meridian

1.

MERIDI
AN
Board Review · Q3 2025
Q3
2025
Board
Review
Meridian, Inc. — Confidential
"Building the revenue intelligence layer for
enterprise GTM teams."
October
2025
Q3 Board Review ·
0

2.

MERIDI
AN
Executive
Summary
Quarter at a Glance — Q3 2025
ARR
Net Revenue Retention
$18.4M
+$2.1M +13%
118%
New Logos
Gross Margin
24
74%
+6 vs Q2
+4pp QoQ
−1pp QoQ
What Went Well
▸ New ARR of $1.85M exceeded target by $250K; 24 new logos, best quarter since Q1
▸
NRR expanded to 118% (+4pp) driven by enterprise upsell; Enterprise cohort at
2024.
▸
CAC Payback improved to 14 months (−2 mo) on channel mix shift toward
131%.
▸
Burn Multiple at 1.4 (−0.2), well within board-approved threshold of <1.5.
partner/referral.
What Missed
▸ Expansion ARR of $620K missed $700K target; 2 enterprise expansions deferred to
▸
Gross margin compressed to 74% (−1pp) from infrastructure cost overrun (+6.5% vs
Q4.
▸
Sales headcount −2 vs plan; 6 AE reqs remain open, creating near-term pipeline risk.
budget).
CAC Payback
Pipeline Coverage
14 mo
3.8×
−2 mo QoQ
−0.4× QoQ
What's Next
Burn Multiple
Headcount
1.4
97
−0.2 QoQ
Q3 Board Review ·
▸ Q4 target: $20.8M ARR (+$2.4M); close 2 slipped enterprise deals as priority-1.
▸ Cloud cost optimization sprint targeting $180K savings; restore GM to 75%.
▸ Complete 14 hires by Q4 end; headcount to 111 to support 2026 plan.
+8 vs Q2
0

3.

MERIDI
AN
Reve
nue
ARR Bridge & MRR Movement
ARR Bridge ($K)
Component
MRR Movement ($K)
Q3 2025
Q2 2025
QoQ Change
Metric
Beginning ARR
$16,300
$14,600
+$1,700
New Business
+$1,850
+$1,560
Expansion
+$620
Contraction
Churn
Ending ARR
Jul
Aug
Sep
Q3 Total
New MRR
+145
+162
+155
+462
+$290
Expansion MRR
+48
+55
+58
+161
+$580
+$40
Contraction MRR
(14)
(12)
(17)
(43)
($180)
($140)
($40)
Churn MRR
(16)
(18)
(21)
(55)
($190)
($300)
+$110
Net New MRR
+163
+187
+175
+525
$18,400
$16,300
+$2,100
ARR Cross-Check: Q3 Net New MRR × 12 = $525K × 12 = $6.3M implied annual; ARR delta = $18.4M −
NRR by Segment
Segment
Q3 NRR
Q2 NRR
$16.3M = $2.1M ✓ (MRR bridge reflects in-quarter bookings, not annualized run-rate.)
QoQ
Enterprise (>$100K ACV)
131%
127%
+4pp
Jul Net MRR
Aug Net MRR
Sep Net MRR
Mid-Market ($25–100K)
121%
116%
+5pp
+$163K
+$187K
+$175K
SMB (<$25K)
94%
97%
−3pp
Overall Blended
118%
114%
+4pp
Q3 Board Review ·
0

4.

MERIDI
AN
Retenti
on
Monthly
Revenue Cohort Retention
% of Cohort MRR Remaining · Jan 2024 – Oct 2024 Cohorts
Cohort
MRR ($K)
M0
M1
M2
M3
M4
M5
M6
M7
M8
M9
M10
M11
M12
Jan 2024
82
100%
98%
96%
95%
95%
93%
92%
91%
90%
89%
88%
88%
87%
Feb 2024
91
100%
97%
95%
94%
93%
92%
91%
91%
90%
89%
88%
87%
—
Mar 2024
74
100%
98%
97%
96%
95%
94%
93%
92%
91%
90%
89%
—
—
Apr 2024
108
100%
99%
97%
96%
95%
95%
94%
93%
92%
91%
—
—
—
May 2024
96
100%
98%
97%
95%
94%
93%
93%
92%
91%
—
—
—
—
Jun 2024
115
100%
99%
98%
97%
96%
95%
94%
93%
—
—
—
—
—
Jul 2024
128
100%
98%
97%
96%
95%
95%
94%
—
—
—
—
—
—
Aug 2024
102
100%
99%
97%
96%
95%
94%
—
—
—
—
—
—
—
Sep 2024
139
100%
98%
97%
96%
95%
—
—
—
—
—
—
—
—
Oct 2024
147
100%
99%
98%
97%
—
—
—
—
—
—
—
—
—
LE
GE
ND:
Q3 Board Review ·
0

5.

