# Merlin, Inc.: financial statements, quarterly

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)

Standardized line items from XBRL company facts. Each value links to its filing; d marks a value derived from year-to-date figures. Other view: [annual](/companies/mrln/financials.md?period=annual).

## Income statement

| 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) |
| Cost of revenue | $m | not reported | not reported | [0.7](/filings/0001213900-26-057138.md) | [3.1](/filings/0001628280-26-056882.md) | not reported | not reported | [1.6](/filings/0001213900-26-057138.md) | [2.1](/filings/0001628280-26-056882.md) |
| Gross profit | $m | not reported | not reported | [0.2](/filings/0001213900-26-057138.md) | [0.0](/filings/0001628280-26-056882.md) | not reported | not reported | [1.8](/filings/0001213900-26-057138.md) | [(0.1)](/filings/0001628280-26-056882.md) |
| Research and development | $m | not reported | not reported | [6.7](/filings/0001213900-26-057138.md) | [6.9](/filings/0001628280-26-056882.md) | not reported | not reported | [14.1](/filings/0001213900-26-057138.md) | [16.4](/filings/0001628280-26-056882.md) |
| Operating income | $m | [(0.0)](/filings/0001213900-25-109354.md) | [(0.2) d](/filings/0001213900-26-027011.md) | [(11.4)](/filings/0001213900-26-057138.md) | [(11.0)](/filings/0001628280-26-056882.md) | [(2.6)](/filings/0001213900-25-109354.md) | [(0.6) d](/filings/0001213900-26-027011.md) | [(27.0)](/filings/0001213900-26-057138.md) | [(33.5)](/filings/0001628280-26-056882.md) |
| Interest expense | $m | not reported | not reported | [1.6](/filings/0001213900-26-057138.md) | [1.3](/filings/0001628280-26-056882.md) | not reported | not reported | [0.0](/filings/0001213900-26-057138.md) | [0.0](/filings/0001628280-26-056882.md) |
| Income tax | $m | not reported | not reported | [0.0](/filings/0001213900-26-057138.md) | [0.0](/filings/0001628280-26-056882.md) | not reported | not reported | [0.0](/filings/0001213900-26-057138.md) | [0.1](/filings/0001628280-26-056882.md) |
| Net income | $m | [(0.0)](/filings/0001213900-25-109354.md) | [1.6 d](/filings/0001213900-26-027011.md) | [(12.7)](/filings/0001628280-26-056882.md) | [(16.3)](/filings/0001628280-26-056882.md) | [0.1](/filings/0001213900-25-109354.md) | [1.2 d](/filings/0001213900-26-027011.md) | [(90.4)](/filings/0001628280-26-056882.md) | [(58.4)](/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) |
| Basic 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) |

- Revenue: us-gaap:Revenues, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
- Cost of revenue: us-gaap:CostOfRevenue
- Gross profit: us-gaap:GrossProfit
- Research and development: us-gaap:ResearchAndDevelopmentExpense
- Operating income: us-gaap:OperatingIncomeLoss
- Interest expense: us-gaap:InterestExpenseNonoperating
- Income tax: us-gaap:IncomeTaxExpenseBenefit
- Net income: us-gaap:NetIncomeLoss
- Diluted EPS: us-gaap:EarningsPerShareDiluted
- Basic EPS: us-gaap:EarningsPerShareBasic

