MRDN on Nasdaq
Meridian Holdings Inc./NV
American prepackaged software services company, incorporated in Nevada. Summary from the record
Price unavailable
Last updated Oct 19, 2026.
Overview
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- TickerMRDN on Nasdaq1
- IndustryServices-Prepackaged Software1
- HeadquartersLas Vegas, Nevada1
- Incorporated inNV2
- Business address3651 Lindell Road, Suite D555, Las Vegas, Nv2
- Filer categoryNon-accelerated filer, Smaller reporting company2
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The information included in this Report on Form 10-K should be read in conjunction with the consolidated financial statements and related notes in “ Item 8. Financial Statements and Supplemental Data ” of this Report.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
56.6%Gross margin4
-52.6%Operating margin4
-50.3%Net margin4
21.0%Revenue growth, 20254
-197.6%Return on equity4
0.14×Debt to equity4
$19.2MFree cash flow4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
MeridianBet Group brought in 68% of the revenue Meridian Holdings Inc./NV broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2025 |
|---|---|
| MeridianBet Group | $124.6M |
| RKings & CFAC | $43.8M |
| GMAG | $14.5M |
Regions
Europe (UK-Excl.) brought in 56% of the revenue Meridian Holdings Inc./NV broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| Europe (UK-Excl.) | $89.6M | $102.5M |
| United Kingdoms | $27.8M | $35.1M |
| Africa | $12.6M | $15.5M |
| Asia Pacific | $11.2M | $12.2M |
| Central and South America | $5.3M | $8.9M |
| AUMember | $4.6M | $8.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue27¢$79.4M
- Research and development2¢$7.1M
- Selling, general and admin67¢$199.6M
- Interest2¢$4.6M
- Income tax2¢$5.2M
Out of $182.9M in revenue.4 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending24¢$6.2M
- Dividends paid1¢$144.8K
- Share buybacks12¢$3.0M
- Kept or used elsewhere63¢$16.0M
Out of $25.4M of cash from operations.4
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenues | $182.9M | $151.1M |
| Cost of goods sold | -$79.4M | -$62.5M |
| Gross profit | $103.5M | $88.6M |
| Selling, general and administrative expenses | $199.6M | $85.8M |
| Income (loss) from operations | -$96.2M | $2.7M |
| Interest expense | -$4.6M | -$3.5M |
| Interest earned | $240.7K | $218.1K |
| Foreign exchange gain (loss) | $760.2K | -$494.8K |
| Other income | $2.6M | $2.3M |
| Total other income (expense) | -$1.0M | -$1.5M |
| Net income (loss) before tax | -$97.2M | $1.2M |
| Provision for income taxes | -$5.2M | $2.6M |
| Net income (loss) | -$92.0M | -$1.4M |
| Less: Net income (loss) attributable to noncontrolling interest | -$2.1M | $70.4K |
| Net income (loss) attributable to MRDN | -$89.9M | -$1.5M |
| Basic | 11.6M shares | 9.5M shares |
| Diluted | 11.6M shares | 9.5M shares |
| Basic | -$7.76 | -$0.16 |
| Diluted | -$7.76 | -$0.16 |
| Net income (loss) | -$92.0M | -$1.4M |
| Foreign currency translation adjustments | $4.3M | -$4.8M |
| Comprehensive income (loss) | -$87.6M | -$6.2M |
| Less: Net income (loss) attributable to noncontrolling interest | -$2.1M | $70.4K |
| Comprehensive income (loss) attributable to MRDN | -$85.6M | -$6.3M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2025-04-30 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $18.1M | $30.1M | $20.4M | |
