Merlin Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025
Period Ending	Dec '25 Dec 31, 2025
Net Income	6.01
Stock-Based Compensation	0.67
Other Adjustments	-10.48
Changes in Accrued Expenses	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
Free Cash Flow	-1.33
Free Cash Flow Per Share	-0.05
Levered Free Cash Flow	8.48
Unlevered Free Cash Flow	-1.38

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