Merlin Q2: revenue $2.2M, net loss $58.4M, cash $183.9M; autonomous landing milestone

Merlin, Inc.

Q2 revenue $2.2M vs $1.0M in Q1; GAAP net loss $(58.4)M vs $(90.4)M in Q1.
Adjusted EBITDA loss $(27.8)M vs $(23.3)M in Q1; cash and investments $183.9M, no debt.
Completed CDR for USSOCOM C-130J autonomy program on June 4, 2026; next phase integration and ground testing.
First fully autonomous landing at Oshkosh on July 17, 2026 using Cessna 208B Grand Caravan.
Signed non-binding MOU with Israel Aerospace Industries for Part 25 cargo autonomy; targeting ~2,400-aircraft market.

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