| Accounts receivable, net | $8.0M | $6.1M | ||
| Accounts receivable - related parties | $465.7K | $666.5K | ||
| Taxes receivable | $595.4K | $734.6K | ||
| Inventory | $5.5M | $3.9M | ||
| Prepaid expenses | $652.2K | $955.5K | ||
| Other current assets, net | $2.2M | $2.6M | ||
| Total current assets | $35.4M | $45.1M | ||
| Goodwill & intangible assets, net | $34.9M | $127.6M | ||
| Property, plant & equipment, net | $29.0M | $27.4M | ||
| Investments | $3.7M | $218.1K | ||
| Deposits | $6.3M | $5.7M | ||
| Operating lease right-of-use assets | $6.3M | $7.6M | ||
| Other non-current assets | $2.5M | $9.4K | ||
| Total non-current assets | $82.6M | $168.7M | ||
| Total assets | $118.1M | $213.7M | ||
| Accounts payable and accrued liabilities | $20.6M | $12.9M | ||
| Accounts payable - related parties | $295.2K | $19.7K | ||
| Current portion of operating lease liability | $2.7M | $2.4M | ||
| Current portion of long-term loan - related party | $0 | $501.6K | ||
| Current portion of long-term loan | $10.6M | $16.8M | ||
| Taxes payable | $5.0M | $3.8M | ||
| Other current liabilities | $1.6M | $1.1M | ||
| Deferred revenues | $1.1M | $1.1M | ||
| Contingent liability | $228.7K | $626.5K | ||
| Current portion of consideration payable - related parties | $16.2M | $22.5M | ||
| Current portion of consideration payable | $1.3M | $1.8M | ||
| Total current liabilities | $59.6M | $63.6M | ||
| Non-current portion of operating lease liability | $3.6M | $5.2M | ||
| Non-current portion of long-term loan | $6.6M | $14.4M | ||
| Other non-current liabilities | $19.5K | $6.7M | ||
| Non-current portion of consideration payable - related parties | $0 | $15.0M | ||
| Total non-current liabilities | $10.2M | $41.2M | ||
| Total liabilities | $69.7M | $104.8M | ||
| Common stock: $0.00001 par value; 25,000,000 shares authorized; 12,641,023 and 10,770,249 shares issued and outstanding, respectively | $126 | $108 | ||
| Preferred stock, value | $0 | $0 | ||
| Stock payable | $102.0K | $5.7M | ||
| Stock payable - related party | $573.2K | $211.2K | ||
| Additional paid-in capital | $82.9M | $50.3M | ||
| Treasury stock, at cost (17,062 and 4,983 shares, respectively) | -$244.2K | -$121.4K | ||
| Accumulated other comprehensive income (loss) | -$3.8M | -$8.1M | ||
| Accumulated earnings | -$33.1M | $57.0M | ||
| Total shareholders' equity of MRDN | $46.5M | $105.1M | ||
| Noncontrolling interests | $1.8M | $3.9M | ||
| Total equity | $48.3M | $109.0M | $60.0M | |
| Total liabilities and equity | $118.1M | $213.7M | ||
| Preferred stock, par value | $0.00 | $0.00 | ||
| Preferred stock, authorized | 20.0M shares | 20.0M shares | ||
| Common stock, par value | $0.00 | $30.12 | $0.00 | |
| Common stock, authorized | 25.0M shares | 300.0M shares | ||
| Common stock, issued | 12.6M shares | 10.8M shares | ||
| Common stock, outstanding | 12.6M shares | 10.8M shares | ||
| Treasury stock at cost | 17.1K shares | 5.0K shares |
| Period ending | 2025-12-31 | 2025-04-30 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $18.1M | $30.1M | $20.4M | |
| Accounts receivable, net | $8.0M | $6.1M | ||
| Accounts receivable - related parties | $465.7K | $666.5K | ||
| Taxes receivable | $595.4K | $734.6K | ||
