Added to YB: 2026-07-20
Pitch date: 2026-07-16
MRLN [neutral]
Merlin, Inc.
Author Info
Shawarma Capital wraps deep research on hardware, semis, defense autonomy, and more, into long-form memos you can actually digest. Sign up for the newsletter.
Company Info
Merlin, Inc., an aerospace and defense technology company, develops AI-powered autonomous flight software and systems for aircraft in the United States and New Zealand.
Market Cap
$351.3M
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
-6.02
P/E
-0.04
EV/Sales
53.48
Sector
Aerospace and Defense
Category
special_situation
$MRLN: The Tape Says $3.88. The Calendar Says August.
MRLN (update): Autonomous flight/defense at $3.88 all-time low on PIPE supply, not fundamentals. $122.8M cash, zero debt, but ~$520M true EV incl $260.5M preferred + $87.8M warrants. Cantor OW $11, Cowen buy $8. Catalysts: Aug SOCOM C-130J task order, Aug 13 Q2 backlog, NZ cert first. Oct 15 preferred reset to $5 floor doubles dilution. Rev cert-gated (~$1M Q1).
Read full article (6 min)