Merlin (MRLN) Registration filing summary

Company overview and business model

• Develops autonomous flight technology for fixed-wing aircraft, with Merlin Pilot system enabling reduced-crew or uncrewed operations.

• Business model combines hardware integration, recurring high-margin software support, and ancillary services.

• Initial focus on military sector with plans to expand into civilian markets over the next fifteen years.

• Holds a $105 million IDIQ contract with USSOCOM and has a $3 billion pipeline of opportunities.

• Nearly 100 engineers and over 160 employees, with expertise in autonomy and certified software for military and civilian applications.

Financial performance and metrics

• 2025 revenue: $7.55 million (up from $1.23 million in 2024); net loss: $74.78 million (2024: $55.25 million).

• Cost of revenue in 2025: $9.18 million; R&D expenses: $32.48 million; G&A: $20.09 million.

• Adjusted EBITDA for 2025: $(47.98) million.

• Cash and cash equivalents at year-end 2025: $59.3 million; net cash used in operations: $59.87 million.

• Accumulated deficit as of December 31, 2025: $551.1 million.

Use of proceeds and capital allocation

• No proceeds from resale by selling securityholders; proceeds from Series A Warrant exercises (if any) to be used for general corporate purposes, including capex, acquisitions, and growth opportunities.

• No specific uses designated for warrant proceeds; no current agreements for acquisitions or strategic transactions.