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	1.52
Stock-Based Compensation	0.67	-
Other Adjustments	-10.48	-1.64
Changes in Accrued Expenses	2.33	0
Changes in Other Operating Activities	0.15	-0.35
Operating Cash Flow	-1.33	-0.47
Purchases of Investments	-	-250
Investing Cash Flow	-	-250
Long-Term Debt Repaid	-	-0.4
Net Long-Term Debt Issued (Repaid)	-	-0.4
Issuance of Common Stock	-	253.25
Net Common Stock Issued (Repurchased)	-	253.25
Other Financing Activities	-0.08	-0.28
Financing Cash Flow	-0.08	252.57
Net Cash Flow	-1.4	2.11
Free Cash Flow	-1.33	-0.47
Free Cash Flow Per Share	-0.05	-0.06
Levered Free Cash Flow	8.48	0.77
Unlevered Free Cash Flow	-1.38	-0.6