NASDAQ : MRLN
Merlin, Inc. — Financial statements
Financials · Credit Services · United States
Last price 1.05 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 106.12M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Merlin, Inc. (MRLN) reported revenue of 6.77M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | 6.77M | 7.55M | 1.23M | 1.00M |
| Cost of Revenue | 6.90M | 9.18M | 8.50M | 735.00K |
| Gross Profit | -131.00K | -1.63M | -7.27M | 268.00K |
| Selling, General & Admin | 44.10M | 21.41M | 19.61M | 14.04M |
| Research & Development | 49.42M | 32.48M | 27.15M | 24.67M |
| Operating Expenses | 93.52M | 53.89M | 46.75M | 38.70M |
| Operating Income | -93.65M | -55.52M | -54.02M | -38.44M |
| Interest Expense | -9.00K | -2.96M | -2.42M | -304.00K |
| Interest & Investment Income | 2.98M | 1.44M | 2.00M | 3.25M |
| Currency Exchange Gain (Loss) | -281.00K | -281.00K | -197.00K | -199.00K |
| Other Non Operating Income (Expenses) | -1.69M | -5.99M | -265.00K | -54.00K |
| EBT Excluding Unusual Items | -92.66M | -63.31M | -54.90M | -35.74M |
| Gain (Loss) on Sale of Assets | -149.00K | -147.00K | -16.00K | |
| Other Unusual Items | -101.57M | -11.27M | ||
| Pretax Income | -194.37M | -74.73M | -54.90M | -35.76M |
| Income Tax Expense | 222.00K | 50.00K | 351.00K | 706.00K |
| Net Income | -194.59M | -74.78M | -55.25M | -36.46M |
| Preferred Dividends & Other Adjustments | 416.21M | 345.72M | ||
| Net Income to Common | -610.80M | -420.50M | -55.25M | -36.46M |
| Shares Outstanding (Basic) | 10.69M | 5.21M | 5.12M | 4.48M |
| Shares Outstanding (Diluted) | 10.69M | 5.21M | 5.12M | 4.48M |
| EPS (Basic) | -57.13 | -80.68 | -10.80 | -8.14 |
| EPS (Diluted) | -57.13 | -80.68 | -10.80 | -8.14 |
| Free Cash Flow | -89.68M | -60.30M | -47.37M | -36.54M |
| Free Cash Flow Per Share | -8.39 | -11.57 | -9.26 | -8.16 |
| Gross Margin | -1.93% | -21.60% | 26.72% | |
| Operating Margin | -1,383.16% | -735.25% | -4,395.85% | -3,832.10% |
| Profit Margin | -9,020.84% | -5,568.73% | -4,495.77% | -3,635.39% |
| Free Cash Flow Margin | -1,324.47% | -798.50% | -3,854.35% | -3,643.07% |
| EBITDA | -91.71M | -53.94M | -52.56M | -37.30M |
| D&A For EBITDA | 1.94M | 1.58M | 1.47M | 1.14M |
| EBIT | -93.65M | -55.52M | -54.02M | -38.44M |
| Advertising Expenses | 1.24M | 1.33M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Cash & Equivalents | 183.55M | 59.34M | 37.20M | 50.48M |
| Short-Term Investments | 321.00K | 330.00K | 377.00K | 548.00K |
| Cash & Short-Term Investments | 183.87M | 59.67M | 37.57M | 51.03M |
| Receivables | 1.75M | 368.00K | 536.00K | 21.00K |
| Prepaid Expenses | 5.39M | 3.33M | 1.04M | 1.60M |
| Other Current Assets | 7.56M | |||
| Total Current Assets | 191.02M | 70.93M | 39.15M | 52.65M |
| Property, Plant & Equipment | 13.28M | 8.09M | 9.94M | 9.63M |
| Other Long-Term Assets | 2.68M | 1.56M | 109.00K | 134.00K |
| Total Assets | 206.98M | 80.58M | 49.19M | 62.41M |
| Accounts Payable | 5.88M | 3.15M | 1.29M | 1.40M |
| Accrued Expenses | 6.00M | 7.94M | 2.68M | 1.84M |
| Short-Term Debt | 29.11M | |||
| Current Portion of Long-Term Debt | 19.27M | 14.22M | 1.00M | |
| Current Portion of Leases | 940.00K | 657.00K | 709.00K | 532.00K |
| Current Unearned Revenue | 42.00K | 112.00K | ||
| Other Current Liabilities | 155.00K | 4.17M | 5.17M | |
| Total Current Liabilities | 13.02M | 64.30M | 24.19M | 4.77M |
| Long-Term Debt | 12.78M | 21.67M | 1.28M | |
| Long-Term Leases | 1.25M | 331.00K | 653.00K | 998.00K |
| Other Long-Term Liabilities | 130.14M | 76.77M | 3.59M | 2.83M |
| Total Liabilities | 144.41M | 154.18M | 50.10M | 9.87M |
| Common Stock | 10.00K | 1.00K | 1.00K | 1.00K |
| Additional Paid-In Capital | 599.96M | 15.49M | 4.01M | 2.20M |
