Quarterly ResultMay 14, 2026, 07:46 AM
Merlin Q1 Revenue $1.0M; Net Loss $(90.4)M; Introduces Condor Product
AI Summary
Merlin, Inc. reported its first quarter 2026 financial results, with revenue increasing to $1.0 million, but GAAP net loss widening significantly to $(90.4) million. The company also introduced Condor, its first product family, designed to bring Merlin Pilot to large, multi-crew aircraft for civil and defense missions. Key operational achievements included the first fully automated takeoffs on fixed-wing aircraft and continued progress on its C-130J autonomy program with USSOCOM. Merlin also strengthened its leadership team with new CMO and CRO appointments and improved its liquidity with a recent equity financing.
Key Highlights
- Q1 2026 Total revenue increased to $1.0 million from $0.9 million in Q1 2025.
- Q1 2026 GAAP net loss widened to $(90.4) million from $(12.7) million in Q1 2025.
- Q1 2026 Adjusted EBITDA loss was $(23.3) million, up from $(10.4) million in Q1 2025.
- Introduced Condor, Merlin’s first product family, for large, multi-crew aircraft.
- Executed first fully automated takeoffs on fixed-wing aircraft in April.
- Progressed C-130J autonomy program with USSOCOM, a $105 million ceiling contract.
- Cash, cash equivalents, and short-term investments were $122.8 million at March 31, 2026.
- Closed an equity financing on May 1, 2026, boosting cash to approximately $183 million.
Price Impact
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