Meridian Holdings Inc./NV Segments Disclosure
NOTE 19 – SEGMENT REPORTING AND GEOGRAPHIC INFORMATION
The Company operates its business through three operating segments – MeridianBet Group, GMAG, RKings & CFAC (discussed in greater detail below), which are based on its business activities and organization. The reportable segments are segments of the Company for which separate financial information is available and for which operating results are evaluated regularly by the Company’s chief operating decision maker (“CODM”) in deciding how to allocate resources as well as in assessing performance.
The Company’s chief operating decision maker is a management function comprised of two individuals. These two individuals are the Company’s Chief Executive Officer and MeridianBet Group’s Chief Executive Officer. The Company’s chief operating decision makers and management utilize revenues and operating income as the primary profit measures for its reportable segments.
The Company’s three reportable segments are as follows:
| · | MeridianBet Group – This segment includes revenues from retail sports betting, retail casinos, online sports betting, online casinos, and bars operated by MeridianBet Group companies across Serbia, Bosnia, Montenegro, Africa, Central and South America, and other European regions. |
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| · | GMAG – This segment generates revenue through the Company’s resale of third-party gaming content, primarily serving customers in the Asia-Pacific region. |
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| · | RKings & CFAC – This segment includes revenues from pay-to-enter prize competitions and trade promotions, conducted through RKings in the UK and Classics in Australia. |
In addition to these reportable segments, the Company has certain corporate costs that are not directly attributable to its brands and, therefore, are not allocated to its segments. Such costs primarily include certain share-based compensation, and holding company expenses including administrative, legal fees, audit fees, and filing fees. In addition, certain other costs are not allocated to segments, including impairment costs, and restructuring costs which include charges or expenses attributable to acquisition-related costs. The segment structure is consistent with how the Company’s CODM plans and allocates resources, manages the business and assesses performance. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance.
The following table presents the key performance information of the Company’s reportable segments:
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| For the twelve months ended |
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| December 31, 2025 |
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| MeridianBet Group |
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| GMAG |
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| RKings & CFAC |
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| Total |
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Revenues |
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| 124,560,589 |
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| 14,506,471 |
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| 43,796,313 |
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| 182,863,373 |
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Cost of revenue |
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| (36,970,553 | ) |
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| (10,034,045 | ) |
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| (32,313,452 | ) |
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| (79,318,050 | ) |
Segment gross profit |
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| 87,590,036 |
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| 4,472,426 |
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| 11,482,861 |
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| 103,545,323 |
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Less: |
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Selling, general and administrative expenses |
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| 16,747,988 |
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| 1,366,493 |
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| 2,284,269 |
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| 20,398,750 |
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Salaries and wages |
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| 22,202,066 |
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| 1,706,263 |
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| 1,183,979 |
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| 25,092,308 |
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Professional fees |
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| 2,268,867 |
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| 322,235 |
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| 73,423 |
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| 2,664,525 |
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Marketing expenses |
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| 19,925,559 |
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| 882,517 |
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| 5,748,539 |
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| 26,556,615 |
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Rents and utilities |
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| 7,657,563 |
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| 142,123 |
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| 179,104 |
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| 7,978,790 |
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Bad debt expense |
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| 565,827 |
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| 159,234 |
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| - |
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| 725,061 |
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Segment income/(loss) from operations |
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| 18,222,166 |
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| (106,439 | ) |
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| 2,013,547 |
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| 20,129,274 |
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Less: |
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Holding company expenses |
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| 5,123,774 |
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Restructuring costs |
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| 113,455 |
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Stock-based compensation expenses |
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| 4,091,449 |
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Impairment loss |
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| 91,819,422 |
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Depreciation expenses |
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| 5,984,384 |
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Amortization expenses |
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| 9,165,798 |
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Total income (loss) from operations |
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| (96,169,008 | ) |
Total revenues by geographic region are as follows:
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| For the twelve months ended |
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| December 31, 2025 |
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| December 31, 2024 |
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UK |
| $ | 35,076,289 |
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| $ | 27,788,261 |
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Europe (UK-Excl.) |
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| 102,494,437 |
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| 89,556,566 |
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Central and South America |
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| 8,880,440 |
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| 5,329,576 |
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Asia Pacific (Australia Excl.) |
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| 12,215,335 |
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| 11,230,611 |
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Australia |
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| 8,720,024 |
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| 4,613,457 |
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Africa |
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| 15,476,848 |
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| 12,597,061 |
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Total |
| $ | 182,863,373 |
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| $ | 151,115,532 |
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Assets and liabilities are not separately analyzed or reported to the CODM and are not used to assist in decisions surrounding resource allocation and assessment of segment performance. As such, an analysis of segment assets and liabilities has not been included in this financial information.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 24, 2025 | |
| 2023 | Jan 17, 2024 | |
| 2022 | Jan 30, 2023 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.