Every 8-K that Merlin, Inc. (MRLN) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow MRLN and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MRLN filings page.
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.
Merlin, Inc. reported first quarter 2026 results, its first quarter as a public company following the March 16, 2026 business combination with Inflection Point Acquisition Corp. IV. Revenue was $1.0 million for the quarter, up from $0.9 million a year earlier, while the net loss widened sharply to $90.4 million from $12.7 million, driven largely by non-cash fair value changes on convertible promissory notes and long-term debt.
Operating expenses rose significantly as Merlin invested in research and development and general and administrative functions, leading to an operating loss of $27.0 million. Adjusted EBITDA, which excludes stock-based compensation, fair value changes and transaction costs, was a loss of $23.3 million versus a $10.4 million loss a year earlier. After an equity financing closed on May 1, 2026, cash, cash equivalents and short-term investments were approximately $183 million with no debt outstanding.
Strategically, Merlin introduced Condor, its first product family, intended to bring the Merlin Pilot autonomy system to large, multi-crew civil and defense aircraft. The company entered a preliminary, non-binding memorandum of understanding with World Star Aviation Limited to support Condor’s civil cargo deployment and highlighted its C-130J autonomy program, which has more than $100 million in total IDIQ contract ceiling value. Merlin also expanded its leadership team with new Chief Marketing Officer and Chief Revenue Officer appointments.
Merlin, Inc. entered a securities purchase agreement for a private placement of 8 million common shares at $10.00 per share and warrants for 4 million additional shares, raising aggregate gross proceeds of approximately $80 million. Closing is expected on or about May 1, 2026, subject to customary conditions. Management plans to use the cash to advance Merlin’s autonomous flight platform, fund regulatory approval work, increase program capacity, and support existing and new customer contracts. An amended and restated registration rights agreement requires Merlin to file a resale registration statement for the new shares and warrant shares, and the issuance will trigger anti-dilution adjustments to its 12.0% Series A preferred stock and certain existing warrants.
Merlin, Inc. completed its business combination with Inflection Point Acquisition Corp. IV, transforming from a SPAC into an operating aerospace technology company focused on autonomous flight. Legacy Merlin became a wholly owned subsidiary through a reverse recapitalization, and the combined company now trades on Nasdaq under the symbol MRLN.
Legacy Merlin equity holders received an aggregate 75,764,313 shares of New Merlin common stock based on an $800,000,000 purchase price and a defined exchange ratio of 3.1015099176506644. Holders of approximately $87.3 million of pre-funded convertible notes were issued 10,244,861 shares of 12.0% Series A Cumulative Convertible Preferred Stock.
Concurrently, PIPE investors purchased 9,803,922 Series A Preferred shares and Series A warrants for $100.0 million, with an additional 1,666,668 Series A Preferred shares and upsized warrants for $20 million, totaling a $120.0 million PIPE. As of closing, 84,262,886 common shares and 21,715,451 Series A Preferred shares were outstanding, with significant ownership concentrated among early venture investors and the sponsor.
The filing also details new governance and compensation structures, including a reconstituted board led by CEO and Chairman Matt George, adoption of a 2026 Incentive Award Plan and Employee Stock Purchase Plan, executive severance and director compensation programs, and lock-up and registration rights agreements for key shareholders. Inflection Point ceased to be a shell company, and BDO was appointed as the new independent registered public accounting firm, with Legacy Merlin’s audited 2025 and 2024 financial statements and pro forma combined financials incorporated by reference.