Merlin Inc (MRLN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MRLN SEC filings page.
This page shows Merlin Inc (MRLN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 shows a balance sheet dominated by negative equity, while reported earnings diverge from operating cash generation.
Reported net income of$6.0M sits beside an operating loss of$3.9M , so earnings are not being produced by the reported operating line. Operating cash flow was-$1.3M , reinforcing that accounting profit did not translate into cash from operations.
Negative equity of
With revenue and free cash flow not reported here, scale, margin, and reinvestment intensity cannot be inferred from these figures; the clearest operating signal is the mismatch between reported profit and cash generation.
Some figures from recent filings were inconsistent and were omitted from this summary.
Financial Health Signals
Merlin Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
For every $1 of reported earnings, Merlin Inc used $0.22 of operating cash (-$1.3M OCF vs $6.0M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
Merlin Inc generated $2.2M in revenue in Q2 2026. This represents a decrease of 29.4% from the same quarter a year earlier. Against the prior quarter it is up 119.0%.
Merlin Inc's EBITDA was -$32.8M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 209.1% from the same quarter a year earlier. Against the prior quarter it is down 23.4%.
Merlin Inc reported -$58.4M in net income in Q2 2026. This represents a decrease of 258.5% from the same quarter a year earlier. Against the prior quarter it is up 35.4%.
Cash & Balance Sheet
Merlin Inc recorded an outflow of $28.9M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 137.8% from the same quarter a year earlier. Against the prior quarter it is down 12.1%.
Merlin Inc held $183.6M in cash against $0 in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Merlin Inc's gross margin was 4.7% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 3.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 68.4 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q2 2026.
Capital Allocation
Merlin Inc invested $16.4M in research and development in Q2 2026. This represents an increase of 139.0% from the same quarter a year earlier. Against the prior quarter it is up 16.3%.
Merlin Inc invested $1.7M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 9670.6% from the same quarter a year earlier. Against the prior quarter it is down 23.1%.
Not reported for Q2 2026.
MRLN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.2M-29.4% | $1.0M+15.4% | N/A | N/A | $3.1M | $868K | N/A | N/A |
| Cost of Revenue | $2.1M-31.8% | $1.6M+129.7% | N/A | N/A | $3.1M | $714K | N/A | N/A |
| Gross Profit | $104K+153.7% | -$638K-514.3% | N/A | N/A | $41K | $154K | N/A | N/A |
| R&D Expenses | $16.4M+139.0% | $14.1M+111.0% | N/A | N/A | $6.9M | $6.7M | N/A | N/A |
| SG&A Expenses | $15.6M+309.5% | $14.1M+211.8% | N/A | $2.6M+5413.1% | $3.8M | $4.5M | N/A | $47K |
| Operating Income | -$33.5M-204.7% | -$27.0M-136.9% | N/A | -$2.6M-5413.1% | -$11.0M | -$11.4M | N/A | -$47K |
| EBITDA | -$32.8M-209.1% | -$26.6M-141.3% | N/A | N/A | -$10.6M | -$11.0M | N/A | N/A |
| Interest Expense | $0-100.0% | $9K-99.4% | N/A | N/A | $1.3M | $1.6M | N/A | N/A |
| Income Tax | $125K+12400.0% | $48K+4700.0% | N/A | N/A | $1K | $1K | N/A | N/A |
| Net Income | -$58.4M-258.5% | -$90.4M-610.1% | N/A | $84K+276.4% | -$16.3M | -$12.7M | N/A | -$47K |
| EPS (Basic) | -$1.40-508.7% | -$1.27-605.6% | N/A | N/A | -$0.23 | -$0.18 | N/A | N/A |
| EPS (Diluted) | -$1.40 | -$1.27-605.6% | N/A | N/A | -$0.23 | -$0.18 | N/A | N/A |
| Diluted Shares (Avg) | 91M | 72M+2.1% | N/A | N/A | 71M | 71M | N/A | N/A |
MRLN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $207.0M-20.1% | $145.4M-43.4% | $80.6M-68.3% | $261.1M+88338.2% | $259.1M | $256.6M | $254.2M | $295K |
| Current Assets | $191.0M+9534.1% | $130.0M+5991.4% | $70.9M+2967.9% | $1.3M+113537.4% | $2.0M | $2.1M | $2.3M | $1K |
| Cash & Equivalents | $183.6M+2867.2% | $125.3M+457.4% | $59.3M+2716.1% | $1.0M | $6.2M | $22.5M | $2.1M | N/A |
| Short-Term Investments | $321K | $325K | $330K | $0 | $0 | $0 | $0 | N/A |
| Accounts Receivable | $1.8M | $1.3M+264.7% | $368K-31.3% | N/A | N/A | $368K | $536K | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | N/A |
| Total Liabilities | $306.9M+6.5% | $284.5M+5.5% | $154.2M-39.6% | $271.6M+78029.7% | $288.1M | $269.7M | $255.1M | $348K |
| Current Liabilities | $13.0M+966.3% | $14.9M+1287.3% | $64.3M+5862.2% | $3.1M | $1.2M | $1.1M | $1.1M | N/A |
| Non-Current Liabilities | $293.9M+2.5% | $269.6M+0.3% | $89.9M-64.6% | $268.5M | $286.8M | $268.7M | $254.0M | N/A |
| Long-Term Debt | $0 | N/A | $12.8M | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$99.9M-244.9% | -$139.1M-960.6% | -$73.6M-8023.4% | -$10.5M-19984.8% | -$29.0M | -$13.1M | -$906K | -$52K |
| Retained Earnings | -$699.9M-8727.1% | -$641.5M-8356.5% | -$551.1M-7381.0% | -$10.5M-13500.8% | -$7.9M | -$7.6M | -$7.4M | -$77K |
Not reported in any period shown, so not listed: Inventory, Goodwill.
