Meridian Holdings Inc./NV MRDN
The information included in this Report on Form 10-K should be read in conjunction with the consolidated financial statements and related notes in "Item 8. Financial Statements and Supplemental Data" of this Report.
Our logo and some of our trademarks and tradenames are used in this Report. This Report also includes trademarks, tradenames and service marks that are the property of others. Solely for convenience, trademarks, tradenames, and service marks referred to in this Report may appear without the ®, ™ and SM symbols. References to our trademarks, tradenames and service marks are not intended to indicate in any way that we will not assert to the fullest extent under applicable law our rights or the rights of the applicable licensors if any, nor that respective owners to other intellectual property rights will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend the use or display of other companies' trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $182.9M | $151.1M | $93.0M | $35.2M | $11.3M | $5.2M | $452.8K | $0 | $120.0K | $20.0K |
| Cost of revenue | $79.4M | $62.5M | $24.8M | $26.9M | $7.0M | $2.0M | $22.0K | $72.0K | $50.0K | — |
| Gross profit | $103.5M | $88.6M | $68.2M | $9.2M | $4.3M | $3.2M | $2.9M | $843.8K | $70.0K | $20.0K |
| R&D | $7.1M | $6.1M | — | $23.1K | — | $47.6K | $0 | $0 | — | — |
| SG&A | $199.6M | $85.8M | $54.5M | $6.1M | — | $566.6K | — | $186.0K | $385 | $261.7K |
| Total operating expenses | $24.0M | — | $10.4M | $9.0M | — | $2.8M | $1.0M | $1.8M | $320.4K | $5.2M |
| Operating income | -$96.2M | $2.7M | $13.8M | $192.5K | — | $399.3K | $1.8M | -$990.9K | -$250.4K | -$5.2M |
| Interest expense | $4.6M | $3.5M | $36.2K | $0 | — | $11.9K | $45.4K | $162.0K | $413.7K | $4.6M |
| Pre-tax income | -$97.2M | $1.2M | $15.5M | $463.1K | — | $398.1K | — | — | — | — |
| Income tax | $5.2M | $2.6M | $1.6M | $419.0K | — | $0 | — | — | — | — |
| Net income | -$92.0M | -$1.4M | $13.7M | $44.0K | — | $398.1K | $1.8M | -$1.3M | $1.8M | -$10.0M |
| EPS, basic | -7.76 | -0.16 | 0.16 | -0.01 | — | 0.02 | 0.09 | -0.17 | 0.04 | -45.08 |
| EPS, diluted | -7.76 | -0.16 | 0.16 | -0.01 | — | 0.01 | 0.06 | -0.17 | 0.00 | -45.08 |
| Shares, diluted (wtd. avg.) | $11.6M | $9.5M | $83.5M | $28.0M | — | $31.6M | $18.8M | $7.7M | $1.80B | $222.0K |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $18.1M | $30.1M | $20.4M | $13.1M | $16.8M | $11.7M | $1.7M | $446.6K | $25.2K | $2.3K |
| Receivables | $8.0M | $6.1M | $2.7M | $2.6M | $1.8M | $1.0M | $791.3K | $10.0K | $62.5K | $10.0K |
| Inventory | $5.5M | $3.9M | $133.9K | $1.1M | $0 | — | — | — | — | — |
| Total current assets | $35.4M | $45.1M | $26.9M | $19.3M | $20.0M | $13.8M | $3.7M | $819.9K | $87.7K | $12.3K |
| Property, plant and equipment | $29.0M | $27.4M | $27.8M | $72.4K | $0 | — | — | — | — | — |
| Goodwill | $8.5M | $71.2M | $10.4M | $10.5M | $0 | — | — | — | — | — |
| Other intangibles | $26.5M | $56.4M | $15.1M | $2.6M | $135.3K | — | — | — | — | — |
| Total assets | $118.1M | $213.7M | $79.9M | $32.6M | $20.5M | $13.8M | $3.7M | $819.9K | $87.7K | $12.3K |
| Accounts payable | $20.6M | $12.9M | $11.3M | $1.4M | $1.1M | $78.9K | $25.6K | $14.4K | $21.1K | $36.0K |
| Short-term debt | $10.6M | $16.8M | $0 | — | — | — | — | — | — | — |
| Total current liabilities | $59.6M | $63.6M | $17.6M | $2.7M | $1.3M | $552.6K | $1.2M | $2.2M | $1.6M | $4.0M |
| Long-term debt | $6.6M | $14.4M | $0 | — | — | — | — | — | — | — |
| Total liabilities | $69.7M | $104.8M | $19.9M | $2.8M | $1.5M | $552.6K | $1.2M | $2.2M | $1.6M | $4.0M |
| Retained earnings | -$33.1M | $57.0M | $59.3M | -$24.7M | -$24.4M | -$25.1M | -$25.5M | -$28.2M | -$26.9M | -$28.7M |
| Total equity | $46.5M | $105.1M | $60.0M | $47.1M | $18.9M | $13.3M | $1.0M | -$1.3M | -$1.5M | -$4.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $25.4M | $23.9M | $23.7M | $2.8M | — | $1.9M | $1.5M | $302.7K | -$15.1K | $1.3K |
| Depreciation and amortisation | $6.0M | $4.4M | $3.5M | $22.8K | — | $0 | — | — | — | — |
| Stock-based compensation | $4.1M | $4.7M | $2.2M | $2.7M | — | $1.9M | $206.8K | $107.3K | — | — |
| Capital expenditure | $6.2M | $7.2M | $5.7M | $36.8K | — | — | — | — | — | — |
| Investing cash flow | -$22.0M | -$37.4M | -$13.1M | -$4.4M | — | $192 | $0 | $0 | — | — |
| Financing cash flow | -$19.4M | $27.7M | -$4.2M | $32.0K | — | $8.0M | -$167.4K | $118.7K | $38.0K | $1.0K |
| Dividends paid | $144.8K | $769.5K | $1.8M | — | — | — | — | — | — | — |
| Buybacks | $3.0M | — | $32.3K | $0 | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001477932-26-002676.
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