Filing Flows › Meridian Holdings (MRDN) › Q2 2025
Meridian Holdings (MRDN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Meridian Holdings (MRDN) reported revenue of $43.2M for the second quarter 2025 (Q2 2025), +10% from a year earlier and +1% from the quarter before. Operating margin was -5.3%, net loss $3.7M (8.6% of revenue).
Meridian Holdings, Q2 2025: revenue $43.2M (+10% year over year), operating margin -5.3%, net loss $3.7M, operating cash flow $2.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $43.2M | +1% | +10% |
| Operating profit | −$2.3M | — | — |
| Net earnings | −$3.7M | — | — |
| Operating cash flow | $2.4M | -69% | — |
What changed
Revenue was $43.2M in Q2 2025, up 10% year over year and up 1% from the previous quarter.
Gross margin was 56.4%, up 1.4 points from a year earlier. Operating costs exceeded revenue by $2.3M, an operating margin of -5.3%. Operating expenses grew 24% against revenue growth of 10%. The quarter ended with a net loss of $3.7M, wider than the previous quarter's $258K loss.
Operating cash flow was $2.4M. Non-cash charges added back $3.8M of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items added $884K. Capital expenditures of $2.5M exceeded it, leaving free cash flow of −$89K.
Questions
What was Meridian Holdings' revenue in the second quarter 2025?
Meridian Holdings (MRDN) reported revenue of $43.2M for the second quarter 2025 (Q2 2025), +10% from a year earlier and +1% from the quarter before.
Was Meridian Holdings profitable in the second quarter 2025?
Operating loss was $2.3M (-5.3% of revenue) and net loss $3.7M.
Source: Meridian Holdings 10-Q on SEC EDGAR.