| Retained Earnings | -699.90M | -551.05M | -135.53M | -80.28M |
| Total Common Equity | -99.93M | -535.56M | -131.52M | -78.07M |
| Shareholders' Equity | 62.57M | -73.60M | -906.00K | 52.54M |
| Total Liabilities & Equity | 206.98M | 80.58M | 49.19M | 62.41M |
| Total Debt | 2.19M | 62.15M | 37.26M | 3.81M |
| Net Cash (Debt) | 181.68M | -2.48M | 313.00K | 47.22M |
| Net Cash Per Share | 16.99 | -0.48 | 0.06 | 10.55 |
| Filing Date Shares Outstanding | 101.07M | 5.31M | 5.17M | 4.48M |
| Total Common Shares Outstanding | 100.59M | 5.31M | 5.17M | 4.48M |
| Working Capital | 177.99M | 6.63M | 14.96M | 47.88M |
| Book Value Per Share | -0.99 | -100.93 | -25.44 | -17.44 |
| Tangible Book Value | -99.93M | -535.56M | -131.52M | -78.07M |
| Tangible Book Value Per Share | -0.99 | -100.93 | -25.44 | -17.44 |
| Machinery | 16.68M | 11.86M | 11.79M | 9.91M |
| Leasehold Improvements | 878.00K | 425.00K | 394.00K | 369.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Net Income | -194.59M | -74.78M | -55.25M | -36.46M |
| Depreciation & Amortization | 2.87M | 2.33M | 2.03M | 1.80M |
| Loss (Gain) From Sale of Assets | 149.00K | 147.00K | 16.00K | |
| Stock-Based Compensation | 7.40M | 1.70M | 1.74M | 1.81M |
| Other Operating Activities | 102.77M | 18.14M | 6.99M | -21.00K |
| Change in Accounts Receivable | 166.00K | 168.00K | -519.00K | -17.00K |
| Change in Accounts Payable | 3.55M | 1.86M | -104.00K | 2.34M |
| Change in Unearned Revenue | 42.00K | -112.00K | 112.00K | |
| Change in Other Net Operating Assets | -9.12M | -9.31M | -462.00K | -1.15M |
| Operating Cash Flow | -85.54M | -59.87M | -45.47M | -31.70M |
| Capital Expenditures | -4.14M | -427.00K | -1.90M | -4.84M |
| Sale of Property, Plant & Equipment | 15.00K | 10.00K | ||
| Investment in Securities | 44.00K | 44.00K | 140.00K | -34.00K |
| Investing Cash Flow | -4.09M | -368.00K | -1.76M | -4.87M |
| Long-Term Debt Issued | 20.41M | 34.38M | ||
| Long-Term Debt Repaid | -5.71M | -1.00M | -1.02M | |
| Net Debt Issued (Repaid) | -13.23M | 14.70M | 33.38M | -1.02M |
| Issuance of Common Stock | 93.45M | 391.00K | 66.00K | 21.00K |
| Other Financing Activities | 117.54M | 67.29M | 496.00K | -1.51M |
| Financing Cash Flow | 269.57M | 82.38M | 33.94M | -2.51M |
| Net Cash Flow | 179.93M | 22.15M | -13.29M | -39.07M |
| Free Cash Flow | -89.68M | -60.30M | -47.37M | -36.54M |
| Free Cash Flow Margin | -1,324.47% | -798.50% | -3,854.35% | -3,643.07% |
| Free Cash Flow Per Share | -8.39 | -11.57 | -9.26 | -8.16 |
| Levered Free Cash Flow | -36.62M | -27.35M | ||
| Unlevered Free Cash Flow | -34.78M | -25.83M | ||
| Cash Interest Paid | 3.00M | 4.36M | 1.59M | 236.00K |
| Cash Income Tax Paid | 48.00K | 50.00K | 237.00K | 132.00K |
| Change in Working Capital | -5.37M | -7.39M | -973.00K | 1.17M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Market Capitalization | 95.93M | 361.89M | 332.86M | |
| Last Close Price | 0.94 | 10.72 | 9.86 | |
| PS Ratio | 14.51 | 47.93 | 270.84 | |
| PB Ratio | 1.57 | -4.92 | -367.39 | |
| Debt / Equity Ratio | 0.04 | -0.84 | -41.12 | 0.07 |
| Net Debt / Equity Ratio | -2.90 | -0.03 | 0.34 | -0.90 |
| Net Debt / EBITDA Ratio | 1.98 | -0.05 | 0.01 | 1.27 |
| Net Debt / FCF Ratio | 2.03 | -0.04 | 0.01 | 1.29 |
| Asset Turnover | 0.12 | 0.02 | ||
| Quick Ratio | 14.25 | 0.93 | 1.57 | 10.71 |
| Current Ratio | 14.67 | 1.10 | 1.62 | 11.04 |
| Return on Equity (ROE) | -214.01% | |||
| Return on Assets (ROA) | -53.48% | -60.51% | ||
| Return on Capital Employed (ROCE) | -48.30% | -341.00% | -216.00% | -66.70% |
| Earnings Yield | -6,018.92% | -20.66% | -16.60% | |
| FCF Yield | -91.27% | -16.66% | -14.23% | |
| Buyback Yield / Dilution | -108.88% | -1.82% | -14.33% |