| Inventory | $5.5M | $3.9M | ||
| Prepaid expenses | $652.2K | $955.5K | ||
| Other current assets, net | $2.2M | $2.6M | ||
| Total current assets | $35.4M | $45.1M | ||
| Goodwill & intangible assets, net | $34.9M | $127.6M | ||
| Property, plant & equipment, net | $29.0M | $27.4M | ||
| Investments | $3.7M | $218.1K | ||
| Deposits | $6.3M | $5.7M | ||
| Operating lease right-of-use assets | $6.3M | $7.6M | ||
| Other non-current assets | $2.5M | $9.4K | ||
| Total non-current assets | $82.6M | $168.7M | ||
| Total assets | $118.1M | $213.7M | ||
| Accounts payable and accrued liabilities | $20.6M | $12.9M | ||
| Accounts payable - related parties | $295.2K | $19.7K | ||
| Current portion of operating lease liability | $2.7M | $2.4M | ||
| Current portion of long-term loan - related party | $0 | $501.6K | ||
| Current portion of long-term loan | $10.6M | $16.8M | ||
| Taxes payable | $5.0M | $3.8M | ||
| Other current liabilities | $1.6M | $1.1M | ||
| Deferred revenues | $1.1M | $1.1M | ||
| Contingent liability | $228.7K | $626.5K | ||
| Current portion of consideration payable - related parties | $16.2M | $22.5M | ||
| Current portion of consideration payable | $1.3M | $1.8M | ||
| Total current liabilities | $59.6M | $63.6M | ||
| Non-current portion of operating lease liability | $3.6M | $5.2M | ||
| Non-current portion of long-term loan | $6.6M | $14.4M | ||
| Other non-current liabilities | $19.5K | $6.7M | ||
| Non-current portion of consideration payable - related parties | $0 | $15.0M | ||
| Total non-current liabilities | $10.2M | $41.2M | ||
| Total liabilities | $69.7M | $104.8M | ||
| Common stock: $0.00001 par value; 25,000,000 shares authorized; 12,641,023 and 10,770,249 shares issued and outstanding, respectively | $126 | $108 | ||
| Preferred stock, value | $0 | $0 | ||
| Stock payable | $102.0K | $5.7M | ||
| Stock payable - related party | $573.2K | $211.2K | ||
| Additional paid-in capital | $82.9M | $50.3M | ||
| Treasury stock, at cost (17,062 and 4,983 shares, respectively) | -$244.2K | -$121.4K | ||
| Accumulated other comprehensive income (loss) | -$3.8M | -$8.1M | ||
| Accumulated earnings | -$33.1M | $57.0M | ||
| Total shareholders' equity of MRDN | $46.5M | $105.1M | ||
| Noncontrolling interests | $1.8M | $3.9M | ||
| Total equity | $48.3M | $109.0M | $60.0M | |
| Total liabilities and equity | $118.1M | $213.7M | ||
| Preferred stock, par value | $0.00 | $0.00 | ||
| Preferred stock, authorized | 20.0M shares | 20.0M shares | ||
| Common stock, par value | $0.00 | $30.12 | $0.00 | |
| Common stock, authorized | 25.0M shares | 300.0M shares | ||
| Common stock, issued | 12.6M shares | 10.8M shares | ||
| Common stock, outstanding | 12.6M shares | 10.8M shares | ||
| Treasury stock at cost | 17.1K shares | 5.0K shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net income (loss) | -$92.0M | -$1.4M |
| Fair value of stock-based compensation | $4.1M | $4.7M |
| Non-cash interest expense related to debt discount amortization | $2.8M | $2.2M |
| Amortization of intangible assets | $9.2M | $6.4M |
| Depreciation of property, plant and equipment | $6.0M | $4.4M |
| Loss on valuation / impairment | $91.8M | $0 |
| Bad debt expense | $725.1K | $1.4M |
| (Increase) decrease in accounts receivable | -$2.6M | -$748.3K |
