Meridian Holdings Inc (MRDN) 2025 Q3 法說會逐字稿

Thank you. Good morning, everyone. Welcome to Golden Matrix Group's third-quarter fiscal 2025 earnings call. We appreciate you joining us today.

謝謝。各位早安。歡迎參加 Golden Matrix Group 2025 財年第三季財報電話會議。感謝您今天蒞臨。

On today's call are Brian Goodman, CEO of Golden Matrix Group; Zoran Milošević, CEO of Meridianbet Group; Rich Christensen, CFO of Golden Matrix Group.

今天參加電話會議的有：Golden Matrix Group 執行長 Brian Goodman；Meridianbet Group 執行長 Zoran Milošević；Golden Matrix Group 財務長 Rich Christensen。

At the conclusion of the call, the recording and supporting resources will be available on Golden Matrix Group's IR website.

電話會議結束後，錄音和相關資源將在 Golden Matrix Group 的投資者關係網站上提供。

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.

再次提醒：今天的電話會議將包含前瞻性陳述。本次電話會議中所做的某些陳述，包括我們對問題的回答，可能構成適用證券法意義上的前瞻性資訊。這些聲明是基於對未來事件的各種假設，包括市場和經濟狀況、商業前景、技術發展和監管變化。

While we believe these assumptions are reasonable, they are subject to risks and uncertainties that could cause actual results to differ materially. For a complete discussion of these factors, please refer to our most recent 10-K filing and other public disclosures.

雖然我們認為這些假設是合理的，但它們存在風險和不確定性，可能導致實際結果與預期結果有重大差異。有關這些因素的完整討論，請參閱我們最新的 10-K 文件和其他公開披露資訊。

Non-GAAP measures will be discussed. Reconciliation of these matters of these numbers can also be found in our recently filed 10-K and earnings press release available on our website.

我們將討論非GAAP財務指標。這些數字的相關說明也可以在我們最近提交的 10-K 表格和盈利新聞稿中找到，這些文件可以在我們的網站上找到。

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

現在我將把發言權交給金矩陣集團執行長布萊恩古德曼。

Good morning, everyone. And thank you for joining us.

各位早安。感謝您的參與。

Golden Matrix delivered another strong quarter, achieving record revenue of $47.3 million, up 15.4% year over year; and marking a return to profitability, with net income of $0.4 million. This performance underscores the resilience of our diversified business and the scalability of our platform across multiple markets.

Golden Matrix 又迎來了一個強勁的季度，營收達到創紀錄的 4,730 萬美元，年增 15.4%；並實現了盈利，淨收入為 40 萬美元。這項業績凸顯了我們多元化業務的韌性以及我們平台在多個市場的可擴展性。

Our focus on disciplined execution and operational efficiency is paying off, with gross profit rising to $26.4 million, at a 56% margin; and adjusted EBITDA growing 32% to $5.7 million. Across the business, we continue to see strong engagement and organic growth, particularly in Latin America and other regulated markets where we are expanding rapidly.

我們注重嚴謹的執行和高效的運營，這正在取得成效，毛利增長至 2640 萬美元，毛利率達 56%；調整後的 EBITDA 增長 32% 至 570 萬美元。在整個業務範圍內，我們持續看到強勁的客戶參與度和自然成長，尤其是在拉丁美洲和其他受監管的市場，我們正在迅速擴張。

With that, I'll hand things over to our CFO, Rich Christensen, to walk you through our financial and operational highlights for the quarter.

接下來，我將把麥克風交給我們的財務長里奇·克里斯滕森，讓他為大家介紹本季的財務和營運亮點。

Thank you, Brian.

謝謝你，布萊恩。

Total revenue for the third quarter of fiscal 2025 was $47.3 million, up 15.4% year over year from $41 million, driven by continued growth in online casino and raffle operations. Revenue growth includes a 3% benefit from currency exchange rates. Organic revenue increased 14% year over year.

