Meridian Holdings Inc Financials

MRDN

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Meridian Holdings Inc (MRDN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 55/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Meridian Holdings Inc has an operating margin of 1.8%, meaning the company retains $2 of operating profit per $100 of revenue. This below-average margin results in a low score of 9/100, suggesting thin profitability after operating expenses. This is down from 14.8% the prior year.

Growth

100

Meridian Holdings Inc's revenue surged 62.5% year-over-year to $151.1M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

100

Meridian Holdings Inc carries a low D/E ratio of 0.14, meaning only $0.14 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Meridian Holdings Inc's current ratio of 0.71 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 8/100, which could limit financial flexibility.

Cash Flow

Meridian Holdings Inc has a free cash flow margin of 11.1%, earning a moderate score of 55/100. The company generates positive cash flow after capital investments, but with room for improvement.

Altman Z-Score Distress

1.69

Meridian Holdings Inc scores 1.69, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Weak

2/9

Meridian Holdings Inc passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Mixed

-16.16x

For every $1 of reported earnings, Meridian Holdings Inc generates $-16.16 in operating cash flow ($23.9M OCF vs -$1.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.8x

Meridian Holdings Inc earns $0.8 in operating income for every $1 of interest expense ($2.7M vs $3.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$151.1M

YoY+62.5%

5Y CAGR+316.9%

Meridian Holdings Inc generated $151.1M in revenue in fiscal year 2024. This represents an increase of 62.5% from the prior year.

EBITDA

$3.2M

YoY-79.7%

5Y CAGR+110.4%

Meridian Holdings Inc's EBITDA was $3.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 79.7% from the prior year.

Free Cash Flow

$16.8M

YoY-6.7%

Meridian Holdings Inc generated $16.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 6.7% from the prior year.

Net Income

-$1.5M

YoY-110.8%

Meridian Holdings Inc reported -$1.5M in net income in fiscal year 2024. This represents a decrease of 110.8% from the prior year.

EPS (Diluted)

$0.05

Meridian Holdings Inc earned $0.05 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 68.8% from the prior year.

Cash & Debt

$30.1M

YoY+47.6%

5Y CAGR+272.1%

10Y CAGR+134.2%

Meridian Holdings Inc held $30.1M in cash against $14.4M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

129M

Meridian Holdings Inc had 129M shares outstanding in fiscal year 2024. This represents an increase of 256.5% from the prior year.

Gross Margin

58.6%

YoY-14.8pp

5Y CAGR+0.3pp

Meridian Holdings Inc's gross margin was 58.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 14.8 percentage points from the prior year.

Operating Margin

1.8%

YoY-13.0pp

5Y CAGR+210.5pp

Meridian Holdings Inc's operating margin was 1.8% in fiscal year 2024, reflecting core business profitability. This is down 13.0 percentage points from the prior year.

Net Margin

-1.0%

YoY-15.7pp

5Y CAGR-1501.9pp

Meridian Holdings Inc's net profit margin was -1.0% in fiscal year 2024, showing the share of revenue converted to profit. This is down 15.7 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

$123K

YoY+280.9%

Meridian Holdings Inc spent $123K on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 280.9% from the prior year.

Capital Expenditures

$7.2M

YoY+24.7%

Meridian Holdings Inc invested $7.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 24.7% from the prior year.

MRDN Income Statement

Metric	FY24	FY23	FY22	FY19	FY18	FY17
Revenue	$151.1M+62.5%	$93.0M+158.1%	$36.0M+7858.7%	$453K	$0-100.0%	$120K
Cost of Revenue	$62.5M+152.7%	$24.8M-7.9%	$26.9M+122057.6%	$22K-69.4%	$72K+44.0%	$50K
Gross Profit	$88.6M+29.8%	$68.2M+644.8%	$9.2M	N/A	-$72K-202.9%	$70K
R&D Expenses	N/A	$48K+106.0%	$23K	$0	$0	N/A
SG&A Expenses	$85.8M+57.5%	$54.5M+789.0%	$6.1M	N/A	$186K+48222.1%	$385
Operating Income	$2.7M-80.1%	$13.8M+7047.9%	$192K-89.4%	$1.8M+282.9%	-$991K-295.7%	-$250K
Interest Expense	$3.5M+9637.3%	$36K	$0-100.0%	$45K-72.0%	$162K-60.8%	$414K
Income Tax	$282K-82.1%	$1.6M+274.8%	$419K	N/A	N/A	N/A
Net Income	-$1.5M-110.8%	$13.7M+31022.3%	$44K-97.5%	$1.8M+234.2%	-$1.3M-173.2%	$1.8M
EPS (Diluted)	$0.05	$0.16+1700.0%	$-0.01-116.7%	$0.06+135.3%	$-0.17	$0.00