| (Increase) decrease in accounts receivable - related party | $176.8K | $59.3K |
| (Increase) decrease in taxes receivable | $139.2K | $263.1K |
| (Increase) decrease in prepaid expenses | $322.2K | -$349.4K |
| (Increase) decrease in other current assets | $461.7K | -$592.0K |
| (Increase) decrease in inventories | -$1.3M | -$958.1K |
| (Increase) decrease in deposits | -$628.2K | -$119.8K |
| (Increase) decrease in other non-current assets | -$449.0K | $95.7K |
| Increase (decrease) in accounts payable and accrued liabilities | $7.7M | $4.3M |
| Increase (decrease) in accounts payable - related party | $274.0K | -$2.9K |
| Increase (decrease) in taxes payable | $1.3M | -$766.4K |
| Increase (decrease) in deferred revenues | -$60.4K | $33.6K |
| Increase (decrease) in customer deposit | $567.7K | $1.6K |
| Increase (decrease) in other current liabilities | -$495.8K | $264.0K |
| Increase (decrease) in other liabilities | -$4.0M | -$823.6K |
| Increase (decrease) in operating lease liabilities | $1.4M | $5.6M |
| Net cash provided by operating activities | $25.4M | $23.9M |
| Cash paid for intangible assets | -$7.5M | -$14.8M |
| Cash paid for investments | -$5.4M | $19.7K |
| Cash paid for property, plant and equipment | -$6.2M | -$7.2M |
| Cash paid for purchase of subsidiaries | -$1.1M | -$9.0M |
| Cash distribution to former owners of MeridianBet Group in connection with the Purchase | -$1.8M | -$23.9M |
| Cash assumed from acquisition with Golden Matrix | $0 | $17.4M |
| Net cash used in investing activities | -$22.0M | -$37.4M |
| Repayment on debt | -$21.5M | -$3.7M |
| Proceeds from loans and borrowings | $2.2M | $26.0M |
| Proceeds from sale of note and warrant | $0 | $8.7M |
| Proceeds from sale of stock | $3.0M | $0 |
| Repayment of lease | -$2.8M | -$2.5M |
| Payments of dividends | -$144.8K | -$769.5K |
| Share repurchase | -$122.8K | -$123.1K |
| Proceeds from option exercise | $0 | $34.8K |
| Net cash provided by (used in) financing activities | -$19.4M | $27.7M |
| Effect of exchange rate changes on cash | $4.0M | -$4.5M |
| Net increase (decrease) in cash and cash equivalents | -$12.0M | $9.7M |
| Interest paid | $1.8M | $1.4M |
| Tax paid | $4.0M | $3.9M |
| Debt conversion | $20.0M | $4.4M |
| Shares issued for settlement of true-up liability | $518.7K | $0 |
| Acquisition of minority interest | $393.0K | $7.2M |
| Common stock issued for vested RSUs | $19 | $9 |
No quarter-by-quarter statement was filed.
Leadership
Who has led Meridian Holdings Inc./NV, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
20202025
- Chief executive officerZoran Milosevic Apr 11, 2024 to now13
- Chief financial officerOmar Jimenez Apr 28, 2021 to Apr 28, 202114
- Chief financial officerWeiting Feng Dec 21, 2017 to Jan 14, 202515
- Chief operating officerWeiting Feng Oct 5, 2021 to now16
Board members and other officers (8)
- Board memberMichael Kenneth Prescott Aug 19, 2026 to now17
- Board memberSnezana Bozovic Mar 26, 2025 to now18
- Board memberWilliam Woods Scott Apr 11, 2024 to now19
- Board memberPhilip Moyes Dec 7, 2022 to Feb 6, 202420
- Board memberThomas McChesney May 5, 2020 to now21
- Board memberMurray George Smith Aug 4, 2020 to now22
- Board memberAaron Richard Johnston Aug 27, 2020 to Sep 20, 202223
- Board memberWeiting Feng Dec 21, 2017 to Jan 14, 202515
