Filing Flows › Merlin (MRLN) › Q2 2025
Merlin (MRLN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Merlin (MRLN) reported revenue of $3.1M for the second quarter 2025 (Q2 2025) and +258% from the quarter before. Operating margin was -11.5%, net earnings $2.3M (74.3% of revenue).
Merlin, Q2 2025: revenue $3.1M, operating margin -11.5%, net earnings $2.3M, operating cash flow −$117K. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1M | +258% | — |
| Operating profit | −$358K | — | — |
| Net earnings | $2.3M | -4% | — |
| Operating cash flow | −$117K | — | — |
What changed
Revenue was $3.1M in Q2 2025, up 258% from the previous quarter.
Gross margin was 1.3%. Operating costs exceeded revenue by $358K, an operating margin of -11.5%. Net earnings were $2.3M. The effective tax rate was 0.0%. Non-operating items added $2.7M, 115% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$117K. Non-cash charges added back $390K of depreciation and $433K of share-based compensation. Working capital and other items used $3.2M. Capital expenditures of $17K exceeded it, leaving free cash flow of −$134K.
Questions
What was Merlin's revenue in the second quarter 2025?
Merlin (MRLN) reported revenue of $3.1M for the second quarter 2025 (Q2 2025) and +258% from the quarter before.
Was Merlin profitable in the second quarter 2025?
Operating loss was $358K (-11.5% of revenue) and net earnings $2.3M.
Source: Merlin 10-Q on SEC EDGAR.