Welcome to our dedicated page for Merlin SEC filings (Ticker: MRLN), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Merlin, Inc. filings document the company’s securities registrations, material-event reports, governance matters, capital structure, and operating disclosures as a public aerospace and defense technology issuer. Registration statements and related disclosures cover common stock, warrants, risk factors, business descriptions, and the company’s autonomous flight software operations.
Merlin’s 8-K filings cover material agreements, shareholder voting matters, SPAC and security-structure disclosures, financing activity, and operating and financial results. Because the company became public through a completed business combination, its filing record also includes disclosure categories tied to SPAC-combination history, public-company governance, and post-combination capital structure.
Merlin, Inc. (MRLN) filed a prospectus supplement that incorporates its Form 10‑Q for the quarter ended June 30, 2026 into its existing S‑1 registration statement. The company develops AI-based autonomous flight software and completed a SPAC merger with Inflection Point in March 2026.
Merlin reported Q2 2026 revenue of $2.2 million, down from $3.1 million a year earlier, and a Q2 net loss of $58.4 million. For the first six months, revenue was $3.2 million with a net loss of $148.8 million, driven by large increases in research and development and general and administrative expenses, as well as fair‑value impacts from financing instruments.
At June 30, 2026, Merlin held $183.6 million in cash and cash equivalents, largely from the SPAC-related PIPE financing and a May 2026 PIPE that raised $80 million. Operating cash outflow was $50.9 million for the first half. The company reported warrant liabilities of $130.1 million and a stockholders’ deficit of $99.9 million, but states its liquidity is sufficient to fund operations for at least 12 months. Most revenue comes from U.S. government contracts, with remaining performance obligations of $0.6 million expected to be recognized within a year.
Merlin, Inc. (MRLN) filed a prospectus supplement to its Form S-1 to incorporate its Quarterly Report for the period ended June 30, 2026. Merlin develops AI-powered autonomous flight software for military and civil aircraft and is listed on Nasdaq under the symbol MRLN.
For Q2 2026, Merlin generated $2.2 million of revenue, primarily from U.S. government customers, and reported a net loss attributable to common stockholders of $127.5 million, including significant Series A preferred dividends and a deemed down-round dividend. For the first half of 2026, the net loss attributable to common stockholders was $219.3 million.
As of June 30, 2026, Merlin held $183.6 million in cash and cash equivalents and reported total assets of $207.0 million against warrant liabilities of $130.1 million and a stockholders’ deficit of $99.9 million. Operating cash outflows were $50.9 million for the first six months of 2026, but merger- and PIPE-related financings provided $181.5 million of cash, and management concluded liquidity is sufficient for at least 12 months from issuance.
FR Capital Holdings and affiliated First Round Capital funds report a significant ownership position in Merlin, Inc. As of June 30, 2026, the investment manager FR Capital Holdings, L.P. may be deemed to beneficially own 12,761,228 shares of Merlin common stock, representing approximately 12.6% of the outstanding shares, through First Round Capital VI, L.P. and First Round Capital VIII-F, L.P.
FRCVI holds 7,043,033 shares of common stock on an as-converted/as-exercised basis, while FRCVIII-F holds 5,718,195 shares. Each fund’s position includes common shares, shares of 12.0% Series A Cumulative Convertible Preferred Stock convertible at $12.00 per share, and warrants exercisable at $12.00 per share. Voting and dispositive power over these shares is reported as sole, with no shared power.
Bleichroeder Sponsor 1 LLC, together with Andrew Gundlach and Michel Combes, reports beneficial ownership of 8,333,333 shares of Merlin, Inc. common stock, representing 8.2% of the outstanding class. All reported shares are held of record by the Sponsor, with Gundlach and Combes sharing voting and investment discretion through their roles as managing members. Their position stems from securities of Inflection Point Acquisition Corp. IV that converted into Merlin common stock upon the closing of a business combination with Merlin Labs, Inc. Each of Gundlach and Combes disclaims beneficial ownership beyond any pecuniary interest.
Merlin, Inc. (MRLN), a recently de‑SPACed autonomous flight software company, reported lower revenue and substantially higher losses for the quarter ended June 30, 2026 while materially strengthening its balance sheet via equity financings and debt elimination.
Quarterly revenue was $2.2 million, down from $3.1 million a year earlier, almost all from U.S. government contracts. Operating expenses rose sharply, with research and development at $16.4 million and general and administrative at $15.6 million, driving an operating loss of $33.5 million. Including non‑cash fair‑value changes and financing items, net loss reached $58.4 million for the quarter and $148.8 million for the first half, with additional hits from $9.6 million of Series A Preferred Stock dividends and accretion and a $60.8 million deemed dividend on a down‑round adjustment.
