MRLN
Merlin, Inc.
NasdaqGMUSDEQUITY
Industrials
DELAYED
Sell
-36/100
Last price
1.58
▲ 0.01 (0.64%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
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Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
1.57
Prev close
1.57
Day high
1.62
Day low
1.53
Volume
2.21M
Market cap
$157.67M
P/E (TTM)
—
52W range
1.53 – 17.00
Day trading desk
Gap from prior close
-0.00%
Prior close 1.57
VWAP
—
—
Relative volume
0.00×
Quiet session
Session range
0.64%
1.57 – 1.58
Position in range
100%
Near session high
ATR (14D)
0.20
12.88% of price
Prior day high
1.76
PDH
Prior day low
1.57
PDL
Bid / ask spread
—
Quote not published
Session volume
—
Avg 2.15M
VWAP and the session figures are computed from the delayed intraday series on this page, so they lag the live tape and will not match a broker's real-time VWAP exactly. Turn on Prior day H/L/C, Opening range and Volume profile in the chart's Studies menu to see these levels drawn on price.
Trailing performance
Returnvs SPY
1W
-12.36%
-14.3%
1M
-53.43%
-54.6%
3M
-63.64%
-68.2%
6M
-75.24%
-93.4%
YTD
-85.45%
-99.7%
1Y
-85.06%
-101.5%
3Y
—
-82.3%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on MRLN open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
59.49M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| May 20, 26 | MONTELONGO MICHAEL Director |
STOCK | 37.50K | $0 | Direct |
| May 20, 26 | BRANNON KELYN J Director |
STOCK | 37.50K | $0 | Direct |
| May 20, 26 | BLITZER MICHAEL Director |
STOCK | 37.50K | $0 | Direct |
| May 20, 26 | TRABUCO CAROLYN L. Director |
STOCK | 37.50K | $0 | Direct |
| May 20, 26 | SMITH ROBERT HANSON Director |
STOCK | 37.50K | $0 | Direct |
| May 20, 26 | GEORGE MATTHEW SPENCER Chief Executive Officer |
STOCK | 531.81K | $0 | Direct |
| May 20, 26 | CARRITHERS RYAN MICHAEL Chief Financial Officer |
STOCK | 256.42K | $0 | Direct |
| May 20, 26 | RAVESTEIN LESLIE RENEE Officer |
STOCK | 199.04K | $0 | Direct |
| May 20, 26 | BRAITHWAITE KENNETH Director |
STOCK | 37.50K | $0 | Direct |
| May 20, 26 | BRUNNER MARK RAWLINS Officer |
STOCK | 225.90K | $0 | Direct |
| Mar 16, 26 | GEORGE MATTHEW SPENCER Chief Executive Officer |
STOCK | 14.89M | $0 | Direct |
| Dec 9, 25 | GOLDMAN SACHS GROUP, INC. Beneficial Owner of more than 10% of a Class of Security |
BUY | 4.33K | $46.77K | Indirect |
| Dec 9, 25 | GOLDMAN SACHS GROUP, INC. Beneficial Owner of more than 10% of a Class of Security |
SELL | 4.87K | $52.71K | Indirect |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
BLITZER MICHAEL |
Director | 37.50K | Stock Award(Grant) |
BRAITHWAITE KENNETH |
Director | 37.50K | Stock Award(Grant) |
BRANNON KELYN J |
Director | 37.50K | Stock Award(Grant) |
BRUNNER MARK RAWLINS |
Officer | 225.90K | Stock Award(Grant) |
CARRITHERS RYAN MICHAEL |
Chief Financial Officer | 256.42K | Stock Award(Grant) |
GEORGE MATTHEW SPENCER |
Chief Executive Officer | 15.42M | Stock Award(Grant) |
GOLDMAN SACHS GROUP, INC. |
Beneficial Owner of more than 10% of a Class of Security | — | Purchase |
MONTELONGO MICHAEL |
Director | 37.50K | Stock Award(Grant) |
RAVESTEIN LESLIE RENEE |
Officer | 199.04K | Stock Award(Grant) |
TRABUCO CAROLYN L. |
Director | 37.50K | Stock Award(Grant) |
Fundamentals
Market cap$157.67M
Enterprise value$138.48M
Revenue (TTM)$6.77M
Gross profit$-131.00K
EBITDA$-91.71M
Net income$-610.80M
EPS (TTM)$-5.79
Free cash flow—
Total cash$183.87M
Total debt$2.19M
Book value / share$-0.99
Shares outstanding101.07M
