Quarterly ResultMay 14, 2026, 07:32 AM
Merlin Reports Q1 Revenue $1.0M, Net Loss $(90.4)M; Launches Condor
AI Summary
Merlin, Inc. announced its first quarterly results as a public company for Q1 2026, reporting $1.0 million in revenue and a GAAP net loss of $(90.4) million. The company achieved significant operational milestones, including its first fully automated takeoffs and progress in civil certification. Merlin also introduced "Condor," a new autonomy system for large, multi-crew aircraft, and secured an equity financing round, boosting its liquidity to $183 million post-close. The company also made key leadership appointments.
Key Highlights
- Q1 2026 Total revenue was $1.0 million, up from $0.9 million in Q1 2025.
- Q1 2026 GAAP net loss was $(90.4) million, compared to $(12.7) million in Q1 2025.
- Q1 2026 Adjusted EBITDA loss was $(23.3) million, versus $(10.4) million in Q1 2025.
- Executed first fully automated takeoffs on fixed-wing aircraft in April 2026.
- Introduced "Condor," an autonomy system for large, multi-crew aircraft, with an MoU with World Star Aviation.
- Secured $105 million ceiling IDIQ contract with USSOCOM for C-130J autonomy.
- Cash, cash equivalents, and short-term investments were $122.8 million at March 31, 2026.
- Closed equity financing on May 1, 2026, increasing liquidity to approximately $183 million.
- Appointed Michael Baker as CMO and Mark Brunner as CRO.