For the twelve months ended Jun 30, 2026, Meridian Holdings Inc. reported $197.19M of revenue and -$84.04M of net income.
MRDN revenue was $50.19M in fiscal Q2 2026 (ended Jun 30, 2026), up 16.1% from a year earlier and up 0.2% from the prior quarter. For the full fiscal 2025 it was $182.86M, up 21.0% from fiscal 2024. Fiscal 2025 is the highest of the 11 fiscal years on file.
MRDN net income was $1.96M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$3.73M a year earlier and down 9.5% from the prior quarter. For the full fiscal 2025 it was -$91.98M, compared with -$1.41M in fiscal 2024.
MRDN diluted EPS was $0.17 in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$0.31 a year earlier and down 5.6% from the prior quarter. For the full fiscal 2025 it was -$7.76, compared with -$0.16 in fiscal 2024.
MRDN free cash flow was $6.45M in fiscal Q4 2025 (ended Dec 31, 2025), down 51.9% from a year earlier and up 4.3% from the prior quarter. For the full fiscal 2025 it was $19.17M, up 14.5% from fiscal 2024. Fiscal 2025 is the highest of the 5 fiscal years on file.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Oct 31, 2022 | Oct 31, 2021 | Jul 31, 2019 | Jul 31, 2018 | Jul 31, 2017 | Jul 31, 2016 | Jul 31, 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $182.86M | $151.12M | $92.99M | $36.03M | $11.29M | $452.8K | $0 | $120.0K | $20.0K | $0 |
| Cost of revenue | $79.41M | $62.54M | $24.75M | $26.87M | $7.01M | $22.0K | $72.0K | $50.0K | - | $0 |
| Gross profit | $103.46M | $88.57M | $68.24M | $9.16M | $4.28M | $2.86M | $843.8K | $70.0K | $20.0K | $0 |
| Research and development | $7.10M | $6.07M | - | $23.1K | - | $0 | $0 | - | - | - |
| Selling, general and admin | $199.63M | $85.83M | $54.48M | $6.13M | - | - | $186.0K | $385 | $261.7K | $1.86M |
| Operating income | -$96.17M | $2.74M | $13.76M | $192.5K | - | $1.81M | -$990.9K | -$250.4K | -$5.20M | -$2.04M |
| Interest expense | $4.58M | $3.52M | $36.2K | $0 | - | $45.4K | $162.0K | $413.7K | $4.55M | $803.1K |
| Pre-tax income | -$97.19M | $1.21M | $15.47M | $463.1K | - | - | - | - | - | -$2.62M |
| Income tax | -$5.21M | $2.62M | $1.57M | $419.0K | - | - | - | - | - | $0 |
| Net income | -$91.98M | -$1.41M | $13.70M | $44.0K | - | $1.77M | -$1.32M | $1.80M | -$10.01M | -$2.62M |
| EPS, basic | -$7.76 | -$0.16 | $0.16 | -$0.01 | - | $0.09 | -$0.17 | $0.04 | -$45.08 | -$0.00 |
| EPS, diluted | -$7.76 | -$0.16 | $0.16 | -$0.01 | - | $0.06 | -$0.17 | $0.00 | -$45.08 | -$0.00 |
| Diluted shares | 11.6M | 9.5M | 83.5M | 28.0M | - | 4.14B | 1.16B | 1.80B | 33.3M | 3.19B |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Oct 31, 2022 | Oct 31, 2021 | Jul 31, 2019 | Jul 31, 2018 | Jul 31, 2017 | Jul 31, 2016 | Jul 31, 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $18.08M | $30.13M | $20.41M | $14.95M | $16.80M | $1.73M | $446.6K | $25.2K | $2.3K | $0 |
| Receivables | $7.95M | $6.06M | $2.67M | $2.64M | $1.76M | $264.6K | $10.0K | $62.5K | $10.0K | - |