Float44.79M
Short % of float—
Dividend yield0.00%
Beta (5Y)—
Valuation & profitability ratios
Trailing P/E—
Forward P/E-1.41
PEG ratio—
Price / sales—
Price / book—
EV / revenue20.45
EV / EBITDA-1.51
Gross margin-1.93%
Operating margin-1528.58%
Profit margin0.00%
Return on equity—
Return on assets—
Debt / equity3.50
Current ratio14.67
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2024 | 2023 | YoY |
|---|---|---|---|
| Total revenue | $1.23M | $1.00M | +22.5% |
| Operating revenue | $1.23M | $1.00M | +22.5% |
| Cost of revenue | $8.50M | $735.00K | +1,056.5% |
| Gross profit | -$7.27M | $268.00K | -2,813.1% |
| Research & development | $27.15M | $24.67M | +10.0% |
| Selling, general & admin | $19.61M | $14.04M | +39.7% |
| Total operating expense | $46.75M | $38.70M | +20.8% |
| Operating income | -$54.02M | -$38.44M | -40.6% |
| Net interest income | -$415.00K | $2.95M | -114.1% |
| Pre-tax income | -$54.90M | -$35.76M | -53.5% |
| Tax provision | $351.00K | $706.00K | -50.3% |
| Net income | -$55.25M | -$36.46M | -51.5% |
| Net income to common | -$55.25M | -$36.46M | -51.5% |
| Basic EPS | -0.78 | -0.51 | -51.5% |
| Diluted EPS | -0.78 | -0.51 | -51.5% |
| EBIT | -$52.48M | -$35.45M | -48.0% |
| EBITDA | -$50.44M | -$33.66M | -49.9% |
| Basic shares | 70.95M | 70.95M | 0.0% |
| Diluted shares | 70.95M | 70.95M | 0.0% |
| Line item | 2024 | 2023 | YoY |
|---|---|---|---|
| Cash & equivalents | $37.20M | $50.48M | -26.3% |
| Cash & short-term investments | $37.57M | $51.03M | -26.4% |
| Accounts receivable | $536.00K | $21.00K | +2,452.4% |
| Total current assets | $39.15M | $52.65M | -25.6% |
| Property, plant & equipment | $9.94M | $9.63M | +3.2% |
| Total assets | $49.19M | $62.41M | -21.2% |
| Total current liabilities | $24.19M | $4.77M | +407.3% |
| Current debt | $14.22M | $1.00M | +1,322.4% |
| Long-term debt | $21.67M | $1.28M | +1,590.6% |
| Total debt | $37.26M | $3.81M | +877.4% |
| Total liabilities | $180.72M | $140.49M | +28.6% |
| Retained earnings | -$135.53M | -$80.28M | -68.8% |
| Shareholder equity | -$131.52M | -$78.07M | -68.5% |
| Working capital | $14.96M | $47.88M | -68.8% |
| Net tangible assets | -$131.52M | -$78.07M | -68.5% |
| Shares issued | 82.69M | 82.69M | 0.0% |
| Line item | 2024 | 2023 | YoY |
|---|---|---|---|
| Net income | -$55.25M | -$36.46M | -51.5% |
| Depreciation & amortisation | $2.04M | $1.80M | +13.6% |
| Stock-based compensation | $1.74M | $1.81M | -3.7% |
| Change in working capital | -$685.00K | $1.17M | -158.6% |
| Operating cash flow | -$45.54M | -$31.70M | -43.7% |
| Capital expenditure | -$1.90M | -$4.84M | +60.7% |
| Investing cash flow | -$1.69M | -$4.87M | +65.2% |
| Share buybacks | $0 | -$1.51M | +100.0% |
| Financing cash flow | $33.94M | -$2.51M | +1,454.3% |
| Free cash flow | -$47.44M | -$36.54M | -29.8% |
| End cash position | $37.20M | $50.48M | -26.3% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $2.19M | $1.00M | $1.92M | $3.11M | $868.00K | +119.0% |
| Operating revenue | $2.19M | $1.00M | $1.92M | $3.11M | $868.00K | +119.0% |
| Cost of revenue | $2.31M | -$811.00K | $3.94M | $3.07M | $714.00K | +385.2% |
| Gross profit | -$119.00K | $1.81M | -$2.02M | $41.00K | $154.00K | -106.6% |
| Research & development | $16.39M | $14.09M | $8.16M | $6.86M | $6.68M | +16.3% |
| Selling, general & admin | $17.03M | $14.73M | $6.42M | $4.19M | $4.88M | +15.6% |
| Total operating expense | $33.42M | $28.82M | $14.59M | $11.05M | $11.56M | +15.9% |
