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.
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.
Carrithers Ryan Michael reported acquisition or exercise transactions in this Form 4 filing.
Merlin, Inc. reported that CFO & Treasurer Ryan Michael Carrithers received new equity compensation. He was granted 256,416 shares tied to restricted stock units, each representing one share of common stock, along with 806,393 stock options exercisable at $6.64 per share.
The RSUs vest in staggered schedules beginning on September 16, 2026 and March 16, 2027, while the options vest 25% on October 14, 2026 and monthly thereafter until fully vested, and expire on May 20, 2036. After these awards, he holds 256,416 common shares and 806,393 options directly.
Braithwaite Kenneth John reported acquisition or exercise transactions in this Form 4 filing.
Merlin, Inc. director Kenneth John Braithwaite received an equity award of 37,500 restricted stock units (RSUs). The grant consists of 20,000 RSUs vesting in four equal installments every six months starting on September 16, 2026, and 17,500 RSUs vesting in full on the earlier of March 16, 2027 or one day before Merlin’s 2027 annual shareholder meeting. Each RSU represents a right to one share of common stock and does not require a purchase price.
Smith Robert Hanson reported acquisition or exercise transactions in this Form 4 filing.
Merlin, Inc. reported that director Smith Robert Hanson received an equity award in the form of 37,500 shares of common stock on May 20, 2026. The award was granted at a price of $0.00 per share, reflecting compensation rather than a market purchase.
According to the footnote, this grant consists of 20,000 restricted stock units (RSUs) that vest in four equal installments every six months beginning on September 16, 2026, and an additional 17,500 RSUs that vest in full on the earlier of March 16, 2027 or one day before the company’s 2027 annual meeting of shareholders. Each RSU represents a contingent right to receive one share of common stock, and the RSUs do not expire. Following this award, Hanson directly holds 37,500 shares.