Meridian Holdings Inc. · NASDAQ:MRDN
Meridian — Q2 2025 Earnings Presentation
26 slides from Meridian's earnings presentation, 2025
Slide 1: Investor Presentation
YOU CAN BET ON US INVESTOR PRESENTATION
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1995 (“forward-looking statements”). Words such as “strategy,
Slide 3: Forward Looking Statements
Forward Looking Statements The forward-looking statements included in this Presentation are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking stateme
Slide 4: Six Gaming Brands. Zero Overlap. Pure Synergy.
WHERE OUR REVENUE COMES FROM Six Gaming Brands. Zero Overlap. Meridianbet Online and Retail Sports Pure Synergy. Betting and iGaming | B2B+B2C | 18 Markets RKings GMAG Prize Competitions Casino Platform & | B2C | UK & Ireland Aggregator | B2B | Asia 25+ Markets Six Verticals Unified Strategy Expanse
Slide 5: Six Businesses. Zero Competition. Pure Synergy.
HOW WE WIN Six Businesses. Zero Competition. Pure Synergy. Built Like a Portfolio. Runs Like a Platform Expansion in g + Protected Efficient S toc k ig n row 25+ Regulated e s G Lean On De e + Markets s - y bl Operations er b it a le d of ea gi We Never Compete We Make Money The Moat Pr ifra yL ity:
Slide 6: Scaling a Global Growth Story
REVENUE GROWTH Scaling a Global Growth Story From Strong Foundations to Global Scale $151.12 $150 $93.00 $74.93 $100 $60.37 $45.18 $40.68 50 $38.81 $31.47 35 $25.98 20 5 $0 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A Revenue (USD Millions) Note: Figures prior to April 9, 2024, represent Me
Slide 7: From Startup to Global Platform in Eight Years
STRATEGIC GROWTH JOURNEY From Startup to Global Platform in eight Years Disciplined M&A Creating Unmatched Geographic and Vertical Diversification GMAG RKings OTCQX Mexplay NASDAQ Meridianbet Brazil US B2B Classics for Entry into acquisition acquisition uplisting acquisition Main + Expanse permanent
Slide 8: Financial Highlights
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Slide 9: Q2 – Strong Performance Across Key Metrics
Q2 2025 OPERATIONAL HIGHLIGHTS Q2 – Strong Performance Across Key Metrics Continued Momentum in Financial and Operational Execution Revenue Organic Growth Gross Profit $24.38M Margin: 56.4% $43.25M ↑10% YoY 5% Rate +5% YoY +1.4 pp improvement Cash Position Net Debt Leverage $22.14M 1.5x Golden Matri
Slide 10: Sustained Revenue Growth
REVENUE GROWTH Sustained Revenue Growth Strong Year-over-Year Growth Momentum Driven by Both Organic Expansion and Strategic Synergies $50 $40 $30 Revenue Growth +10% 10% $43.2M $20 $39.4M $10 $0 Q2 2024 Q2 2025 Revenue grew 10% to 43.2M Golden Matrix Group | Q2 2025 INVESTOR PRESENTATION 10
Slide 11: Margin Expansion Driving Profitability
GROSS PROFIT MARGIN Margin Expansion Driving Profitability Consistent Gross Profit Growth $50 $40 $30 Gross Margin $20 +12.4% $21.69M $24.38M 56.4% $10 (+1.4pp YoY) $0 Q2 2024 Q2 2025 Gross profit grew 12.4% YoY to $24.38M, with gross margin expanding to 56.4% Golden Matrix Group | Q2 2025 INVESTOR
Slide 12: Scaling Revenue with Expanding Margins
REVENUE & GROSS PROFIT GROWTH Scaling Revenue with Expanding Margins Consistent Growth in Core Financial Metrics Revenue Gross Profit 56.4% 58.9% $50 54.6% 56.6% 55.1% $40 $30 $20 $10 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Golden Matrix Group | Q2 2025 INVESTOR PRESENTATION 12
Slide 13: Balance Sheet Strength & Strategic Deleveraging
FINANCIAL STRENGTH & CAPITAL STRUCTURE Balance Sheet Strength & Strategic Deleveraging Strategic Debt Elimination Shareholder Cash on Net Debt AEBITDA Equity Hand Leverage +36% $22.1M 1.5x $3.5M Shareholder equity of the As of June 30, the Company The Company is rapidly Maintained positive EBITDA Co
Slide 14: Operational Overview
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Slide 15: Meridianbet: The Growth Engine Accelerates
