Merlin Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Sep '26 Sep 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Revenue	8.31	7.55	1.23	1
Revenue Growth	22.90%	514.40%	22.53%	-
Cost of Revenue	8.2	9.18	8.5	0.74
Gross Profit	0.11	-1.63	-7.27	0.27
Selling, General & Admin	52.67	21.41	19.61	14.04
Research & Development	55.97	32.48	27.15	24.67
Operating Expenses	108.63	53.89	46.75	38.7
Operating Income	-108.52	-55.52	-54.03	-38.44
Interest Expense	-0.01	-2.96	-2.42	-0.3
Interest & Investment Income	4.05	1.44	2.01	3.25
Currency Exchange Gain (Loss)	-0.28	-0.28	-0.2	-0.2
Other Non Operating Income (Expenses)	106.51	-5.99	-0.27	-0.05
EBT Excluding Unusual Items	1.75	-63.31	-54.9	-35.74
Gain (Loss) on Sale of Assets	-0.15	-0.15	-	-0.02
Other Unusual Items	-95.62	-11.27	-	-
Pretax Income	-94.02	-74.73	-54.9	-35.76
Income Tax Expense	0.05	0.05	0.35	0.71
Net Income	-94.06	-74.78	-55.25	-36.46
Preferred Dividends & Other Adjustments	-43.15	345.72	-	-
Net Income to Common	-50.91	-420.5	-55.25	-36.46
Net Income Growth	-	-	-	-
Shares Outstanding (Basic)	19	5	5	4
Shares Outstanding (Diluted)	19	5	5	4
Shares Change	-65.32%	1.82%	14.33%	-
EPS (Basic)	-2.69	-80.68	-10.80	-8.14
EPS (Diluted)	-9.11	-80.68	-10.80	-8.14
EPS Growth	-	-	-	-

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Sep '26 Sep 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Free Cash Flow	-95.4	-60.3	-47.37	-36.54
Free Cash Flow Per Share	-5.04	-11.57	-9.26	-8.16
Gross Margin	1.37%	-21.60%	-	26.72%
Operating Margin	-1306.04%	-735.25%	-4395.85%	-3832.10%
Profit Margin	-612.72%	-5568.73%	-4495.77%	-3635.39%
Free Cash Flow Margin	-1148.14%	-798.50%	-3854.35%	-3643.07%
EBITDA	-106.38	-53.94	-52.56	-37.3
D&A For EBITDA	2.14	1.58	1.47	1.14
EBIT	-108.52	-55.52	-54.03	-38.44
Advertising Expenses	-	1.24	1.33	-