| Operating income | -$33.54M | -$27.01M | -$16.61M | -$11.01M | -$11.40M | -24.2% |
| Net interest income | $1.45M | $508.00K | $431.00K | -$1.21M | -$1.31M | +184.8% |
| Pre-tax income | -$58.30M | -$90.37M | -$26.69M | -$16.30M | -$12.73M | +35.5% |
| Tax provision | $125.00K | $48.00K | $2.00K | $1.00K | $1.00K | +160.4% |
| Net income | -$58.43M | -$90.42M | -$26.70M | -$16.30M | -$12.73M | +35.4% |
| Net income to common | -$127.50M | -$91.84M | -$372.41M | -$16.30M | -$12.73M | -38.8% |
| Basic EPS | -1.40 | -1.27 | — | -0.23 | -0.18 | -10.2% |
| Diluted EPS | -1.40 | -1.27 | — | -0.23 | -0.18 | -10.2% |
| EBIT | -$58.30M | -$90.36M | -$26.70M | -$14.95M | -$11.12M | +35.5% |
| EBITDA | -$57.25M | -$89.74M | -$26.14M | -$14.38M | -$10.55M | +36.2% |
| Basic shares | 91.31M | 72.42M | — | 70.95M | 70.95M | +26.1% |
| Diluted shares | 91.31M | 72.42M | — | 70.95M | 70.95M | +26.1% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-09-30 | YoY |
|---|---|---|---|---|
| Cash & equivalents | $183.55M | $122.78M | $66.76M | +49.5% |
| Cash & short-term investments | $183.87M | $123.10M | $67.09M | +49.4% |
| Accounts receivable | $1.75M | $1.34M | $3.42M | +30.8% |
| Total current assets | $191.02M | $130.01M | $78.87M | +46.9% |
| Property, plant & equipment | $13.28M | $12.69M | $8.83M | +4.7% |
| Total assets | $206.98M | $145.38M | $87.81M | +42.4% |
| Total current liabilities | $13.02M | $14.91M | $52.05M | -12.7% |
| Current debt | — | — | $36.18M | — |
| Long-term debt | — | — | $17.97M | — |
| Total debt | $2.19M | $2.42M | $55.30M | -9.5% |
| Total liabilities | $144.41M | $284.49M | $619.23M | -49.2% |
| Retained earnings | -$699.90M | -$641.47M | -$532.00M | -9.1% |
| Shareholder equity | $62.57M | -$139.11M | -$531.41M | +145.0% |
| Working capital | $177.99M | $115.10M | $26.82M | +54.6% |
| Net tangible assets | $62.57M | -$139.11M | -$531.41M | +145.0% |
| Shares issued | 100.59M | 84.54M | 82.69M | +19.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Net income | -$58.43M | -$90.42M | -$26.70M | -$16.30M | -$12.73M | +35.4% |
| Depreciation & amortisation | $1.05M | $626.00K | $558.00K | $572.00K | $564.00K | +68.4% |
| Stock-based compensation | $4.72M | $1.94M | $526.00K | $433.00K | $513.00K | +143.4% |
| Change in working capital | -$1.02M | $34.00K | -$3.39M | -$1.17M | -$1.84M | -3,108.8% |
| Operating cash flow | -$27.25M | -$23.64M | -$17.79M | -$12.14M | -$13.08M | -15.3% |
| Capital expenditure | -$1.66M | -$2.16M | -$175.00K | -$17.00K | -$94.00K | +23.1% |
| Investing cash flow | -$1.66M | -$2.16M | -$140.00K | -$17.00K | -$79.00K | +23.1% |
| Financing cash flow | $89.69M | $91.81M | $78.50M | -$4.15M | -$1.55M | -2.3% |
| Free cash flow | -$28.91M | -$25.80M | -$17.97M | -$12.16M | -$13.18M | -12.1% |
| End cash position | $186.12M | $125.35M | $66.76M | $6.19M | $22.49M | +48.5% |
Options analytics
Put / call volume
0.29
Call-heavy session
Put / call open interest
0.01
Positioning, not flow
Max pain
17.50
+1,021.8% from spot
ATM implied vol
50.0%
Nearest strike to spot
Skew (10% OTM)
-50.0%
Calls bid over puts
Call volume
273
Contracts, this expiry
Put volume
78
Contracts, this expiry
Heaviest call OI
20.00
619 contracts
Heaviest put OI
25.00
5 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | -0.24 | -1.06 | -335.0% |
| Mar 2026 | -0.10 | -0.32 | -224.6% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | -0.30 | 4 | $2.23M | — |
| Next quarter | -0.31 | 4 | $2.82M | — |
| Current year | -1.90 | 2 | $8.25M | — |
