Merlin Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Merlin Inc reported net income of $6.0M (+295.4% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · YTD |
|---|---|---|
| General and administrative expenses | $3.9M | — |
| Loss from operations | ($3.9M) | ($251.1K) |
| Compensation expense | ($670.0K) | — |
| Interest earned on bank account | $56.0K | $14.6K |
| Interest earned on investments held in Trust Account | $10.5M | $1.8M |
| Total other income | $9.9M | $1.8M |
| NET INCOME | $6.0M | $1.5M |
| Weighted average shares outstanding | 33.8M | 15.8M |
| Basic net income per ordinary share | $0.36 | $0.20 |
| Diluted net income per ordinary share | $0.36 | $0.20 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Revenue | $2.2M | $1.0M | — | — |
| Cost of revenue | $2.1M | $1.6M | — | — |
| Contract loss adjustments | $223.0K | ($2.5M) | — | — |
| Gross profit (loss) | ($119.0K) | $1.8M | — | — |
| Research and development | $16.4M | $14.1M | — | — |
| General and administrative | $15.6M | $14.1M | $2.6M | $357.8K |
| Selling and marketing | $1.5M | $643.0K | — | — |
| Total operating expenses | $33.4M | $28.8M | — | — |
| Loss from operations | ($33.5M) | ($27.0M) | ($2.6M) | ($357.8K) |
| Interest income | $1.4M | $517.0K | $14.0K | $14.4K |
| Interest expense | $0 | ($9.0K) | — | — |
| Other expense | ($68.0K) | ($128.0K) | — | — |
| Change in fair value of warrant liabilities | ($26.1M) | $26.6M | — | — |
| Change in fair value of convertible promissory notes | $0 | ($87.8M) | — | — |
| Change in fair value of long-term debt | $0 | ($2.5M) | — | — |
| Total other expense | ($24.8M) | ($63.4M) | $2.7M | $2.7M |
| Loss before provision for income taxes | ($58.3M) | ($90.4M) | — | — |
| Provision for income taxes | $125.0K | $48.0K | — | — |
| Net loss | ($58.4M) | ($90.4M) | $83.7K | $2.3M |
| Series A Preferred Stock dividends and accretion | ($8.2M) | ($1.4M) | — | — |
| Series A Preferred Stock deemed dividend on down round | ($60.8M) | — | — | — |
| Net loss attributable to common stockholders | ($127.5M) | ($91.8M) | — | — |
| Basic (in dollars per share) | -$1.40 | -$1.27 | $0.00 | $0.14 |
| Diluted (in dollars per share) | -$1.40 | -$1.27 | $0.00 | $0.14 |
| Basic (in shares) | 91.3M | 72.4M | 33.3M | 33.3M |
| Diluted (in shares) | 91.3M | 72.4M | — | — |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY |
|---|---|---|
| Cash | $703.6K | $2.1M |
| Prepaid expenses | $6.2K | $23.1K |
| Short-term prepaid insurance | $203.8K | $181.6K |
| Total current assets | $913.6K | $2.3M |
| Investments held in Trust Account | $262.2M | $251.8M |
| TOTAL ASSETS | $263.1M | $254.2M |
| Accrued expenses | $2.3M | $3.5K |
| Cash underwriting fee payable | $1.0M | $1.0M |
| Total current liabilities | $3.3M | $1.1M |
| Deferred underwriting fee payable | $8.8M | — |
| TOTAL LIABILITIES | $12.1M | $9.8M |
| Class A ordinary shares subject to possible redemption, $0.0001 par value; 500,000,000 shares authorized; 25,000,000 shares issued and outstanding, at redemption value of approximately $10.49 and $10.07 per share at December 31, 2025 and 2024, respectively | $262235740.00 | $251756198.00 |
| Ordinary shares, value | 876 | 876 |
| Accumulated deficit | ($11.2M) | ($7.4M) |
| TOTAL SHAREHOLDERS’ DEFICIT | ($11.2M) | ($7.4M) |
| TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT | 263.1M | 254.2M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $183.6M | $122.8M | — | — |
| Short-term investments | $321.0K | $325.0K | — | — |
| Accounts receivable, net | $1.8M | $1.3M | — | — |
| Prepaid expenses and other current assets | $5.4M | $5.6M | — | — |
| Capitalized transaction costs (Note 2) | $0 | — | — | — |
| Total current assets | $191.0M | $130.0M | $1.3M | $2.0M |
| Property and equipment, net | $11.2M | $10.3M | — | — |
| Operating lease right-of-use assets, net | $2.1M | $2.4M | — | — |
| Restricted cash | $2.6M | $2.6M | — | — |
| Deposits | $107.0K | $107.0K | — | — |
| Total assets | $207.0M | $145.4M | $261.1M | $259.1M |
| Accounts payable | $5.9M | $6.9M | — | — |
| Accrued expenses | $6.0M | $6.3M | $2.0M | $146.3K |
| Deferred revenue | $42.0K | — | — | — |
| Contract loss provision | $155.0K | $738.0K | — | — |
| Operating lease liabilities, current | $940.0K | $977.0K | — | — |
| Long-term debt, current portion, net | $0 | — | — | — |
| Convertible promissory notes (Note 8) | $0 | — | — | — |
| Total current liabilities | $13.0M | $14.9M | $3.1M | $1.2M |
| Operating lease liabilities, non-current | $1.3M | $1.4M | — | — |
| Warrant liabilities (Note 9) | $130.1M | $87.8M | — | — |
| Long-term debt, non-current portion, net ($12,207 at fair value and $577 at amortized cost, net as of December 31, 2025) (Note 8) | $0 | — | — | — |
