MERA — FY25 deep-dive: customer concentration is the question
Standardized read of MERA's FY25 disclosures, with the customer-concentration lens decomposed and each statement traced to filing.
Gate flags: Customer-X supplier disclosure used as inferential input — confidence: medium
What the FY25 10-K actually says
MERA reported $184.2M of revenue in FY25 versus $172.8M in FY24. Customer concentration is disclosed at 61% across the top-2 customers. Net cash position at year-end stood at $41M with no drawn credit facility.
Calculated metrics
EBITDA margin reconstructs to 21.4% from reported segment data. ROIC on a TTM basis comes to 18.7% using a tax-adjusted operating profit and a working-capital-inclusive invested capital base. Maintenance capex separates from growth capex at roughly 3% versus 7% of revenue when allocated by the company's own segment table.
Where opinion enters
The desk view: customer concentration is the dominant risk and the primary catalyst. If one of the two customers internalizes, the segment economics flatten meaningfully. If neither internalizes through 2026, the concentration narrative is overpriced.