (likely Part III/proxy detail), no restatement
- 8-K Earnings results2026-04-28
Q1 2026 (per. 3/31/26) filed; first post-split quarter, loss trend the key watch
- 10-Q Quarterly report2026-04-28
Q1 2026 (per. 3/31/26) filed; first post-split quarter, loss trend the key watch
- 8-K Earnings results2026-03-31
FY2025: rev +21% $183M, but G&A +133% drove $92M net loss, equity -56%
- 10-K Annual report2026-03-31
FY2025: rev +21% $183M, but G&A +133% drove $92M net loss, equity -56%
- 8-K Other event2026-03-18
Item 8.01 other-events disclosure; no material financial impact signaled
- 8-K Material event2026-03-03
Charter amendment + rights change (3.03/5.03) — reverse split cut shares ~90%
- 8-K Reg FD disclosure2026-02-26
Reg FD/other-events update (7.01/8.01); informational, no financials changed
- 8-K Officer / director change2026-02-24
Officer/director change disclosed (Item 5.02); leadership transition
Recent filings
all on EDGAR ↗4Period ending 2026-06-152026-06-24open ↗144Filing2026-06-23open ↗144Filing2026-06-23open ↗144Filing2026-06-22open ↗SCHEDULE 13D/AFiling2026-06-18open ↗144Filing2026-06-18open ↗144Filing2026-06-16open ↗144Filing2026-06-15open ↗4Period ending 2026-06-102026-06-12open ↗144Filing2026-06-12open ↗144Filing2026-06-11open ↗144Filing2026-06-11open ↗
Frequently asked
- Is Meridian Holdings Inc./NV (MRDN) a buy?
- MRDN currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Fast-growing Balkan gaming operator at 0.9x sales throws off $25M cash, but a $114M G&A blowup and thin liquidity keep it a hold, not a buy.
- What is Meridian Holdings Inc./NV's quality score?
- MRDN scores 53.18680307241192/100 (grade C-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001437925, latest 10-Q filed 2026-04-28) · EODHD · Proprietary analysis · as of 7/3/2026, 3:46:27 PM.
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