Slide 1: Investor Presentation
NASDAQ: MRLN Investor Presentation AUGUST 13, 2026 © 2026 MERLIN 1
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 forw
Slide 3: Matt George, CEO, Merlin
NASDAQ: MRLN Ma George CEO, Merlin © 2026 MERLIN 3
Slide 4: We hit milestones on the path to revenue.
NASDAQ: MRLN We hit milestones on the path to revenue. What We Accomplished ✓ ✓ ✓ Expanded Commercial C-130J CDR Completed SOI-3 Achieved Collaborations Unlocking the next steps on the IAI opens the door to Extending our $105M IDIQ contract with USSOCOM thousands of cargo aircraft certification lead
Slide 5: Building the Operating System of Record for the Next Century of Aviation
NASDAQ: MRLN Building the Operating System of Record for the Next Century of Aviation © 2026 MERLIN 5
Slide 6: One core brain.
NASDAQ: MRLN Strategic mobility Aerial refuel Commercial cargo Tactical ISR One core brain. MERLIN PILOT That gets more capable with each CCA Logistics new mission set. Emergency response © 2026 MERLIN 6
Slide 7: Flight Autonomy + Mission Autonomy = Integrated Autonomy
NASDAQ: MRLN Flight Autonomy + Mission Autonomy = Integrated Autonomy Flight Autonomy Mission Autonomy Merlin Pilot Aviate Navigate Communicate Tasking Sensing Decision-Making © 2026 MERLIN 7
Slide 8: C-130J Program (USSOCOM)
NASDAQ: MRLN Contract in hand: $105M Prime PDR & CDR C-130J Program IDIQ Contract Contract Status Complete (USSOCOM) Ceiling Value ~75 airframes ~ 570 airframes under USSOCOM alone worldwide See Appendix for source material © 2026 MERLIN 8
Slide 9: Building for Today's Fleet… …Positioning for Tomorrow's
NASDAQ: MRLN Building for Today’s Fleet… US DEFENSE 6,750+ Aircraft Fixed-Wing Only GLOBAL CARGO Excluding China and Russia 2,400+ Aircraft 29,150+ Aircraft GLOBAL PASSENGER 20,000+ Aircraft Excluding China and Russia …Positioning for Tomorrow’s See Appendix for source material © 2026 MERLIN 9
Slide 10: The value anchor: What it costs to pilot a plane
NASDAQ: MRLN The value anchor: What it costs to pilot a plane US Military Spending US Civil Spending ~$22B / year ~$24B / year ~6,750 planes ~7,400 planes ~$3.3M ~$3.2M per plane / year per plane / year See Appendix for source material © 2026 MERLIN 10
Slide 11: Billions in annual revenue
NASDAQ: MRLN Identified TAM: Aggregate of recurring per-tail license fees across the Billions in annual identified fleets, plus adaptation and integration phases. Excludes unmanned defense and civil, upside not yet sized. revenue Built boom-up: value-driven based on existing aircraft and pilot spend.
Slide 12: The DoW path to adoption
NASDAQ: MRLN The DoW path to adoption 2021 2026 ✓ ✓ ✓ ✓ ✓ Ground Flight RFP Award Airworthiness PDR CDR Integration Testing Testing © 2026 MERLIN 12
Slide 13: The civil path to adoption
NASDAQ: MRLN The civil path to adoption ✓ ✓ ✓ Complete Complete Complete 05.15.2023 10.28.2025 08.06.2026 SOI 1: SOI 2: SOI 3: Planning Review Development Review Verification Review © 2026 MERLIN 13
Slide 14: Ryan Carrithers, CFO, Merlin
NASDAQ: MRLN Ryan Carrithers CFO, Merlin © 2026 MERLIN 14
Slide 15: Q2 2026 Key Figures
NASDAQ: MRLN Q2 2026 Key Figures $2.2 Million ($27.8 Million) $183.9 Million No Debt Revenue Adjusted EBITDA* Loss In Cash, Cash Equivalents and Short-term investments * Non-GAAP Financial Measure; for a reconciliation to Net Income, its most directly comparable GAAP financial measure, see Appendix.
Slide 16: Financial Summary (unaudited)
NASDAQ: MRLN Q2 2026 Financial Summary (unaudited) ($ in millions) Q2 2026 Q1 2026 Revenue $2.2 $1.0 Net Loss ($58.4) ($90.4) Adjusted EBITDA * ($27.8) ($23.3) * Non-GAAP Financial Measure; for a reconciliation to Net Income, its most directly comparable GAAP financial measure, see Appendix. © 2026 M
Slide 17: Balance Sheet (unaudited)
NASDAQ: MRLN Q2 2026 Balance Sheet (unaudited) June 30, 2026 March 31, 2026 Cash, cash equivalents, & short $183.9M $123.1M term investments © 2026 MERLIN 17
Slide 18: Five things to leave with
NASDAQ: MRLN Five things to leave with: 01 Large & Growing Opportunity Multi-billion dollar TAM in annual revenue 02 Meaningful Progress Against Addressable Market C-130J program ~570 airframes worldwide 03 Substantial Lead Five years RFP-through CDR, compounding with every new program 04 Dierentia
Slide 19: Thank you
Thank you © 2026 MERLIN 19
Slide 20: Appendix
Appendix © 2026 MERLIN 20
Slide 21: Adjusted EBITDA Non-GAAP Reconciliation (unaudited)
NASDAQ: MRLN Adjusted EBITDA Non-GAAP Reconciliation (unaudited) Three Months Ended June 30, Three Months Ended March 31, ($ in thousands) 2026 2025 2026 Net loss $ (58,427) $ (16,296) $ (90,419) Depreciation 712 389 417 Amortization of right-of-use assets 342 183 209 Interest income (1,447) (131) (
Slide 22: Sources
NASDAQ: MRLN Sources ● Slide 8: USAF & USSF Almanac 2026; Leonardo PR July 22, 2026 ● Slide 9: USAF & USSF Almanac 2026 (Sep 30, 2025) | WDMMA.org Nov 2024 | USMC 2026 Aviation Plan | USCG CBO Nov 2025 | Army Aviation 2025 ; IATA Global Commercial Aircraft Fleet (Aug 2025) ; Airbus Cargo Global Mark