Short answer
Meridian Holdings Inc./NV (MRDN) filed its fiscal 2024 10-K annual report with the SEC on Mar 24, 2025. It reported revenue of $151M (+62.5% year over year) and net income of −$1M.
- Top risk flagged: Regulatory risk: accrued tax expenses $1,468,472 in Greece, per NOTE 21 - COMMITMENTS AND CONTINGENCIES
FY2024 key financial metrics · XBRL
- Revenue
- $151M
- +62.5% YoY
- Net income
- −$1M
- −110.8% YoY
- Operating margin
- 1.8%
- −13.0 pp YoY
- Gross margin
- 58.6%
- −14.8 pp YoY
- EPS (diluted)
- −$0.01
- −106.3% YoY
- ROE
- -1.4%
- −24.6 pp YoY
- Operating cash flow
- $24M
- +1.0% YoY
Source: XBRL data from the Meridian Holdings Inc./NV (MRDN) FY2024 10-K on SEC EDGAR. USD.
Meridian Holdings Inc./NV FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global investment holdings with active minority interests in Meridian Worldwide CY and Meridian Gaming Peru
- New strategic appointments: Board expanded to six members; new CFO Rich Christensen appointed replacing Cathy Feng as board member
- Significant equity issuances: Over 1.9 million restricted common shares issued in 2025 for minority stake acquisitions and consultant services
- Debt conversion: $1.16 million contingent cash converted to 647,422 common shares at $1.80 per share in February 2025
- Noteworthy governance update: Indemnification agreements introduced covering directors and officers against legal claims
Risk Factors
- Regulatory risk: accrued tax expenses $1,468,472 in Greece, per NOTE 21 - COMMITMENTS AND CONTINGENCIES
- Macroeconomic risk: foreign exchange loss $494,825 due to USD appreciation vs AUD and MXN, affecting intercompany balances
- Operational risk: bad debt expense increased 346% to $1,358,147 from aged receivables in resale of gaming content business
- Competitive risk: launched new game "Super Heli," top 3 in Q3 2024, competing with 1500+ online casino games including Play'n GO content
- Financial risk: interest expense surged 2,490% to $3,521,288 due to Secured Convertible Note amortization and Facility Agreement interest
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