Meridian Holdings Inc (MRDN) 2025 Q1 法說會逐字稿

Good morning everyone and welcome to Golden Matrix Group's first quarter 2025 earnings call. We appreciate you joining us today. I will now hand the call over to Brett Melott, Managing Director of ICR. Brett, please go ahead.

各位早安，歡迎參加 Golden Matrix Group 2025 年第一季財報電話會議。感謝各位今天撥冗加入。接下來我將把電話交給 ICR 董事總經理 Brett Melott。Brett，請開始。

Thank you and good morning everyone. Welcome to Golden Matrix Group's Q1 2025 earnings call. We appreciate you joining us today.

謝謝，各位早安。歡迎參加 Golden Matrix Group 2025 年第一季財報電話會議。感謝各位今天加入我們。

On today's call are Brian Goodman, CEO of Golden Matrix Group; Zoran Milosevic, CEO of Meridianbet; and Rich Christensen, CFO of Golden Matrix Group. At the conclusion of this call, recording and supporting the resources will be available on Golden Matrix Group's IR website.

今天與會者包括 Golden Matrix Group 執行長 Brian Goodman、Meridianbet 執行長 Zoran Milosevic，以及 Golden Matrix Group 財務長 Rich Christensen。本次電話會議結束後，錄音及相關支援資源將可於 Golden Matrix Group 的投資人關係（IR）網站取得。

As a reminder, today's call will contain forward-looking statements. Certain statements made on this conference call, including our responses to questions, may constitute forward-looking information within the meaning of applicable securities laws. These statements are based on various assumptions about future events, including market and economic conditions, business prospects, technological developments, and regulatory changes. While we believe these assumptions are reasonable, they're subject to risks and certainties that could cause actual results to differ materially.

提醒各位，今天的電話會議將包含前瞻性陳述。本次電話會議中所作的某些陳述（包括我們對提問的回應）可能構成適用證券法意義下的前瞻性資訊。這些陳述係基於對未來事件的各項假設，包括市場與經濟狀況、業務前景、技術發展及監管變動。雖然我們認為這些假設合理，但仍受風險與不確定性影響，可能導致實際結果出現重大差異。

For a complete discussion of these factors, please refer to our most recent 10-Q filing and other public disclosures. Non-GAAP measures will be discussed, and reconciliation of these numbers can also be found in our recently filed 10-Q and earnings press release available on our website.

如需完整討論上述因素，請參閱我們最新的 10-Q 申報文件及其他公開揭露資訊。我們也將討論非 GAAP 指標，相關數字的調節表亦可在我們近期提交的 10-Q 與財報新聞稿中找到，並已公布於本公司網站。

I will now hand over to call to Brian Goodman, CEO of Golden Matrix Group.

接下來我將把電話交給 Golden Matrix Group 執行長 Brian Goodman。

Good morning, everyone, and thank you for joining us to review Golden Matrix's first quarter 2025 results. We are proud to kick off the year with strong momentum fueled by platform innovations and continued expansion into high-growth regulated markets. The first quarter reflects excellent group performance and elevated operating efficiency across the entire organization.

各位早安，感謝各位加入我們，一同回顧 Golden Matrix 2025 年第一季的業績。我們很自豪以強勁動能揭開新的一年序幕，這股動能來自平台創新以及持續擴張至高成長的受監管市場。第一季展現了集團優異的整體表現，以及全組織營運效率的提升。

Revenue grew at a robust rate, further demonstrating the strength of our business underpinned by our strategic roadmap and our geographic and operational diversity.

營收以強勁速度成長，進一步證明在我們的策略路線圖以及地理與營運多元化的支撐下，本公司商業模式的韌性與實力。

We not only have unique diversity in terms of our extensive global footprint, but also in our diverse and scalable revenue streams spanning scalable B2B technology solutions in dynamic B2C operations, positioning us at the forefront of the iGaming industry.

我們不僅在廣泛的全球布局方面具備獨特的多元性，也擁有多元且可擴展的營收來源，涵蓋可擴展的 B2B 技術解決方案與充滿活力的 B2C 營運，使我們站在 iGaming 產業的最前沿。

Our raffle business delivered record results in Q1, including all-time highs in revenue, ticket sales, and price values. We also added 26,000 new users during the quarter, a 146% increase compared to Q1 2024, highlighting the strength and momentum in this segment.

我們的抽獎業務在第一季繳出創紀錄的成果，包括營收、售票量與獎品價值皆創歷史新高。本季我們也新增 26,000 名新用戶，較 2024 年第一季成長 146%，凸顯此業務板塊的實力與動能。

We have eliminated the Lind Partners' debt of approximately $9.6 million and completed the conversion of over $9.5 million in acquisition-related debt by Meridian founders into equity. These actions have resulted in greater financial strength and flexibility and send a strong message that we are well positioned to focus on growth and drive long-term shareholder value.

