Merlin, Inc.
The research page contains a warning that has not been mapped to a supported model interpretation. The company research remains available, but the complete score is withheld until the warning is reviewed.
MRLN · Price history
Price at last available close
$1.14
−$0.61 (-34.86%) 1M
2026-10-28
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Company & revenue
About Merlin, Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Merlin, Inc. is a US-based developer of cost-effective, takeoff-to-touchdown autonomy for both legacy and next-generation airborne systems. Its aircraft-agnostic, AI-powered software is purpose-built for military and civil programs and is powering an expanding range of missions and aircraft, proven through numerous autonomous flights from test facilities worldwide. The company works with military customers to address national security challenges through safe and reliable autonomy.
How they make money
Merlin, Inc. is an autonomous flight software company that develops technology to fulfill the functions of a human pilot in self-flying aircraft. The company aims to enable reduced crew and unmanned flight operations through its proprietary software platform.
Products & services
Autonomous flight software designed to enable reduced crew and unmanned flight operations for aircraft.
Brands & revenue mix
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
Customer categories were not separately identified in the reviewed source set.
Customer concentration
No quantified customer-concentration disclosure is available in the current saved research.
Suppliers, materials & equipment
No supplier relationships were confirmed in the sources reviewed. This does not mean the company has no suppliers.
Sources
Company-specific research
Questions worth answering for MRLN
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •How long can MRLN fund negative free cash flow using its current cash position before it may need more debt or new shares?
- •How is MRLN likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
- •What specifically needs to improve for MRLN to reach sustainable profitability?
- •What future growth or profitability would be needed to justify MRLN's current valuation?
- •What does the current fundamental change risk warning mean for the reliability or interpretation of MRLN's score?
Essential Investment Snapshot
Market Cap
$110.0M
P/E Ratio
-0.6
EPS
$-2.63
52-Week High
$17.00
52-Week Low
$1.60
Beta
1.78
Analyst Target
$9.50
Shares Outstanding
96.5M
Total Debt
$2.2M
Dividend
No current dividend
Liquidation Value / Share
$0.65
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Strong downward momentum
Extreme movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Community Sentiment
0 active · 0 total callsNo personal call yet on MRLN.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Aerospace & Defense industry.
- −The company is in the early stages of development and has a limited operating history, which makes it difficult to evaluate its business and prospects.
- −The company has incurred significant losses since inception and expects to continue to incur losses for the foreseeable future.
- −Diluted weighted-average shares increased 173.9% year over year.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
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Scores
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Score Changes
Score changes will appear once more historical records are available.
Price vs. Value
Valuation unavailableCurrent Price
$1.14
Model Intrinsic Value
—
Difference
—
Margin of Safety
—
Intrinsic value is not currently available for this stock, so valuation can't be calculated.
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | $3.2M | $0.00 | $1.2M | $1.0M |
| Cost of Revenue | $3.7M | $0.00 | $8.5M | $735K |
| Gross Profit | -$534K | $0.00 | -$7.3M | $268K |
| Research & Development | $30.5M | $0.00 | $27.1M | $24.7M |
| SG&A Expenses | $35.7M | $4.5M | $19.6M | $14.0M |
| Operating Expenses | $63.9M | $4.5M | $46.8M | $38.7M |
| EBITDA | -$122.0M | $6.0M | -$50.4M | -$33.7M |
| Operating Income | -$64.5M | -$4.5M | -$54.0M | -$38.4M |
| Interest Expense | $9K | $0.00 | $2.4M | $304K |
| Income Before Tax | -$147.4M | $6.0M | -$54.9M | -$35.8M |
| Income Tax Expense | $173K | $0.00 | $351K | $706K |
| Net Income | -$147.6M | $6.0M | -$55.3M | -$36.5M |
| Basic EPS | $-2.63 | $0.18 | $-1.64 | $-1.08 |
| Basic Shares | 91.31M | 33.76M | 33.76M | 33.76M |
| Diluted Shares | 91.31M | 33.76M | 33.76M | 33.76M |
Earnings Summary
Revenue
$2.2M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
-$1.40
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
Not available
Cash Change
+10369.2%
Margin Change
Not available
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Cash position grew
Potential Score Impact
Positive indicators included cash levels. Pressure indicators included EPS growth. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
EPS declined 2120.2%. Cash increased 10369.2%.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
4 historical recordsHistorical Score Chart
3 of 4 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
Related Companies
Aerospace & DefenseNews
Merlin Expands Flight Operations with Move to North Central State Airport
Merlin, Inc. Common Stock (NASDAQ:MRLN) Receives Consensus Rating of “Moderate Buy” from Brokerages
Merlin Demonstrates Autonomous Flight Capabilities at Texas Department of Transportation Project NEXUS eIPP Kickoff Event
Merlin Announces Plans to Pursue a Civil Certification Strategy for Large Aircraft
Rumor Mill · MRLN
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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