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$47.3M+9.4%	$43.2M+1.2%	$42.7M-6.8%	$45.9M+11.9%	$41.0M+4.0%	$39.4M+58.6%	$24.9M+109.8%	$11.8M
Cost of Revenue	$20.9M+10.9%	$18.9M+1.8%	$18.5M-2.8%	$19.1M+2.6%	$18.6M+4.8%	$17.7M+147.7%	$7.2M-15.5%	$8.5M
Gross Profit	$26.4M+8.2%	$24.4M+0.7%	$24.2M-9.7%	$26.8M+19.6%	$22.4M+3.3%	$21.7M+22.6%	$17.7M+424.2%	$3.4M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$26.8M+0.3%	$26.7M+9.8%	$24.3M-9.6%	$26.9M+15.0%	$23.4M+8.4%	$21.6M+54.0%	$14.0M+499.0%	$2.3M
Operating Income	-$388K+83.2%	-$2.3M-2074.0%	-$106K-6.9%	-$99K+89.8%	-$976K-880.4%	$125K-96.6%	$3.7M+1223.1%	$279K
Interest Expense	$511K-65.5%	$1.5M+0.7%	$1.5M-45.4%	$2.7M+241.0%	$790K+2332.6%	$32K+643.2%	$4K+628.5%	$600
Income Tax	$202K-58.9%	$490K+245.9%	-$336K+85.9%	-$2.4M-228.2%	$1.9M+255.1%	$525K+86.4%	$282K+7.4%	$262K
Net Income	$566K+115.8%	-$3.6M-1447.6%	-$232K+89.1%	-$2.1M+37.4%	-$3.4M-5345.4%	$65K-98.4%	$4.0M+5256.3%	$75K
EPS (Diluted)	$0.00+100.0%	$-0.03	$0.00	N/A	$-0.03	$0.00	$0.05	$0.00

MRDN Balance Sheet

Metric	FY24	FY23	FY22	FY19	FY18	FY17
Total Assets	$213.7M+167.6%	$79.9M+132.2%	$34.4M+918.6%	$3.4M+170.1%	$1.2M+1153.1%	$100K
Current Assets	$45.1M+67.4%	$26.9M+26.9%	$21.2M+528.5%	$3.4M+170.1%	$1.2M+1153.1%	$100K
Cash & Equivalents	$30.1M+47.6%	$20.4M+32.3%	$15.4M+569.1%	$2.3M+297.2%	$580K+1274.6%	$42K
Inventory	$3.9M+2840.8%	$134K-91.7%	$1.6M	N/A	N/A	N/A
Accounts Receivable	$6.1M+126.6%	$2.7M-23.3%	$3.5M+622.7%	$483K+4438.8%	$11K-81.5%	$58K
Goodwill	$71.2M+586.3%	$10.4M0.0%	$10.4M	N/A	N/A	N/A
Total Liabilities	$104.8M+427.4%	$19.9M+413.8%	$3.9M+135.9%	$1.6M-14.4%	$1.9M-1.1%	$1.9M
Current Liabilities	$63.6M+261.6%	$17.6M+359.0%	$3.8M+133.6%	$1.6M-7.4%	$1.8M-8.6%	$1.9M
Long-Term Debt	$14.4M	$0	N/A	N/A	N/A	N/A
Total Equity	$105.1M+78.0%	$59.0M+93.5%	$30.5M+1657.4%	$1.7M+360.9%	-$666K+63.8%	-$1.8M
Retained Earnings	$57.0M-3.8%	$59.3M+336.1%	-$25.1M+3.0%	-$25.9M+7.1%	-$27.9M-1.9%	-$27.3M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$209.8M-0.2%	$210.3M-1.7%	$214.0M+0.1%	$213.7M+0.1%	$213.5M+11.5%	$191.5M	N/A	$79.9M
Current Assets	$39.1M+0.5%	$39.0M-15.2%	$45.9M+1.9%	$45.1M-20.5%	$56.7M+16.7%	$48.6M	N/A	$26.9M
Cash & Equivalents	$22.0M-0.4%	$22.1M-25.4%	$29.7M-1.5%	$30.1M-21.6%	$38.4M+17.0%	$32.8M+51.8%	$21.6M+6.0%	$20.4M
Inventory	$5.7M+19.3%	$4.8M-2.4%	$4.9M+23.9%	$3.9M-10.8%	$4.4M+32.2%	$3.3M	N/A	$134K
Accounts Receivable	$7.2M+2.2%	$7.1M+3.0%	$6.9M+13.6%	$6.1M-28.7%	$8.5M+17.6%	$7.2M	N/A	$2.7M
Goodwill	$71.3M+0.1%	$71.3M+0.3%	$71.0M-0.3%	$71.2M+13163.4%	$537K	N/A	N/A	$10.4M
Total Liabilities	$82.7M-3.1%	$85.3M-16.0%	$101.6M-3.0%	$104.8M-8.8%	$114.9M+13.6%	$101.1M	N/A	$19.9M
Current Liabilities	$64.4M+1.3%	$63.6M+2.5%	$62.0M-2.4%	$63.6M-8.4%	$69.4M+35.2%	$51.3M	N/A	$17.6M
Long-Term Debt	$8.7M-22.8%	$11.3M-15.8%	$13.5M-6.3%	$14.4M-11.2%	$16.2M-16.7%	$19.4M	N/A	$0
Total Equity	$123.5M+1.9%	$121.3M+11.8%	$108.5M+3.3%	$105.1M+11.5%	$94.3M+4.3%	$90.4M+47.3%	$61.4M+3.9%	$59.0M
Retained Earnings	$53.7M+1.1%	$53.2M-6.4%	$56.8M-0.4%	$57.0M-3.6%	$59.2M-5.4%	$62.6M	N/A	$59.3M