MERIDI
AN
Unit
Economics
Unit Economics Dashboard — Q3 2025
Blended CAC
LTV (5-yr)
LTV : CAC
CAC Payback
$18,400
Q2: $19,800 ▼ $1,400 Target: <$18K ⚠ Near
$72,600
Q2: $68,200 ▲ $4,400 Target: >$70K ✓ On
3.9×
Q2: 3.4× ▲ 0.5× Target: >3.5× ✓ On
14
mo
Q2: 16 mo ▼ 2 mo Target: <15 mo ✓ On
Gross Margin
Magic Number
Rule of 40
Burn Multiple
74%
Q2: 75% ▼ 1pp Target: 75%+ ⚠ Miss
0.82
Q2: 0.74 ▲ 0.08 Target: >0.75 ✓ On
47
Q2: 41 ▲ 6pts Target: >40 ✓ On
1.4
Q2: 1.6 ▼ 0.2 Target: <1.5 ✓ On
CAC by Acquisition Channel — Q3 2025 (Last-Touch Attribution)
Channel
Leads
Opps
Customers
CAC ($)
% of Spend
Outbound SDR
420
84
9
$22,100
31%
Inbound / SEO
680
102
7
$11,400
24%
Events / Field
95
28
4
$29,600
22%
Partner / Referral
210
63
6
$8,200
18%
Paid Digital
310
47
3
$19,800
14%
Blended
1,715
324
24*
$18,400
100%
* Last-touch customers = 29 pre-overlap adjustment; 24 net new logos reflect de-duplication. Blended CAC uses fully-loaded S&M cost base.
Q3 Board Review ·
0

6.

MERIDI
AN
S
al
es
Q3 Closing Pipeline & Stage Conversion
Pipeline Funnel — Active Deals
Stage
# Deals
Total Value ($K)
Avg Deal ($K)
Stage Conv.
Q3 Bookings vs. Target
Wgtd Value ($K)
New ARR
Discovery
48
4,320
90
22%
950
Demo / Eval
31
3,720
120
38%
1,414
Proposal
19
3,420
180
52%
1,778
Negotiation
11
2,640
240
71%
1,874
Commit
6
1,560
260
88%
1,373
Sales Win Rate
115
15,660
136
—
7,389
24%
Total Pipeline
Q4 ARR
Target
Weighted
Pipeline
$4.1
$7.4
Pipeline
M by SegmentM
Segment
Coverage
Ratio
Target
$1,600K
$700K
$2,300K
Actual
$1,850K
$620K
$2,470K
vs. Target
+$250K
−$80K
+$170K
+2pp QoQ
52 days
Value ($K)
Avg ACV ($K)
Avg Cycle (days)
−4 days
Avg New Logo ACV
Enterprise (>$100K)
18
6,840
380
94
Mid-Market ($25–100K)
52
5,980
115
47
$77K
SMB (<$25K)
45
2,840
63
22
Pipeline Coverage vs Q4
Total
115
15,660
136
48
Q3 Board Review ·
Total ARR
Avg Time to Close
3.8×
# Deals
Expansion ARR
3.8×
+$8K QoQ
−0.4× vs Q3
0

7.

MERIDI
AN
Fina
nce
Q3 Operating Expenditure — Budget vs. Actual
Department
Q3 Budget ($K)
Q3 Actual ($K)
Variance ($K)
Var %
YTD Budget ($K)
YTD Actual ($K)
YTD Var ($K)
R&D / Engineering
1,840
1,920
(80)
−4.3%
5,280
5,410
(130)
Sales (Quota-Carrying)
1,240
1,190
+50
+4.0%
3,680
3,620
+60
Marketing
680
720
(40)
−5.9%
2,040
2,110
(70)
Customer Success
520
498
+22
+4.2%
1,560
1,504
+56
G&A
380
362
+18
+4.7%
1,120
1,091
+29
Total OpEx
4,660
4,690
(30)
−0.6%
13,680
13,735
(55)
COGS
1,020
1,086
(66)
−6.5%
2,940
3,041
(101)
Total Spend
5,680
5,776
(96)
−1.7%
16,620
16,776
(156)
( ) = over budget · + = under budget (favorable) · COGS overrun driven primarily by cloud infrastructure (AWS); optimization sprint targeting $180K savings in Q4.
Q3 Total Spend
Q3 Gross Margin
YTD Total Spend
Burn Multiple
$5.78M
−1pp vs. 75% target
74%
$156K over YTD budget
$16.78M
Within <1.5 target
$96K over budget
Q3 Board Review ·
1.4
0

8.