Following a reverse recapitalization with Inflection Point Acquisition Corp. IV in March 2026 and two PIPE transactions, Merlin ended June 30, 2026 with $186.1 million in cash, cash equivalents and restricted cash, no debt outstanding, and warrant liabilities of $130.1 million. Despite an accumulated deficit of $699.9 million and a stockholders’ deficit of $99.9 million, management concluded existing liquidity is sufficient to fund operations and obligations for at least one year from issuance of these financial statements.
Merlin, Inc. reported second quarter 2026 revenue of $2.2 million, down from $3.1 million in the prior-year quarter, as it continues investing heavily in autonomous flight technology and certification. GAAP net loss was $58.4 million, compared with $16.3 million a year earlier.
Adjusted EBITDA loss was $27.8 million. Merlin ended June 30, 2026 with $183.9 million in cash, cash equivalents, and short-term investments and no debt, but reported a stockholders’ deficit of $99.9 million and warrant liabilities of $130.1 million.
Operationally, Merlin completed Critical Design Review on its C-130J autonomy program, achieved a fully autonomous landing at EAA AirVenture Oshkosh, advanced a civil-certification milestone with New Zealand’s CAA in coordination with the FAA, and signed a non-binding MOU with Israel Aerospace Industries for AI-powered autonomy on cargo aircraft.
Ayrton Capital LLC, Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B, and Waqas Khatri report beneficial ownership of 2,087,905 shares of Merlin, Inc. common stock as of June 30, 2026. This includes 33 outstanding shares and 2,087,872 shares issuable upon exercise of warrants and conversion of preferred equity shares, all subject to a 9.99% beneficial ownership blocker. Based on 96,524,052 Class A shares outstanding as of May 13, 2026 plus the issuable shares tied to these instruments, each reporting person discloses ownership of 2.12% of the class, with sole voting and dispositive power over the reported shares and no shared power. The amendment confirms that these holders own 5% or less of Merlin’s common stock class.
Merlin, Inc. has received an updated ownership report from SnowPoint-affiliated investors as of June 30, 2026. The filing shows that SnowPoint Ventures, LP holds 2,302,221 shares of Merlin common stock on a beneficial basis, or 2.4% of the class, with shared voting and dispositive power over all of those shares. SnowPoint Growth I.II, LLC reports beneficial ownership of 7,290,385 shares, representing 7.4% of the common stock, also with shared voting and dispositive power.
Through their control of these entities, SnowPoint Ventures GP, LLC and individuals Alexander Creasey and Douglas Philippone each report beneficial ownership of 9,592,606 shares, or 9.6% of Merlin’s common stock, all with shared voting and dispositive power. These percentages are based on 96,524,052 shares outstanding as of May 13, 2026 and include shares issuable from Preferred Stock and warrants held by the SnowPoint entities.
Merlin, Inc. filed a prospectus supplement to its Registration Statement on Form S-1 that updates and supplements the Prospectus dated May 13, 2026, and furnished its Form 10-Q for the quarter ended March 31, 2026. The filings state the company’s Nasdaq symbol is MRLN and give a closing share price of $7.18 on June 1, 2026.
The Form 10-Q shows revenue of $1,002 for the three months ended March 31, 2026, a net loss of $90,419, and cash and cash equivalents of $122,777 as of that date. The filings disclose completion of a business combination (the Merger), related PIPE financings (including $120,000 gross from the Closing PIPE and a subsequent $80,000 PIPE on May 1, 2026), and balance-sheet impacts such as Series A Preferred Stock outstanding and warrant liabilities.
Merlin, Inc. updated its S-1 prospectus supplement and filed a Form 10-Q for the quarter ended March 31, 2026. The company reported $1,002 in revenue for the quarter and a net loss of $(90,419). Cash and cash equivalents were $122,777 as of March 31, 2026. The balance sheet shows total assets of $145,376 and stockholders' deficit of $(139,113). As of May 13, 2026, there were 96,524,052 shares outstanding. The filing discloses completion of a March 16, 2026 reverse recapitalization/merger, issuance of Series A Preferred Stock (21,711,880 shares outstanding), conversion of various bridge notes and warrants in connection with PIPE financing, and redemption/prepayment of prior loans using Merger proceeds.