Filing Flows › Companies › Merlin › Cash flow
Merlin cash flow, quarter by quarter
Latest: Q2 2026 · from the cash-flow statements filed with the SEC
Free cash flow−$28.9M in Q2 2026 · −$27.0M over twelve months
Analysis
In Q2 2026, Merlin generated −$27.3M of operating cash flow and spent $1.7M on capital projects, leaving free cash flow of −$28.9M. That is $16.8M less than in Q2 2025 (−$12.2M).
Over the twelve months to Jun 30, 2026, operating cash flow was −$27.0M; the largest uses were operating cash flow ($27.0M); besides operations, cash came from other financing ($187M); the cash balance rose by $156M.
Operating cash flow was −$27.3M against net income of −$58.4M. The largest differences: stock-based pay +$4.6M, accrued liabilities +$1.2M, payables −$975K.
Its cash conversion cycle was -213 days (receivables 64 + inventory 0 − payables 277): suppliers fund its working capital.
Free cash flow
Where the cash came from and went
From profit to cash
| Quarter | Receivable days | Inventory days | Payable days | Cash conversion cycle |
|---|---|---|---|---|
| Q2 2026 | 64 | — | 277 | -213 |
| Q1 2026 | 77 | — | 275 | -198 |
Every quarter
| Quarter | Operating cash flow | Capital spending | Buybacks | Net borrowing (+) / repaid (−) | Shares issued | Cash drawn (+) / kept (−) | Free cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | −$27.3M | −$1.7M | — | — | $1.2M | −$60.8M | −$28.9M |
| Q1 2026 | −$23.6M | −$2.2M | −$8.5M | −$33.6M | $72.0M | −$66.0M | −$25.8M |
| Q4 2025 | −$271K | — | — | — | — | $346K | −$271K |
| Q3 2025 | $24.2M | — | — | — | — | −$30.0M | $24.2M |
| Q2 2025 | −$12.1M | −$17K | — | −$4.2M | $9K | $16.3M | −$12.2M |
| Q1 2025 | −$13.1M | −$94K | — | −$1.6M | $10K | $14.7M | −$13.2M |
Merlin: income statement and cash flow
Merlin, Q2 2026: revenue $2.2M (-29% year over year). The chart follows the revenue to costs, profit and cash.
Merlin: every quarter, Q/Q and Y/Y → Open in the app
Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.