Filing Flows › Meridian Holdings (MRDN) › Q3 2025
Meridian Holdings (MRDN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Meridian Holdings (MRDN) reported revenue of $47.3M for the third quarter 2025 (Q3 2025), +15% from a year earlier and +9% from the quarter before. Operating margin was -0.8%, net earnings $414K (0.9% of revenue).
Meridian Holdings, Q3 2025: revenue $47.3M (+15% year over year), operating margin -0.8%, net earnings $414K, operating cash flow $7.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $47.3M | +9% | +15% |
| Operating profit | −$388K | — | — |
| Net earnings | $414K | — | — |
| Operating cash flow | $7.0M | +196% | +48% |
| Free cash flow | $6.2M | — | +168% |
What changed
Revenue was $47.3M in Q3 2025, up 15% year over year and up 9% from the previous quarter.
Gross margin was 55.8%, up 1.1 points from a year earlier. Operating costs exceeded revenue by $388K, an operating margin of -0.8%. Operating expenses grew 15% against revenue growth of 15%. Net earnings were $566K ($414K including minority interests, which bore $152K of losses). The effective tax rate was 32.8%. Non-operating items added $1.0M, 163% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $7.0M (up 48% year over year), 1699% of net income including minority interests. Non-cash charges added back $4.0M of depreciation and amortization and $546K of share-based compensation. Working capital and other items added $2.1M. Capital expenditures of $850K left free cash flow of $6.2M.
Questions
What was Meridian Holdings' revenue in the third quarter 2025?
Meridian Holdings (MRDN) reported revenue of $47.3M for the third quarter 2025 (Q3 2025), +15% from a year earlier and +9% from the quarter before.
Was Meridian Holdings profitable in the third quarter 2025?
Operating loss was $388K (-0.8% of revenue) and net earnings $414K.
Source: Meridian Holdings 10-Q on SEC EDGAR.