Branddaguzi

[Meridian Holdings Inc. @meridianbet_ofc]

First half above $100 million in revenue. A first in Company history.

$MRDN Q2 2026 results:

📊 Revenue: $50.2M, +16% YoY
📊 Adj. EBITDA: $5.9M, +43% YoY
📊 Net income: $2.2M, or $0.17 per diluted share
📊 Second consecutive GAAP-profitable quarter

[Branddaguzi @SmallCapGmGi]

@meridianbet_ofc This stock is about to make people rich… $MRDN

[Meridian Holdings Inc. @meridianbet_ofc]

Sold-out Belgrade Arena. FNC 31. Where MMA goes, Meridianbet is already there. $MRDN

[Meridianbet @meridianbet]

Beograd će ponovo biti domaćin još jednog MMA spektakla! Da li ste spremni za istorijski UFC Fight Night event u Beogradskoj areni prvog avgusta?🔥🥊💪🏻

[Meridian Holdings Inc. @meridianbet_ofc]

Meridianbet is Official Sponsor of UFC Fight Night Serbia!

August 1, Belgrade Arena. $MRDN @ufc 🧵

[Mark Colin @uboat159]

$MRDN’s Meridianbet named Official Partner of UFC Fight Night is a significant milestone as it will be the first UFC event ever held in Serbia.

@ufc @UFCBrasil @UFCEspanol @UFCNews @UFCFightPass @UFCONFOX @meridianbet_ofc @meridianbet_br
https://t.co/oSsrTOXlyG

[Branddaguzi @SmallCapGmGi]

@growthrapidly $MRDN

[Branddaguzi @SmallCapGmGi]

@TheValueTrade MRDN

[Ray Myers @TheRayMyers]

A few things to know about $MRDN

- $169M Market Cap
- $190M Revenues
- $19M ADJ EBITDA
- $23M OCF
- 5x FWD EV/OCF

The company has 6 core segments:

1. Meridianbet
Meridianbet is the core sports betting and online casino division of the group, operating across 18 markets in Europe, Africa, and Brazil.

2. R Kings Competitions
R Kings focuses on prize competitions, selling tickets to users, giving them a chance to win rewards like PS5s and Cars. Its primary market is the UK and Ireland.

3. Classics
Classics provides raffles in Australia, offering players an opportunity to win classic cars.

4. Mexplay
Mexplay is an online casino and sports betting platform in Mexico.

5. GMAG
GMAG acts as a casino platform and game aggregator, supplying gaming content and infrastructure to other businesses. It operates in the B2B space, primarily serving the Asian market.

6. Expanse Studios
Expanse Studios is the game development arm, creating casino games for casinos globally.

Rarely one can find so many growing segments in a $77M market cap company. The reason is that the Meridian is misunderstood. In my Meridian report, I explain the story fully.

Disclosure: This is Issuer-Sponsored Research

[Branddaguzi @SmallCapGmGi]

@JUST_KAWS $MRDN

[Branddaguzi @SmallCapGmGi]

@growthrapidly $MRDN

[stanley @heisajeet]

if you’re not ready to lose money, forget about making money.

-warren buffett.

[Branddaguzi @SmallCapGmGi]

@__Con_ My largest position at the moment 🤝

[Con @__Con_]

Long term investment idea:

$MRDN

I seriously don't know why this isn't talked about.

Look here. This seems like an asymmetric opportunity that fits a few categories (Fast Grower + Turnaround + Asset Play).

Fast Grower: This is a small cap with rapid scaling potential through organic growth and five synergistic subsidiaries (Expanse Studios growing 400%+, MexPlay +52%, RKings doubled). Revenue has been compounding double-digits, with clear line of sight to acceleration. ☑️

Turnaround: Post-reverse merger, the company delivered its first GAAP profitable quarter in Q1 2026. This is the classic inflection point we want: management fixing the core business and metrics turning (very bullish).☑️

Asset Play: Extremely tight share structure (very low public float + high insider ownership) combined with a valuation that still looks disconnected from the underlying business value and future cash flow potential (seems like a great play here).☑️

It has some cyclical exposure (consumer discretionary spend in EMs), but the dominant drivers are secular growth + event driven catalysts.