MERIDI
AN
People &
Org
Headcount — Q3 Actuals vs. Plan
Team
Q2 End
Hires (Q3)
Departures (Q3)
Q3 End (Actual)
Δ vs. Plan
Q3 Plan
Engineering
28
5
1
32
30
+2
Product
8
1
0
9
9
0
Sales (AEs + SDRs)
21
3
2
22
24
−2
Customer Success
12
2
0
14
14
0
Marketing
7
1
1
7
8
−1
G&A / Finance / Ops
13
0
0
13
13
0
Total
89
12
4
97
98
−1
Attrition Analysis — Q3 2025
Q4 Hiring Plan
Voluntary Departures
Involuntary
Open Reqs
Q4 End Target HC
3
16.5%
1
<15%
14
111
Annualized Attrition
Target Rate
Primary driver: 2 voluntary departures in Engineering. Compensation review scheduled Nov 2025;
Priority roles:
6 × Account Executive 4 × Engineer 2 × CSM 2 × Marketing
Incremental Q4 cost: ~$1.2M (board approval requested — see Slide 12).
retention equity grants proposed.
Q3 Board Review ·
0

9.

MERIDI
AN
Performan
ce
Q3 KPI Scorecard
Annual Recurring Revenue
Net Revenue Retention
Gross Margin
Gross Logo Churn
MQL Volume
$18.4M
118%
74%
8.2%
1,715
+13% QoQ ● On Target
+4pp QoQ ● On Target
−1pp QoQ ● Watch
−0.6pp QoQ ● Improving
+22% QoQ ● On Target
Avg New Logo ACV
Sales Win Rate
Time to Close
CS CSAT Score
Support Ticket Backlog
$77K
24%
52 days
4.4 / 5
38
+$8K QoQ ● Above Target
+2pp QoQ ● On Target
−4 days QoQ ● On Target
+0.2 QoQ ● Above Target
+12 QoQ ● Off Target
Q3 Scorecard: 8 of 10 KPIs on
target or beating plan.
Q3 Board Review ·
● On/Above Target (8) ● Watch (1)
● Off Target (1)
0

10.

MERIDI
AN
Prod
uct
Product Usage & Engagement — Q3 2025
3,840
Monthly Active Users
38%
DAU / MAU Ratio
71%
Core Feature Adoption
4.2
Sessions / User / Week
3.8
Data Integrations / Acct
24.1M
API Calls / Month
+18% QoQ
+4pp QoQ
+6pp QoQ
+0.6 QoQ
+0.4 QoQ
+31% QoQ
Top 5 Support Issues — Q3
Feature Adoption by Customer Tier
Feature
ENT
Mid-Market
SMB
Overall
Issue
# Tickets
TTFR (h)
TTR (h)
Trend
Pipeline Intelligence
94%
82%
61%
79%
CRM Sync Errors
42
1.2
6.4
▲
Forecast AI
88%
64%
31%
61%
Forecast Accuracy Qs
31
2.1
4.8
▼
CRM Sync (2-way)
100%
91%
74%
88%
SSO / Login Issues
28
0.8
2.1
—
Alert & Anomaly Engine
72%
55%
28%
52%
Export / API Timeouts
24
1.4
8.2
▲
Custom Dashboards
81%
62%
39%
60%
Onboarding / Setup
19
3.2
5.6
▼
Action: CRM Sync fix targeted for Oct 15 release. API Timeout root cause: infra
scaling event — mitigated via caching layer. Onboarding trend improving with new
in-app guides shipped Sep 3.
Q3 Board Review ·
1

11.

MERIDI
AN
R
i
s
k
#
Risk / Issue
Category
Owner
Likelihood
Impact
1
2 enterprise deals (>$800K combined) slipping to Q4
Revenue
CRO
High
High