# Merlin, Inc.: overview

MRLN · Nasdaq · CIK 2028707 · [Technology](/sectors/technology.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/mrln.md) · [Financials](/companies/mrln/financials.md) · [Filings](/companies/mrln/filings.md) · [Insiders](/companies/mrln/insiders.md)

Latest reported revenue: [$2.2m](/filings/0001628280-26-056882.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 14, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-056882).

## Last eight quarters

| Line item | Unit | Q3 FY2025 (2024-09-30) | Q2 FY2025 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | not reported | not reported | [0.9](/filings/0001213900-26-057138.md) | [3.1](/filings/0001628280-26-056882.md) | not reported | not reported | [1.0](/filings/0001213900-26-057138.md) | [2.2](/filings/0001628280-26-056882.md) |
| Gross margin | % | not reported | not reported | [17.7%](/filings/0001213900-26-057138.md) | [1.3%](/filings/0001628280-26-056882.md) | not reported | not reported | [180.9%](/filings/0001213900-26-057138.md) | [(5.4%)](/filings/0001628280-26-056882.md) |
| Operating margin | % | not reported | not reported | [(1313.8%)](/filings/0001213900-26-057138.md) | [(354.3%)](/filings/0001628280-26-056882.md) | not reported | not reported | [(2695.8%)](/filings/0001213900-26-057138.md) | [(1528.6%)](/filings/0001628280-26-056882.md) |
| Net margin | % | not reported | not reported | [(1466.9%)](/filings/0001628280-26-056882.md) | [(524.5%)](/filings/0001628280-26-056882.md) | not reported | not reported | [(9023.9%)](/filings/0001628280-26-056882.md) | [(2663.0%)](/filings/0001628280-26-056882.md) |
| Diluted EPS | $ per share | not reported | not reported | [(0.18)](/filings/0001213900-26-057138.md) | [(0.23)](/filings/0001628280-26-056882.md) | not reported | not reported | [(1.27)](/filings/0001213900-26-057138.md) | [(1.40)](/filings/0001628280-26-056882.md) |
| Free cash flow | $m | not reported | not reported | [(13.2)](/filings/0001213900-26-057138.md) | [(12.2) d](/filings/0001628280-26-056882.md) | not reported | not reported | [(25.8)](/filings/0001213900-26-057138.md) | [(28.9) d](/filings/0001628280-26-056882.md) |

- Revenue. XBRL Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 6-month figure less the 3-month figure; 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 6-month figure less the 3-month figure; 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 6-month figure less the 3-month figure; 9-month figure less the 6-month figure; 12-month figure less the 9-month figure.

## Last five fiscal years

| Line item | Unit | FY2025 (2025-12-31) |
| --- | --- | ---: |
| Revenue | $ | not reported |
| Gross margin | % | not reported |
| Operating margin | % | not reported |
| Net margin | % | not reported |
| Diluted EPS | $ per share | not reported |
| Free cash flow | $ | not reported |

- Revenue. XBRL not reported.
- Gross margin (gross profit / revenue). XBRL not reported.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss.
- Diluted EPS. XBRL not reported.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/mrln/insiders.md)

| Date | Insider | Role | Transaction | Shares | Reported price | Value | Filing |
| --- | --- | --- | --- | ---: | ---: | ---: | --- |
| 2025-12-09 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Sale (S) | 3 | $10.95 | $32.85 | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-09 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Purchase (P) | 3 | $10.95 | $32.85 | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-09 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Purchase (P) | 2 | $10.98 | $21.96 | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-08 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Sale (S) | 63 | $10.98 | $691.74 | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-08 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Sale (S) | 3 | $10.98 | $32.94 | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-08 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Sale (S) | 250 | $11.00 | $2.8k | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-08 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Sale (S) | 63 | $11.00 | $693 | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-08 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Purchase (P) | 63 | $10.98 | $691.74 | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-08 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Purchase (P) | 63 | $10.98 | $691.74 | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-08 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Purchase (P) | 3 | $10.98 | $32.94 | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-08 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Purchase (P) | 250 | $11.00 | $2.8k | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-05 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Sale (S) | 500 | $10.71 | $5.4k | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-05 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Sale (S) | 630 | $10.79 | $6.8k | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-05 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Sale (S) | 3,300 | $10.82 | $35.7k | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-05 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Sale (S) | 14 | $11.00 | $154 | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-05 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Purchase (P) | 500 | $10.71 | $5.4k | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-05 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Purchase (P) | 451 | $10.79 | $4.9k | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-05 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Purchase (P) | 1,500 | $10.80 | $16.2k | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-05 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Purchase (P) | 1,465 | $10.80 | $15.8k | [Form 4](/filings/0001193125-26-077683.md) |
| 2025-12-05 | [Goldman Sachs Group Inc](/insiders/886982.md) | 10% owner | Purchase (P) | 14 | $11.00 | $154 | [Form 4](/filings/0001193125-26-077683.md) |

