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Meridian cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$1.4M in Q2 2026 · $18.6M over twelve months

Operating cash flow−$930K
Capital spending−$469K
Free cash flow−$1.4M
Cash / net income-0.2×

Analysis

In Q2 2026, Meridian generated −$930K of operating cash flow and spent $469K on capital projects, leaving free cash flow of −$1.4M. That is $11.3M more than in Q2 2025 (−$12.7M).

Over the twelve months to Jun 30, 2026, operating cash flow was $20.2M; the largest uses were other investing ($87.6M), dividends ($6.2M), net borrowing (+) / repaid (−) ($5.9M); besides operations, cash came from other financing ($65.9M), shares issued ($1.2M); the cash balance fell by $14.0M.

Operating cash flow was −$930K against net income of $5.8M — -0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: prepaid and other assets +$5.9M, other liabilities +$1.3M, stock-based pay +$118K.

Free cash flow

Meridian: free cash flow by quarterMeridian: free cash flow by quarter$33.0MQ3 2024−$1.1MQ4 2024$17.9MQ1 2025−$12.7MQ2 2025$24.0MQ3 2025−$6.6MQ4 2025$2.6MQ1 2026−$1.4MQ2 2026
Operating cash flow less capital spending.
Meridian: operating cash flow against capital spendingMeridian: operating cash flow against capital spendingOperating cash flowCapital spending$31.2M−$1.7MQ3 2024−$704K$346KQ4 2024$18.1M$259KQ1 2025−$12.0M$631KQ2 2025$24.4M$448KQ3 2025−$6.2M$394KQ4 2025$2.9M$227KQ1 2026−$930K$469KQ2 2026
Latest (Q2 2026): Operating cash flow −$930K, Capital spending $469K.

Capital allocation, year by year

Meridian: where the cash came from (up) and went (down), by fiscal yearMeridian: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $165MFY2021: Net borrowing −$65.5MFY2021: Shares issued $1.0MFY2021: Capital spending −$5.4MFY2021: Buybacks −$3.0MFY2021: Dividends −$9.7M$166MFY2021FY2022: Operating cash flow $84.7MFY2022: Net borrowing $80.7MFY2022: Shares issued $711KFY2022: Capital spending −$2.9MFY2022: Buybacks −$13.0MFY2022: Dividends −$10.9M$166MFY2022FY2023: Operating cash flow $18.9MFY2023: Net borrowing $52.8MFY2023: Shares issued $279KFY2023: Capital spending −$1.8MFY2023: Buybacks −$4.3MFY2023: Dividends −$5.6M$71.9MFY2023FY2024: Operating cash flow $9.6MFY2024: Net borrowing −$50.4MFY2024: Shares issued $442KFY2024: Capital spending −$568KFY2024: Dividends −$5.6M$10.0MFY2024FY2025: Operating cash flow $24.3MFY2025: Net borrowing $8.1MFY2025: Shares issued $8.3MFY2025: Asset sales $40KFY2025: Capital spending −$1.7MFY2025: Dividends −$5.7M$40.8MFY2025
Over these 5 years operating cash flow totalled $303M; the largest uses were net borrowing ($116M) and dividends ($37.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$40.0M
Debt$108M
Net debt$68.0M
Cash runway7.1 years

Meridian is burning cash: its operations consume cash, a free cash flow of −$5.6M a year at the current rate against $40.0M of cash and investments: a runway of about 7.1 years before any new financing.

Where the cash came from and went

Meridian: sources (+) and uses (−) of cash, Q2 2026Meridian: sources (+) and uses (−) of cash, Q2 2026Other financing$14.7MCash drawn (+) / kept (−)−$7.9MNet borrowing (+) / repaid (−)−$3.0MDividends−$1.7MOperating cash flow−$930KOther investing−$848KCapital spending−$469KShares issued$179K
Meridian: sources (+) and uses (−) of cash, TTM to Q2 2026Meridian: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing−$87.6MOther financing$65.9MOperating cash flow$20.2MCash drawn (+) / kept (−)$14.0MDividends−$6.2MNet borrowing (+) / repaid (−)−$5.9MCapital spending−$1.5MShares issued$1.2M

From profit to cash

Meridian: net income to operating cash flow, Q2 2026Meridian: net income to operating cash flow, Q2 2026Net income$5.8MStock-based pay$118KDeferred taxes−$32KPrepaid and other assets$5.9MOther liabilities$1.3MOperating cash flow−$930K
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$930K−$469K−$1.7M−$3.0M$179K−$7.9M−$1.4M
Q1 2026$2.9M−$227K−$1.7M$3.5M$617K$7.5M$2.6M
Q4 2025−$6.2M−$394K−$1.4M−$19.9M$4.8M$4.2M−$6.6M
Q3 2025$24.4M−$448K−$1.4M$13.5M$267K$10.2M$24.0M
Q2 2025−$12.0M−$631K−$1.4M$8.3M$114K$81.1M−$12.7M
Q1 2025$18.1M−$259K−$1.4M$6.2M$408K−$104M$17.9M
Q4 2024−$704K−$346K−$1.4M−$2.0M$95K$4.9M−$1.1M
Q3 2024$31.2M$1.7M−$1.4M−$42.4M$335K−$8.3M$33.0M

Meridian: income statement and cash flow

Meridian, Q2 2026: revenue $32.7M (+0.7% year over year), operating margin 22.9%. The chart follows the revenue to costs, profit and cash.

Meridian: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.