我們已清償 Lind Partners 約 960 萬美元的債務，並完成將 Meridian 創辦人因併購所產生的逾 950 萬美元債務轉換為股權。這些措施提升了我們的財務實力與彈性，也傳遞出明確訊息：我們已具備良好條件專注於成長並推動長期股東價值。

We're excited to take you through the highlights, and I'll now hand you over to our CFO, Rich Christensen, to walk you through the financial performance for the quarter.

我們很期待帶各位了解重點摘要，接下來我將把時間交給我們的財務長 Rich Christensen，為各位說明本季的財務表現。

Thank you, Brian. Golden Matrix had a strong start to fiscal 2025.

謝謝你，Brian。Golden Matrix 在 2025 會計年度有個強勁的開局。

While the first quarter is our slowest quarter seasonally, we have continued to invest in our technology, execute in our existing markets, and expand in new markets to accelerate growth throughout the year. First, let's start with revenue. Total revenue for the first quarter of 2025 was $42.7 million, representing a 72% increase year over year. Foreign exchange rates negatively impact the growth rate by roughly 4%, so constant currency growth was 76%.

雖然第一季在季節性上是我們最淡的一季，但我們仍持續投資技術、在既有市場落實執行，並拓展新市場，以加速全年成長。首先，先從營收談起。2025 年第一季總營收為 4,270 萬美元，年增 72%。外匯匯率約使成長率受到 4% 的負面影響，因此以固定匯率計算的成長為 76%。

If we were to exclude the impact of our prior year acquisitions of both Golden Matrix and Classics for a Cause, we call that the Meridianbet acquisition was treated as a reverse merger, and so last year's results only include Meridianbet. Revenue grew organically at 10%.

若排除我們在前一年度對 Golden Matrix 與 Classics for a Cause 的併購影響（我們所稱的 Meridianbet 併購案被視為反向合併，因此去年結果僅包含 Meridianbet），營收的有機成長為 10%。

Moving to gross profits, gross profit reached $24.2 million in Q1 of 2025, reflecting a gross margin of approximately 57%. This was a decline of 14% points due to the aggregation of GMAG and the RKings and Classics for a Cause segments. Our prior year results include our Meridianbet segments at a gross margin of 71%. Meridianbet's gross margin improved to 72% in the first quarter of this year.

接著看毛利，2025 年第一季毛利達 2,420 萬美元，毛利率約為 57%。由於合併 GMAG 以及 RKings 與 Classics for a Cause 等業務板塊，毛利率下降 14 個百分點。我們前一年度的結果包含 Meridianbet 業務板塊，其毛利率為 71%。Meridianbet 的毛利率在今年第一季提升至 72%。

Our other two segments, GMAG and RKings and Classics for a Cause, combined had a gross margin of 29%, which was a 3% improvement over 2024.

我們另外兩個業務板塊 GMAG 以及 RKings 與 Classics for a Cause 合計毛利率為 29%，較 2024 年改善 3%。

We continue to see economies of scale now that we've completed our full transition of our core operations to Atlas, our fifth-generation sports betting and iGaming platform. This migration is optimized offering operational efficiency, enhanced scalability, and significantly improved the user experience, ensuring a seamless and more personalized journey for our players.

隨著我們完成將核心營運全面轉移至 Atlas（我們第五代體育博彩與 iGaming 平台），我們持續看到規模經濟效益。此一遷移經過最佳化，可提升營運效率、強化可擴展性，並顯著改善使用者體驗，確保玩家享有更順暢且更個人化的旅程。

Turning to operating expenses. Operating expenses grew $10.3 million to $24.3 million in the first quarter.

接著看營業費用。第一季營業費用增加 1,030 萬美元至 2,430 萬美元。

This included $4.6 million of acquired cost from GMAG and RKings, $1 million from the Classics for a Cause acquisition, and $1.4 million from amortization of intangibles related to those acquisitions.

其中包含來自 GMAG 與 RKings 的併購成本 460 萬美元、來自 Classics for a Cause 併購案的 100 萬美元，以及與上述併購相關無形資產攤銷 140 萬美元。

The remaining $3.3 million relates to costs within our Meridianbet segment primarily to expand our business geographically, improve our market share, and advance our gaming technology. They include four things.

其餘 330 萬美元主要與 Meridianbet 業務板塊的成本相關，用於擴大我們的地理布局、提升市占率並推進我們的遊戲技術。主要包含四個項目。

First, startup cost for a resilient business. Second, promotional campaigns on social media and team sponsorship agreements focused on player acquisition and retention. Third, statutory increase in the minimum wage and taxes in Serbia, one of our largest European markets, and fourth, the depreciation of our gaming platform, Atlas, which we put in service late last year.

