Added to YB: 2026-05-13
Pitch date: 2026-05-11
MRLN [neutral]
Merlin, Inc.
-7.88%
current return
Author Info
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Company Info
Merlin, Inc. develops AI-powered autonomous flight software and systems for aircraft in the United States and New Zealand.
Market Cap
$1.1B
Pitch Price
$8.50
Price Target
N/A
Dividend
N/A
EV/EBITDA
-28.91
P/E
-0.10
EV/Sales
202.54
Sector
Aerospace and Defense
Category
growth
MRLN's $105M Ceiling Is Not the Revenue, It Is the Authorization
MRLN (update): Bear's $105M÷$3M=35 tails math applies only to dev ceiling, not production ceiling set post-CDR. KC-135 (396 tails) separate funding via GE 36mo exclusive ignores bear calc. SOI-2 DO-178C artifacts transfer at kernel. 90.3% SPAC redemption; Baillie Gifford+Alyeska stayed/added. UAE Remah exclusive distribution pre-cert. Q1 5/14 print key for IDIQ drawdown pace, KC-135 NRE status, CDR timeline. Kill criteria: CDR fail, IDIQ term, GE exit, cash crisis—none occurred. Position 41.7% at $6.03 cost vs $8.23 current.
Read full article (14 min)