2025 財年第三季總營收為 4,730 萬美元，較上年同期的 4,100 萬美元成長 15.4%，這主要得益於線上賭場和抽獎業務的持續成長。營收成長包括匯率波動帶來的 3% 收益。有機收入較去年同期成長14%。

Gross profit increased to $26.4 million, representing a 56% margin, up 111 basis points year over year, reflecting marketing optimization and an improved product mix. We reported net income of $400,000 compared to the net loss of $3.3 million in the same quarter last year, marking a return to profitability.

毛利增加至 2,640 萬美元，毛利率達 56%，年增 111 個基點，反映了行銷優化和產品組合的改進。我們報告稱，淨收入為 40 萬美元，而去年同期淨虧損為 330 萬美元，標誌著公司恢復盈利。

Adjusted EBITDA rose 32% year over year to $5.7 million, representing a 12% margin. This was supported by discipline cost management and operating efficiency.

調整後 EBITDA 年成長 32% 至 570 萬美元，利潤率為 12%。這得歸功於嚴格的成本管理和營運效率。

Our balance sheet remains strong, with $22 million in cash and total debt of $45.1 million. We have a net debt leverage ratio of 1.2 times, trailing 12-month adjusted EBITDA at quarter end.

我們的資產負債表依然穩健，擁有 2,200 萬美元現金，總債務為 4,510 萬美元。截至季末，我們的淨負債槓桿率為 1.2 倍，過去 12 個月的調整後 EBITDA 為 1.2 倍。

Now, I'd like to turn the call over to Zoran Milošević, CEO of Meridianbet, to provide an update on Meridianbet's performance and strategic initiatives. Zoran?

現在，我想把電話交給 Meridianbet 的執行長 Zoran MilożeviÄ，讓他介紹 Meridianbet 的績效和策略舉措的最新情況。佐蘭？

Thank you, Rich.

謝謝你，里奇。

Meridianbet delivered strong year-over0year growth in Q3, with revenue up 26% to $32.5 million. Online casino GGR rose 30% to $14.6 million, driven by 35% increase in turnover and the launch of over 2,500 new games. Sports betting revenue grew 25% to $13.3 million, while retail casino revenue increased 17% to $3.7 million.

Meridianbet 第三季實現了強勁的年成長，營收成長 26% 至 3,250 萬美元。線上賭場總博彩收入成長 30% 至 1,460 萬美元，這主要得益於營業額成長 35% 以及推出 2,500 多款新遊戲。體育博彩收入成長 25% 至 1,330 萬美元，而零售賭場收入成長 17% 至 370 萬美元。

Player activity remained robust across all markets. Depositors rose 25%. New registrations surged 70%. First-deposit transactions jumped 87% quarter over quarter, fueled by expansion in Brazil. Online active users grow 21%. Sports revenue per player in our top 3 markets climbed 29%. Casino turnover per player also increased 29% to [$4,147], reflecting strong engagement and content appeal.

所有市場的玩家活躍度都保持強勁。存款額增加了25%。新註冊用戶激增 70%。受巴西市場擴張的推動，首筆存款交易量較上季成長 87%。線上活躍用戶成長21%。我們前三大市場中每位球員的運動收入成長了 29%。賭場每位玩家的營業額也成長了 29%，達到 4,147 美元，反映出玩家的積極參與和內容吸引力。

We also introduced [Meridian Missions], our proprietary gamification feature to boost retention, alongside enhanced responsible gaming tools, to support sustainable compliant growth.

我們還推出了我們專有的遊戲化功能 [Meridian Missions]，以提高用戶留存率，並增強了負責任博彩工具，以支持可持續的合規增長。

Meridianbet's robust financial performance has been a key driver of our consolidated growth trajectory this year. Their disciplined executions, scalable infrastructure, and strong market positioning have translated into meaningful top-line acceleration and margin expansion.

Meridianbet 強勁的財務表現是我們今年整體成長軌跡的關鍵驅動力。他們嚴謹的執行力、可擴展的基礎設施和強大的市場地位，已轉化為顯著的營收成長和利潤率擴張。

As we enter to the fourth quarter, I remain confident that the Meridianbet will continue to deliver outside contributions, reinforcing our operating leverage and meeting our full-year financial targets.

