Merlin Q1 net loss $90.4M; introduces Condor product; automated takeoffs achieved

Merlin, Inc.

Total revenue $1.0M (vs $0.9M Q1 2025); GAAP net loss $90.4M (vs $12.7M).
Adjusted EBITDA loss $23.3M (vs $10.4M Q1 2025).
Cash and short-term investments $122.8M at March 31, 2026 (vs $59.3M Dec 31, 2025); no debt.
Introduced Condor product for large multi-crew aircraft; MOU with World Star Aviation for civil cargo.
Appointed Michael Baker as CMO (Mar 31) and Mark Brunner as CRO (Apr 13).

item 2.02 item 9.01

Machine-readable event card

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accession 0001213900-26-056230

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