| Inventory | $5.52M | $3.94M | $133.9K | $1.15M | $0 | - | - | - | - | - |
| Current assets | $35.44M | $45.07M | $26.93M | $19.29M | $20.04M | $3.01M | $819.9K | $87.7K | $12.3K | $63.1K |
| Goodwill | $8.45M | $71.25M | - | $10.45M | $0 | - | - | - | - | - |
| Total assets | $118.08M | $213.72M | $79.85M | $32.57M | $20.46M | $3.01M | $819.9K | $87.7K | $12.3K | $148.1K |
| Current liabilities | $59.57M | $63.55M | $17.57M | $2.72M | $1.35M | $1.83M | $2.16M | $1.62M | $3.99M | $2.97M |
| Short-term debt | $10.58M | $16.79M | $0 | - | - | - | - | - | - | - |
| Long-term debt | $6.59M | $14.36M | $0 | - | - | - | - | - | $1.94M | $2.57M |
| Total debt | $17.17M | $31.15M | $0 | - | - | - | - | - | $1.94M | $2.57M |
| Total liabilities | $69.74M | $104.77M | $19.87M | $2.77M | $1.53M | $1.97M | $2.16M | $1.62M | $3.99M | $2.97M |
| Shareholders' equity | $46.55M | $108.95M | $59.99M | $29.80M | $18.93M | $1.03M | -$1.34M | -$1.54M | -$3.98M | -$2.82M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Oct 31, 2022 | Oct 31, 2021 | Jul 31, 2019 | Jul 31, 2018 | Jul 31, 2017 | Jul 31, 2016 | Jul 31, 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $25.36M | $23.92M | $23.69M | $2.77M | - | $1.45M | $302.7K | -$15.1K | $1.3K | -$2.01M |
| Capital expenditures | $6.18M | $7.16M | $5.74M | $36.8K | - | - | - | - | - | - |
| Free cash flow | $19.17M | $16.75M | $17.95M | $2.73M | - | - | - | - | - | - |
| Investing cash flow | -$22.00M | -$37.43M | -$13.07M | -$4.41M | - | $0 | $0 | - | - | $0 |
| Financing cash flow | -$19.40M | $27.71M | -$4.15M | $32.0K | - | -$167.4K | $118.7K | $38.0K | $1.0K | $2.01M |
| Dividends paid | $144.8K | $769.5K | $1.80M | - | - | - | - | - | - | - |
| Share repurchases | $3.00M | - | - | $0 | - | - | - | - | - | - |
| Stock-based compensation | $4.09M | $4.71M | - | $2.66M | - | $206.8K | $107.3K | - | - | - |
| Depreciation and amortization | - | $6.37M | $1.90M | $384.6K | - | - | $107.3K | $327.6K | $4.67M | $0 |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Oct 31, 2022 | Oct 31, 2021 | Jul 31, 2019 | Jul 31, 2018 | Jul 31, 2017 | Jul 31, 2016 | Jul 31, 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 21.0% | 62.5% | 158.1% | 219.3% | - | - | -100.0% | 500.0% | - | - |
| Net income growth, YoY | - | - | 31022.3% | - | - | - | - | - | - | - |
| Gross margin | 56.6% | 58.6% | 73.4% | 25.4% | 37.9% | 631.7% | - | 58.3% | 100.0% | - |
| Operating margin | -52.6% | 1.8% | 14.8% | 0.5% | - | 400.3% | - | -208.7% | -25981.8% | - |
| Net margin | -50.3% | -0.9% | 14.7% | 0.1% | - | 390.9% | - | 1500.9% | -50031.2% | - |
| Free cash flow margin | 10.5% | 11.1% | 19.3% | 7.6% | - | - | - | - | - | - |
| Return on equity | -197.6% | -1.3% | 22.8% | 0.1% | - | 171.3% | - | - | - | - |
| Return on assets | -77.9% | -0.7% | 17.2% | 0.1% | - | 58.9% | -160.8% | 2054.5% | -81378.0% | -1769.8% |
| Current ratio | 0.59 | 0.71 | 1.53 | 7.10 | 14.86 | 1.65 | 0.38 | 0.05 | 0.00 | 0.02 |
