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
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 18, 2026 | Maxim Group | Target | Target: — | Target: $7 |
| Aug 14, 2026 | Cantor Fitzgerald | Reiterate | Rating: —Target: $11 | Target: $9 |
| Jul 24, 2026 | Roth Capital | Reiterate | Rating: —Target: $25 | Target: $10 |
| Jul 21, 2026 | Northland Securities | Target | Target: — | Target: $10 |
| Jul 9, 2026 | Cantor Fitzgerald | Initiate | Rating: —Target: — | Target: $11 |
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.
| Institutions | 15.69% | 15.86M shares | |
|---|---|---|---|
| 72 holders · as of Jun 30, 2026 | |||
| Insiders | 16.41% | 16.59M shares | |
| 10 holders · as of Sep 18, 2026 | |||
| Strategic holders | 22.40% | 22.64M shares | |
| 2 holders · as of May 8, 2026 | |||
| Other | 45.50% | 45.98M shares | |
| remainder | |||
101.07M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Matthew Spencer GeorgeInsiderdirector, officer: Chief Executive Officer | 15.26% | 15.42M | filed Sep 18, 2026 |
Quiet Capital Management, LLCStrategic10 percent owner | 13.69% | 13.84M | filed May 8, 2026 |
Bleichroeder Sponsor 1 LLCStrategic | 8.71% | 8.80M | filed Mar 24, 2026 |
Alyeska Investment Group, L.P.Institution | 7.32% | 7.40M | as of Jun 30, 2026 |
Baillie Gifford & CoInstitution | 1.99% | 2.02M | as of Jun 30, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Merlin | $1.76 | −8.18% | $185.3M | — | — | 58.0 | — |
| Joby Aviation | $6.31 | −2.10% | $6.33B | — | — | 54.5 | +257,493.3% |
| Honeywell Aerospace | $162.48 | −2.90% | $53.03B | — | 19.0 | — | — |
| RTX | $194.20 | +1.68% | $257.41B | 33.6 | 26.4 | 2.8 | +14.5% |
| Boeing | $201.69 | +2.01% | $156.27B | 85.6 | 152.3 | 1.7 | +8.0% |
| Median | 59.6 | 26.4 | 2.8 | +14.5% |