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [Alyeska Investment Group, L.P.](/funds/1453072.md) | 2026-06-30 | $42.1m | 7,402,996 |  | New +7,402,996 |
| [BAILLIE GIFFORD & CO](/funds/1088875.md) | 2026-06-30 | $11.5m | 2,016,289 |  | Unchanged |
| [SUSQUEHANNA INTERNATIONAL GROUP, LLP](/funds/1446194.md) | 2026-06-30 | $7.2m | 1,270,000 | Call | New +1,270,000 |
| [UBS Group AG](/funds/1610520.md) | 2026-06-30 | $5.9m | 1,034,899 |  | Added +761,813 |
| [JANE STREET GROUP, LLC](/funds/1595888.md) | 2026-06-30 | $4.4m | 780,300 | Call | New +780,300 |
| [CITADEL ADVISORS LLC](/funds/1423053.md) | 2026-06-30 | $4.1m | 721,600 | Call | New +721,600 |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $4.1m | 711,898 |  | New +711,898 |
| [XTX Topco Ltd](/funds/1828301.md) | 2026-06-30 | $2.5m | 431,905 |  | Added +402,197 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $2.4m | 426,791 |  | Added +376,786 |
| [SUSQUEHANNA INTERNATIONAL GROUP, LLP](/funds/1446194.md) | 2026-06-30 | $2.4m | 419,600 | Put | New +419,600 |

## Recent filings

[All 161 filings](/companies/mrln/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-27 | 09:21 ET | [8-K](/filings/0001628280-26-067435.md) | 5.02 Departure or appointment of officers or directors | 0001628280-26-067435 |
| 2026-08-14 | 18:32 ET | [10-Q](/filings/0001628280-26-056882.md) | Quarterly report, period 2026-06-30 | 0001628280-26-056882 |
| 2026-08-13 | 16:09 ET | [8-K](/filings/0001628280-26-056712.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628280-26-056712 |
| 2026-05-15 | 07:30 ET | [10-Q](/filings/0001213900-26-057138.md) | Quarterly report, period 2026-03-31 | 0001213900-26-057138 |
| 2026-05-14 | 07:37 ET | [8-K](/filings/0001213900-26-056230.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001213900-26-056230 |
| 2026-05-06 | 08:59 ET | [S-1](/filings/0001213900-26-052553.md) | Registration statement | 0001213900-26-052553 |
| 2026-04-29 | 09:24 ET | [8-K](/filings/0001213900-26-048884.md) | 1.01 Entry into a material agreement; 3.02 Unregistered sale of equity; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001213900-26-048884 |
| 2026-04-15 | 16:10 ET | [S-1](/filings/0001213900-26-044057.md) | Registration statement | 0001213900-26-044057 |
| 2026-03-23 | 16:30 ET | [SCHEDULE 13D](/filings/0001213900-26-032943.md) | Ownership report, active investor | 0001213900-26-032943 |
| 2026-03-20 | 16:01 ET | [8-K](/filings/0001213900-26-032329.md) | 1.01 Entry into a material agreement; 2.01 Completion of an acquisition or disposition; 3.02 Unregistered sale of equity; 3.03 Change to security holders’ rights; 4.01 Change of auditor; 5.01 Change in control; 5.02 Departure or appointment of officers or directors; 5.03 Amendment to articles or bylaws; 5.06 Item not in the standard list; 8.01 Other events; 9.01 Financial statements and exhibits | 0001213900-26-032329 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001213900-26-027011.md), filed Mar 12, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/8395e0a2-a40d-4290-acad-4563f5c0fdd2)

## About the filer

- CIK: 2028707
- Tickers: MRLN
- Exchange: Nasdaq
- SIC code: 7373 Services-Computer Integrated Systems Design
- State of incorporation: E9
- Filer category: <br>Emerging growth company

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 27, 2026, 17:22 ET. No prices; not investment advice.