MRDN Cash Flow Statement

Metric	FY24	FY23	FY22	FY19	FY18	FY17
Operating Cash Flow	$23.9M+1.0%	$23.7M+754.8%	$2.8M+90.9%	$1.5M+379.6%	$303K+2100.9%	-$15K
Capital Expenditures	$7.2M+24.7%	$5.7M+15528.4%	$37K	N/A	N/A	N/A
Free Cash Flow	$16.8M-6.7%	$17.9M+556.2%	$2.7M	N/A	N/A	N/A
Investing Cash Flow	-$37.4M-186.5%	-$13.1M-196.6%	-$4.4M	$0	$0	N/A
Financing Cash Flow	$27.7M+767.2%	-$4.2M-13080.1%	$32K+119.1%	-$167K-241.0%	$119K+212.4%	$38K
Dividends Paid	$770K-57.2%	$1.8M	N/A	N/A	N/A	N/A
Share Buybacks	$123K+280.9%	$32K	$0	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$7.0M+195.8%	$2.4M-69.3%	$7.7M-53.4%	$16.6M+248.5%	$4.8M+350.1%	-$1.9M-142.7%	$4.5M+54430.6%	$8K
Capital Expenditures	$850K-65.5%	$2.5M+122.8%	$1.1M-65.2%	$3.2M+29.7%	$2.5M+315.4%	$591K-36.6%	$932K+61597.2%	$2K
Free Cash Flow	$6.2M+7018.4%	-$89K-101.3%	$6.6M-50.6%	$13.4M+481.3%	$2.3M+192.5%	-$2.5M-170.8%	$3.5M+52805.6%	$7K
Investing Cash Flow	-$3.2M+51.2%	-$6.6M-22.9%	-$5.3M+66.0%	-$15.7M-49.5%	-$10.5M-17.7%	-$8.9M-297.9%	-$2.2M-148578.4%	-$2K
Financing Cash Flow	-$2.8M+69.6%	-$9.3M-86.0%	-$5.0M+0.1%	-$5.0M-152.4%	$9.6M-57.3%	$22.3M+2631.4%	$818K+175.1%	-$1.1M
Dividends Paid	$0	$0	$0	$0	$0	$0-100.0%	$770K+102.6%	$380K
Share Buybacks	$0	N/A	N/A	$121K	N/A	N/A	N/A	N/A