Now time for some financials (3 core metrics):

1) Total Revenue: TTM ~$190M. Q1 2026 came in at $50.1M (+17% YoY). Guidance and subsidiary momentum point to $210–250M+ annualized run-rate potential as Brazil scales.☑️

2) Gross Profit: Healthy and expanding margins. The company owns its tech stack and content (Expanse Studios), so it avoids the 15–25% aggregator fees that competitors pay. This structural advantage should widen as B2B content grows imo.☑️

3) Net Income: Clear inflection. Q1 2026 delivered GAAP net income of +$2.26M ($0.18 EPS) versus a loss in the prior year. Adjusted EBITDA rose 26% to $6.3M. The prior big GAAP loss was largely a non-cash goodwill impairment (not just an operational cash burn btw).☑️

If we look at this in relation to our economy, I get even more bullish:

Government & Regulatory Tailwinds: Global wave of sports betting/iGaming legalization for tax revenue. MRDN has a 25+ year regulatory track record and focuses on compliance/CSR, which helps it win licenses and crowd out black-market operators.☑️

Brazil + World Cup Catalyst: The 2026 FIFA World Cup (which kicked off June 11, recently) is projected to be the largest betting event in history. Brazil is experiencing its first major regulated World Cup as a legal market. MRDN already holds the coveted Federal license and has local retail + digital infrastructure.☑️

Consumer Psychology & EM Growth: Rising mobile/5G penetration + young populations in Africa, Latin America, and parts of Europe support long-term growth in discretionary entertainment spend. Sports betting is sticky, especially around major tournaments (just look at any person this day in age lol).☑️

Risk on Environment: Benefits from broader digital entertainment and emerging market growth narratives, while being less exposed to saturated, high-CAC U.S. markets where big players dominate.☑️

There are a few more reasons I'm bullish this:

Valuation Disconnect: It's trading at roughly 0.85x TTM revenue while analysts see meaningful upside (average target ~$19.73). At more normalized sector multiples the stock would be substantially higher. The theses correctly highlight that this is not a story that fits neatly into simple DCF models because of the multi-subsidiary, multi-currency, high-growth nature.☑️

Share Structure Scarcity: Very low public float and high insider ownership (~80% range) mean that any meaningful institutional discovery or sustained buying can move the stock dramatically. Insiders rejected a $330M cash exit and have continued buying: strong alignment.☑️

Moat Durability: 25+ years operating in difficult emerging markets, low CAC through retail betshops + community trust, owned AI/tech stack, and owned content (Expanse). These are hard for large U.S. operators to replicate quickly.☑️

Management & Capital Discipline: CEO Zoran Milosevic emphasizes long-term execution over short-term promises and has a clear “we will not operate at a loss” philosophy. This matches the type of disciplined operator you tend to favor.☑️

Catalyst Path: Near-term (World Cup volume + Brazil ramp), medium-term (subsidiary cross-selling + margin expansion), and longer-term (continued global expansion and potential re-rating as a scaled international player).☑️

I mean cmon.

Read this:

It has just validated a profitability inflection, trades at a significant discount to its growth trajectory and sector multiples, and is entering a major catalyst window (2026 World Cup + Brazil ramp) with structural moats that larger competitors have struggled to replicate in emerging markets.

Now tell me you're not bullish.

You can't lol.

If we're looking at the technicals, it is also showing us a bullish structure.

We got a double formation on the bottom, showing great support and reaction off of a long-term support line.

Now, we're retesting this resistance line again for the 3rd time (resistance gets weaker ever time we hit it).

We also have a cup and handle formation here.

I wouldn't want to be short this here.

Just my 2c.

Seems like a great stock for a long-term pick outside of the classic AI enabler/beneficiary, crypto, robotics, or health niche.

What are your thoughts?

