Meridian Holdings Inc./NV financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Meridian Holdings Inc./NV files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2024	FY2025
Revenue	0.12	0	0.45	5.22	11.3	36	44.2	93	151	183
Cost of revenue	0.05	0.07	0.02	2	7.01	26.9	34.3	24.8	62.5	79.4
Gross profit	0.07	0.84	2.86	3.22	4.28	9.16	9.87	68.2	88.6	103
Research and development		0	0	0.05		0.02			6.07	7.1
Selling, general and administrative								54.5	85.8	200
General and administrative	0	0.19		0.57		6.13	8.43
Operating expenses	0.32	1.83	1.05	2.82		8.97	10.4			24
Operating income	-0.25	-0.99	1.81	0.4		0.19	-0.53	13.8	2.74	-96.2
Interest expense	0.41	0.16	0.05	0.01		0	0.01	0.04	3.52	4.58
Interest income						0.01	0.06	0.1	0.22	0.24
Other non-operating income	2.05	-0.33	-0.04	-0		0.27	0.04	1.71	-1.54	-1.02
Pre-tax income				0.4		0.46	-0.49	15.5	1.21	-97.2
Income tax				0		0.42	0.68	1.57	2.62	-5.21
Income from continuing operations									22.2
Net income to minority interests				0		0.29	0	0.19	0.07	-2.08
Net income	1.8	-1.32	1.77	0.4		0.04	-1.17	13.7	-1.41	-92
EBITDA	0.08	-0.88		0.4		0.58	-0.09	15.7	9.12	-90.2
EPS, basic	0.64	-2.72	1.44	0.32		-0.16	-0.48	2.56	-0.16	-7.76
EPS, diluted	0.00	-2.72	0.96	0.16		-0.16	-0.48	2.56	-0.16	-7.76
Shares, basic (weighted)	3.11	0.48	1.17	1.25		1.75	2.21	5.22	9.46	11.6
Shares, diluted (weighted)	113	72.5	259	1.97		1.75	2.21	5.22	9.46	11.6

Balance sheet

	FY2017	FY2018	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2024	FY2025
Cash and equivalents	0.03	0.45	1.73	11.7	16.8	14.9	17.1	20.4	30.1	18.1
Receivables	0.06	0.01	0.26	1.04	1.76	2.64	3.55	2.67	6.06	7.95
Inventory				0	0	1.15	1.71	0.13	3.94	5.52
Other current assets		0		0.41	0.11	0.08	0.1	1.99	2.58	2.17
Total current assets	0.09	0.82	3.01	13.8	20	19.3	22.9	26.9	45.1	35.4
Property, plant and equipment				0	0	0.07	0.05	27.8	27.4	29
Lease right-of-use assets				0	0.28	0.15	0.06	4.15	7.64	6.3
Goodwill					0	10.5	10.4		71.2	8.45
Intangible assets					0.14	2.61	2.25	15.1	56.4	26.5
Long-term investments									0	2
Other non-current assets								0.02	0.01	2.5
Total assets	0.09	0.82	3.01	13.8	20.5	32.6	35.6	79.9	214	118
Accounts payable	0.02	0.01	0.04	0.08	1.07	1.39	2.85	11.3	12.9	20.6
Deferred revenue					0	0.18	0.11	0	1.1	1.11
Short-term debt			1.03	0				0	16.8	10.6
Total current liabilities	1.62	2.16	1.83	0.55	1.35	2.72	4.48	17.6	63.6	59.6
Long-term debt			0.15					0	14.4	6.59
Lease liabilities				0	0.18	0.06	0	1.8	5.19	3.56
Other non-current liabilities								0.5	6.66	0.02
Total liabilities	1.62	2.16	1.97	0.55	1.53	2.77	4.48	19.9	105	69.7
Total debt								0	31.2	17.2
Paid-in capital	25.4	26.8	27.4	38.3	43.4	51.7	57	3.04	50.3	82.9
Retained earnings	-26.9	-28.2	-26.4	-25.1	-24.4	-24.7	-25.8	59.3	57	-33.1
Treasury stock						0	-0.03	0	-0.12	-0.24
Other comprehensive income	-0	-0	-0	-0	-0	-0.21	-0.07	-3.31	-8.09	-3.75
Shareholders' equity	-1.54	-1.34	1.03	13.3	18.9	29.8	31.1	59	105	46.5
Minority interests					0	3	0	0.95	3.88	1.79
Total equity	-1.54	-1.34	1.03	13.3	18.9	29.8	31.1	60	109	48.3
Total liabilities and equity	0.09	0.82	3.01	13.8	20.5	32.6	35.6	79.9	214	118
Shares outstanding	8.82	164	178	1.42	27.2	1.76	2.26	5.22	10.8	12.6

