M
Meridian Holdings Inc./NV
MRDNCIK 0001437925NasdaqNon-AcceleratedSmaller ReportingServices-Prepackaged SoftwareNevadaFY ends Dec 31
Period
FY 2025
Revenue
$182.86M
Net Income
$-91.98M
Total Assets
—
Equity
—
Shares Out
12.67M
Op. Cash Flow
$25.36M
Business
Golden Matrix Group, Inc. operates online sports betting, online casino and gaming businesses and provides enterprise gaming software solutions and prize competition platforms. Its main offerings include MeridianBet sportsbook and casino services, proprietary casino content and Expanse Studios titles, turnkey and white-label SaaS platforms (GM‑X and GM‑Ag), and pay-to-enter prize competitions and trade-promotion services. The company reports distinct B2C operations (MeridianBet, Mexplay, RKings, Classics), B2B SaaS/products, and a retail/franchise network. It distributes services across more than 15 jurisdictions in Europe, Africa, Central and South America, Mexico and the Asia Pacific via web, mobile apps, SMS/SST/USSD and retail betting shops.
Summary from filing dated 2025-03-24
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-10-31 | FY 2022 2022-10-31 |
|---|---|---|---|---|---|---|
| Revenues | 183 | 151 | 93 | 44 | 36 | |
| Cost of goods sold | −79 | −63 | −25 | −34 | −27 | |
| Gross profit | 103 | 89 | 68 | 10 | 9 | |
| Selling, general and administrative expenses | 200 | 86 | 54 | — | — | |
| Income (loss) from operations | −96 | 3 | 14 | −526,247 | 192,492 | |
| Interest expense | −5 | −4 | −36,163 | −12,400 | 0 | |
| Interest earned | 240,723 | 218,145 | 97,820 | 57,004 | 9,190 | |
| Foreign exchange gain (loss) | 760,220 | −494,825 | 72,459 | −7,801 | 261,395 | |
| Other income | 3 | 2 | 2 | — | — | |
| Total other income (expense) | −1 | −2 | 2 | — | 270,585 | |
| Net income (loss) before tax | −97 | 1 | 15 | −489,444 | 463,077 | |
| Provision for income taxes | −5 | 3 | 2 | 683,306 | 419,049 | |
| Net income (loss) | −92 | −1 | 14 | — | 44,028 | |
| Less: Net income (loss) attributable to noncontrolling interest | −2 | 70,400 | 192,348 | 0 | 294,066 | |
| Net income (loss) attributable to MRDN | −90 | −1 | — | — | — | |
| Basic (shares) | 12 | 9 | 83 | 35 | 28 | |
| Diluted (shares) | 12 | 9 | 83 | 35 | 28 | |
| Basic (per share) | −7.76 | −0.16 | 0.16 | −0.03 | −0.01 | |
| Diluted (per share) | −7.76 | −0.16 | 0.16 | −0.03 | −0.01 | |
| Net income (loss) | −92 | −1 | 14 | −1 | 44,028 | |
| Foreign currency translation adjustments | 4 | −5 | −825,774 | 132,588 | −204,027 | |
| Comprehensive income (loss) | −88 | −6 | 13 | −1 | −454,065 | |
| Less: Net income (loss) attributable to noncontrolling interest | −2 | 70,400 | 192,348 | — | — | |
| Comprehensive income (loss) attributable to MRDN | −86 | −6 | 13 | — | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-10-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 18 | 30 | 20 | 17 | 13 | |
| Accounts receivable, net | 8 | 6 | 3 | 4 | — | |
| Accounts receivable - related parties | 465,691 | 666,545 | — | — | — | |
| Taxes receivable | 595,434 | 734,630 | 997,778 | — | — | |
| Inventory | 6 | 4 | 133,905 | 2 | — | |
| Prepaid expenses | 652,224 | 955,456 | 328,400 | 103,271 | — | |
| Other current assets, net | 2 | 3 | 2 | — | — | |
| Total current assets | 35 | 45 | 27 | 23 | — | |
| Goodwill & intangible assets, net | 35 | 128 | 15 | — | — | |
| Property, plant & equipment, net | 29 | 27 | 28 | 46,447 | — | |
| Investments | 4 | 218,147 | 237,828 | — | — | |
| Deposits | 6 | 6 | 6 | — | — | |
| Operating lease right-of-use assets | 6 | 8 | 4 | 56,643 | — | |
| Other non-current assets | 2 | 9,359 | 17,864 | — | — | |
| Total non-current assets | 83 | 169 | 53 | 13 | — | |
| Total assets | 118 | 214 | 80 | 36 | — | |
| Accounts payable and accrued liabilities | 21 | 13 | 11 | 3 | — | |
| Accounts payable - related parties | 295,165 | 19,655 | — | — | — | |
| Current portion of operating lease liability | 3 | 2 | 2 | 59,089 | — | |
| Current portion of long-term loan - related party | 0 | 501,591 | 0 | — | — | |
| Current portion of long-term loan | 11 | 17 | 0 | — | — | |
| Taxes payable | 5 | 4 | 3 | — | — | |
| Other current liabilities | 2 | 1 | 581,644 | — | — | |
| Deferred revenues | 1 | 1 | 0 | — | — | |
| Contingent liability | 228,667 | 626,450 | 0 | — | — | |
| Current portion of consideration payable - related parties | 16 | 23 | 0 | — | — | |
| Current portion of consideration payable | 1 | 2 | 0 | — | — | |
| Total current liabilities | 60 | 64 | 18 | 4 | — | |
| Non-current portion of operating lease liability | 4 | 5 | 2 | 0 | — | |
| Non-current portion of long-term loan | 7 | 14 | 0 | — | — | |
| Other non-current liabilities | 19,510 | 7 | 496,699 | — | — | |