[Dear Son. @DearS_o_n]

Make 2026 the last year as a broke man.

[Branddaguzi @SmallCapGmGi]

And Fox got to go

[Branddaguzi @SmallCapGmGi]

Mitch Johnson might be the worst coach in the sport… #nbafinals

[Branddaguzi @SmallCapGmGi]

@uboat159 @CKCapitalxx What do you think MRDN will do after FIFA? I am heavily invested in $MRDN and am curious what your thoughts are? I love the write ups brotha!

[Mark Colin @uboat159]

FIFA World Cup 2026 starts in 48 hrs and it will be a transformative global catalyst for Meridian Holdings $MRDN.

Not sure which I am more excited for - the tournament itself or my favorite lil future multi-bagger $MRDN getting some visibility and a monumental revenue and branding opportunity on the world stage.

Discovery is starting. Recently I have seen some new $MRDN followers on X and a couple of new $MRDN sub-stack reports. After seeing the same doz X stocks posted about daily it feels validating that other solid X investors are starting to see the same upside in this little off radar pre-runner. Nothing feels better than when the market finally catches on to your stock pick and rewards the work, conviction and patience.

With licensed $MRDN operations across multiple participating nations including Brazil & Mexico, Meridianbet is uniquely positioned to capture surging demand for sports betting and i-gaming during the world’s most-watched sporting event.

The timing could not be more strategic: Brazil’s massive market, where Meridianbet holds one of the limited full Federal Gaming Licenses that authorizing nationwide sports betting, i-gaming, and retail operations through 2029, stands to see explosive activity as the Brazilian national team competes on home-continent soil. 

Meridian Holdings is one of the rare operators that fully owns and controls its end-to-end proprietary technology stack. The recent rollout of its advanced 5th-generation “Atlas” platform delivers superior personalization, risk management, and user experience, capabilities few competitors can match. This vertical integration, combined with synergistic subsidiaries such as their high-growth B2B iGaming content provider Expanse Studios, creates powerful cross-marketing opportunities across B2C platforms and third-party operators worldwide.

Financially, the company is firing on all cylinders. Rev will easily top $200 million and continues to grow at double-digit rates in a massive TAM. Meridian has flipped to GAAP profitability w/an 800% EPS beat @ .18 versus analyst expectations. Cash on hand and debt drastically reduced.

With nearly 90% insider ownership and limited retail float, Meridian trades at a highly conservative valuation. Trading at a SP of $12 or roughly 0.8× current sales, the market capitalization remains well below any reasonable appraisal of its portfolio. Expanse Studios/Meridianbet alone were valued well over $350 mil plus pre-acquisition.

I see so many unrealistic share price targets thrown around on X, yet a $MRDN re-rating to a modest 2.5× sales multiple ( standard for profitable gaming operators with proprietary tech ) implies a $40+ per share valuation and a market cap approaching $500 million. That level remains conservative given Meridian’s structural advantages, Brazil tailwinds, and multi-year sustainable growth runway. 

The World Cup is not merely an event for Meridian Holdings, it is the moment its differentiated tech, regulatory moat, and operational synergies can drive accelerated user acquisition, revenue scale, and global brand visibility.

For a company already demonstrating profitability and double-digit growth, this global spotlight has the potential to materially revalue the equity and propel Meridianbet into the upper tier of international gaming operators for decades ahead.

Again, great to see some new names interested and substacks featuring MRDN! Welcome aboard. We are just in the beginning of discovery and decades of continued execution.

@Raunav410657 @James_Wolff3 @SmallCapGmGi @TheRayMyers @PaulYuen521 @Cameron29620977 @meridianbet @meridianbet_ofc @MRDN_Official @StudiosExpanse @rich_wg11 @EquityBrian @lonecook8 @jasonmiller7270 @russino_brian @RyanCox92826936 $MU $ONDS $RKLB $HIMS $IREN $NVDA $HOOD $AMD $AAOI $ZETA $MELI

[Branddaguzi @SmallCapGmGi]

@growthrapidly $MRDN is about to do that