Meridian Posts $182.9M Revenue, Cuts Debt 51% and Guides $50M Q1
Meridian reported record 2025 revenue of $182.9M, up 21%, while cutting total debt 51% to $34.7M and lowering net leverage under 1x adjusted EBITDA. Excluding a $91.8M non-cash impairment, adjusted net income was $3.4M and Q1 2026 revenue is guided at $50M (+17% YoY).
1. FY2025 Revenue and Balance Sheet Turnaround
Meridian delivered record full-year 2025 revenue of $182.9 million, up 21% year-over-year, alongside a 51% reduction in total debt to $34.7 million and net leverage falling below 1x adjusted EBITDA, signaling the end of its capital-intensive transition phase.
2. Impairment Charge and Adjusted Profitability
A $91.8 million non-cash impairment on goodwill and intangibles produced a GAAP net loss, but excluding this charge the company generated adjusted net income of $3.4 million (or $0.29 per share), substantially beating expectations.
3. Q1 2026 Guidance and Market Position
Management guides Q1 2026 revenue at $50 million, up 17% year-over-year, with adjusted EBITDA near $6.1 million, reflecting confidence in core segment momentum, user acquisition gains and improving unit economics.