Merlin, Inc. · NASDAQ:MRLN

Merlin — Q1 2026 Earnings Presentation

19 slides from Merlin's earnings presentation, May 14, 2026

  1. Slide 1: First Quarter 2026 Earnings

    First Quarter 2026 Earnings MAY 14 2026 NASDAQ: MRLN © 2026 MERLIN 1

  2. Slide 2: Forward-Looking Statements & Non-GAAP Definitions

    NASDAQ: MRLN Forward -Looking Statements & Non-GAAP Definitions This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for for

  3. Slide 3: About Merlin

    NASDAQ: MRLN About Merlin © 2026 MERLIN 3

  4. Slide 4: Key Highlights

    NASDAQ: MRLN Key Highlights Merlin is the leading U.S.-based developer of cost-eective, takeo-to-touchdown autonomy for At a Glance both legacy and next-generation airborne systems. Our aircraft-agnostic, AI-powered software is $105M $183M Apr 11th & 21st 32 purpose-built for military and civil pr

  5. Slide 5: One System. Many Missions.

    NASDAQ: MRLN MERLIN One System . PILOT Many Missions . © 2026 MERLIN 5

  6. Slide 6: Merlin Pilot Addressable Airframe Map

    Merlin Pilot Addressable = Current Program NASDAQ: MRLN Airframe Map = Pipeline Opportunity CCA 2.0 NGAL A330 A320/21 NGAS CIVIL 737 F-16 767 ACC UAS 777 ACP B-52 GSC OA-1K B-1B SOCOM IDIQ U-28 P-8A C-130J USN DEFENSE KC-130J C208 C-5 AMC D2P2 KC-135 C-17 © 2026 MERLIN 6

  7. Slide 7: Goal: First in the world at civil-certified, fully automated flight

    NASDAQ: MRLN Certification Goal: First in the world at civil-certified, fully automated, takeo-to-touchdown flight on a fixed-wing aircraft Complete Complete 05.15.2023 10.28.2025 In Progress Not Started SOI 1: SOI 2: SOI 3: SOI 4: Planning Review Development Review Verification Review Certification Revi

  8. Slide 8: Defining a Merlin Product

    NASDAQ: MRLN Defining a Merlin Product Airframe Mission Merlin Customers Pilot MERLIN PRODUCT © 2026 MERLIN 8

  9. Slide 9: Introducing Condor

    NASDAQ: MRLN Introducing Condor Reduced crew. Large aircraft. Many missions. © 2026 MERLIN 9

  10. Slide 10: Condor Goal: Crew Augmentation

    NASDAQ: MRLN Condor Goal: Crew Augmentation Condor is Merlin’s product family for large multi-crew aircraft, civil and military. The Merlin Pilot is designed to sit alongside human pilots, extend crew capabilities and make every flight safer and more productive. © 2026 MERLIN 10

  11. Slide 11: Condor (civil): Targeting commercial cargo aviation

    NASDAQ: MRLN Condor (civil) : Targeting commercial cargo aviation $8 Trillion Value of goods transported by air each year, ~30% of all global trade (IATA) The pilot shortage is structural In collaboration with: Projected 30,000-pilot shortage by 2030 (NACA) © 2026 MERLIN 11

  12. Slide 12: Condor (defense): C-130J flagship airframe

    NASDAQ: MRLN Condor (defense): C-130J flagship airframe $105M IDIQ Contract Prime Contract Status PDR Complete Ceiling Value © 2026 MERLIN 12

  13. Slide 13: Condor: The first product of a planned portfolio

    NASDAQ: MRLN Condor : The first MERLIN product of a planned PILOT portfolio © 2026 MERLIN 13

  14. Slide 14: Q1 2026 Financial Results

    NASDAQ: MRLN Q1 2026 Financial Results © 2026 MERLIN 14

  15. Slide 15: Financial Summary (unaudited)

    NASDAQ: MRLN Q1 2026 Financial Summary (unaudited) ($ in thousands) Q1 2026 Q1 2025 Revenue $1,002 $868 Net Loss ($90,419) ($12,733) Adjusted EBITDA * ($23,340) ($10,388) * Non-GAAP Financial Measure; for a reconciliation to Net Income, its most directly comparable GAAP financial measure, see Appendi

  16. Slide 16: Balance Sheet (unaudited)

    NASDAQ: MRLN Q1 2026 Balance Sheet (unaudited) March 31, 2026 May 1, 2026 Cash, cash equivalents, & short ~$123M ~$183M term investments © 2026 MERLIN 16

  17. Slide 17: Thank you

    NASDAQ: MRLN Thank you © 2026 MERLIN 17

  18. Slide 18: Appendix

    NASDAQ: MRLN Appendix © 2026 MERLIN 18

  19. Slide 19: Adjusted EBITDA Non-GAAP Reconciliation (unaudited)

    NASDAQ: MRLN Adjusted EBITDA Non-GAAP Reconciliation (unaudited) Three Months Ended March 31, ($ in thousands) 2026 2025 Net loss $ (90,419) $ (12,733) Depreciation 417 381 Amortization of right-of-use assets 209 183 Interest income (517) (301) Interest expense 9 1,614 Provision for income taxes 48

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