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    Merlin, Inc.

    Company overview

    Market capitalization
    $176.87M
    Employees
    —
    Latest publication
    2026-09-29
    About Merlin, Inc.

    Merlin, Inc., an aerospace and defense technology company, develops AI-powered autonomous flight software and systems for aircraft in the United States and New Zealand. The company provides an aircraft-agnostic, AI-powered software platform that enables autonomous flight for both legacy and next-generation airborne systems. Its main product, the Merlin Pilot, is an integrated hardware and software solution that manages navigation, communication with air traffic control, obstacle avoidance, and real-time decision-making using sensor technologies and natural language processing. The company supports both military and civil aviation programs, offering solutions for missions such as cargo transport and national security operations. It collaborates with partners and regulatory bodies to conduct flight trials and support the certification of autonomous flight systems. The company serves defense organizations, commercial aviation clients, government agencies, regulators, and air cargo operators. The company was founded in 2018 and is based in Boston, Massachusetts.

    Company website

    Financial statements

    Income Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USD
    Total Revenue2,194,000USD1,002,000USD———868,000USD862,000USD
    Cost Of Revenue2,090,000USD1,640,000USD———714,000USD1,810,000USD
    Gross Profit-119,000USD-638,000USD———154,000USD-948,000USD
    Research Development16,387,000USD14,090,000USD———6,679,000USD6,242,000USD
    Selling General Administrative15,576,000USD14,092,000USD———4,879,000USD4,706,000USD
    Selling And Marketing Expenses1,455,000USD—————416,000USD
    General And Administrative Expenses15,576,000USD——————
    Total Operating Expenses33,418,000USD26,374,000USD1,314,341USD2,615,816USD357,772USD12,272,000USD11,364,000USD
    Operating Income-33,537,000USD-27,012,000USD-1,314,341USD-2,615,816USD-357,772USD-11,404,000USD-12,312,000USD
    Total Other Income Expense Net-24,765,000USD-63,359,000USD2,513,432USD2,699,510USD2,666,615USD-15,000USD-777,000USD
    Interest Income1,447,000USD517,000USD———301,000USD458,000USD
    Interest Expense0USD9,000USD———1,614,000USD1,223,000USD
    Income Before Tax-58,302,000USD-90,371,000USD1,199,091USD83,694USD2,308,843USD-12,732,000USD-13,089,000USD
    Income Tax Expense125,000USD48,000USD————338,000USD
    Net Income-58,427,000USD-90,419,000USD1,199,091USD83,694USD2,308,843USD-12,733,000USD-13,427,000USD
    Net Income Applicable To Common Shares-127,499,000USD——————
    Unclassified Operating Expenses—-1,808,000USD1,314,341USD2,615,816USD———
    Net Interest Income—508,000USD———-1,313,000USD-765,000USD
    Tax Provision—48,000USD———1,000USD338,000USD
    Net Income From Continuing Ops—-90,419,000USD———-12,733,000USD-13,427,000USD
    Ebit—-90,362,000USD————-11,866,000USD
    Ebitda—-89,736,000USD-1,314,341USD-2,615,816USD-357,772USD—-11,294,000USD
    Depreciation And Amortization—626,000USD————572,000USD
    Reconciled Depreciation—626,000USD———564,000USD572,000USD
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Income Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USD
    Unclassified Operating Expenses4,527,197USD——
    Total Operating Expenses4,527,197USD46,754,000USD38,704,000USD
    Operating Income-4,527,197USD-54,025,000USD-38,436,000USD
    Income Before Tax6,008,347USD-54,902,000USD-35,757,000USD
    Net Income6,008,347USD-55,253,000USD-36,463,000USD
    Ebitda-4,527,197USD-50,441,000USD-33,656,000USD
    Total Other Income Expense Net10,535,544USD-877,000USD2,679,000USD
    Total Revenue—1,229,000USD1,003,000USD
    Cost Of Revenue—8,500,000USD735,000USD
    Gross Profit—-7,271,000USD268,000USD
    Research Development—27,146,000USD24,669,000USD
    Selling General Administrative—17,864,000USD12,855,000USD
    Selling And Marketing Expenses—1,744,000USD1,180,000USD
    Interest Income—2,005,000USD3,252,000USD
    Interest Expense—2,420,000USD304,000USD
    Net Interest Income—-415,000USD2,948,000USD
    Income Tax Expense—351,000USD706,000USD
    Tax Provision—351,000USD706,000USD
    Net Income From Continuing Ops—-55,253,000USD-36,463,000USD
    Ebit—-52,482,000USD-35,453,000USD
    Depreciation And Amortization—2,041,000USD1,797,000USD
    Reconciled Depreciation—2,041,000USD1,797,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ4 20242024-12-31 · USD
    Total Assets206,978,000USD145,376,000USD263,149,350USD87,813,000USD259,087,949USD49,194,000USD
