Portfolio
Meridian Capital · Fund III — operating performance across the portfolio, ownership-weighted · 2026-05
Revenue
$28.4M
+3.2% MoM
EBITDA
$6.2M
+2.1% MoM
Cash
$142M
+1.4% MoM
Gross margin
49.7%
consolidated
Portfolio companies
8 companies · ownership-weighted · eliminations applied
| Company | Sector | Own% | Revenue | EBITDA | vs Plan | Gross margin | Runway | Alerts |
|---|---|---|---|---|---|---|---|---|
| Brightwave Energy | Energy | 80% | $3.9M | $0.6M | +0.8% | 30.0% | profitable | 0 |
| Northwind Logistics | Logistics | 100% | $3.1M | $0.5M | +1.2% | 34.0% | profitable | 0 |
| Meridian Cloud | Software | 100% | $2.6M | $0.7M | +4.1% | 74.0% | profitable | 0 |
| Tindel Retail | Retail | 85% | $2.4M | $0.4M | +0.5% | 42.0% | profitable | 0 |
| Helios Robotics | Industrial | 70% | $2.0M | $0.2M | -6.4% | 46.0% | profitable | 1 |
| Cobalt Payments | Fintech | 65% | $1.7M | $0.3M | +3.5% | 68.0% | profitable | 0 |
| Larkspur Health | Healthcare | 100% | $1.4M | $0.3M | +2.8% | 62.0% | profitable | 0 |
| Vega Analytics | Software | 90% | $0.9M | ($0.4M) | -12.0% | 71.0% | 4.5 mo | 2 |
Vega Analytics has 4.5 months of runway — below the 6-month threshold.
Net burn is running ~$2.2M/mo against $9.8M cash; the deal is marked at 0.7× (underwater). Flag for the investment committee before the board pack ships.