Merlin, Inc.

Snapshot

Merlin is a pre-revenue-scale aerospace autonomy developer that just went public via merger. Quarterly revenue is only $2.2M, down from $3.1M a year ago, while the net loss widened to $58.4M, driven mostly by heavy R&D and G&A spending plus a warrant accounting charge.

What's Happening Right Now

• Thu 10th Sep '26 · Dilution: A May 2026 PIPE triggered a down-round that cut conversion and warrant prices from $12.00 to $6.67, forcing a $60.8 million deemed dividend and leaving nearly 700 million shares potentially issuable against about 101 million outstanding.
• Wed 9th Sep '26 · Earnings: Q2 2026 revenue was $2.2 million, down from $3.1 million a year earlier, with a GAAP net loss of $58.4 million and $183.9 million in cash after a recent equity raise.
• Wed 9th Sep '26 · Strategy shift: On Sept 9, 2026, Merlin said it will pursue certification for large aircraft instead of small ones, withdrawing its small-aircraft application in New Zealand while keeping the country as its flight test base.
• Mon 24th Aug '26 · Certification: Merlin received a Part 146 Aircraft Design Organization certificate from New Zealand's aviation regulator, letting its own engineers approve some design changes in-house.
• Thu 23rd Jul '26 · Partnership: Merlin signed a non-binding agreement with Israel Aerospace Industries to work toward certifying its autonomy system for commercial cargo aircraft.