第一，建立具韌性業務的啟動成本。第二，社群媒體促銷活動與球隊贊助協議，聚焦於玩家獲取與留存。第三，塞爾維亞（我們在歐洲最大的市場之一）法定最低工資與稅負的上調；第四，去年底投入使用的遊戲平台 Atlas 的折舊。

We had a net loss of $300,000 or $0.00 per share. This was a decline of $4.2 million and $0.05 a share from last year. Net income declined due to an increase in amortization of $1.7 million. Interest expense of $1.5 million, and stock-based compensation of $1 million. Excluding these items, adjusted EBITDA declined $300,000 or 5% to $5.6 million. The additional operating expenses we incurred to accelerate growth offset the incremental gross profit generated in the first quarter.

我們淨虧損30萬美元，或每股0.00美元。較去年下降420萬美元，且每股下降0.05美元。淨利下滑主要因攤銷費用增加170萬美元。利息費用150萬美元，以及以股份為基礎之薪酬100萬美元。排除上述項目後，調整後EBITDA下降30萬美元（或5%）至560萬美元。為加速成長而增加的營運費用，抵銷了第一季新增毛利的增量。

Turning to liquidity. As of March 31, 2025, we had $29.7 million in cash and cash equivalents. Our net debt leverage ratio continues to improve and is now under 1.6 turns. Adjusting for the $9.5 million dollar debt conversion and the $9.6 million early debt repayment, our estimated net debt service ratio would fall just over 1.2 turns.

接著談流動性。截至2025年3月31日，我們持有2,970萬美元的現金及約當現金。我們的淨負債槓桿比率持續改善，目前已低於1.6倍。若調整9,500萬美元的債務轉換以及960萬美元的提前償債，我們估計的淨負債償付比率將降至略高於1.2倍。

Now I'll hand it over to Zoran Milosevic, CEO of Meridianbet, to discuss operational highlights for Meridianbet.

接下來我將交給Meridianbet執行長Zoran Milosevic，說明Meridianbet的營運重點。

Thank you, Rich. Meridianbet delivered strong operational performance in Q1, continuing to scale across regulated markets and deepening engagement with our core user base.

謝謝你，Rich。Meridianbet在第一季展現強勁的營運表現，持續在受監管市場擴張規模，並加深與核心用戶族群的互動。

New registrations increased by 22%, driven by targeted campaigns and market-specific activations. First-time deposits surged over 56%, signaling higher conversion and stronger user intent. Total deposits rose 12%, reflecting both volume growth and deeper wallet share.

新註冊人數增加22%，主要由精準行銷活動與各市場專屬推廣所帶動。首次存款大增逾56%，顯示轉換率更高且用戶意圖更強。總存款成長12%，反映出交易量成長與錢包占有率提升。

Active users grew 7% while spending per player in both sports and casino continue to climb, supported by personalized engagement and broader content depth. This quarter also marked a major step forward in market access.

活躍用戶成長7%，同時體育與娛樂城的人均支出持續攀升，受惠於個人化互動與更豐富的內容深度支持。本季也在市場准入方面邁出重要一步。

We secured a permanent online betting license in Brazil, unlocking full national coverage in one of the world's most valuable regulated gaming markets with projected GGR of over $5.6 billion in 2025 alone.

我們在巴西取得永久線上博彩牌照，得以在全球最具價值的受監管博彩市場之一實現全國覆蓋；僅2025年預估GGR即超過56億美元。

Our licensing is valid through 2029 and positions Meridianbet as a first mover in the high growth market entering a multi-year expansion phase with clear regulatory clarity. We launched B2B operations in Nigeria through a fully licensed local entity. With over 60 million betters and a 2 billion market, it's one of Africa's most dynamic gaming economies.

我們的牌照有效期至2029年，使Meridianbet成為高成長市場的先行者；該市場正進入多年擴張階段，且監管框架清晰。我們透過一家完全持牌的本地實體，在奈及利亞啟動B2B業務。該市場擁有超過6,000萬名投注者、規模達20億，是非洲最具活力的博彩經濟體之一。

Our entry builds on two decades of experience now backed by fully regulated approval for both sportsbook and casino. This gives us regulatory stability in mature jurisdictions where our infrastructure, brand, and scale are very deeply embedded.

我們的進入建立在二十年的經驗之上，並已取得體育博彩與娛樂城的全面受監管核准。這使我們在成熟司法管轄區獲得監管穩定性，而我們的基礎設施、品牌與規模已深度扎根其中。

We also continued our community investment. We delivered 56 community initiatives in Q1, including health donations, global scholarships, responsible betting education, and sustainability projects. Our Global Book Donation campaign improved access to education in underserved regions. We also supported the Epic Trail, a multi-country event connecting communities across Europe. These efforts strengthened our brand where it matters most, with the people and communities shaping our long-term success.