Former names
Timeline
- Apr 11, 2024New chief executive Zoran Milosevic becomes CEO13
Filings
397 filings to the SEC since October 2021: 9 annual reports, 17 quarterly reports, 109 major events, 152 insider forms, 21 large holders, 89 other. The latest 20:
- Oct 5, 20263 EDGAR
- Oct 5, 20263 EDGAR
- Oct 2, 2026ARS EDGAR
- Oct 2, 2026DEFA14A EDGAR
- Oct 2, 2026DEF 14A EDGAR
- Oct 2, 20268-K EDGAR
- Sep 29, 20268-K EDGAR
- Sep 18, 2026SCHEDULE 13D/A EDGAR
- Aug 19, 20263 EDGAR
- Aug 14, 2026SCHEDULE 13D/A EDGAR
- Jul 29, 20268-K EDGAR
- Jul 29, 20268-K EDGAR
- Jul 29, 202610-Q EDGAR
- Jul 14, 2026144 EDGAR
- Jun 24, 20264 EDGAR
- Jun 23, 2026144 EDGAR
- Jun 23, 2026144 EDGAR
- Jun 22, 2026144 EDGAR
- Jun 18, 2026SCHEDULE 13D/A EDGAR
- Jun 18, 2026144 EDGAR
The 397 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
122 open-market trades by officers, directors and large owners since October 2021: 48 buys and 74 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 23, 2026 | Goodman Anthony Brian | Sale | 5,500 | $13.73 | $75.5K | Form 4 |
| Jun 22, 2026 | Goodman Anthony Brian | Sale | 3,650 | $13.76 | $50.2K | Form 4 |
| Jun 18, 2026 | Goodman Anthony Brian | Sale | 5,000 | $13.70 | $68.5K | Form 4 |
| Jun 16, 2026 | Goodman Anthony Brian | Sale | 5,000 | $14.05 | $70.2K | Form 4 |
| Jun 15, 2026 | Goodman Anthony Brian | Sale | 5,000 | $14.33 | $71.7K | Form 4 |
| Jun 12, 2026 | Goodman Anthony Brian | Sale | 10,000 | $12.68 | $126.8K | Form 4 |
| Jun 11, 2026 | Goodman Anthony Brian | Sale | 9,000 | $13.02 | $117.2K | Form 4 |
| Jun 10, 2026 | Goodman Anthony Brian | Sale | 7,000 | $13.04 | $91.3K | Form 4 |
| May 22, 2026 | Goodman Anthony Brian | Sale | 12,196 | $10.37 | $126.4K | Form 4 |
| May 4, 2026 | Luxor Capital LLC | Sale | 10,000 | $12.75 | $127.5K | Form 4 |
| Apr 27, 2026 | Goodman Anthony Brian | Sale | 10,000 | $6.41 | $64.1K | Form 4 |
| Apr 24, 2026 | Goodman Anthony Brian | Sale | 10,000 | $6.34 | $63.4K | Form 4 |
| Apr 23, 2026 | Goodman Anthony Brian | Sale | 2,000 | $6.30 | $12.6K | Form 4 |
| Apr 22, 2026 | Luxor Capital LLC | Sale | 4,603 | $6.34 | $29.2K | Form 4 |
| Apr 17, 2026 | Luxor Capital LLC | Sale | 404 | $6.90 | $2.8K | Form 4 |
| Apr 16, 2026 | Luxor Capital LLC | Sale | 3,876 | $6.92 | $26.8K | Form 4 |
| Apr 15, 2026 | Luxor Capital LLC | Sale | 6,900 | $6.93 | $47.8K | Form 4 |
| Apr 14, 2026 | Luxor Capital LLC | Sale | 100 | $6.90 | $690 | Form 4 |
| Apr 13, 2026 | Luxor Capital LLC | Sale | 713 | $6.90 | $4.9K | Form 4 |
| Apr 10, 2026 | Luxor Capital LLC | Sale | 903 | $6.99 | $6.3K | Form 4 |
All 122 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Anthony Brian GoodmanSCHEDULE 13D/A, 11 filings Oct 5, 2021 to Sep 18, 202624
- Aleksandar MilovanovicSCHEDULE 13D/A, 5 filings Apr 11, 2024 to Jun 2, 202525
- Weiting FengSC 13D/A, 5 filings Oct 5, 2021 to Apr 12, 202426
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 39. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 18SEC EDGARSnezana Bozovic, Board member
- 19SEC EDGARWilliam Woods Scott, Board member
- 20SEC EDGARPhilip Moyes, Board member
- 21SEC EDGARThomas McChesney, Board member
- 22SEC EDGARMurray George Smith, Board member
- 23SEC EDGARAaron Richard Johnston, Board member
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