---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-056230"
form_type: "8-K"
ticker: "MRLN"
cik: "0002028707"
company_name: "Merlin, Inc."
filed_at: "2026-05-14T11:37:53+00:00"
generated_at: "2026-05-14T11:40:11.415308+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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).

## SEC filing metadata
- accession: 0001213900-26-056230
- form_type: 8-K
- ticker: MRLN
- cik: 0002028707
- company_name: Merlin, Inc.
- filed_at: 2026-05-14T11:37:53+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2028707/000121390026056230/0001213900-26-056230-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2028707/000121390026056230/ea0290556-8k_merlin.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-056230
- JSON: https://secwatch.observer/filing/0001213900-26-056230.json
- Plain text: https://secwatch.observer/filing/0001213900-26-056230.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.