MRLN 8-K — Smart Summary

Merlin, Inc. (Nasdaq: MRLN) reported its first quarterly results as a public company following the close of its business combination with Inflection Point Acquisition Corp. IV on March 16, 2026. The Company reported Q1 2026 total revenue of $1.0 million, a GAAP net loss of $(90.4) million, and an Adjusted EBITDA loss of $(23.3) million. The filing also introduces Condor, Merlin's first product family targeting large, multi-crew aircraft for civil and defense markets.

• Total revenue of $1.0 million ($1,002 thousand) in Q1 2026, compared to $0.9 million ($868 thousand) in Q1 2025
• Gross profit of $1,813 thousand in Q1 2026, compared to $154 thousand in Q1 2025 (includes contract loss adjustments of $(2,451) thousand in Q1 2026)
• Loss from operations of $(27,012) thousand in Q1 2026, compared to $(11,404) thousand in Q1 2025
• GAAP net loss of $(90,419) thousand in Q1 2026, compared to $(12,733) thousand in Q1 2025; driven largely by change in fair value of convertible promissory notes of $(87,824) thousand
• Adjusted EBITDA loss of $(23,340) thousand in Q1 2026, compared to $(10,388) thousand in Q1 2025
• R&D expenses of $14,090 thousand in Q1 2026, compared to $6,679 thousand in Q1 2025
• G&A expenses of $14,092 thousand in Q1 2026, compared to $4,520 thousand in Q1 2025
• No EPS or per share data included; Company noted it is finalizing accounting determinations related to post-combination capital structure

• The Company operates as a single-segment aerospace and defense technology business; no separate segment breakdown is provided
• Revenue of $1,002 thousand in Q1 2026 is primarily anchored by the C-130J prime IDIQ contract with USSOCOM, a $105 million ceiling contract
• Civil and defense markets are both addressed, with defense revenue anchored by the USSOCOM contract and civil efforts in early-stage development

• Cash, cash equivalents, and short-term investments of $122.8 million at March 31, 2026, compared to $59.3 million at December 31, 2025
• On May 1, 2026, Merlin closed an equity financing led by an existing fundamental institutional shareholder; following the close, cash, cash equivalents, and short-term investments were approximately $183 million
• No debt outstanding following the close of the May 1, 2026 equity financing
• No dividends or share repurchases mentioned

• "For a hundred years, aviation has been built, fundamentally, around human crews. We believe its next hundred years will be built around autonomy," said Matt George, Merlin's Founder and Chief Executive Officer.
• "This is our first earnings report since we became a public company in March. The first quarter of 2026 reflected our continued progress on the Merlin Pilot, qualification across airframes, and our efforts towards achieving certification. Our operating focus going forward is converting that progress into scaled commercialization, and we intend to take further concrete steps in that direction in the coming quarters as we build a generational autonomous AI aviation company," said Matt George, Founder and Chief Executive Officer.

• No specific quantitative financial guidance for future quarters or full year was provided in the press release
• Company stated its operating focus is 'converting that progress into scaled commercialization' and intends to 'take further concrete steps in that direction in the coming quarters'