Key Highlights

  • Merlin shares were 20.3% higher at USD 1.1602 on Friday, November 13, 2026, per market data, after third-quarter 2026 results came out following the close on November 12.
  • Quarterly Revenue reached USD 3.46 million, climbing from USD 2.2 million in the second quarter and exceeding a published USD 2.00 million estimate.
  • Under GAAP the company earned USD 73.8 million, equal to USD 0.37 per diluted share, largely because of a USD 103.6 million non-cash gain tied to the Fair Value of Warrant liabilities.
  • The adjusted EBITDA Deficit narrowed to USD 24.1 million from USD 27.8 million in the second quarter, and cash plus short-term investments totaled USD 161.6 million.

A Non-Cash Warrant Gain Produces the Profit Figure

During Friday's session on November 13, 2026, Merlin (NASDAQ:MRLN) climbed 20.3% to USD 1.1602, a move that came after third-quarter numbers were released on November 12. Reported GAAP Net Income of USD 73.8 million stemmed largely from a USD 103.6 million non-cash gain tied to shifts in the fair value of warrant liabilities, so it reflects accounting rather than operations. A calendar listing displays a per-share loss of USD 0.42, which clashes with the USD 0.37 profit shown in the company's income statement; the latter figure governs here. Working from the move, the prior close comes to about USD 0.96 (calculated). The screener percentage applies only to the live session.

Sales Above Estimate, Smaller Adjusted Loss and Runway Into 2029

Quarterly sales of USD 3.46 million sit about 57% above the second quarter (calculated) and cleared a USD 2.00 million estimate, while the adjusted EBITDA loss shrank to USD 24.1 million from USD 27.8 million a quarter earlier. Cash plus short-term holdings totaled USD 161.6 million at the end of September, a USD 22.3 million decline from the June 30 level (calculated). Management issued no numeric guidance, yet it expects 2027 operating costs to come in meaningfully below 2026 and believes the plan can fund operations into 2029 without raising more capital. The Boston Business builds AI-driven autonomous flight software, such as the Merlin Pilot, for aircraft, and employs about 125 people.

Equity Value Versus Cash and Certification Hurdles

With 101.07 million shares outstanding, Merlin (NASDAQ:MRLN) has a Market Value of about USD 117 million at USD 1.1602 (calculated), below the USD 161.6 million in cash and investments, a sign of how heavily investors discount the path to meaningful revenue. Second-quarter losses totaled USD 58.4 million on USD 2.19 million of sales, and the 52-week span ran from USD 0.82 to USD 17.00. Risks include slow certification, lumpy early contracts and a depressed share price after a steep decline. Operations were extended to North Central State Airport on October 20. If adjusted losses continue at their present pace, cash would last about 6.7 quarters (calculated), so the 2029 funding claim depends on spending falling.

Where Things Stand

The rise seems connected to the third-quarter release, though the headline profit should not be taken as the driver. Merlin (NASDAQ:MRLN) is up 20.3% after revenue topped estimates, the adjusted loss narrowed, and management signaled lower 2027 spending together with funding into 2029. The USD 73.8 million net profit, by contrast, traces to a warrant fair value gain. Cash of USD 161.6 million sits above the calculated market value. Upcoming checkpoints include quarterly filings, contract news, certification milestones and how quickly cash is consumed.