Merlin Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024
Net Income	6.01	-
Stock-Based Compensation	0.67	-
Other Adjustments	-10.48	-
Changes in Accounts Payable	2.33	-
Changes in Other Operating Activities	0.15	-
Operating Cash Flow	-1.33	-
Other Financing Activities	-0.08	-
Financing Cash Flow	-0.08	-
Net Cash Flow	-1.4	-13.29
Free Cash Flow	-1.33	0
Free Cash Flow Per Share	-0.05	-
Levered Free Cash Flow	8.48	-55.25
Unlevered Free Cash Flow	-1.38	-54.37

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.