Added to YB: 2026-10-08
Pitch date: 2026-10-05
MRLN [neutral]
Merlin, Inc.
-29.11%
current return
Author Info
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Company Info
Merlin, Inc., an aerospace and defense technology company, develops AI-powered autonomous flight software and systems for aircraft in the United States and New Zealand.
Market Cap
$158.7M
Pitch Price
$1.58
Price Target
N/A
Dividend
N/A
EV/EBITDA
-1.55
P/E
-0.03
EV/Sales
20.60
Sector
Aerospace and Defense
Category
special_situation
Merlin, Inc. - $MRLN
MRLN (deep dive): Merlin pairs credible C-130J engineering progress with a dilutive capital structure likely to determine returns before its multi-year operating thesis matures. It has $183.9M of cash and no debt, but Q2 revenue was $2.2M versus a $27.8M adjusted EBITDA loss; a $5-floor preferred reset, warrant overhang and lockup unlock create near-term dilution and supply risk, with fully diluted shares approaching 160M. The stated valuation implies operating value from near zero to the low $200Ms.
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