## Balance sheet

| Line item | Unit | period not labelled (2024-06-30) | Q3 FY2025 (2024-09-30) | FY2025 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | $m | not reported | not reported | [2.1](/filings/0001213900-25-022217.md) | [1.9](/filings/0001213900-25-038443.md) | [1.8](/filings/0001213900-25-073652.md) | [1.0](/filings/0001213900-25-109354.md) | [59.3](/filings/0001628280-26-056882.md) | [123](/filings/0001213900-26-057138.md) | [184](/filings/0001628280-26-056882.md) |
| Current assets | $m | not reported | [0.0](/filings/0001213900-24-106929.md) | [2.3](/filings/0001213900-26-027011.md) | [2.1](/filings/0001213900-25-038443.md) | [2.0](/filings/0001213900-25-073652.md) | [1.3](/filings/0001213900-25-109354.md) | [70.9](/filings/0001628280-26-056882.md) | [130](/filings/0001213900-26-057138.md) | [191](/filings/0001628280-26-056882.md) |
| Total assets | $m | not reported | [0.3](/filings/0001213900-24-106929.md) | [254](/filings/0001213900-26-027011.md) | [257](/filings/0001213900-25-038443.md) | [259](/filings/0001213900-25-073652.md) | [261](/filings/0001213900-25-109354.md) | [80.6](/filings/0001628280-26-056882.md) | [145](/filings/0001213900-26-057138.md) | [207](/filings/0001628280-26-056882.md) |
| Current liabilities | $m | not reported | not reported | [1.1](/filings/0001213900-26-027011.md) | [1.1](/filings/0001213900-25-038443.md) | [1.2](/filings/0001213900-25-073652.md) | [3.1](/filings/0001213900-25-109354.md) | [64.3](/filings/0001628280-26-056882.md) | [14.9](/filings/0001213900-26-057138.md) | [13.0](/filings/0001628280-26-056882.md) |
| Total liabilities | $m | not reported | [0.3](/filings/0001213900-24-106929.md) | [9.8](/filings/0001213900-26-027011.md) | [9.8](/filings/0001213900-25-038443.md) | [10.0](/filings/0001213900-25-073652.md) | [11.9](/filings/0001213900-25-109354.md) | [154](/filings/0001628280-26-056882.md) | [104](/filings/0001213900-26-057138.md) | [144](/filings/0001628280-26-056882.md) |
| Long-term debt | $m | not reported | not reported | not reported | not reported | not reported | not reported | [12.8](/filings/0001628280-26-056882.md) | not reported | [0.0](/filings/0001628280-26-056882.md) |
| Current portion of debt | $m | not reported | not reported | not reported | not reported | not reported | not reported | [19.3](/filings/0001628280-26-056882.md) | not reported | [0.0](/filings/0001628280-26-056882.md) |
| Short-term borrowings | $m | not reported | not reported | not reported | not reported | not reported | not reported | [29.1](/filings/0001628280-26-056882.md) | not reported | [0.0](/filings/0001628280-26-056882.md) |
| Shareholders' equity | $m | [(0.0)](/filings/0001213900-25-109354.md) | [(0.1)](/filings/0001213900-25-109354.md) | [(0.9)](/filings/0001628280-26-056882.md) | [(13.1)](/filings/0001628280-26-056882.md) | [(29.0)](/filings/0001628280-26-056882.md) | [(10.5)](/filings/0001213900-25-109354.md) | [(73.6)](/filings/0001628280-26-056882.md) | [(139)](/filings/0001628280-26-056882.md) | [(99.9)](/filings/0001628280-26-056882.md) |

- Cash and equivalents: us-gaap:CashAndCashEquivalentsAtCarryingValue, us-gaap:Cash
- Current assets: us-gaap:AssetsCurrent
- Total assets: us-gaap:Assets
- Current liabilities: us-gaap:LiabilitiesCurrent
- Total liabilities: us-gaap:Liabilities
- Long-term debt: us-gaap:LongTermDebtNoncurrent
- Current portion of debt: us-gaap:LongTermDebtCurrent
- Short-term borrowings: us-gaap:ShortTermBorrowings
- Shareholders' equity: us-gaap:StockholdersEquity

## Cash flow

| Line item | Unit | 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) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Operating cash flow | $m | [(13.1)](/filings/0001213900-26-057138.md) | [(12.1) d](/filings/0001628280-26-056882.md) | [24.2 d](/filings/0001213900-25-109354.md) | [(0.3) d](/filings/0001213900-26-027011.md) | [(23.6)](/filings/0001213900-26-057138.md) | [(27.3) d](/filings/0001628280-26-056882.md) |
| Capital expenditure | $m | [0.1](/filings/0001213900-26-057138.md) | [0.0 d](/filings/0001628280-26-056882.md) | not reported | not reported | [2.2](/filings/0001213900-26-057138.md) | [1.7 d](/filings/0001628280-26-056882.md) |
| Share repurchases | $m | not reported | not reported | not reported | not reported | [8.5](/filings/0001213900-26-057138.md) | not reported |

- Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities
- Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
- Share repurchases: us-gaap:PaymentsForRepurchaseOfCommonStock

## Shares

| Line item | Unit | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: |
| Diluted shares (weighted) | millions of shares | [70.9](/filings/0001213900-26-057138.md) | [71.0](/filings/0001628280-26-056882.md) | [72.4](/filings/0001213900-26-057138.md) | [91.3](/filings/0001628280-26-056882.md) |

- Diluted shares (weighted): us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding

Shares outstanding: 101,067,784 at 2026-08-11, from the cover of the [10-Q filed 2026-08-14](/filings/0001628280-26-056882.md) (dei:EntityCommonStockSharesOutstanding).

Source: SEC EDGAR, XBRL company facts. Last ingested by Listed: Oct 24, 2026, 15:50 ET. No prices; not investment advice.