    Cash And Equivalents183,550,000USD—————
    Cash And Short Term Investments183,871,000USD123,102,000USD703,596USD67,086,000USD1,753,240USD37,572,000USD
    Short Term Investments321,000USD325,000USD—329,000USD—377,000USD
    Total Current Assets191,017,000USD130,014,000USD913,610USD78,873,000USD1,982,719USD39,148,000USD
    Other Current Assets5,391,000USD5,570,000USD210,014USD8,367,000USD229,479USD1,040,000USD
    Total Liabilities144,410,000USD—————
    Total Current Liabilities13,023,000USD14,913,000USD3,329,932USD52,053,000USD1,221,317USD24,188,000USD
    Other Current Liabilities6,004,000USD—————
    Total Stockholder Equity-99,929,000USD-139,113,000USD251,069,418USD-531,414,000USD249,116,633USD-131,522,000USD
    Total Equity Including Noncontrolling Interest62,568,000USD—————
    Short Long Term Debt0USD——36,180,000USD—14,224,000USD
    Long Term Debt0USD——17,969,000USD—21,673,000USD
    Deferred Revenue42,000USD—————
    Net Receivables1,755,000USD1,342,000USD—3,420,000USD—536,000USD
    Property Plant Equipment Net13,284,000USD12,686,000USD—8,833,000USD—9,937,000USD
    Accounts Payable5,882,000USD6,855,000USD—2,029,000USD—1,294,000USD
    Short Term Debt940,000USD977,000USD—36,882,000USD—14,933,000USD
    Common Stock10,000USD8,000USD262,236,616USD1,000USD876USD1,000USD
    Retained Earnings-699,899,000USD-641,472,000USD-11,167,198USD-532,000,000USD-7,928,953USD-135,532,000USD
    Total Liab—284,489,000USD12,079,932USD619,227,000USD9,971,317USD180,716,000USD
    Other Current Liab—7,081,000USD3,329,932USD13,142,000USD1,221,317USD7,849,000USD
    Capital Stock—8,000USD—1,000USD—1,000USD
    Cash—122,777,000USD703,596USD66,757,000USD1,753,240USD37,195,000USD
    Net Debt—-120,358,000USD-703,596USD-11,457,000USD-1,753,240USD64,000USD
    Short Long Term Debt Total—2,419,000USD—55,300,000USD—37,259,000USD
    Property Plant Equipment Gross—18,297,000USD—13,577,000USD—13,532,000USD
    Common Stock Shares Outstanding—72,421,272shares33,758,333shares33,333,333shares33,333,333shares33,758,333shares
    Non Current Assets Total—15,362,000USD262,235,740USD8,940,000USD257,105,231USD10,046,000USD
    Non Current Liabilities Total—269,576,000USD8,750,000USD567,174,000USD8,750,000USD156,528,000USD
    Non Currrent Assets Other—2,676,000USD—107,000USD60,521USD109,000USD
    Net Working Capital—115,101,000USD—26,820,000USD—14,960,000USD
    Unclassified Non Current Liabilities—269,576,000USD8,750,000USD549,205,000USD8,750,000USD134,855,000USD
    Unclassified Equity—502,343,000USD——257,044,710USD4,008,000USD
    Unclassified Non Current Assets——262,235,740USD—257,044,710USD—
    Unclassified Current Liabilities———-36,180,000USD—-14,224,000USD
    Current Deferred Revenue—————112,000USD
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USD
    Total Assets263,149,350USD49,194,000USD62,415,000USD
    Other Current Assets210,014USD1,040,000USD1,599,000USD
    Total Liab12,079,932USD180,716,000USD140,489,000USD
    Total Stockholder Equity251,069,418USD-131,522,000USD-78,074,000USD
    Other Current Liab3,329,932USD7,849,000USD1,840,000USD
    Common Stock262,236,616USD1,000USD1,000USD
    Retained Earnings-11,167,198USD-135,532,000USD-80,279,000USD
    Cash703,596USD37,195,000USD50,485,000USD
    Cash And Short Term Investments703,596USD37,572,000USD51,033,000USD
    Total Current Assets913,610USD39,148,000USD52,653,000USD
    Total Current Liabilities3,329,932USD24,188,000USD4,768,000USD
    Net Debt-703,596USD64,000USD-46,673,000USD
    Common Stock Shares Outstanding33,758,333shares33,758,333shares33,758,333shares
    Non Current Assets Total262,235,740USD10,046,000USD9,762,000USD
    Non Current Liabilities Total8,750,000USD156,528,000USD135,721,000USD
    Unclassified Non Current Assets262,235,740USD——
    Unclassified Non Current Liabilities8,750,000USD134,855,000USD134,439,000USD
    Capital Stock—1,000USD1,000USD
    Current Deferred Revenue—112,000USD—
    Short Term Debt—14,933,000USD1,532,000USD
    Short Long Term Debt—14,224,000USD1,000,000USD
    Short Long Term Debt Total—37,259,000USD3,812,000USD
    Long Term Debt—21,673,000USD1,282,000USD
    Short Term Investments—377,000USD548,000USD
    Net Receivables—536,000USD21,000USD
    Accounts Payable—1,294,000USD1,396,000USD
    Property Plant Equipment Net—9,937,000USD9,628,000USD
    Property Plant Equipment Gross—13,532,000USD11,741,000USD
    Non Currrent Assets Other—109,000USD134,000USD
    Net Working Capital—14,960,000USD47,885,000USD
    Unclassified Current Liabilities—-14,224,000USD—
    Unclassified Equity—4,008,000USD2,203,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow YTD