| Debt to equity | 0.37 | 0.29 | 0.00 | - | - | - | - | - | - | - |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $50.19M | $50.10M | $49.58M | $47.32M | $43.25M | $42.72M | $45.86M | $40.99M | $39.42M | $24.85M | $25.27M | $22.21M |
| Cost of revenue | $23.34M | $21.96M | $21.08M | $20.93M | $18.87M | $18.53M | $19.07M | $18.59M | $17.73M | $7.16M | $6.81M | $6.12M |
| Gross profit | $26.85M | $28.14M | $28.50M | $26.39M | $24.38M | $24.20M | $26.79M | $22.40M | $21.69M | $17.69M | $18.46M | $16.09M |
| Research and development | $1.29M | $228.8K | - | - | $1.15M | $0 | - | - | - | - | - | - |
| Selling, general and admin | $24.41M | $24.99M | $121.87M | $26.77M | $26.68M | $24.30M | $26.89M | $23.38M | $21.56M | $14.00M | $16.69M | $12.86M |
| Operating income | $2.44M | $3.16M | -$93.37M | -$387.6K | -$2.30M | -$106.0K | -$99.1K | -$976.4K | $125.1K | $3.69M | $1.77M | $3.23M |
| Interest expense | $300.2K | $353.7K | $1.12M | $510.6K | $1.48M | $1.47M | $2.69M | $790.2K | $32.5K | $4.4K | $4.2K | $4.0K |
| Pre-tax income | $2.58M | $2.86M | -$93.97M | $615.4K | -$3.24M | -$594.3K | -$2.13M | -$1.43M | $540.6K | $4.23M | $2.43M | $3.84M |
| Income tax | $623.1K | $696.1K | -$5.56M | $201.6K | $490.4K | -$336.1K | -$52.4K | $1.86M | $525.0K | $281.7K | $422.4K | $316.7K |
| Net income | $1.96M | $2.17M | -$88.73M | $566.0K | -$3.73M | -$258.2K | -$2.06M | -$3.41M | $64.9K | $3.99M | $1.99M | $3.48M |
| EPS, basic | $0.17 | $0.18 | - | $0.00 | -$0.31 | -$0.02 | - | -$0.03 | $0.00 | $0.05 | - | $0.04 |
| EPS, diluted | $0.17 | $0.18 | - | $0.00 | -$0.31 | -$0.02 | - | -$0.03 | $0.00 | $0.05 | - | $0.04 |
| Diluted shares | 12.8M | 12.8M | - | 142.8M | 11.5M | 11.0M | - | 121.5M | 128.5M | 83.5M | - | 83.5M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $17.32M | $16.23M | $18.08M | $22.04M | $22.14M | $29.66M | $30.13M | $38.40M | $32.83M | $21.63M | $20.41M | $16.34M |
| Receivables | $7.86M | $5.50M | $7.95M | $7.25M | $7.09M | $6.89M | $6.06M | $8.50M | $7.22M | - | $2.67M | - |
| Inventory | $4.64M | $4.86M | $5.52M | $5.68M | $4.76M | $4.88M | $3.94M | $4.41M | $3.34M | - | $133.9K | - |
| Current assets | $35.21M | $30.48M | $35.44M | $39.15M | $38.97M | $45.93M | $45.07M | $56.67M | $48.56M | - | $26.93M | - |
| Goodwill | $8.85M | $8.84M | $8.45M | $71.31M | $71.26M | $71.04M | $71.25M | $537.2K | - | - | - | - |
| Total assets | $115.13M | $111.87M | $118.08M | $209.78M | $210.27M | $213.95M | $213.72M | $213.49M | $191.54M | - | $79.85M | - |
| Current liabilities | $60.12M | $53.26M | $59.57M | $64.41M | $63.57M | $62.00M | $63.55M | $69.39M | $51.31M | - | $17.57M | - |
| Short-term debt | $9.98M | $8.03M | $10.58M | $10.89M | $11.18M | $15.08M | $16.79M | $17.49M | $6.03M | - | $0 | - |
| Long-term debt | $237.1K | $4.85M | $6.59M | $8.75M | $11.33M | $13.46M | $14.36M | $16.17M | $19.42M | - | $0 | - |
| Total debt | $10.22M | $12.89M | $17.17M | $19.64M | $22.51M | $28.54M | $31.15M | $33.66M | $25.45M | - | $0 | - |
