Investor Relations

Building the Operating System for the Next 100 Years of Flight

Merlin Labs is an aerospace and defense technology company, working at the intersection of aviation and artificial intelligence. We are developing full-stack autonomy for any and every aircraft — and enabling future aircraft to be designed and built around AI and autonomous capabilities.

$105M
USSOCOM Contract Ceiling
C-130J
PRIME TACTICAL TRANSPORT
1000s
Hours Autonomous Flight

A Letter to Shareholders from Matt George

"If you founded a generational aerospace company from scratch today-not inheriting a legacy business-you would not start with metal and rivets. You would start with a brain: an intelligent system that can fly any aircraft, anywhere, for any mission. We believe Merlin is winning the race to build that autonomous future, alongside some of the biggest customers and partners in the world. We’re doing so from a first-principles viewpoint: that is, if you founded a generational aerospace and defense company from scratch today - not inheriting a legacy business - you would not start just with metal and rivets. You would start with a brain: an intelligent system that can fly any aircraft, anywhere, for any mission, which would get smarter, faster and more capable with every flight. That’s the business we’re building right now, and our approach to it gives us a tremendous ability to innovate, move quickly and redefine what’s possible in aviation, aerospace and defense.We are a defense technology company at the intersection of aerospace and artificial intelligence. Alongside our customers and partners, we are developing full-stack autonomy that enables any existing aircraft to fly autonomously, while enabling future aircraft to be built around AI. Merlin is making our vision real, with nine figures of awarded contracts including our selection to bring autonomy to the United States’ largest military aviation fleet - the C-130J."

Matt George

Founder and Chief Executive Officer

Shareholder Letter • February 2026

We are building the operating system of record for the sky. The same brain that flies a C-130J can fly a cargo turboprop, a tanker, or a commercial freighter. Every flight expands our training set. The more we fly, the more valuable the software becomes — and the harder it becomes for anyone else to replicate what we have built.

Why Autonomous Aviation

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The Brain

An intelligent system that can fly any aircraft, anywhere, for any mission. Merlin Pilot combines deterministic control with modern AI-built for certification from day one.

One System, Any Aircraft

The same system that flies a C-130J can fly a cargo turboprop, a tanker, or a commercial freighter. Each new aircraft requires adaptation-not reinvention.

Network Effects

Every flight expands our training set. The more we fly, the more valuable the software becomes - and the harder it becomes for anyone else to replicate what we have built.

News & Insights

Investor Presentation

Building the Future of Autonomous Aviation

Our investor presentation provides a comprehensive overview of Merlin's technology, market opportunity, competitive positioning, and growth strategy. Download the full presentation by clicking in the link below.

Last updated: January 2026 - 32 slides

Investor FAQ

Common questions about Merlin Labs and our business

Merlin is building Merlin Pilot — an autonomous flight system designed from first principles to fly any aircraft, military or civilian, from takeoff to touchdown. Our goal is to become the operating system of record for the sky.

Merlin is the sole prime contractor for U.S. Special Operations Command’s program to bring autonomy to the C-130J. Our IDIQ contract includes a ceiling value of up to $105 million over five years.

Revenue is recognized as and when task orders are funded and work is performed under applicable accounting standards. Our current financials reflect the early stages of this program.

Merlin Pilot is designed for certification from day one. We are working closely with both the FAA and New Zealand's Civil Aviation Authority on certification pathways. Our architecture features a deterministic, rule-based core that ensures predictable behavior regulators can validate—AI enhances capability without introducing certification uncertainty.

Merlin has strategic partnerships with Northrop Grumman (Beacon testbed partnership) and GE Aerospace (teaming for KC-135 opportunities). These partnerships validate our technology and position us to pursue autonomous flight programs at scale across commercial aircraft use cases.