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USD
    Depreciation1,129,000USD
    Stock Based Compensation5,903,000USD
    Change To Account Receivables-1,387,000USD
    Change To Liabilities7,178,000USD
    Change In Working Capital-742,000USD
    Operating Cash Flow-50,896,000USD
    Capital Expenditures-3,820,000USD
    Investing Cash Flow-3,820,000USD
    Net Debt Issuance-33,639,000USD
    Unclassified Financing Cash Flow215,132,000USD
    Financing Cash Flow181,493,000USD
    Change In Cash126,777,000USD
    End Cash Flow186,120,000USD
    SourceDisclosureDeterministicFinal

    Cash flow Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USD
    Net Income-90,419,000USD-12,733,000USD-13,427,000USD
    Depreciation626,000USD564,000USD572,000USD
    Stock Based Compensation1,938,000USD513,000USD458,000USD
    Other Non Cash Items64,177,000USD401,000USD-263,000USD
    Change To Account Receivables-974,000USD-32,000USD-185,000USD
    Change In Working Capital34,000USD-1,841,000USD-362,000USD
    Total Cash From Operating Activities-23,644,000USD-13,081,000USD-13,022,000USD
    Capital Expenditures-2,159,000USD-94,000USD-334,000USD
    Free Cash Flow-25,803,000USD-13,175,000USD-13,356,000USD
    Total Cashflows From Investing Activities-2,159,000USD—-218,000USD
    Net Borrowings-33,639,000USD-1,557,000USD9,573,000USD
    Total Cash From Financing Activities91,806,000USD-1,547,000USD9,580,000USD
    Issuance Of Capital Stock98,095,000USD0USD—
    Change In Cash66,003,000USD-14,707,000USD-3,660,000USD
    Begin Period Cash Flow59,343,000USD37,195,000USD40,855,000USD
    End Period Cash Flow125,346,000USD22,488,000USD37,195,000USD
    Other Cashflows From Financing Activities50,734,000USD—7,000USD
    Unclassified Financing Cash Flow-23,384,000USD——
    Investments——116,000USD
    Other Cashflows From Investing Activities——116,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20242024-12-31 · USDFY 20232023-12-31 · USD
    Net Income-55,253,000USD-36,463,000USD
    Depreciation2,041,000USD1,797,000USD
    Stock Based Compensation1,739,000USD1,806,000USD
    Other Non Cash Items6,621,000USD-5,000USD
    Change To Account Receivables-511,000USD-17,000USD
    Change In Working Capital-685,000USD1,169,000USD
    Total Cash From Operating Activities-45,537,000USD-31,696,000USD
    Capital Expenditures-1,904,000USD-4,844,000USD
    Free Cash Flow-47,441,000USD-36,540,000USD
    Investments211,000USD-34,000USD
    Total Cashflows From Investing Activities-1,693,000USD-4,868,000USD
    Net Borrowings33,378,000USD-1,017,000USD
    Total Cash From Financing Activities33,940,000USD-2,506,000USD
    Sale Purchase Of Stock0USD-1,510,000USD
    Change In Cash-13,290,000USD-39,070,000USD
    Begin Period Cash Flow50,485,000USD89,555,000USD
    End Period Cash Flow37,195,000USD50,485,000USD
    Other Cashflows From Investing Activities211,000USD-24,000USD
    Other Cashflows From Financing Activities562,000USD21,000USD
    SourceLegacy providerLegacyLegacy providerLegacy

    Operating metrics

    No operating metrics are currently published for this company.

    Revenue breakdown

    No revenue breakdown is currently published for this company.

    Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.