進入第四季度，我仍然相信 Meridianbet 將繼續帶來外部貢獻，增強我們的營運槓桿，並實現我們的全年財務目標。

With that, I'll turn it back to Rich.

這樣，我就把麥克風交還給里奇了。

Thank you, Zoran. Those results from Meridianbet continue to demonstrate the strength of our diversified portfolio.

謝謝你，佐蘭。Meridianbet 的這些表現繼續證明了我們多元化投資組合的實力。

Now, let me walk you through the performance of our other key business units.

現在，讓我帶您了解我們其他主要業務部門的業績。

First, RKings delivered another strong quarter in Q3, maintaining steady growth across acquisition, engagement, and order value. New users increased 19% quarter over quarter, with conversion holding at a strong 84%. Order volumes were up 8%. Average order value rose 10%, driving more spend per customer and higher overall activity.

首先，RKings 在第三季度再次取得了強勁的業績，在用戶獲取、用戶參與度和訂單價值方面均保持了穩步增長。新用戶數量較上季成長 19%，轉換率維持在 84% 的高點。訂單量增加了 8%。平均訂單價值增加了 10%，帶動了每位顧客消費額的增加和整體業務活躍度的提高。

A major highlight came in August of 2025 when RKings recorded a record-breaking sales day, generating [GBP361,000] in gross sales from over 31,800 orders. Over 3,500 new users joined that day, with over 3,000 making purchases.

2025 年 8 月，RKings 創下了破紀錄的銷售紀錄，單日銷售額達到 361,000 英鎊，超過 31,800 個訂單，這是一個重要的亮點。當天新增用戶超過 3500 人，其中超過 3000 人進行了購買。

The [GBP400,000] or 2024 Lamborghini Realto competition was a standout success, attracting 42,000 entrants, selling 291,000 tickets, and producing 580,000 pounds in total order value. This campaign showcases RKing's ability to combine scale, engagement, and strong purchase intent to deliver exceptional results.

價值 40 萬英鎊或 2024 年款蘭博基尼 Realto 的比賽取得了巨大成功，吸引了 42,000 名參賽者，售出 291,000 張門票，總訂單價值達 580,000 英鎊。這項活動展現了 RKing 將規模、參與度和強烈的購買意願結合，從而取得卓越成果的能力。

Next, Classics for Cause rebounded sharply in Q2, achieving strong sequential growth in user acquisition and engagement. New user registrations rose 72% quarter over quarter. New VIPs climbed 82%, highlighting effective targeting and reactivation efforts. Conversion held steady at an impressive 94%, while average transaction value increased 21%. Average revenue per paying user rose 6%, signaling healthier customer spending patterns.

接下來，「經典公益」在第二季度實現了強勁反彈，用戶獲取和參與度均實現了強勁的環比增長。新用戶註冊量較上季成長72%。新 VIP 用戶數量增加了 82%，凸顯了有效的目標定位和用戶重新啟動工作。轉換率保持在令人矚目的 94% 的穩定水平，而平均交易額增加了 21%。付費用戶平均收入成長了 6%，顯示客戶消費模式更健康。

Complementing this rebound, the August [Hold 'em Toronto] campaign set a new business record, generating $776,000 in sales over 10,000 packages, attracting over 1,700 new customers.

為了配合這次反彈，8 月的 [Hold 'em Toronto] 活動創下了新的商業記錄，銷售了 10,000 套產品，創造了 776,000 美元的銷售額，吸引了 1,700 多名新客戶。

Turning to GMAG, who reported stable Q3 revenue of $3.5 million, which was slightly below Q2's $3.6 million, this reflected a planned transition phase, as we build momentum in key markets. Sales in emerging regions rose over 40%, driven by strong growth in Brazil and Mexico, underscoring demand for localized gaming content. We onboarded 12 new providers to the GMAG aggregator, leveraging AI-powered integration and improving scalability and personalization. These enhancements are expected to support a 10% increase in operator counts over the coming quarters.