我們也持續投入社區。第一季我們推動了56項社區倡議，包括健康捐助、全球獎學金、負責任博彩教育與永續專案。我們的「全球捐書」活動改善了資源不足地區的教育可近性。我們也支持Epic Trail，這是一項跨多國活動，連結歐洲各地社群。這些努力在最重要之處強化了我們的品牌——也就是塑造我們長期成功的人們與社區。

Expanse Studios, our proprietary game development unit, also played a pivotal role in our content innovation and strategic reach. In the studio, we completed five new integrations with US-based sweepstakes casino, expanding its footprint across the social gaming segment and introducing its proprietary titles in a broad North American user base.

Expanse Studios（我們自有的遊戲開發部門）也在內容創新與策略觸及方面扮演關鍵角色。在工作室方面，我們完成了與五家美國抽獎式娛樂城（sweepstakes casino）的新整合，擴大其在社交博彩領域的版圖，並將其自有遊戲導入廣大的北美用戶群。

We expect to receive our online license in Romania in Q2, one of the key Eastern European iGaming markets. This will further expand our regulated footprint and open new distribution channels for our in-house content.

我們預期將於第二季取得羅馬尼亞的線上牌照，該市場是東歐iGaming的重要市場之一。這將進一步擴大我們的受監管版圖，並為我們的自研內容開啟新的分銷通路。

We're strengthening our [crash] game portfolio with a new in-house title featuring distinctive mechanics and gameplay. It is a part of our broader push to expand proprietary content and deliver fresh experiences to our partners and players.

我們正以一款具獨特機制與玩法的新自研作品，強化我們的[crash]遊戲產品組合。這是我們擴大自有內容、為合作夥伴與玩家帶來新鮮體驗之更廣泛推進計畫的一部分。

Altogether, Q1 reflects the kind of execution we aim to sustain, strategic expansion, product ownership, and control access to e-growth markets. We operate in some of the world's most dynamic markets with focus, speed, and control. And our strategy is simple: grow smart, operate hard, and return value.

總體而言，第一季展現了我們希望持續維持的執行力：策略性擴張、產品自主，以及掌控進入高成長市場的管道。我們以專注、速度與掌控力，在全球最具活力的市場之一運營。我們的策略很簡單：聰明成長、強力營運、回饋價值。

Thanks for your time. Rich, back to you.

感謝各位撥冗。Rich，交回給你。

Thank you, Zoran. As we look at our performance in the first quarter of 2025 and continuing through April, we're excited about the growth opportunities for the year. We expect our full-year revenue to be between $190 million and $195 million representing a 26% to 29% growth rate over 2024.

謝謝你，Zoran。展望2025年第一季的表現並延續至4月，我們對今年的成長機會感到振奮。我們預期全年營收介於1.90億至1.95億美元，較2024年成長26%至29%。

We remain committed to discipline, capital allocation, and investments in enhance growth and long-term value for our shareholders. We are well positioned to build on our success with a strong balance sheet and significant opportunities across both existing and new markets.

我們仍致力於紀律、資本配置，以及投資以強化成長與為股東創造長期價值。憑藉強健的資產負債表，以及在既有與新市場的重大機會，我們已具備良好條件在成功基礎上再接再厲。

Thank you, Rich, and thank you, Zoran. Golden Matrix is entering the next phase of its evolution as a leading force in the global iGaming market. With a powerful combination of consistent performance, operational strength, platform innovation, and expanding geographic reach, we are well positioned to continue building the company.

謝謝你，Rich，也謝謝你，Zoran。Golden Matrix正進入其演進的下一階段，成為全球iGaming市場的領導力量之一。憑藉穩健一致的表現、營運實力、平台創新與持續擴大的地理覆蓋，我們已具備良好條件持續打造公司。

Today's results highlight our financial resilience and our ability to deliver scalable growth. The company is well positioned for long-term success and our commitment to profitable, sustainable growth remains stronger than ever. We are excited about the future and the opportunities that lie ahead, and we will continue to drive value through technology, leadership, strategic market expansion, and superior execution.

今日的成果凸顯我們的財務韌性，以及交付可擴展成長的能力。公司已為長期成功做好準備，而我們對獲利且可持續成長的承諾比以往更為堅定。我們對未來及其機會充滿期待，並將持續透過技術、領導力、策略性市場擴張與卓越執行來推動價值。

Thank you again for your continued support and we look forward to an exciting and successful year ahead.

再次感謝各位持續的支持，我們期待迎接接下來精彩且成功的一年。

This does conclude today's program. Thank you for your participation. You may disconnect at any time and have a wonderful day.

今天的節目到此結束。感謝各位的參與。您可隨時中斷連線，祝您有美好的一天。