Merlin, Inc. (MRLN)
Merlin, Inc. is a US-based developer of cost-effective, takeoff-to-touchdown autonomy for both legacy and next-generation airborne systems. Its aircraft-agnostic, AI-powered software is purpose-built for military and civil programs and is powering an expanding range of missions and aircraft, proven through numerous autonomous flights from test facilities worldwide. The company works with military customers to address national security challenges through safe and reliable autonomy.
Sector: Services-Computer Integrated Systems Design
Industry: Aerospace & Defense
Merlin, Inc.
NASDAQ:MRLNIndustrials · Aerospace & Defense
-10.31%$0.9417
AH$0.9605+2.00%vs close
Mkt Cap$95.18M
Float67.28M
O/S101.08M
Inst Own15.9%
SI17.5%
Dilution
Financials Summary
Revenue$0
Net Income$6.01M
Total Assets$263.15M
Free Cash Flow-$1.33M
Debt & Equity
Equity 100%
Total Debt$0
Total Equity$251.07M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in MRLN's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$263.15M
Liabilities$12.08M
Accounts Receivable$0
Accounts Payable$0
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Currency | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Revenue | $0 | $1.23M | $1M |
| YoY Growth | - | 22.5% | - |
| Cost of Revenue | $0 | $8.5M | $735K |
| Gross Profit | $0 | -$7.27M | $268K |
| Gross Margin | - | -591.6% | 26.7% |
| Research and Development | $0 | $27.15M | $24.67M |
| Selling, General, and Administrative | $4.53M | $19.61M | $14.04M |
| Other | $0 | $0 | $0 |
| Total Operating Expenses | $4.53M | $46.75M | $38.7M |
| Operating Income (EBIT) | -$4.53M | -$54.02M | -$38.44M |
| Operating Margin | - | -4395.9% | -3832.1% |
| Interest Expense | $0 | $2.42M | $304K |
| Interest Income | $10.54M | $2M | $3.25M |
| Other Income (Expense) | $10.54M | -$877K | $2.68M |
| Income Before Tax (EBT) | $6.01M | -$54.9M | -$35.76M |
| Income Tax Expense | $0 | $351K | $706K |
| Net Income | $6.01M | -$55.25M | -$36.46M |
| Net Income Margin | - | -4495.8% | -3635.4% |
| Supplementary Data | |||
| EPS | 0.18 | -1.64 | -1.08 |
| Diluted EPS | 0.18 | -1.64 | -1.08 |
| Weighted Average OS | 33.76M | 33.76M | 33.76M |
| EBITDA | $6.01M | -$50.44M | -$33.66M |
| EBITDA Margin | - | -4104.2% | -3355.5% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Currency | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Assets | |||
| Current Assets | |||
| Cash and Cash Equivalents | $704K | $37.2M | $50.48M |
| Short-Term Investments | $0 | $377K | $548K |
| Cash and Short-Term Investments | $704K | $37.57M | $51.03M |
| Accounts Receivable | $0 | $536K | $21K |
| Inventory | $0 | $0 | $0 |
| Other Current Assets | $0 | $1.04M | $1.6M |
| Total Current Assets | $914K | $39.15M | $52.65M |
| Long-Term Assets | |||
| Property, Plant & Equipment Net | $0 | $9.94M | $9.63M |
| Goodwill | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 |
| Long-Term Investments | $262.24M | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 |
| Other Long-Term Assets | $0 | $109K | $134K |
| Total Long-Term Assets | $262.24M | $10.05M | $9.76M |
| Other Assets | $0 | $0 | $0 |
| Total Assets | $263.15M | $49.19M | $62.41M |
| Liabilities | |||
| Current Liabilities | |||
| Accounts Payable | $0 | $1.29M | $1.4M |
| Short-Term Debt | $0 | $14.22M | $1M |
| Current Income Tax Payable | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $112K | $0 |
| Other Current Liabilities | $3.33M | $5.17M | $0 |
| Total Current Liabilities | $3.33M | $24.19M | $4.77M |
| Long-Term Liabilities | |||
| Long-Term Debt | $0 | $21.67M | $1.28M |
| Long-Term Unearned Revenue | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 |
| Other Long-Term Liabilities | $8.75M | $134.2M | $133.44M |
| Total Long-Term Liabilities | $8.75M | $156.53M | $135.72M |
| Other Liabilities | $0 | $0 | $0 |
| Total Liabilities | $12.08M | $180.72M | $140.49M |
| Stockholders' Equity | |||
| Preferred Stock | $0 | $0 | $0 |
| Common Stock | $262.24M | $1K | $1K |
| Retained Earnings | -$11.17M | -$135.53M | -$80.28M |
| Comprehensive Income & Other | $0 | $0 | $0 |
| Other Stockholders' Equity | $0 | $4.01M | $2.2M |
| Total Equity | $251.07M | -$131.52M | -$78.07M |
| Minority Interest | $0 | $0 | $0 |
| Total Liabilities and Equity | $263.15M | $49.19M | $62.41M |
| Supplementary Data | |||
| Total Debt | $0 | $37.26M | $3.81M |
| Net Debt | -$704K | $64K | -$46.67M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Currency | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Operating Activities | |||
| Net Income | $6.01M | -$55.25M | -$36.46M |
| Depreciation & Amortization | $0 | $2.04M | $1.8M |
| Deferred Income Tax | $0 | $0 | $0 |
| Stock-Based Compensation | $670K | $1.74M | $1.81M |
| Changes in Working Capital: | |||
| Accounts Receivable | $0 | -$511K | -$17K |
| Inventory | $0 | $0 | $0 |
| Accounts Payable | $0 | -$98K | $2.34M |
| Other Working Capital | $0 | -$76K | -$1.15M |
| Total Working Capital Change | $0 | -$685K | $1.17M |
| Other Non-Cash Items | -$8.01M | $6.62M | -$5K |
| Net Cash from Operating | -$1.33M | -$45.54M | -$31.7M |
| Investing Activities | |||
| Capital Expenditures | $0 | -$1.9M | -$4.84M |
| Acquisitions | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 |
| Other Investing Activities | $0 | $211K | -$24K |
| Net Cash from Investing | $0 | -$1.69M | -$4.87M |
| Financing Activities | |||
| Debt Repaid | - | -$33.38M | $1.02M |
| Common Stock Issuance | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | -$1.51M |
| Dividends Paid | $0 | $0 | $0 |
| Other Financing Activities | -$75K | $562K | $1.53M |
| Net Cash from Financing | -$75K | $33.94M | -$2.51M |
| Forex Effect | $0 | $0 | $0 |
| Net Change in Cash | -$1.4M | -$13.29M | -$39.07M |
| Supplementary Data | |||
| Operating Cash Flow | -$1.33M | -$45.54M | -$31.7M |
| Capital Expenditure | $0 | -$1.9M | -$4.84M |
| Free Cash Flow | -$1.33M | -$47.44M | -$36.54M |
| Cash at Beginning | $2.11M | $50.48M | $89.56M |
| Cash at End | $704K | $37.2M | $50.48M |