| Non-current portion of consideration payable - related parties | 0 | 15 | 0 | — | — | |
| Total non-current liabilities | 10 | 41 | 2 | 0 | — | |
| Total liabilities | 70 | 105 | 20 | 4 | — | |
| 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 | 835 | 362 | — | |
| Preferred stock, value | 0 | 0 | 0 | 0 | — | |
| Stock payable | 102,006 | 6 | 0 | — | — | |
| Stock payable - related party | 573,154 | 211,162 | 0 | — | — | |
| Additional paid-in capital | 83 | 50 | 3 | 57 | — | |
| Treasury stock, at cost (17,062 and 4,983 shares, respectively) | −244,208 | −121,430 | — | — | — | |
| Accumulated other comprehensive income (loss) | −4 | −8 | −3 | −73,159 | — | |
| Accumulated earnings | −33 | 57 | 59 | −26 | — | |
| Total shareholders' equity of MRDN | 47 | 105 | 59 | 31 | — | |
| Noncontrolling interests | 2 | 4 | 951,723 | 0 | — | |
| Total equity | 48 | 109 | 60 | 31 | 47 | |
| Total liabilities and equity | 118 | 214 | 80 | 36 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-10-31 | FY 2022 2022-10-31 |
|---|---|---|---|---|---|---|
| Fair value of stock-based compensation | 4 | 5 | — | — | — | |
| Non-cash interest expense related to debt discount amortization | 3 | 2 | 0 | — | — | |
| Amortization of intangible assets | 9 | 6 | 2 | — | 384,588 | |
| Depreciation of property, plant and equipment | 6 | 4 | 4 | 41,380 | 22,847 | |
| Loss on valuation / impairment | 92 | 0 | — | — | — | |
| Bad debt expense | 725,061 | 1 | 304,358 | — | — | |
| (Increase) decrease in accounts receivable | −3 | −748,278 | — | −3 | −916,387 | |
| (Increase) decrease in accounts receivable - related party | 176,840 | 59,257 | 67,969 | 82,468 | 816,163 | |
| (Increase) decrease in taxes receivable | 139,196 | 263,148 | — | — | — | |
| (Increase) decrease in prepaid expenses | 322,245 | −349,387 | — | −16,958 | 18,837 | |
| (Increase) decrease in other current assets | 461,662 | −591,982 | — | — | — | |
| (Increase) decrease in inventories | −1 | −958,112 | — | −514,860 | −417,886 | |
| (Increase) decrease in deposits | −628,210 | −119,824 | — | — | — | |
| (Increase) decrease in other non-current assets | −449,039 | 95,705 | 31,901 | — | — | |
| Increase (decrease) in accounts payable and accrued liabilities | 8 | 4 | 4 | 4 | 391,655 | |
| Increase (decrease) in accounts payable - related party | 273,995 | −2,943 | 9,405 | 3,675 | −17,590 | |
| Increase (decrease) in taxes payable | 1 | −766,413 | 843,595 | 137,150 | −130,648 | |
| Increase (decrease) in deferred revenues | −60,378 | 33,585 | 0 | −71,166 | −59,755 | |
| Increase (decrease) in customer deposit | 567,667 | 1,564 | — | 249,364 | 46,335 | |
| Increase (decrease) in other current liabilities | −495,751 | 264,039 | — | — | — | |
| Increase (decrease) in other liabilities | −4 | −823,607 | −556,447 | — | −93,530 | |
| Increase (decrease) in operating lease liabilities | 1 | 6 | 2 | −98,619 | −93,530 | |
| Net cash provided by operating activities | 25 | 24 | 24 | 2 | 3 | |
| Cash paid for intangible assets | −7 | −15 | — | −52,788 | −83,938 | |
| Cash paid for investments | −5 | 19,681 | 24,169 | — | — | |
| Cash paid for property, plant and equipment | −6 | −7 | −6 | −12,465 | −36,755 | |
| Cash paid for purchase of subsidiaries | −1 | −9 | 0 | — | — | |
| Cash distribution to former owners of MeridianBet Group in connection with the Purchase | −2 | −24 | — | — | — | |
| Cash assumed from acquisition with Golden Matrix | 0 | 17 | — | — | — | |
| Net cash used in investing activities | −22 | −37 | −13 | −95,961 | −4 | |
| Repayment on debt | −22 | −4 | 0 | — | — | |
| Proceeds from loans and borrowings | 2 | 26 | 0 | — | — | |
| Proceeds from sale of note and warrant | 0 | 9 | 0 | — | — | |
| Proceeds from sale of stock | 3 | 0 | — | — | — | |
| Repayment of lease | −3 | −2 | −2 | — | — | |
| Payments of dividends | −144,782 | −769,534 | −2 | — | — | |
| Share repurchase | −122,778 | −123,101 | 0 | — | — | |
| Proceeds from option exercise | 0 | 34,800 | 0 | 0 | 32,000 | |
| Net cash provided by (used in) financing activities | −19 | 28 | −4 | −32,322 | 32,000 | |
| Effect of exchange rate changes on cash | 4 | −4 | 825,774 | 72,523 | −245,992 | |
| Net increase (decrease) in cash and cash equivalents | −12 | 10 | 7 | 2 | −2 | |
| Interest paid | 2 | 1 | 36,163 | 12,400 | 0 | |
| Tax paid | 4 | 4 | 2 | 531,746 | 549,697 | |
| Debt conversion | 20 | 4 | — | — | — | |
| Shares issued for settlement of true-up liability | 518,651 | 0 | — | — | — | |
| Acquisition of minority interest | 393,038 | 7 | 0 | — | — | |
| Common stock issued for vested RSUs | 19 | 9 | — | — | — |
Filings
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