MRDN (MRDN) financial statements
MRDN reported revenue of $183M in fiscal 2025, up 125.8% a year over 9 years.
Net income was -$92M and the operating margin -52.6%, against -208.7% in 2017.
Free cash flow was $19M, and the company returned $144,782 in dividends and $3M in net buybacks.
The diluted share count fell 99% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MRDN's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2021 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $120,000 | $0 | $452,771 | $5M | $11M | $35M | $44M | $93M | $151M | $183M |
| Cost of revenue | $50,000 | $72,003 | $21,998 | $2M | $7M | $27M | $34M | $25M | $63M | $79M |
| Gross profit | $70,000 | $843,801 | $3M | $3M | $4M | $9M | $10M | $68M | $89M | $103M |
| Research and development | — | $0 | $0 | $47,558 | — | $23,092 | — | — | $6M | $7M |
| Selling, general and admin | $385 | $186,040 | — | $566,593 | — | $6M | $8M | $54M | $86M | $200M |
| Operating income | -$250,436 | -$990,947 | $2M | $399,325 | — | $192,492 | -$526,247 | $14M | $3M | -$96M |
| Interest expense | $413,655 | $162,041 | $45,350 | $11,852 | — | $0 | $12,400 | $36,163 | $4M | $5M |
| Pre-tax income | — | — | — | $398,080 | — | $463,077 | -$489,444 | $15M | $1M | -$97M |
| Income tax | — | — | — | $0 | — | $419,049 | $683,306 | $2M | $3M | -$5M |
| Net income | $2M | -$1M | $2M | $398,080 | — | $44,028 | -$1M | $14M | -$1M | -$92M |
| EPS (diluted) | $0.00 | -$0.17 | $0.06 | $0.01 | — | -$0.01 | -$0.03 | $0.16 | -$0.16 | -$7.76 |
| Diluted shares | 1.80B | 1.16B | 4.14B | 32M | — | 28M | 35M | 83M | 9M | 12M |
| Gross margin | 58.3% | — | 631.7% | 61.7% | 37.9% | 26.1% | 22.7% | 73.4% | 58.6% | 56.6% |
| Operating margin | -208.7% | — | 400.3% | 7.6% | — | 0.5% | -1.2% | 14.8% | 1.8% | -52.6% |
| Net margin | 1500.9% | — | 390.9% | 7.6% | — | 0.1% | -2.7% | 14.7% | -0.9% | -50.3% |
Balance sheet
Fiscal years, from MRDN's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2021 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $25,167 | $446,581 | $2M | $12M | $17M | $15M | $17M | $20M | $30M | $18M |
| Receivables | $62,500 | $10,005 | $264,558 | $1M | $2M | $3M | $4M | $3M | $6M | $8M |
| Inventory | — | — | — | $0 | $0 | $1M | $2M | $133,905 | $4M | $6M |
| Total current assets | $87,667 | $819,874 | $3M | $14M | $20M | $19M | $23M | $27M | $45M | $35M |
| Property, plant and equipment | — | — | — | $0 | $0 | $72,411 | $46,447 | $28M | $27M | $29M |
| Goodwill | — | — | — | — | $0 | $10M | $10M | — | $71M | $8M |
| Total assets | $87,667 | $819,874 | $3M | $14M | $20M | $33M | $36M | $80M | $214M | $118M |
| Total current liabilities | $2M | $2M | $2M | $552,610 | $1M | $3M | $4M | $18M | $64M | $60M |
| Long-term debt | — | — | — | — | — | — | — | $0 | $14M | $7M |
| Total liabilities | $2M | $2M | $2M | $552,610 | $2M | $3M | $4M | $20M | $105M | $70M |
| Shareholders' equity | -$2M | -$1M | $1M | $13M | $19M | $30M | $31M | $59M | $105M | $47M |
| Net debt | -$25,167 | -$446,581 | -$2M | -$12M | -$17M | -$15M | -$17M | -$20M | $1M | -$906,358 |
Cash flow
Fiscal years, from MRDN's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2021 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$15,129 | $302,716 | $1M | $2M | — | $3M | $2M | $24M | $24M | $25M |
| Capital spending | — | — | — | — | — | $36,755 | $12,465 | $6M | $7M | $6M |
| Free cash flow | — | — | — | — | — | $3M | $2M | $18M | $17M | $19M |
| Stock-based compensation | — | $107,300 | $206,842 | $2M | — | $3M | $2M | — | $5M | $4M |
| Dividends paid | — | — | — | — | — | — | — | $2M | $769,534 | $144,782 |
| Share buybacks (net) | — | — | — | — | — | $0 | -$32,322 | — | — | -$3M |
| Net borrowing | — | — | — | — | — | — | — | $0 | $22M | -$19M |
| Free cash flow margin | — | — | — | — | — | 7.8% | 5.0% | 19.3% | 11.1% | 10.5% |
| Dividends per share | — | — | — | — | — | — | — | $0.02 | $0.08 | $0.01 |
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Open MRDN in InvestinglyQuestions
What was MRDN's revenue in 2025?
$183M in fiscal 2025, from its 10-K filing.
How much free cash flow does MRDN generate?
$19M in fiscal 2025 (operating cash flow minus capital spending).
From MRDN's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.