Merlin Executes First Automated Takeoffs and Posts $1.0M Q1 Revenue
Merlin posted Q1 2026 revenue of $1.0M versus $0.9M a year earlier, a GAAP net loss of $90.4M and adjusted EBITDA loss of $23.3M, with cash reserves of $122.8M. It completed its first automated fixed-wing takeoffs in the US and New Zealand and advanced civil certification with SOI 1 and SOI 2.
1. Q1 Financial Results
Merlin posted Q1 2026 revenue of $1.0M compared to $0.9M in Q1 2025, a GAAP net loss of $90.4M versus $12.7M, and an adjusted EBITDA loss of $23.3M compared to $10.4M. Cash, cash equivalents and short-term investments increased to $122.8M at March 31, 2026.
2. Automated Takeoffs and Certification Progress
On April 11 and April 21, Merlin completed its first fully automated takeoffs on fixed-wing aircraft in the United States and New Zealand. The civil certification program has advanced through Statement of Intent 1 and 2 with the New Zealand CAA and FAA, targeting fully automated takeoff-to-touchdown flights.
3. Condor Product Launch and Contracts
Merlin introduced Condor, designed to integrate Merlin Pilot into large multi-crew aircraft for civil cargo and defense missions. The company holds a $105M-ceiling C-130J IDIQ contract with USSOCOM and has a preliminary MOU with World Star Aviation to develop Condor’s commercial deployment framework.
4. Liquidity and Leadership Updates
On May 1, an equity financing boosted cash to approximately $183M with no debt outstanding. New executives Michael Baker as CMO and Mark Brunner as CRO will drive brand, communications and revenue strategies as Merlin scales towards commercialization.