Filing Flows › Merlin (MRLN) › Q2 2026 › vs Q2 2025
Merlin (MRLN) Q2 2026 vs Q2 2025 (year over year)
Merlin's revenue fell $913K (-29%) from $3.1M in Q2 2025 to $2.2M in Q2 2026.
Merlin, Q2 2026: revenue $2.2M (-29% year over year), net loss $58.4M, operating cash flow −$27.3M. The chart draws each line against Q2 2025, the increases inside each band.
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $2.2M | $3.1M | −$913K | -29% |
| Net loss | $58.4M | $16.3M | $42.1M | +259% |
| Costs & expenses | $60.6M | $19.4M | $41.2M | +212% |
| Operating costs | $35.7M | $14.1M | $21.6M | +153% |
| Interest & other, net | $24.8M | $5.3M | $19.5M | +368% |
| Income tax | $125K | $0 | $125K | — |
| Research & development | $16.4M | $6.9M | $9.5M | +139% |
| Sales & marketing | $1.5M | $389K | $1.1M | +274% |
| General & admin | $15.6M | $3.8M | $11.8M | +309% |
| Operating cash sources | $58.4M | $16.3M | $42.1M | +259% |
| Depreciation | $712K | $390K | $322K | +83% |
| Share-based compensation | $4.6M | $433K | $4.2M | +964% |
| Working capital & other | $25.9M | $3.3M | $22.5M | +675% |
| Cash used in operations | $27.3M | $12.1M | $15.1M | +124% |
| Net loss absorbed | $58.4M | $16.3M | $42.1M | +259% |
Questions
How much did Merlin's revenue grow year over year in Q2 2026?
Merlin's revenue fell $913K (-29%) from $3.1M in Q2 2025 to $2.2M in Q2 2026.