MRDN Financial Ratios

Metric	FY24	FY23	FY22	FY19	FY18	FY17
Gross Margin	58.6%-14.8pp	73.4%+47.9pp	25.4%	N/A	N/A	58.3%
Operating Margin	1.8%-13.0pp	14.8%+14.3pp	0.5%-399.7pp	400.3%	N/A	-208.7%
Net Margin	-1.0%-15.7pp	14.7%+14.6pp	0.1%-390.8pp	390.9%	N/A	1500.9%
Return on Equity	N/A	23.2%+23.1pp	0.1%-101.8pp	101.9%	N/A	N/A
Return on Assets	-0.7%-17.8pp	17.2%+17.0pp	0.1%-52.3pp	52.4%+157.9pp	-105.5%-1911.6pp	1806.1%
Current Ratio	0.71-0.8	1.53-4.0	5.54+3.5	2.06+1.4	0.71+0.7	0.05
Debt-to-Equity	0.14+0.1	0.00-0.1	0.13-0.8	0.94+3.8	-2.88-1.8	-1.05
FCF Margin	11.1%-8.2pp	19.3%+11.7pp	7.6%	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	55.8%-0.6pp	56.4%-0.3pp	56.6%-1.8pp	58.4%+3.8pp	54.6%-0.4pp	55.0%-16.2pp	71.2%+42.7pp	28.5%
Operating Margin	-0.8%+4.5pp	-5.3%-5.1pp	-0.3%-0.0pp	-0.2%+2.2pp	-2.4%-2.7pp	0.3%-14.5pp	14.9%+12.5pp	2.4%
Net Margin	1.2%+9.5pp	-8.3%-7.8pp	-0.5%+4.1pp	-4.7%+3.7pp	-8.3%-8.5pp	0.2%-15.9pp	16.1%+15.4pp	0.6%
Return on Equity	0.5%	N/A	N/A	N/A	N/A	0.1%-6.4pp	6.5%+6.4pp	0.1%
Return on Assets	0.3%+2.0pp	-1.7%-1.6pp	-0.1%+0.9pp	-1.0%+0.6pp	-1.6%-1.6pp	0.0%	N/A	0.1%
Current Ratio	0.610.0	0.61-0.1	0.74+0.0	0.71-0.1	0.82-0.1	0.95	N/A	1.53
Debt-to-Equity	0.07-0.0	0.09-0.0	0.12-0.0	0.14-0.0	0.17-0.0	0.21	N/A	0.00
FCF Margin	13.1%+13.3pp	-0.2%-15.7pp	15.5%-13.7pp	29.3%+23.6pp	5.6%+12.0pp	-6.3%-20.5pp	14.2%+14.1pp	0.1%

Note: The current ratio is below 1.0 (0.71), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

What is Meridian Holdings Inc's annual revenue?

Meridian Holdings Inc (MRDN) reported $151.1M in total revenue for fiscal year 2024. This represents a 62.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Meridian Holdings Inc's revenue growing?

Meridian Holdings Inc (MRDN) revenue grew by 62.5% year-over-year, from $93.0M to $151.1M in fiscal year 2024.

Is Meridian Holdings Inc profitable?

No, Meridian Holdings Inc (MRDN) reported a net income of -$1.5M in fiscal year 2024, with a net profit margin of -1.0%.

What is Meridian Holdings Inc's earnings per share (EPS)?

Meridian Holdings Inc (MRDN) reported diluted earnings per share of $0.05 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Meridian Holdings Inc's EBITDA?

Meridian Holdings Inc (MRDN) had EBITDA of $3.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Meridian Holdings Inc have?

As of fiscal year 2024, Meridian Holdings Inc (MRDN) had $30.1M in cash and equivalents against $14.4M in long-term debt.

What is Meridian Holdings Inc's gross margin?

Meridian Holdings Inc (MRDN) had a gross margin of 58.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Meridian Holdings Inc's operating margin?

Meridian Holdings Inc (MRDN) had an operating margin of 1.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Meridian Holdings Inc's net profit margin?

Meridian Holdings Inc (MRDN) had a net profit margin of -1.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Meridian Holdings Inc's free cash flow?

Meridian Holdings Inc (MRDN) generated $16.8M in free cash flow during fiscal year 2024. This represents a -6.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Meridian Holdings Inc's operating cash flow?

Meridian Holdings Inc (MRDN) generated $23.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Meridian Holdings Inc's total assets?

Meridian Holdings Inc (MRDN) had $213.7M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Meridian Holdings Inc's capital expenditures?

Meridian Holdings Inc (MRDN) invested $7.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Meridian Holdings Inc buy back shares?

Yes, Meridian Holdings Inc (MRDN) spent $123K on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Meridian Holdings Inc have outstanding?

Meridian Holdings Inc (MRDN) had 129M shares outstanding as of fiscal year 2024.

What is Meridian Holdings Inc's current ratio?

Meridian Holdings Inc (MRDN) had a current ratio of 0.71 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Meridian Holdings Inc's debt-to-equity ratio?

Meridian Holdings Inc (MRDN) had a debt-to-equity ratio of 0.14 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Meridian Holdings Inc's return on assets (ROA)?

Meridian Holdings Inc (MRDN) had a return on assets of -0.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Meridian Holdings Inc's Altman Z-Score?

Meridian Holdings Inc (MRDN) has an Altman Z-Score of 1.69, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Meridian Holdings Inc's Piotroski F-Score?

Meridian Holdings Inc (MRDN) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Meridian Holdings Inc's earnings high quality?

Meridian Holdings Inc (MRDN) has an earnings quality ratio of -16.16x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Meridian Holdings Inc cover its interest payments?

Meridian Holdings Inc (MRDN) has an interest coverage ratio of 0.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Meridian Holdings Inc?

Meridian Holdings Inc (MRDN) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.