NASDAQ · Financial Statements

Meridian Holdings Inc. (MRDN) Financial Statements

$10.35 NASDAQ: MRDN Market Cap $130.83M

Meridian Holdings Inc. most recently reported annual revenue of $183.0M, a net loss of $90.0M. Revenue grew at an average annual rate of 105.4% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Meridian Holdings Inc.: net profit was positive in 4 of 10 reported years; operating margin moved from -25981.8% to -2.0%, a shift of +25979.8 percentage points; the most recent year shows a net loss of $90.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$0$0$1.0M$3.0M$5.0M$60.0M$36.0M$93.0M$151.0M$183.0M
Operating Expenses$5.0M$0$2.0M$1.0M$5.0M$46.0M$36.0M$79.0M$147.0M$186.0M
Operating Profit$-5.0M$0$-1.0M$2.0M$0$14.0M$0$14.0M$4.0M$-4.0M
Operating Margin-25981.8%-208.7%-108.2%62.9%7.7%23.7%0.5%15.1%2.7%-2.0%
Other Income$-5.0M$2.0M$0$0$0$0$0$1.0M$-3.0M$-94.0M
Interest$5.0M$0$0$0$0$0$0$0$4.0M$5.0M
Depreciation$5.0M$0$0$0$0$4.0M$0$5.0M$11.0M$15.0M
Profit Before Tax$-10.0M$2.0M$-1.0M$2.0M$0$14.0M$0$15.0M$1.0M$-97.0M
Tax$0$0$0$0$0$8.6M$90.5M$10.2M$216.7M$5.4M
Net Profit$-10.0M$2.0M$-1.0M$2.0M$0$13.0M$0$14.0M$-1.0M$-90.0M
EPS$-81134.92$1.80$-2.05$0.83$0.15$0.32$-0.11$4.64$-0.16$-7.76
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$12.0M$12.0M$32.0M$39.0M$41.0M$46.0M$43.0M$43.0M$47.0M$50.0M$50.0M$50.0M
Operating Expenses$11.0M$12.0M$30.0M$39.0M$42.0M$46.0M$43.0M$46.0M$48.0M$50.0M$47.0M$48.0M
Operating Profit$1.0M$0$2.0M$0$-1.0M$0$0$-2.0M$0$-1.0M$3.0M$2.0M
Operating Margin10.1%2.4%5.9%0.3%-2.4%-0.2%-0.3%-5.3%-0.8%-1.7%6.3%4.9%
Interest$0$0$0$0$1.0M$3.0M$1.0M$1.0M$1.0M$1.0M$0$0
Profit Before Tax$1.0M$0$2.0M$1.0M$-1.0M$-2.0M$-1.0M$-3.0M$1.0M$-94.0M$3.0M$3.0M
Tax$33.3M$77.9M$16.9M$97.1M$-130.2M$2.5M$56.5M$-15.1M$32.8M$5.9M$24.3M$24.1M
Net Profit$1.0M$0$2.0M$0$-3.0M$-2.0M$0$-4.0M$1.0M$-87.0M$2.0M$2.0M
EPS$0.26$0.02$0.57$0.01$-0.34$-0.20$-0.02$-0.31$0.05$-6.85$0.18$0.17

Over the 10 years reported for Meridian Holdings Inc., borrowings increased from $2.0M in 2016 to $23.0M in 2025, cash stood at $18.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 0.58 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$0$0$1.0M$3.0M$14.0M$20.0M$33.0M$36.0M$214.0M$118.0M
Current Assets$0$0$1.0M$3.0M$14.0M$20.0M$19.0M$23.0M$45.0M$35.0M
Cash$0$0$0$2.0M$12.0M$17.0M$15.0M$17.0M$30.0M$18.0M
Inventory$0$0$0$0$0$0$1.0M$2.0M$4.0M$6.0M
Receivables$0$0$0$1.0M$2.0M$3.0M$3.0M$4.0M$10.0M$11.0M
Fixed Assets$0$0$0$0$0$0$0$0$35.0M$35.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$0$0$0$0$0$0$0$0$1.0M$4.0M
Other Assets$0$0$0$0$0$0$10.0M$10.0M$71.0M$8.0M
Total Liabilities$4.0M$2.0M$2.0M$2.0M$1.0M$2.0M$3.0M$4.0M$105.0M$70.0M
Current Liabilities$4.0M$2.0M$2.0M$2.0M$1.0M$1.0M$3.0M$4.0M$64.0M$60.0M
Borrowings$2.0M$1.0M$1.0M$1.0M$0$0$0$0$39.0M$23.0M
Other Liabilities$2.0M$1.0M$2.0M$1.0M$1.0M$1.0M$3.0M$4.0M$65.0M$46.0M
Equity$0$0$0$0$0$0$0$0$0$0
Reserves$-4.0M$-2.0M$-1.0M$1.0M$13.0M$19.0M$27.0M$31.0M$105.0M$47.0M

For Meridian Holdings Inc., operating cash flow was positive in 7 of 10 reported years; free cash flow in the latest year was $12.0M; free cash flow was positive in 7 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$0$0$0$1.0M$2.0M$21.0M$3.0M$24.0M$24.0M$25.0M
Investing Cash Flow$0$0$0$0$0$-16.0M$-5.0M$-26.0M$-59.0M$-36.0M
Financing Cash Flow$0$0$0$0$0$0$0$0$9.0M$0
Net Cash Flow$0$0$0$1.0M$10.0M$10.0M$-2.0M$7.0M$10.0M$-12.0M
Free Cash Flow$0$0$0$1.0M$2.0M$13.0M$3.0M$11.0M$2.0M$12.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.00
EV / EBITDA-2.06
FCF Yield18.43%
Quick Ratio0.51
Interest Coverage1.92
Return 1Y-32.03%
Return 3Y-46.12%
Return 5Y-84.74%

Meridian Holdings Inc. (MRDN) financials — frequently asked questions

What is Meridian Holdings Inc.'s annual revenue?

Meridian Holdings Inc. (MRDN) reported annual revenue of $183.0M in its most recent fiscal year.

What is Meridian Holdings Inc.'s net profit?

Meridian Holdings Inc. (MRDN) reported a net loss of $90.0M in its most recent fiscal year.

What is MRDN EV/EBITDA?

Meridian Holdings Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is -2.06. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.

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