Meridian Logistics
GL 2024-01 → 2025-12 · 2 entities · 384 rows
Revenue $41,260,000 · COGS $28,390,000 · gross profit $12,870,000 · opex $10,780,000 · D&A $1,440,000 · operating income $650,000. Against the prior twelve months, revenue added $6,410,000 and COGS added $5,600,000.
Findings
4 itemsthat don't hold together under a second look, 2 material.
Material
"Customer success salaries" is classified two ways
The same account is filed under COGS and Customer Success depending on the entity (Meridian Logistics — Canada → COGS; Meridian Logistics — US → Customer Success). Because this crosses the COGS line, the entities' gross margins are not comparable as reported, and consolidated margin depends on which treatment dominates. Pick one treatment and restate the other.
Account
Customer success salaries
Categories
COGS / Customer Success
BASIS · Same account_name under 2 account_category values across entities
Material
Contract Labor stepped up 3.2× at Q3 2025
Contract Labor ran about $62K a month, then moved to about $198K from 2025-07 and stayed there. A clean step at a period boundary usually means one new arrangement rather than gradual growth. No other labour category fell to offset it, so this reads as added capacity, not substitution.
BASIS · 3-month mean before vs after 2025-07 · 3.19× · sustained across 6 periods
Notable
Other grew +67% against revenue +18%
Other went from $980,000 to $1,640,000, an increase of $660,000. Revenue grew +18.4% over the same period. At 4.0% of total cost, this is the kind of gap that shows up as margin compression before anyone names the cause.
BASIS · Category growth +67.3% vs revenue +18.4% · threshold 2.5× · min $250K
Notable
4.0% of cost has no category
$1,640,000 is filed under "Other" — 4.0% of total cost with nothing behind it. Cost attribution can't explain what it can't see, and a buyer's diligence team will ask about this line before any other. Re-export with these accounts mapped to real categories.
BASIS · Sum of the "Other" account_category over trailing 12 months
These are the deterministic checks only. The AI review runs on real uploads, where it costs one model call per file rather than one per page view.
Cost attribution
| Category | Share of cost | Trailing 12 months | Prior 12 | Change |
|---|
| COGS | | $28,390,000 | $22,790,000 | $5,600,000 (+24.6%) |
| Payroll | | $4,640,000 | $4,290,000 | $350,000 (+8.2%) |
| Other | | $1,640,000 | $980,000 | $660,000 (+67.3%) |
| Contract Labor | | $1,560,000 | $600,000 | $960,000 (+160.0%) |
| Depreciation & Amortization | | $1,440,000 | $1,330,000 | $110,000 (+8.3%) |
| G&A | | $1,280,000 | $1,190,000 | $90,000 (+7.6%) |
| Marketing | | $950,000 | $875,000 | $75,000 (+8.6%) |
| Customer Success | | $710,000 | $640,000 | $70,000 (+10.9%) |
VisibilityCost attribution: category-level only.4.0% of cost is uncategorized ($1,640,000).Upload AP, expense & cards to see vendor level.
Margin by period
| Period | Revenue | COGS | Gross profit | Gross margin | Operating income |
|---|
| 2025-12 | $3,621,152 | $2,553,919 | $1,067,233 | 29.5% | -$80,435 |
| 2025-11 | $3,755,814 | $2,706,222 | $1,049,592 | 27.9% | -$89,047 |
| 2025-10 | $3,660,661 | $2,565,983 | $1,094,678 | 29.9% | -$29,886 |
| 2025-09 | $3,722,248 | $2,527,485 | $1,194,763 | 32.1% | $74,473 |
| 2025-08 | $3,551,781 | $2,389,275 | $1,162,506 | 32.7% | $71,294 |
| 2025-07 | $3,478,298 | $2,371,761 | $1,106,537 | 31.8% | $21,104 |
| 2025-06 | $3,462,005 | $2,423,461 | $1,038,544 | 30.0% | $92,313 |
| 2025-05 | $3,332,675 | $2,405,827 | $926,848 | 27.8% | -$13,735 |
| 2025-04 | $3,440,683 | $2,235,003 | $1,205,680 | 35.0% | $274,915 |
| 2025-03 | $3,331,707 | $2,157,031 | $1,174,676 | 35.3% | $279,850 |
| 2025-02 | $3,012,139 | $2,038,255 | $973,884 | 32.3% | $69,638 |
| 2025-01 | $2,890,837 | $2,015,778 | $875,059 | 30.3% | -$20,484 |
| 2024-12 | $3,047,648 | $2,065,007 | $982,641 | 32.2% | $97,784 |
| 2024-11 | $3,250,136 | $2,095,732 | $1,154,404 | 35.5% | $268,205 |
| 2024-10 | $3,199,202 | $2,127,932 | $1,071,270 | 33.5% | $194,460 |
| 2024-09 | $2,970,153 | $2,053,374 | $916,779 | 30.9% | $69,526 |
| 2024-08 | $2,984,999 | $1,895,438 | $1,089,561 | 36.5% | $260,186 |
| 2024-07 | $2,978,331 | $1,935,264 | $1,043,067 | 35.0% | $195,729 |
| 2024-06 | $2,906,675 | $1,925,773 | $980,902 | 33.7% | $157,641 |
| 2024-05 | $2,901,544 | $1,873,466 | $1,028,078 | 35.4% | $219,923 |
| 2024-04 | $2,844,151 | $1,791,127 | $1,053,024 | 37.0% | $268,293 |
| 2024-03 | $2,806,354 | $1,807,753 | $998,601 | 35.6% | $219,535 |
| 2024-02 | $2,486,357 | $1,633,842 | $852,515 | 34.3% | $75,604 |
| 2024-01 | $2,474,450 | $1,585,292 | $889,158 | 35.9% | $128,114 |
Every figure on this page is computed from the uploaded rows — nothing here is produced by a model. Where a model does contribute prose, in an AI-reviewed finding or in Fin's answers, every figure it writes is checked against these computed numbers first, and anything that can't be traced back is flagged rather than shown quietly.