| Total liabilities | $63.88M | $61.44M | $69.74M | $82.68M | $85.29M | $101.58M | $104.77M | $114.90M | $101.15M | - | $19.87M | - |
| Shareholders' equity | $49.75M | $50.43M | $46.55M | $123.54M | $124.98M | $112.38M | $108.95M | $98.59M | $90.39M | $61.36M | $59.99M | $56.22M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $7.80M | $5.16M | $8.21M | $7.03M | $2.38M | $7.74M | $16.60M | $4.76M | -$1.90M | $4.46M | $8.37M | $5.16M |
| Capital expenditures | - | - | $1.76M | $849.9K | $2.47M | $1.11M | $3.19M | $2.46M | $591.2K | $932.2K | $2.27M | $766.5K |
| Free cash flow | - | - | $6.45M | $6.18M | -$89.4K | $6.63M | $13.41M | $2.31M | -$2.50M | $3.53M | $6.10M | $4.40M |
| Investing cash flow | -$1.71M | -$2.47M | -$6.90M | -$3.20M | -$6.56M | -$5.34M | -$15.73M | -$10.52M | -$8.94M | -$2.25M | -$5.34M | -$2.31M |
| Financing cash flow | -$3.36M | -$4.57M | -$2.28M | -$2.82M | -$9.30M | -$5.00M | -$5.00M | $9.55M | $22.35M | $818.2K | -$1.09M | -$952.2K |
| Dividends paid | - | - | - | - | - | $0 | $0 | $0 | $0 | $769.5K | $379.8K | $1.42M |
| Share repurchases | - | - | -$104.90M | $0 | - | - | - | - | - | - | - | - |
| Stock-based compensation | -$97.3K | $248.1K | $1.09M | $546.4K | $1.42M | $1.04M | $1.45M | $1.61M | $1.64M | $0 | - | $0 |
| Depreciation and amortization | - | - | - | - | - | $2.15M | $2.06M | $1.96M | $1.91M | $442.3K | $540.6K | $420.8K |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 16.1% | 17.3% | 8.1% | 15.4% | 9.7% | 71.9% | 81.5% | 84.6% | 248.6% | 141.1% | 163.9% | 144.0% |
| Net income growth, YoY | - | - | - | - | - | - | - | - | - | - | - | 411.8% |
| Gross margin | 53.5% | 56.2% | 57.5% | 55.8% | 56.4% | 56.6% | 58.4% | 54.7% | 55.0% | 71.2% | 73.1% | 72.5% |
| Operating margin | 4.9% | 6.3% | -188.3% | -0.8% | -5.3% | -0.2% | -0.2% | -2.4% | 0.3% | 14.9% | 7.0% | 14.5% |
| Net margin | 3.9% | 4.3% | -179.0% | 1.2% | -8.6% | -0.6% | -4.5% | -8.3% | 0.2% | 16.1% | 7.9% | 15.7% |
| Free cash flow margin | - | - | 13.0% | 13.1% | -0.2% | 15.5% | 29.3% | 5.6% | -6.3% | 14.2% | 24.1% | 19.8% |
| Current ratio | 0.59 | 0.57 | 0.59 | 0.61 | 0.61 | 0.74 | 0.71 | 0.82 | 0.95 | - | 1.53 | - |
| Debt to equity | 0.21 | 0.26 | 0.37 | 0.16 | 0.18 | 0.25 | 0.29 | 0.34 | 0.28 | - | 0.00 | - |
Source: XBRL data Meridian Holdings Inc. files with the SEC, latest filing dated Jul 29, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| MRDN | $197.19M | +14.1% | -$84.04M | -42.6% | $104.0M |
| MSFT | $346.44B | +17.9% | $142.63B | 41.2% | $4.05T |
| PLTR | $7.29B | +87.1% | $3.67B | 50.3% | $407.69B |
| ORCL | $71.78B | +21.6% | $18.92B | 26.4% | $362.21B |
| SAP | €36.80B | +7.7% | €7.16B | 19.5% | $291.67B |
| CRWD | $5.40B | +24.3% | $58.46M | 1.1% | $234.05B |
| SHOP | $14.17B | +32.5% | $2.13B | 15.0% | $195.63B |
| CRM | $43.94B | +11.2% | $9.66B | 22.0% | $176.90B |
| NOW | $15.43B | +21.8% | $1.45B | 9.4% | $106.66B |