Merlin Q1 2026 net loss widens to $90.4 million as revenue rises to $1.0 million
Merlin, Inc. reported first-quarter 2026 results, its first report as a public company after its business combination closed on March 16, 2026. Revenue rose to $1.0 million from $0.9 million, but the GAAP net loss widened to $90.4 million from $12.7 million, and the adjusted EBITDA loss grew to $23.3 million from $10.4 million. The company also said a May 1, 2026 equity financing brought cash, cash equivalents, and short-term investments to about $183 million with no debt outstanding.
Key points
- Total revenue of $1.0 million for Q1 2026, compared with $0.9 million in Q1 2025
- GAAP net loss of $90.4 million, compared with $12.7 million; the filing attributes $87.8 million of the loss to a change in fair value of convertible promissory notes
- Adjusted EBITDA loss of $23.3 million, compared with $10.4 million in Q1 2025
- Cash, cash equivalents, and short-term investments of $122.8 million at March 31, 2026; about $183 million after the May 1, 2026 equity financing
The filing
Written by AI on Nov 9, 2026, 11:46 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 14, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.