Cash flow statement

	FY2017	FY2018	FY2019	FY2021	FY2022	FY2023	FY2024	FY2024	FY2025
Net income	1.8	-1.32	1.77	0.4	-0.04	1.17	13.9	-1.41	-92
Depreciation and amortization	0.33	0.11		0	0.38	0.44	1.9	6.37	5.98
Stock-based compensation		0.11	0.21	1.91	2.66	2.18		4.71	4.09
Deferred income tax							0.09	-0.73	-7.3
Change in receivables	0.05	0.01	0.42	0.25	-0.92	-3.12		-0.75	-2.61
Change in inventory				0	-0.42	-0.51		-0.96	-1.28
Change in payables	-0.01	-0.01	0.03	0.56	0.39	3.67	3.62	4.34	7.69
Cash from operations	-0.02	0.3	1.45	1.88	2.77	2.21	23.7	23.9	25.4
Capital expenditures					-0.04	-0.01	-5.74	-7.16	-6.18
Acquisitions					-4.02	0
Cash from investing		0	0	0	-4.41	-0.1	-13.1	-37.4	-22
Debt issued							0	26	2.15
Debt repaid							0	-3.68	-21.5
Stock issued		0.12	0	8.47	0	0	0	0.03	0
Share buybacks					0	-0.03	0	-0.12	-3
Dividends paid							-1.8	-0.77	-0.14
Cash from financing	0.04	0.12	-0.17	7.97	0.03	-0.03	-4.15	27.7	-19.4
Exchange rate effect		0	0	-0	-0.25	0.07	0.83	-4.47	4
Net change in cash	0.02	0.42	1.28	9.85	-1.85	2.15	7.3	9.72	-12
Free cash flow					2.73	2.19	17.9	16.8	19.2
Interest paid		0	0	0.04	0	0.01	0.04	1.35	1.79
Income taxes paid		0	0	0	0.55	0.53	1.99	3.92	4.03

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $13.36 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	56.5%	Gross profit / revenue.
Operating margin	-48.8%	Operating income / revenue.
EBITDA margin	-45.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-49.3%	Pre-tax income / revenue.
Net margin	-47.1%	Net income / revenue.
Operating cash flow margin	12.0%	Cash from operations / revenue.
Return on equity (ROE)	-183.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-80.1%	Net income / average total assets.
Return on invested capital (ROIC)	-161.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	105.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	3.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	21.0%	Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y	16.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y	-3,605.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-1,089.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	6.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	14.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-55.7%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-44.8%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	22.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.57x	Current assets / current liabilities.
Quick ratio	0.41x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.30x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.26x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	11.5%	Total debt / total assets.
Liabilities / assets	54.9%	Total liabilities / total assets.
Net debt	-$3.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-26.8x	Operating income / interest expense.
Working capital	-$22.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	31.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$13.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.70x	Revenue / average total assets.
Fixed asset turnover	6.95x	Revenue / average property, plant and equipment.
Inventory turnover	17.0x	Cost of revenue / average inventory.
Days inventory	21 days	365 x average inventory / cost of revenue.
Receivables turnover	34.6x	Revenue / average receivables.
Days sales outstanding	11 days	365 x average receivables / revenue.
Days payables	81 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-49 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$7.00	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$14.88	Revenue / diluted weighted shares.
Operating cash flow per share	$1.78	Cash from operations / diluted weighted shares.
Book value per share	$3.85	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.08	Tangible book value / shares outstanding.
Cash per share	$1.28	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$169.3M	Share price x shares outstanding.
Enterprise value	$165.9M	Market cap + total debt - cash - short-term investments.
P/S	0.89x	Market cap / revenue.
P/B	3.47x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	12.4x	Market cap / tangible book value, when positive.
P/OCF	7.43x	Market cap / cash from operations, when positive.
EV/Sales	0.87x	Enterprise value / revenue.
Earnings yield	-52.9%	Net income / market cap (the inverse of P/E).

What was Meridian Holdings Inc./NV's revenue in fiscal 2025?

Meridian Holdings Inc./NV reported revenue of $182.9M for fiscal 2025, 21% higher than the year before.

Was Meridian Holdings Inc./NV profitable in fiscal 2025?

No. It reported a net loss of $92.0M.

How much free cash flow did Meridian Holdings Inc./NV generate in fiscal 2025?

Cash from operations of $25.4M minus capital expenditures of $6.2M left free cash flow of $19.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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