Meridianbet: The Growth Engine Accelerates Double- and Triple-Digit Growth Across Key Metrics Operational Highlights • Revenue grew 16% YoY to $29.2M, with online revenue up 20%, contributing to the growth • Online casino GGR surged 29%, supported by 2,500+ new games added to platform • Active users
Slide 16: Record-Breaking Quarter for Expanse Studios
Record-Breaking Quarter for Expanse Studios Exceptional YoY Growth in User Base and Engagement Operational Highlights • Players grew 449% YoY, reaching 490K+ unique users • Pay-in and GGR surged 344% and 557% respectively, driven by flagship and crash games • Revenue jumped 652%, marking Expanse’s m
Slide 17: RKings: Optimizing for Profitability and Scale
RKings: Optimizing for Profitability and Scale Strategic Transformation Driving Improved Unit Economics Operational Highlights • Gross profit after marketing rose $291K QoQ, highlighting improved cost discipline and stronger monetization per player • Marketing ROI increased and delivered immediate b
Slide 18: Classics: High-Margin, Accretive Addition to the Portfolio
Classics: High‑Margin, Accretive Addition to the Portfolio First Quarter Fully Consolidated: Strong Gross Margins And Positive Post - Marketing Contribution Operational / Financial Highlights • Revenue: $2.03M • Gross profit: $1.31M → 64.5% GP margin • $523k marketing investment in Q2 to accelerate
Slide 19: GMAG: Resetting for Higher-Margin Growth
GMAG: Resetting for Higher-Margin Growth Strategic Shift Toward Product Diversification Operational Highlights (Q2 2025) • Revenue held at $3.6M as the company shifted away from lower-margin clients, sharpening focus on sustainable, high-value accounts • Gross profit margin strengthened, with COGS d
Slide 20: Updated FY 2025 Revenue Guidance
Updated FY 2025 Revenue Guidance Full-Year Revenue Expected In The Range Of $185m–$188m, Reflecting 22%–24% Growth Over 2024 $188M $200 $151M $150 $100 + 24% $50 $0 FY 2024A FY 2025E Golden Matrix Group | Q2 2025 INVESTOR PRESENTATION 20
Slide 21: Non-GAAP financial measures and Non-GAAP Reconciliations
Non-GAAP financial measures and Non-GAAP Reconciliations In addition to Financial Measures presented in accordance with U.S. GAAP, we monitor certain non-GAAP key financial measures. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our
Slide 22: Appendix 1 – Key Financial Metrics (Unaudited)
Appendix 1 – Key Financial Metrics (Unaudited) Amounts In Millions, Except Per Share Data — Q2 2025 Vs Q2 2024 Q2 2025 Q2 2024 Y/Y Change Revenue $43.2 $39.4 $3.8 Gross profit $24.4 $21.7 $2.7 Gross Margin 56% 55% 135.1 bps Net Income (loss) $(3.7) - $(3.7) EPS $(0.03) - -- $(0.03) Adjusted EBITDA $
Slide 23: Appendix 2 – Reconciliation of GAAP to Organic Revenue (Unaudited)
Appendix 2 – Reconciliation of GAAP to Organic Revenue (Unaudited) Organic Revenue In Thousands Excludes Contributions From Newly Acquired Entities Q2 2025 Q2 2024 Y/Y Change GAAP Revenue $43,245 $39,415 +$3,830 (-) Acquired Entity Revenue $2,030 - - Organic Revenue $41,215 $39,415 +5% Golden Matrix
Slide 24: Appendix 3 - Net Debt Leverage
Appendix 3 - Net Debt Leverage Debt $48,806,502 Less: cash and cash equivalents $22,136,319 Net Debt $26,670,183 Divided by: annualized adjusted EBITDA $18,122,578 Net debt leverage ratio 1.5x Golden Matrix Group | Q2 2025 INVESTOR PRESENTATION 24
Slide 25: Appendix 4 - Stand-Alone Q2 2025 Income Statement (Unaudited)
Appendix 4 - Stand-Alone Q2 2025 Income Statement (Unaudited) Golden Matrix Group, Inc. and Subsidiaries - Consolidated Statements of Operations and Comprehensive Income (Loss) Unaudited Q2 2025 Q2 2024 Revenues $43,245,368 $39,415,242 Cost of goods sold $(18,868,349) $(17,729,700) Gross Profit $ 24
Slide 26: Appendix 4 - Stand-Alone Q2 2025 Income Statement (Unaudited)
Appendix 4 - Stand-Alone Q2 2025 Income Statement (Unaudited) Golden Matrix Group, Inc. and Subsidiaries - Consolidated Statements of Operations and Comprehensive Income (Loss) Unaudited Q2 2025 Q2 2024 Less: Net income (loss) attributable to noncontrolling interest $(147,546) $(49,299) Net income (