Filing Flows › Merlin (MRLN) › Q1 2025
Merlin (MRLN) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
Merlin (MRLN) reported revenue of $868K for the first quarter 2025 (Q1 2025). Operating margin was -27.6%, net earnings $2.4M (278.4% of revenue).
Merlin, Q1 2025: revenue $868K, operating margin -27.6%, net earnings $2.4M, operating cash flow −$237K. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $868K | — | — |
| Operating profit | −$239K | — | — |
| Net earnings | $2.4M | — | — |
| Operating cash flow | −$237K | — | — |
What changed
Revenue was $868K in Q1 2025.
Gross margin was 17.7%. Operating costs exceeded revenue by $239K, an operating margin of -27.6%. Net earnings were $2.4M. The effective tax rate was 0.0%. Non-operating items added $2.7M, 110% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$237K. Non-cash charges added back $381K of depreciation and $513K of share-based compensation. Working capital and other items used $3.5M. Capital expenditures of $94K exceeded it, leaving free cash flow of −$331K.
Questions
What was Merlin's revenue in the first quarter 2025?
Merlin (MRLN) reported revenue of $868K for the first quarter 2025 (Q1 2025).
Was Merlin profitable in the first quarter 2025?
Operating loss was $239K (-27.6% of revenue) and net earnings $2.4M.
Source: Merlin 10-Q on SEC EDGAR.