Filing Flows › Meridian Holdings (MRDN) › Q1 2025
Meridian Holdings (MRDN) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Meridian Holdings (MRDN) reported revenue of $42.7M for the first quarter 2025 (Q1 2025), +72% from a year earlier and -7% from the quarter before. Operating margin was -0.2%, net loss $258K (0.6% of revenue).
Meridian Holdings, Q1 2025: revenue $42.7M (+72% year over year), operating margin -0.2%, net loss $258K, operating cash flow $7.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $42.7M | -7% | +72% |
| Operating profit | −$106K | — | — |
| Net earnings | −$258K | — | — |
| Operating cash flow | $7.7M | -53% | +74% |
| Free cash flow | $6.6M | -51% | +88% |
What changed
Revenue was $42.7M in Q1 2025, up 72% year over year and down 7% from the previous quarter. MeridianBet Group was the largest line at 65% of revenue.
Gross margin was 56.6%, down 14.6 points from a year earlier. Operating costs exceeded revenue by $106K, an operating margin of -0.2%. Operating expenses grew 74% against revenue growth of 72%. The quarter ended with a net loss of $258K, narrower than the previous quarter's $2.1M loss. Net interest and other expense of $488K was the main reason.
Operating cash flow was $7.7M (up 74% year over year). Non-cash charges added back $2.2M of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items added $4.8M. Capital expenditures of $1.1M left free cash flow of $6.6M.
Questions
What was Meridian Holdings' revenue in the first quarter 2025?
Meridian Holdings (MRDN) reported revenue of $42.7M for the first quarter 2025 (Q1 2025), +72% from a year earlier and -7% from the quarter before.
Was Meridian Holdings profitable in the first quarter 2025?
Operating loss was $106K (-0.2% of revenue) and net loss $258K.
Source: Meridian Holdings 10-Q on SEC EDGAR.