Merlin Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Cash & Equivalents	59.34	37.2	50.49
Short-Term Investments	0.33	0.38	0.55
Cash & Short-Term Investments	59.67	37.57	51.03
Cash Growth	58.82%	-26.38%	-
Receivables	0.37	0.54	0.02
Prepaid Expenses	3.33	1.04	1.6
Other Current Assets	7.56	-	-
Total Current Assets	70.93	39.15	52.65
Property, Plant & Equipment	8.09	9.94	9.63
Other Long-Term Assets	1.56	0.11	0.13
Total Assets	80.58	49.19	62.42
Accounts Payable	3.15	1.29	1.4
Accrued Expenses	7.94	2.68	1.84
Short-Term Debt	29.11	-	-
Current Portion of Long-Term Debt	19.27	14.22	1
Current Portion of Leases	0.66	0.71	0.53
Current Unearned Revenue	-	0.11	-
Other Current Liabilities	4.17	5.17	-
Total Current Liabilities	64.3	24.19	4.77
Long-Term Debt	12.78	21.67	1.28
Long-Term Leases	0.33	0.65	1
Other Long-Term Liabilities	76.77	3.59	2.83
Total Liabilities	154.18	50.1	9.87
Common Stock	0	0	0
Additional Paid-In Capital	15.49	4.01	2.2
Retained Earnings	-551.05	-135.53	-80.28
Total Common Equity	-535.56	-131.52	-78.07
Shareholders' Equity	-73.6	-0.91	52.54
Total Liabilities & Equity	80.58	49.19	62.42
Total Debt	62.15	37.26	3.81
Net Cash (Debt)	-2.48	0.31	47.22
Net Cash Growth	-	-99.34%	-
Net Cash Per Share	-0.48	0.06	10.55
Filing Date Shares Outstanding	5.31	5.17	4.48
Total Common Shares Outstanding	5.31	5.17	4.48
Working Capital	6.63	14.96	47.89
Book Value Per Share	-100.93	-25.44	-17.44
Tangible Book Value	-535.56	-131.52	-78.07
Tangible Book Value Per Share	-100.93	-25.44	-17.44
Machinery	11.86	11.79	9.91
Leasehold Improvements	0.43	0.39	0.37

Source: S&P Capital IQ. Standard template. Financial Sources.