Q1 2026 Merlin Inc Earnings Call Transcript

May 14, 2026 / 12:30 PM GMT

Release Date Price: $7.06 (-9.37%)

Transcript 10-Q8-K

Key Points

Positve

Merlin Inc (MRLN) successfully completed its business combination and additional pipe financing, significantly strengthening its balance sheet with approximately $183 million in cash equivalents and short-term investments.
The company executed its first fully automated takeoffs on certification candidate aircraft in both the U.S. and New Zealand, marking a significant milestone in its autonomous flight technology.
Merlin Inc (MRLN) launched its first product, Condor, designed to bring certified autonomy into multi-crew large aircraft, targeting both civil and defense markets.
The company holds a prime position on the US SOCOM IDIQ contract on the C-130J with a $105 million contract ceiling, indicating strong defense sector engagement.
Merlin Inc (MRLN) is actively collaborating with key players in the commercial cargo conversion market, such as Worldstar Aviation, to scale its Condor product.

Negative

Merlin Inc (MRLN) reported a net loss of approximately $90 million for the quarter, heavily influenced by non-cash items tied to the completion of its business combination.
Adjusted EBITDA showed a loss of $23.3 million, reflecting increased investment in engineering, certification, and program execution.
The company's revenue for the first quarter was approximately $1 million, indicating a modest year-over-year growth of 15%, which may not meet investor expectations.
The timing and magnitude of revenue are subject to variability based on customer procurement cycles and regulatory processes, adding uncertainty to financial projections.
Merlin Inc (MRLN) is still in the early stages of commercialization, with significant reliance on achieving certification milestones to unlock future revenue opportunities.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MRLN.OQ - Merlin Inc
Q1 2026 Merlin Inc Earnings Call
May 14, 2026 / 12:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, and welcome to Merlin's first quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. Following management's prepared remarks, we will conduct a question-and-answer session. Today's call is being recorded, and a replay will be available on Merlin Investor Relations' website following the call. I will now turn the call over to Brian Alger, SVP Corporate Development and Investor Relations. Please go ahead.

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Unidentified_2 [2]
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Thank you, Andrew, and good morning, everyone, and welcome to Merlin's first earnings call as a

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