Merlin, Inc. (MRLN) Income Statement
MRLN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMRLN revenue and net income
MRLN profit margins
MRLN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −100.0% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | +260.0% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MRLN quarterly EPS vs estimates
Merlin beat the analyst EPS estimate in 0 of the last 2 quarters. Next report: November 12, 2026 (estimate $-0.25).
MRLN income statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Revenue | $0 | $1.2M | $1.0M |
| Cost of revenue | — | $8.5M | $735,000 |
| Gross profit | — | −$7.3M | $268,000 |
| Research & development | — | $27.1M | $24.7M |
| Sales, general & admin | — | $19.6M | $14.0M |
| Total operating expenses | $4.5M | $46.8M | $38.7M |
| Operating income | −$4.5M | −$54.0M | −$38.4M |
| Interest income | — | $2.0M | $3.3M |
| Interest expense | — | $2.4M | $304,000 |
| Income before taxes | $6.0M | −$54.9M | −$35.8M |
| Income taxes | — | $351,000 | $706,000 |
| Net income | $6.0M | −$55.3M | −$36.5M |
| EBITDA | $6.0M | −$50.4M | −$33.7M |
| EPS (diluted) | $0.18 | $0.05 | — |
| Gross margin | — | −591.6% | 26.7% |
| Operating margin | — | −4,395.9% | −3,832.1% |
| Net margin | — | −4,495.8% | −3,635.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.2M | $1.0M | $0 | $1.9M | $3.1M | $868,000 | $862,000 |
| Cost of revenue | $2.1M | $1.6M | — | $3.9M | $3.1M | $714,000 | $1.8M |
| Gross profit | $104,000 | −$638,000 | — | −$2.0M | $41,000 | $154,000 | −$948,000 |
| Research & development | $16.4M | $14.1M | — | $8.2M | $6.9M | $6.7M | $6.2M |
| Sales, general & admin | $17.0M | $14.1M | — | $6.4M | $4.2M | $4.9M | $5.1M |
| Total operating expenses | $33.6M | $26.4M | $1.3M | $2.6M | $357,772 | $12.3M | $11.4M |
| Operating income | −$33.5M | −$27.0M | −$1.3M | −$2.6M | −$357,772 | −$11.4M | −$12.3M |
| Interest income | $1.4M | $517,000 | — | $430,000 | $131,000 | $301,000 | $458,000 |
| Interest expense | $0 | $9,000 | — | $1,000 | $1.3M | $1.6M | $1.2M |
| Income before taxes | −$58.3M | −$90.4M | $1.2M | $83,694 | $2.3M | −$12.7M | −$13.1M |
| Income taxes | $125,000 | $48,000 | — | — | — | — | $338,000 |
| Net income | −$58.4M | −$90.4M | $1.2M | $83,694 | $2.3M | −$12.7M | −$13.4M |
| EBITDA | −$32.5M | −$89.7M | $1.8M | $641,694 | $2.3M | −$10.6M | −$11.3M |
| EPS (diluted) | −$1.11 | −$0.32 | $0.04 | $0.00 | $0.07 | $0.07 | $0.05 |
| Gross margin | 4.7% | −63.7% | — | −105.0% | 1.3% | 17.7% | −110.0% |
| Operating margin | −1,528.6% | −2,695.8% | — | −136.0% | −11.5% | −1,313.8% | −1,428.3% |
| Net margin | −2,663.0% | −9,023.9% | — | 4.3% | 74.3% | −1,466.9% | −1,557.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MRLN's financial statements (latest annual report filed March 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MRLN financial results
Merlin reported no revenue in fiscal year 2025 (ended December 31, 2025). It had net income of $6.0 million. Diluted earnings per share came to $0.18.
See the MRLN stock overview for the latest quote and news, or the MRLN chart for price history and technical indicators.
MRLN income statement FAQ
Does Merlin have revenue?
Merlin reported no revenue for fiscal year 2025, which ended on December 31, 2025.
Is Merlin profitable?
Yes. Merlin reported net income of $6.0 million in fiscal 2025.
What are Merlin's earnings per share?
Merlin earned $0.18 per diluted share in fiscal 2025, compared with $0.05 a year earlier.
When will Merlin report its next earnings?
Merlin is expected to report results for the quarter ending September 30, 2026 on November 12, 2026 before the market opens.
When does Merlin's fiscal year end?
Merlin's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 12, 2026.