| Total liabilities | $144.4M | $104.2M | $11.9M | $10.0M |
| Series A Preferred Stock and Redeemable convertible preferred stock | $162.5M | $180.3M | $259.7M | $257.0M |
| Common stock: $0.0001 par value; 800,000,000 and 138,655,675 shares authorized; 100,592,160 and 69,663,395 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 10.0K | 8.0K | 876 | 876 |
| Additional paid-in capital | $600.0M | $502.4M | — | — |
| Accumulated deficit | ($699.9M) | ($641.5M) | ($10.5M) | ($7.9M) |
| Total stockholders' deficit | ($99.9M) | ($139.1M) | ($10.5M) | ($7.9M) |
| Total liabilities, mezzanine equity, and stockholders' deficit | $207.0M | $145.4M | $261.1M | $259.1M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · YTD |
|---|---|---|
| Net income | $6.0M | $1.5M |
| Compensation expense | $670.0K | — |
| Interest earned on marketable securities held in Trust Account | ($10.5M) | ($1.8M) |
| Prepaid expenses | $16.9K | ($21.1K) |
| Prepaid insurance | $129.1K | ($332.9K) |
| Accrued expenses | $2.3M | — |
| Net cash used in operating activities | ($1.3M) | ($466.5K) |
| Payment of offering costs | ($75.0K) | ($276.5K) |
| Net cash (used in) provided by financing activities | ($75.0K) | $252.6M |
| Net change in cash | ($1.4M) | $2.1M |
| Cash – beginning of period | $2.1M | — |
| Cash – end of period | $703.6K | $2.1M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net loss | ($148.8M) | ($90.4M) | $4.8M | $4.7M |
| Depreciation | $1.1M | $417.0K | — | — |
| Stock-based compensation | $5.9M | $1.3M | — | — |
| Equity-based payments to non-employees | $752.0K | $643.0K | — | — |
| Amortization of right-of-use assets | $551.0K | $209.0K | — | — |
| Non-cash interest expense | $41.0K | $41.0K | — | — |
| Gain on disposal of property and equipment | $0 | — | — | — |
| Change in fair value of warrant liabilities | ($410.0K) | ($26.6M) | — | — |
| Change in fair value of convertible promissory notes | $87.8M | $87.8M | — | — |
| Loss on foreign currency exchange rate | $254.0K | $127.0K | — | — |
| Contract loss expense accrual | $155.0K | — | — | — |
| Change in fair value of long-term debt | $1.5M | $1.5M | — | — |
| Write-off of capitalized transactions costs related to issuance of PIPE Warrants | $1.2M | $1.2M | — | — |
| Accounts receivable | ($1.4M) | ($974.0K) | — | — |
| Prepaid expenses and other current assets | ($2.1M) | ($2.2M) | ($442) | ($24.8K) |
| Deposits | ($139.0K) | ($63.0K) | — | — |
| Accounts payable | $2.7M | $3.7M | — | — |
| Accrued expenses | $4.5M | $3.3M | $2.0M | $142.9K |
| Deferred revenue | $42.0K | — | — | — |
| Contract loss provision | ($4.2M) | ($3.4M) | — | — |
| Operating lease liabilities | ($431.0K) | ($201.0K) | — | — |
| Net cash used in operating activities | ($50.9M) | ($23.6M) | ($1.1M) | ($354.1K) |
| Additions of property and equipment | ($3.8M) | ($2.2M) | — | — |
| Proceeds from sales of property and equipment | $0 | — | — | — |
| Net cash used in investing activities | ($3.8M) | ($2.2M) | — | — |
| Proceeds from issuance in connection with PIPE | $200.0M | — | — | — |
| Repayments of long-term debt | ($33.6M) | ($33.6M) | — | — |
| Issuance of common stock in connection with the Merger | $26.3M | $26.3M | — | — |
| Payments of transaction costs | ($19.0M) | — | — | — |
| Payment of costs directly attributable to the Merger | ($2.1M) | ($2.1M) | — | — |
| Payment of transaction costs related to May 2026 PIPE | ($4.6M) | — | — | — |
| Proceeds from exercise of common stock options | $1.5M | $226.0K | — | — |
| Proceeds from issuance of common stock upon exercise of warrants | $13.0M | — | — | — |
| Net cash provided by financing activities | $181.5M | $91.8M | — | — |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $126.8M | $66.0M | ($1.1M) | ($354.1K) |
| Cash, cash equivalents, and restricted cash at beginning of period | $59.3M | $59.3M | $2.1M | $2.1M |
| Cash, cash equivalents, and restricted cash at end of period | $186.1M | $125.3M | — | — |
| Interest | $957.0K | $957.0K | — | — |
| Taxes | $6.0K | $4.0K | — | — |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $1.6M | $1.6M | — | — |
| Property and equipment obtained for deposits paid in 2025 | $1.5M | $1.5M | — | — |
| Issuance of redeemable convertible preferred stock upon exercise of warrants | $6.9M | $6.9M | — | — |
| Conversion of Pre-PIPE Bridge and Pre-Funded PIPE Notes to Series A Preferred Stock | $116.9M | $116.9M | — | — |
| Issuance of Series A Preferred Stock in exchange for 2024 LSA Amendment Warrants | $3.7M | $3.7M | — | — |
| Costs directly attributable to the Merger paid in 2025 | $2.7M | $2.7M | — | — |
Merlin Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.