| Next year | -1.10 | 4 | $20.89M | +153.3% |
Analyst targets & ownership
Mean target$8.58
High target$10.00
Low target$7.00
Implied upside443.25%
Analyst count6
ConsensusSTRONG BUY
Strong buy / Buy1 / 5
Hold0
Sell / Strong sell0 / 0
Held by insiders58.86%
Held by institutions22.68%
Institutions holding76
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
1.76
-10.23% from price
SMA 20
2.14
-27.15% from price
SMA 50
3.04
-48.63% from price
SMA 100
4.44
-64.44% from price
SMA 200
7.37
-78.84% from price
EMA 12
1.86
-15.19% from price
EMA 26
2.30
-31.25% from price
EMA 50
3.01
-47.45% from price
RSI (14)
28.2
Oversold
MACD (12,26,9)
-0.44
Hist 0.01
ATR (14)
0.20
13.05% of price
Realised vol 30D
130.1%
Annualised
Bollinger upper
3.23
20, 2σ
Bollinger lower
1.06
20, 2σ
50 / 200 cross
Death
3.04 vs 7.37
Trend bias
Below 200
-78.84%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
1.79
More volatile than market
Correlation to SPY
0.20
Largely independent
Realised vol 30D
130.1%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-90.3%
Peak to trough
Max drawdown 5Y
-90.3%
Peak to trough
ATR 14
0.20
13.05% of price
Beta (reported)
—
5Y monthly, from filing
Short interest
Shares short
10.54M
Prior 8.65M
Change vs prior
+21.7%
Shorts adding
% of float
—
—
% of shares out
10.43%
Against total outstanding
Days to cover
8.7
Crowded exit
Float
44.79M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Sep 25, 26 | Canaccord Genuity | INITIATED | — | Buy |
| Sep 18, 26 | Maxim Group | INITIATED | — | Buy |
| Aug 14, 26 | Cantor Fitzgerald | MAINTAINED | Overweight | Overweight |
| Jul 21, 26 | Northland Capital Markets | INITIATED | — | Outperform |
| Jul 13, 26 | TD Cowen | MAINTAINED | Buy | Buy |
| Jul 9, 26 | Cantor Fitzgerald | INITIATED | — | Overweight |
| Jun 3, 26 | TD Cowen | INITIATED | — | Buy |
| Apr 16, 26 | Roth Capital | MAINTAINED | Buy | Buy |
| Apr 14, 26 | Roth Capital | INITIATED | — | Buy |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio—
Ex-dividend date—
Next pay date—
Last split—
Split date—
SEC filings
Periodic Financial Reports
10-Q · 2026-08-14
Corporate Changes & Voting Matters
8-K · 2026-08-13
Offering Registrations
S-8 · 2026-05-20
Periodic Financial Reports
10-Q · 2026-05-15
Corporate Changes & Voting Matters
8-K · 2026-05-14
A correspondence can be sent as a document with another submission type or can be sent as a separate submission
CORRESP · 2026-05-12
Offering Registrations
S-1 · 2026-05-06
Corporate Changes & Voting Matters
8-K · 2026-04-29
Headlines
Merlin, Inc. To Participate in Upcoming Investor Conferences
GlobeNewswire · 2d ago
Canaccord Genuity Initiates Merlin at Buy With $7.50 Price Target
MT Newswires · 12d ago
Merlin Demonstrates Autonomous Flight Capabilities at Texas Department of Transportation Project NEXUS eIPP Kickoff Event
GlobeNewswire · 27d ago
Merlin Shifts Civil Certification Strategy to Large Aircraft
MT Newswires · 28d ago
Merlin Announces Plans to Pursue a Civil Certification Strategy for Large Aircraft
GlobeNewswire · 28d ago
Merlin Receives Approval to Make In-House Aircraft Design Modifications
MT Newswires · 44d ago
Merlin Designated a New Zealand Part 146 Aircraft Design Organization, Advancing Its Path to Commercial Operations
GlobeNewswire · 44d ago
A1R water Debuts as Publicly Traded Company to Build Leading CPG Brand in Atmospheric Water
PR Newswire · 54d ago
PRIVATE STRATEGY · BY QUALIFICATION
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