NEW YORK, June 5, 2026, 19:03 (EDT)
Meridian Holdings Inc. finished Friday with only a slight gain, standing out as most U.S. stocks fell sharply and online betting stocks dropped.
Meridian (Nasdaq-listed) was up 3 cents at $12.25. Roughly 31,200 shares changed hands. The stock moved between $11.885 and $12.49, putting Meridian’s market cap at about $156.6 million.
S&P 500 slid 2.64% and Nasdaq Composite tumbled 4.2% on Friday after U.S. jobs numbers topped views, Reuters said. The data led traders to see a higher chance of more Fed rate hikes. Higher rates tend to squeeze smaller growth names by raising their funding costs and making future profits worth less now.
Wells Fargo Investment Institute’s Gary Schlossberg told Reuters the data showed a “strong economy” that “adds to inflation risk.” Talley Leger, chief market strategist at the Wealth Consulting Group, pointed to “near-term pressures” on the short end of the yield curve. Reuters
Meridian’s shares stayed steady while bigger U.S.-traded gambling names edged lower. DraftKings dropped 1.7% to $24.93. Flutter Entertainment slipped to $100.49, off 0.3%. Rush Street Interactive was also down 0.3% to $26.14.
Meridian shares are in focus as investors assess the spring changes. The company, previously known as Golden Matrix Group, switched its name and ticker to MRDN on March 3 after doing a 1-for-12 reverse split. That consolidation cut the number of shares and mechanically boosted the stock price. Meridian said the move was about meeting Nasdaq’s $1 minimum bid rule.
Meridian’s latest full earnings release had some positives for bulls. The company posted first-quarter revenue of $50.1 million, up 17% from the same period last year. Net income was $2.2 million, or 18 cents a diluted share. Adjusted EBITDA increased 26% to $6.3 million, after taking out interest, taxes, depreciation, amortization and a few other expenses.
Meridian’s interim CEO William Scott said this was the company’s “first GAAP-profitable quarter” since it took the Meridian name. Zoran Milosevic, CEO of Meridianbet Group, said the results showed “scalability of our platform.” CFO Rich Christensen said Meridian had “meaningful financial flexibility.” SEC
Meridianbet drove results again. Revenue from the segment came in at $34.9 million, a 26% increase, making up almost 70% of total group revenue. Expanse Studios grew its reach to 1,519 active operator sites and is pursuing certification in Ontario, the company said.
The latest quarterly filing puts cash at $16.2 million as of March 31, off from $18.1 million at the end of last year. The company reported a working capital deficit of $22.8 million. Operating cash flow came in positive, totaling $5.2 million, thanks to net income and lower receivables.
The catch is funding. Meridian said it might need extra cash to cover payouts related to the MeridianBet deal and to pay off debt, saying it could do this through its at-the-market stock program, selling shares gradually. That would dilute current holders, and Meridian warned it might not get financing on terms it likes.
Meridian is calling for Q2 revenue between $51 million and $53 million, but the filings warn about risks tied to regulation, gaming licenses, FX, cyber threats, consumer demand and the Nasdaq listing. Friday’s trading held up, but as rate concerns weigh on the market, those risks may outweigh a minor 3-cent gain.
