Merlin (MRLN)
Develops Merlin Pilot for reduced-crew and uncrewed aircraft flight.
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Develops Merlin Pilot, an AI-powered system that performs human-pilot functions for reduced-crew and uncrewed flight. The development-stage business is focused on certification and deployment across civil and military aircraft.
Develops Merlin Pilot, an aircraft-agnostic, AI-powered system designed to perform human-pilot functions in reduced-crew and uncrewed flight. Its work spans civil and military aircraft, with certification and deployment rather than an established product-delivery base currently defining the business.
The system is designed to operate from takeoff through touchdown, with or without a human crew, and to be reusable across airframes. Work includes civil certification, a concurrent FAA validation pathway, and New Zealand certification.
As the newly public parent of Merlin Labs, the company remains development-stage with no commercial operations reported in its most recent quarterly filing. Initial deliveries under the C-130J production contract depend on testing and finalizing Merlin Pilot integration; the New Zealand commercial-service target also depends on certification.
Company facts
Categories
Target rangeAs of Sep 2, 2026
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 14, 2026 | Cantor Fitzgerald | Reiterate | Overweight | $11 | $9 |
| Jul 24, 2026 | Roth Capital | Reiterate | Buy | $25 | $10 |
| Jul 21, 2026 | Northland Securities | Target | $10 | ||
| Jul 9, 2026 | Cantor Fitzgerald | Initiate | Overweight | $11 | |
| Apr 16, 2026 | Roth Capital | Reiterate | Buy | $15 | $25 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $183.9M · Total debt $2.2M · Total assets $207.0M · Shareholders' equity $62.6M
- Revenue
- $2.2M
- Operating income
- −$33.5M
- Net income
- −$58.4M
No dividends on record.
| Institutions29 holders · as of Mar 31, 2026 | 3.68% | 3.72M shares | |
| Insiders10 holders · as of May 22, 2026 | 16.16% | 16.33M shares | |
| Strategic holders3 holders · as of May 8, 2026 | 34.57% | 34.94M shares | |
| Otherremainder | 45.59% | 46.08M shares |
101.07M company shares as of Sep 3, 2026 · institutions as of Mar 31, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
Matthew Spencer GeorgeInsiderdirector, officer: Chief Executive Officer | 15.26% | 15.42M | Form 4filed May 22, 2026 ↗ |
Quiet Capital Management, LLCStrategic10 percent owner | 13.69% | 13.84M | 13Gfiled May 8, 2026 ↗ |
FR Capital Holdings, L.P.1Strategic10 percent owner | 12.17% | 12.30M | 13Gfiled Mar 23, 2026 ↗ |
Bleichroeder Sponsor 1 LLCStrategic | 8.71% | 8.80M | 13Gfiled Mar 24, 2026 ↗ |
Alyeska Investment Group, L.P.Institution | 8.25% | 8.34M | 13Gfiled May 15, 2026 ↗ |
| See all 25 → | |||
- FR Capital Holdings, L.P.'s transaction reports restate only vehicles that traded; the 2026 ownership statement (12.30M) is used instead.
13D/13G — an ownership statement filed at 5% or more · Form 4 — an insider's transaction report
Insider tradesForm 4
No open-market trades in the last 12 months.
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ComparePre-market
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Merlin | $2.88 | +0.88% | $275.1M | — | — | 86.1 | — |
| Joby Aviation | $6.84 | +0.22% | $6.71B | — | — | 57.7 | +257,493.3% |
| Honeywell Aerospace | $152.41 | −0.08% | $48.35B | 64.4 | 17.7 | 5.4 | — |
| RTX | $199.64 | −0.56% | $270.60B | 35.3 | 27.3 | 2.9 | +14.5% |
| Boeing | $209.02 | +0.07% | $165.08B | 90.4 | 151.4 | 1.8 | +8.0% |
| Median | 64.4 | 27.3 | 4.2 | +14.5% |