Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Equity Bottom-Up

<ul>
<li>MRDN has strengthened its balance sheet, reduced debt, enacted a leadership transition to support its growth strategy and upgraded its technology platform to further leverage AI to 'learn' player behavior, boost customer retention, leverage an omni-channel approach &amp; enable operations in multiple countries and currencies.</li>
<li>With these initiatives, the tailwind of positive 2025 trends &amp; the 2026 expected benefits of the FIFA games, MRDN is optimistic about the company outlook &amp; provided 1Q26 revenue guidance of ~$50m, up ~17% y/y, and adjusted EBITDA of ~$6.1m, up ~9%.</li>
<li>MRDN reported a 2025 y/y revenue increase of 21% to $182.9m.</li>
</ul>


MRDN has strengthened its balance sheet, reduced debt, enacted a leadership transition to support its growth strategy and upgraded its technology platform to further leverage AI to 'learn' player behavior, boost customer retention, leverage an omni-channel approach &amp; enable operations in multiple countries and currencies.
With these initiatives, the tailwind of positive 2025 trends &amp; the 2026 expected benefits of the FIFA games, MRDN is optimistic about the company outlook &amp; provided 1Q26 revenue guidance of ~$50m, up ~17% y/y, and adjusted EBITDA of ~$6.1m, up ~9%.
MRDN reported a 2025 y/y revenue increase of 21% to $182.9m.


MRDN: Believe Noncash Charge Masks Positive Trends  Raising '26 Revenue Forecast

<ul><li>Among the most significant new markets in which GMGI operates is Brazil, which represents an estimated $5.6B gross gaming revenue market.</li><li>The upcoming FIFA World Cup games could be a potential catalyst for growth in Brazil and other markets.</li><li>The 2026 World Cup will be the first to have 48 teams playing, up from 32.</li></ul>

Among the most significant new markets in which GMGI operates is Brazil, which represents an estimated $5.6B gross gaming revenue market.The upcoming FIFA World Cup games could be a potential catalyst for growth in Brazil and other markets.The 2026 World Cup will be the first to have 48 teams playing, up from 32.

Among the most significant new markets in which GMGI operates is Brazil

<ul><li>Zacks Small-Cap Research Note for Golden Matrix Group (GMGI)</li></ul>

Zacks Small-Cap Research Note for Golden Matrix Group (GMGI)

GMGI: 3Q25 First Look  Record Quarterly Revenue Results

<ul>
<li>GMGI is not alone in experiencing what the industry terms customer-friendly outcomes in recent months whereby player win rates were higher than anticipated.</li>
<li>However, GMGI indicated that its July revenue growth from the European business recovered and was up both compared to the same period of 2024 and sequentially by roughly 25% in constant currency terms, which represents a return to expected trends and is more consistent with transactional volumes than in 2Q25.</li>
<li>Its leverage ratio is down significantly &amp; GMGI had $22m in cash at 2Q25-end to support growth initiatives.</li>
</ul>


GMGI is not alone in experiencing what the industry terms customer-friendly outcomes in recent months whereby player win rates were higher than anticipated.
However, GMGI indicated that its July revenue growth from the European business recovered and was up both compared to the same period of 2024 and sequentially by roughly 25% in constant currency terms, which represents a return to expected trends and is more consistent with transactional volumes than in 2Q25.
Its leverage ratio is down significantly &amp; GMGI had $22m in cash at 2Q25-end to support growth initiatives.


GMGI: On-Track For 22-24% Y/Y Revenue Growth Despite 2Q Customer-Friendly Outcomes

<ul><li>GMGI's leverage ratio is down to 2Q24 levels & since the consummation of the Meridianbet transaction, GMGI has reduced the consideration payable to Meridianbet's former owners to ~$34.9m from $70.0m, through payments in cash and shares.</li><li>GMGI ended 1Q25 with cash and equivalents just shy of $30m to support growth initiatives, including strategic M&A and share repurchases.</li><li>GMGI expects full-year 2025 revenue of $190m-$195m, up about 26% to 29% y/y, as it continues to invest in technology, content and new licenses to drive growth and shareholder value.</li></ul>

GMGI's leverage ratio is down to 2Q24 levels & since the consummation of the Meridianbet transaction, GMGI has reduced the consideration payable to Meridianbet's former owners to ~$34.9m from $70.0m, through payments in cash and shares.GMGI ended 1Q25 with cash and equivalents just shy of $30m to support growth initiatives, including strategic M&A and share repurchases.GMGI expects full-year 2025 revenue of $190m-$195m, up about 26% to 29% y/y, as it continues to invest in technology, content and new licenses to drive growth and shareholder value.

GMGI's leverage ratio is down to 2Q24 levels & since the consummation of the Meridianbet transaction

United States

Meridian Holdings Inc. operates as a holding company. The Company, through its subsidiaries, develops, licenses, and operates software for an online sports betting and games. Meridian Holdings serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Meridian Holdings (MRDN US)

MRDN: Believe Noncash Charge Masks Positive Trends Raising '26 Revenue Forecast

With these initiatives, the tailwind of positive 2025 trends & the 2026 expected benefits of the FIFA games, MRDN is optimistic about the company...

Zacks Small Cap Research

Among the most significant new markets in which GMGI operates is Brazil

Among the most significant new markets in which GMGI operates is Brazil, which represents an estimated $5.6B gross gaming revenue market. The...

Zacks Small Cap Research

GMGI: 3Q25 First Look Record Quarterly Revenue Results

Zacks Small-Cap Research Note for Golden Matrix Group (GMGI)

Zacks Small Cap Research

GMGI: On-Track For 22-24% Y/Y Revenue Growth Despite 2Q Customer-Friendly Outcomes

GMGI is not alone in experiencing what the industry terms customer-friendly outcomes in recent months whereby player win rates were higher than...

Zacks Small Cap Research

GMGI's leverage ratio is down to 2Q24 levels & since the consummation of the Meridianbet transaction

GMGI's leverage ratio is down to 2Q24 levels & since the consummation of the Meridianbet transaction, GMGI has reduced the consideration...

Zacks Small Cap Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)