MRLN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$27.3M-124.5% | -$23.6M-80.8% | -$271K | $24.2M | -$12.1M | -$13.1M | N/A | N/A |
| Depreciation & Amortization | $712K+82.6% | $417K+9.4% | N/A | N/A | $390K | $381K | N/A | N/A |
| Stock-Based Compensation | $4.6M+964.2% | $1.3M+152.4% | N/A | N/A | $433K | $513K | N/A | N/A |
| Capital Expenditures | $1.7M+9670.6% | $2.2M+2196.8% | N/A | N/A | $17K | $94K | N/A | N/A |
| Free Cash Flow | -$28.9M-137.8% | -$25.8M-95.8% | N/A | N/A | -$12.2M | -$13.2M | N/A | N/A |
| Investing Cash Flow | -$1.7M-9670.6% | -$2.2M-2632.9% | N/A | N/A | -$17K | -$79K | N/A | N/A |
| Financing Cash Flow | $89.7M+2263.2% | $91.8M+6034.5% | N/A | N/A | -$4.1M | -$1.5M | N/A | N/A |
| Share Buybacks | N/A | $8.5M | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
MRLN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 4.7%+3.4pp | -63.7%-81.4pp | N/A | N/A | 1.3% | 17.7% | N/A | N/A |
| Operating Margin | -1528.6% | -2695.8% | N/A | N/A | -354.3% | -1313.8% | N/A | N/A |
| Net Margin | -2663.0% | -9023.9% | N/A | N/A | -524.5% | -1466.9% | N/A | N/A |
| Return on Assets | -28.2%-21.9pp | -62.2%-57.2pp | N/A | 0.0%+16.1pp | -6.3% | -5.0% | N/A | -16.1% |
| Current Ratio | 14.67+13.0x | 8.72+6.7x | 1.10-1.0x | 0.43 | 1.62 | 1.99 | 2.14 | N/A |
| Asset Turnover | 0.010.0x | 0.010.0x | N/A | N/A | 0.01 | 0.00 | N/A | N/A |
| FCF Margin | -1317.8% | -2575.2% | N/A | N/A | -391.3% | -1517.9% | N/A | N/A |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$73.6M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Where Merlin Inc Ranks
Frequently Asked Questions
Is Merlin Inc profitable?
Yes, Merlin Inc (MRLN) reported a net income of $6.0M in fiscal year 2025.
How much debt does Merlin Inc have?
As of fiscal year 2025, Merlin Inc (MRLN) had $59.3M in cash and equivalents against $12.8M in long-term debt.
What is Merlin Inc's operating cash flow?
Merlin Inc (MRLN) recorded an outflow of $1.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Merlin Inc's total assets?
Merlin Inc (MRLN) had $80.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Merlin Inc's current ratio?
Merlin Inc (MRLN) had a current ratio of 1.10 as of fiscal year 2025, which is considered adequate.
What is Merlin Inc's return on assets (ROA)?
Merlin Inc (MRLN) had a return on assets of 7.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Merlin Inc's P/E ratio?
Merlin Inc (MRLN) trades at 57.0x earnings, its market capitalization divided by net income of $6.0M net income, FY2025. The market capitalization is $342.6M as of Sep 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Merlin Inc's price-to-sales ratio?
Merlin Inc (MRLN) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $342.6M as of Sep 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Why is Merlin Inc's debt-to-equity ratio negative or not reported?
Merlin Inc (MRLN) has negative shareholder equity of -$73.6M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
Are Merlin Inc's earnings high quality?
For every $1 of reported earnings, Merlin Inc (MRLN) used $0.22 of operating cash (-$1.3M OCF vs $6.0M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.