Investor Update — Q4
Meridian Software · January 2026
The Quarter in Four Numbers
ARR
$9.6M
+61%
vs $6.0M FY24
Customers
1,840
+520
vs 1,320 FY24
Net retention
127%
+9 pts
vs 118% FY24
CAC payback
14 mo
-5 mo
vs 19 mo FY24
ARR Trajectory
FY25FY24
What Changed
Self-serve now opens 41% of new accounts.
Enterprise tier launched in October, 22 signed.
Support headcount flat while tickets fell 12%.
What We Need From You
Two introductions to heads of data platform at Series C companies. That channel closed at 3x the rate of outbound this quarter and we have capacity for six more pilots.
Against the FY25 Plan
ARR target107%
Enterprise logos73%
Gross margin goal94%
Phase II Readout — RVX-311
Moderate-to-severe eczema · 312 patients · 16 weeks
The Primary Endpoint
EASI-75 at week 16
68%
+29 pts
vs 39% on placebo
Primary endpoint
p<0.001
Powered at 90%
Patients randomised
312
3 arms, 24 sites
Discontinued
4.1%
-2.3 pts
vs 6.4% on placebo
Response Over Time
RVX-311 300mgPlacebo
What the Data Says
Separation from placebo is clear by week 4 and widens to week 16.
No serious adverse events attributed to study drug.
Effect holds in the 94 patients who failed a biologic before.
Secondary Endpoints, Baseline to Week 16
BaselineWeek 16
Peak itch (NRS)2.6 score-4.8
Sleep loss (NRS)2.2 score-3.9
Quality of life (DLQI)4.9 score-9.9
Affected body area (%)12 score-29
The compound cleared its primary endpoint with room to spare. The decision in front of the board is Phase III design, not whether to continue.
Brand Architecture — Meridian
Positioning review · Marketing leadership
The Hierarchy
Purpose
Make complex operations legible.
Positioning
The operations layer for mid-market logistics.
Proof
Three integrations, one dashboard, no consultants.
Personality
Plain, precise, never breathless.
Product Naming
Meridian
Meridian Core
The platform. Always named in full.
Meridian Freight
Vertical module, never standalone.
Meridian Labs
Beta work, sub-brand only.
How We Talk Now vs Then
Retire
"Revolutionary logistics OS"
"AI-first" in every headline
Nine product names
Adopt
"The operations layer"
Capability before technology
One brand, three modules
Rollout
Website and deck
March. Highest visibility, lowest cost.
Product UI
April, with the 3.0 release.
Contracts and invoices
June, at renewal cycle.
From the Research
I could not tell you what they sell. I could tell you they were confident about it.
B
Buyer interview
14 of 22 said something similar
The One Rule
Say the capability before the technology. Every headline that leads with AI tested worse than the same claim led by what it does.
Hotel Portfolio — Season Review
Ferncastle Collection · five properties · May to September 2026
The Season in Three Lines
Occupancy (%)81%
Average nightly rate (£)£152
Revenue per available room (£)£125
Revenue per Room, by House
1Harbour House£173
2Ferncastle Bay£152
3Old Custom House£128
4Ferncastle Moor£105
5Harrowgate Lodge£67
Two Things the Rate Does Not Show
Restaurant covers a night
Cancellations
Where Next Season's £1.2M Goes
High priorityTake Harrowgate Lodge out of the room business
It made £67 a room against £125 across the group and trailed every month from May. Twenty-two rooms, a kitchen that seats ninety and a car park an hour inland: it sells weddings better than it sells nights.
Investment: £740kPayback: 3.1 yearsOwner: Development
Medium priorityHold the September rate instead of discounting it
September was the only month occupancy fell under 80%, and cancellations went back up to 7.9% as the discounts went out. A held rate with a two-night minimum held both at Harbour House last year.
Investment: £460kPayback: 2.4 yearsOwner: Revenue
Three houses carried the season. The other two returned less than they cost to keep open, and that is the decision in front of the board.