再來看 GMAG，該公司第三季營收穩定在 350 萬美元，略低於第二季的 360 萬美元。這反映了公司正在計劃中的過渡階段，因為我們將在關鍵市場建立發展勢頭。新興地區的銷售額成長超過 40%，其中巴西和墨西哥的強勁成長尤為顯著，凸顯了對在地化遊戲內容的需求。我們為 GMAG 聚合器新增了 12 家供應商，利用人工智慧驅動的集成，提高了可擴展性和個性化程度。預計這些改進措施將支持未來幾季營運商數量增加 10%。

Finally, MexPlay generated record quarter-over-quarter performance, with net gaming revenue improving 42% from last year. Registrations and new user deposit metrics were our standout areas, with total registrations at 38% quarter over quarter showing strong acquisition and onboarding effectiveness. Reduced withdrawal levels and higher net revenue generated as a percent of deposits signal healthier engagement and margin trends heading into Q4.

最後，MexPlay 實現了創紀錄的季度環比業績，淨遊戲收入比去年增長了 42%。註冊量和新用戶存款指標是我們的突出領域，總註冊量環比增長 38%，顯示用戶獲取和引導效果顯著。提款水準下降，淨收入佔存款的比例上升，預示著第四季度客戶參與度和利潤率將呈現更健康的成長趨勢。

As we enter the fourth quarter, we are tightening our full-year revenue guidance to $186 million to $187 million, representing 23% to 24% year-over-year growth; and expect Q4 revenue between $52.7 million and $53.7 million, up 15% to 17% year over year.

進入第四季度，我們將全年營收預期收緊至 1.86 億美元至 1.87 億美元，年增 23% 至 24%；預計第四季營收在 5,270 萬美元至 5,370 萬美元之間，年增 15% 至 17%。

The third quarter was a record quarter, underscoring the strength of our operating model, disciplined execution, and scalable platform. Our performance reflects a resilient business focused on profitable growth, operational efficiency, and expanding in regulated markets.

第三季創下歷史新高，凸顯了我們營運模式的優勢、嚴謹的執行力和可擴展的平台。我們的業績反映了我們業務的韌性，我們專注於獲利成長、營運效率以及在受監管市場中的擴張。

As we enter Q4, we are well positioned to drive continued growth and marginal improvement across all segments.

進入第四季度，我們已做好充分準備，推動所有業務板塊持續成長並取得小幅改善。

With that, I'll turn it over to Brian to wrap up the call.

接下來，我會把電話交給布萊恩，讓他結束通話。

Thank you, Rich.

謝謝你，里奇。

Golden Matrix is entering a pivotal stage in its evolution as a global leader in iGaming. Our core businesses remain strong. We continue to build on a foundation of consistent performance, operational excellence, and international growth.

Golden Matrix 正進入其作為全球 iGaming 領導者發展歷程中的關鍵階段。我們的核心業務依然強勁。我們將繼續在持續穩定的業績、卓越的營運和國際成長的基礎上發展壯大。

This quarter's results highlight our financial resilience and the scalability of our business model. We remain focused on long-term profitable expansion driven by innovation, disciplined execution, and a growing presence in regulated markets.

本季的業績凸顯了我們的財務韌性和商業模式的可擴展性。我們將繼續專注於透過創新、嚴謹的執行以及在受監管市場中不斷擴大的影響力來實現長期盈利性擴張。

As we look ahead, we are energized by the opportunities before us. We remain committed to delivering sustained value for our shareholders through strategic growth and technology leadership.

展望未來，我們因擺在我們面前的機會而倍感振奮。我們將繼續致力於透過策略成長和技術領先地位，為股東創造持續價值。

Thank you to our team, our partners, and investors for your continued support. The best is yet to come.

感謝我們的團隊、合作夥伴和投資者一直以來的支持。最好的還在後頭。

This concludes today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。