Golden Matrix Group, Inc.Golden Matrix Group, Inc.
Golden Matrix Group, Inc.

Golden Matrix Group, Inc.

MRDN

Meridian Holdings, Inc. engages in offering casino, sportsbook, and competition products. It operates through the following segments: MeridianBet Group, GMAG, and RKings and Classics For a Cause (CFAC). The MeridianBet Group segment includes revenues from retail sports betting, retail casinos, online sports betting, online casinos, and bars. The GMAG segment focuses on resale of third-party gaming content in the Asia-Pacific region. The RKings and CFAC segment includes revenues from pay-to-enter prize competitions and trade promotions, conducted through RKings in the UK and Classics in Australia. The company was founded by Weiting Feng and Anthony Brian Goodman in 2001 and is headquartered in Las Vegas, NV.

Market cap
$137.8MNo data
Revenue
$182.9MNo data
Net income
$-92MNo data
Free cash flow
$19.2MNo data

Market

Listed stock
MRDNPriceNasdaq
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Financial performance

Revenue
$182.9MNo data
Operating income
$-96.2MNo data
Net income
$-92MNo data
Free cash flow
$19.2MNo data

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $3M, 2022 $36M, 2023 $44.2M, 2024 $151.1M, 2025 $182.9M. Operating income: 2021 $399.3K, 2022 $192.5K, 2023 $-526.2K, 2024 $2.7M, 2025 $-96.2M. Net income: 2021 $398.1K, 2022 $-250K, 2023 $-1.2M, 2024 $-1.5M, 2025 $-92M. Free cash flow: 2021 $1.9M, 2022 $2.7M, 2023 $2.2M, 2024 $16.8M, 2025 $19.2M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
21.0%No data
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-01-31 $399.3K, 2022-10-31 $192.5K, 2023-10-31 $-526.2K, 2024-12-31 $2.7M, 2025-12-31 $-96.2M. Net income: 2021-01-31 $398.1K, 2022-10-31 $-250K, 2023-10-31 $-1.2M, 2024-12-31 $-1.5M, 2025-12-31 $-92M. Free cash flow: 2021-01-31 $1.9M, 2022-10-31 $2.7M, 2023-10-31 $2.2M, 2024-12-31 $16.8M, 2025-12-31 $19.2M

Growth heatmap

2022202320242025CAGR
Revenue
+1111.6%
+22.6%
+242.1%
+21.0%
No data
Gross profit
+184.3%
+7.7%
+797.5%
+16.8%
No data
Operating income
-51.8%
-373.4%
+621.4%
-3605.1%
No data
Free cash flow
+43.1%
-18.4%
+663.6%
+14.5%
No data

Earnings quality

Operating cash flow
$25.4MNo data
Net income
$-92MNo data
Free cash flow
$19.2MNo data
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 -28%, 2024-12-31 -1616%, 2023-10-31 -188%, 2022-10-31 -1108%, 2021-01-31 472%. Free cash flow: 2025-12-31 -21%, 2024-12-31 -1132%, 2023-10-31 -187%, 2022-10-31 -1075%, 2021-01-31 472%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
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Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
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No data
EV / EBITDA
No data
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Free cash flow yield
No data
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