Merlin, Inc.

Merlin, Inc.

MRLN · NASDAQ · Industrials / Aerospace & Defense

1.13USD+0.17 (+17.17%)

Price History

Full chart

Market Stats

Previous Close0.9644
Open1.24
Day Range1.09 – 1.38
52-Week Range1.70 – 17.00
Volume41.95M
Market Cap201.12M
P/E (TTM)0.00
Forward P/E0.00
EPS-5.86
Dividend Yield0.00%
50-Day Avg3.33
200-Day Avg7.74

About

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 Details

  • SectorIndustrials
  • IndustryAerospace & Defense
  • CEOMr. Matthew George
  • Headquarters129 South Street, Boston, MA, United States, 02111, USA
  • Websitehttps://www.merlinlabs.com

Leadership

  • Mr. Matthew GeorgeFounder, President, CEO & Chairman of the Board · b. 1991
  • Mr. Ryan CarrithersCFO & Treasurer · b. 1985
  • Mr. Timothy BurnsChief Technology Officer
  • Ms. Leslie RavesteinChief Legal Officer & Secretary · b. 1975
  • Mr. Michael BakerChief Marketing Officer
  • Mr. David LasaterChief People Officer
  • Nadja AdilovicChief of Staff
  • Krishnan AnandChief Program Officer
  • Mr. Pablo GonzálezSenior Vice President of Engineering
  • Mr. Mark BrunnerChief Revenue Officer · b. 1967

Financials

Income Statement

Currency: USD2023-12-312024-12-312025-12-31
Total Revenue1.00M1.23M-
Growth (%)-+22.53%-
Cost of Revenue735.00K8.50M-
Gross Profit268.00K-7.27M-
Gross Margin26.72%-591.62%-
Operating Expense38.70M46.75M-
Operating Income-38.44M-54.02M-4.53M
Operating Margin-3832.10%-4395.85%-
EBITDA-33.66M-50.44M6.01M
EBITDA Margin-3355.53%-4104.23%-
Net Income-36.46M-55.25M6.01M
Net Income Margin-3635.39%-4495.77%-
R&D24.67M27.15M-
R&D as % of Total Revenue2459.52%2208.79%-
Interest Expense304.00K2.42M-
Interest Expense % of Total Revenue30.31%196.91%-

Balance Sheet

Currency: USD2023-12-312024-12-312025-12-31
Total Assets62.41M49.19M263.15M
Total Liabilities140.49M180.72M12.08M
Total Equity-78.07M-131.52M251.07M
Cash50.48M37.20M703.60K
Total Debt3.81M37.26M-
Net Debt-46.67M64.00K-703.60K

Cash Flow

Currency: USD2023-12-312024-12-312025-12-31
Operating Cash Flow-31.70M-45.54M-1.33M
Investing Cash Flow-4.87M-1.69M-
Financing Cash Flow-2.51M33.94M-75.00K
Capital Expenditure4.84M1.90M0
Free Cash Flow-36.54M-47.44M-1.33M
FCF to OCF115.28%104.18%100.00%

Earnings

Report DateMar 31, 2020Jun 30, 2020Sep 30, 2020Dec 31, 2020Dec 31, 2024Mar 31, 2025Jun 30, 2025Sep 30, 2025Feb 25, 2026May 15, 2026Aug 13, 2026Nov 12, 2026
EPS Estimate0.32-0.41-0.050.10------0.10-0.28-0.25
EPS Actual-1.00-0.500.271.280.050.070.070.000.04-0.32-1.11-
Surprise-412.50%-21.95%640.00%1180.00%------220.00%-296.43%-
Timing---------Pre-marketAfter-hoursPre-market

Key Statistics & Ratios

Market Cap201.12M
Enterprise Value159.71M
Trailing P/E0.00
Forward P/E0.00
Price / Sales29.70
Price / Book0.00
EPS-5.86
Book Value-0.993
Revenue (TTM)6.77M
Gross Profit (TTM)-131.00K
EBITDA-91.71M
Profit Margin0.00%
Operating Margin-1528.58%
Return on Equity0.00%
Return on Assets-53.48%
Shares Outstanding101.07M
Shares Float44.79M
Dividend Yield0.00%
Dividend Rate0.00
Payout Ratio0.00%

Ownership Breakdown

Institutions
22.72%
Insiders
58.82%
Retail / Other
18.46%

Top Institutional Holders

  • Baillie Gifford & Co Limited.
    2.02M2.00%
  • ExodusPoint Capital Management, LP
    343.85K0.34%
  • UBS Group AG
    273.09K0.27%
  • Diametric Capital, LP
    124.62K0.12%
  • Greenhaven Road Investment Management, L.P.
    108.23K0.11%
  • Tudor Investment Corp Et AL
    100.00K0.10%
  • The Goldman Sachs Group Inc
    78.71K0.08%
  • Advisory Services Network, LLC
    77.60K0.08%
  • Alberta Investment Management Corp
    75.00K0.07%
  • Moore Capital Management, LP
    75.00K0.07%
  • Citadel Advisors Llc
    74.57K0.07%
  • Venture Visionary Partners LLC
    73.97K0.07%
  • Jane Street Group LLC
    52.44K0.05%

Top Fund Holders

  • Schiehallion Fund Ord
    2.02M2.00%
  • NewDeal Invest, kl n
    246.33K0.24%
  • Fidelity Extended Market Index
    167.90K0.17%
  • Schwab US Small-Cap ETF™
    159.47K0.16%
  • Fidelity Total Market Index
    67.17K0.07%
  • Fidelity Nasdaq Composite Index
    58.50K0.06%
  • Fidelity Series Total Market Index
    53.74K0.05%