MRLN$0.9479+0.52%
Merlin, Inc.
Sector: Services-Computer Integrated Systems DesignIndustry: Aerospace & DefenseCountry: USExchange: Nasdaq
Mkt Cap:$95.81M
Float & O/S:
Inst Own:
DilutionScan read 53 of Merlin, Inc.'s SEC filings and found 7 warrant series, 10 convertibles, 3 S-1 registrations and 2 completed offerings on file for MRLN. The latest dilution event on file is a registration statement on May 13, 2026. Analysis updated Oct 31, 2026.
Signal8 Summary
MRLN
Early-stage burner, heavy dilution, deep losses
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
- : 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.
- : 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.
- : 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.
- : 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.
- : Merlin signed a non-binding agreement with Israel Aerospace Industries to work toward certifying its autonomy system for commercial cargo aircraft.
