Merlin Inc (MRLN) 2026 Q1 法說會逐字稿

Good morning, and welcome to Merlin's first-quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. Following management's prepared remarks, we will conduct a question-and-answer session. Today's call is being recorded, and a replay will be available on Merlin Investor Relations' website following the call. I will now turn the call over to Brian Alger, SVP Corporate Development and Investor Relations. Please go ahead.

早安，歡迎參加 Merlin 2026 年第一季財報電話會議。目前所有與會者皆處於僅收聽模式。在管理層預先準備的發言之後，我們將進行問答環節。今天的電話會議將被錄音，會後可於 Merlin 投資人關係網站收聽重播。接下來我把電話交給企業發展與投資人關係資深副總裁 Brian Alger。請開始。

Thank you, Andrew, and good morning, everyone, and welcome to Merlin's first earnings call as a public company. Joining me on the call today are Matt George, Merlin's Founder and Chief Executive Officer and Ryan Carruthers, our Chief Financial Officer. I'd like to direct your attention to the presentation intended to accompany today's conference call.

謝謝你，Andrew，各位早安，歡迎參加 Merlin 作為上市公司後的首次財報電話會議。今天與我一同出席的有 Merlin 創辦人兼執行長 Matt George，以及我們的財務長 Ryan Carruthers。我想請各位留意用以搭配今天電話會議的簡報。

A link to the presentation can be found on the Investors section of our website. Momentarily. Matt will kick things off with a brief overview of Merlin and the opportunities we are trying to address. He will also discuss our first product launch and its significance under our platform architecture. Ryan will then take you through the financial results, our liquidity, and our financial expectations. We'll then close with a Q&A session.

簡報連結可在我們網站的「投資人」專區找到。稍後。Matt 將先以簡短概述介紹 Merlin 以及我們試圖解決的機會。他也將談到我們的第一項產品上市，以及其在我們平台架構下的重要性。接著 Ryan 會帶各位回顧財務結果、流動性以及我們的財務展望。最後我們將以問答環節作結。

Before we begin, a reminder that today's discussion is being recorded and will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995. These statements involve known and unknown risks, uncertainties, and other factors that could cause actual results, performance, or achievements to differ materially from what is expressed or implied.

在開始之前提醒各位，今天的討論將被錄音，並將包含符合《1995 年私人證券訴訟改革法》意義下的前瞻性陳述。這些陳述涉及已知與未知的風險、不確定性及其他因素，可能導致實際結果、表現或成就與所表達或暗示者存在重大差異。

Those factors include, among others, regulatory approval timelines, competitive dynamics, capital availability, technology developments, and broader market conditions. For a complete discussion of risks, please see our most recent filings with the SEC. We undertake no obligation to update any forward-looking statement except as required by law.

這些因素包括但不限於：監管核准時程、競爭態勢、資本可得性、技術發展以及更廣泛的市場狀況。如需完整的風險討論，請參閱我們近期向 SEC 提交的申報文件。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

Today's discussion will also reference adjusted EBITDA, which is a non-GAAP financial measure. A reconciliation of adjusted EBITDA to net loss, the most directly comparable GAAP measure, is included in the appendix of our earnings presentation, available on the Investors section of our website at investors.merlinlabs.com. A replay of today's call will also be available on the same website shortly after we conclude the Q&A session. And with that, I'll hand the call over to Matt.

今天的討論也將提及調整後 EBITDA，這是一項非 GAAP 財務衡量指標。調整後 EBITDA 與淨損（最直接可比的 GAAP 指標）之調節表，已收錄於我們財報簡報的附錄中；簡報可於我們網站的「投資人」專區 investors.merlinlabs.com 取得。今天電話會議的重播也將在我們結束問答環節後不久於同一網站提供。接下來我把電話交給 Matt。

Thanks, Brian. To everyone joining us today, thank you. I'm excited to be speaking with all of you on Merlin's first earnings call as a public company. To kick us off ahead of reviewing our Q1 2026 financials, I want to talk at a high level about our business and our markets. For 100 years, aviation has been built around human cruise.

謝謝，Brian。感謝今天加入我們的各位。我很高興能在 Merlin 作為上市公司後的首次財報電話會議上與各位交流。在我們回顧 2026 年第一季財務表現之前，我想先從較高層次談談我們的業務與市場。過去 100 年，航空一直是以人類駕駛為核心建立起來的。

At Merlin, we believe that aviation's next 100 years will be built around autonomy. For us, autonomous flight means one certifiable AI system adaptable to any airframe and any mission, which becomes more capable with each adaptation. We see this as physical AI for the sky, and we believe it has the potential to expand airframe use cases, grow aviation productivity, improve safety, lower operating costs, and build data and operating flywheels that could advantage every existing aircraft.

在 Merlin，我們相信航空業接下來的 100 年將以自主化為核心。對我們而言，自主飛行意味著一套可取得認證、可適配任何機體與任何任務的 AI 系統，並且會隨著每一次適配而變得更強大。我們將其視為「天空中的實體 AI」，並相信它有潛力擴大機體使用情境、提升航空生產力、改善安全性、降低營運成本，並建立資料與營運的飛輪效應，從而讓每一架既有飛機都可能受益。

Finally, we think autonomous flight has the potential to radically change how aviation's future is built and deployed, creating significant market opportunities for systems like ours to pioneer it. Turning to Merlin itself, our HQ and engineering center are located in the great city of Boston, Massachusetts. Beyond Boston, we have flight test facilities in Quonset, Rhode Island and in Kariteri, New Zealand.

最後，我們認為自主飛行有潛力徹底改變航空未來的建構與部署方式，並為像我們這樣率先開創的系統帶來重大的市場機會。談到 Merlin 本身，我們的總部與工程中心位於麻薩諸塞州波士頓這座偉大的城市。除波士頓外，我們在羅德島州 Quonset 以及紐西蘭 Kariteri 設有飛行測試設施。

Our now almost 200-person team has spent the past eight years on a single technical agenda, aiming to build certifiable autonomy that can fly any aircraft, in any mission, and for any operator. If you're new to Merlin, here are four key highlights about our company that you should know. The first is that we are the prime on the US SOCOM IDIQ contract on the C-130J with $105 million contract ceiling.

我們目前近 200 人的團隊，在過去八年一直專注於單一技術主軸：打造可取得認證的自主系統，能在任何任務中為任何營運商駕駛任何飛機。如果你是第一次認識 Merlin，以下是你應該了解的四個重點亮點。第一，我們是美國 SOCOM 在 C-130J 上 IDIQ 合約的主承包商，合約上限為 1.05 億美元。

The second is that we have executed our first fully automated takeoffs on certification candidate aircraft this year. We did this on April 11 and April 21 in both the US and New Zealand on two aircraft on two different continents. The third is that we work supporting those takeoffs inside an active certification program with multiple regulators in two countries on the same software stack.

第二，我們今年已在認證候選機型上完成首次全自動起飛。我們於 4 月 11 日與 4 月 21 日，分別在美國與紐西蘭、兩大洲的兩架飛機上完成了這項測試。第三，我們在一個正在進行的認證計畫中支援這些起飛，並以同一套軟體堆疊與兩個國家的多個監管機構合作。

I will come back to certification later because it is an important component of the competitive moats that makes Merlin so special. And the fourth highlight is the financing we closed on May 1. Following that close, Merlin's cash equivalents, and short-term investments were approximately $183 million. We believe this provides us the runway intended to support our near-term priorities.

我稍後會再回到認證議題，因為它是讓 Merlin 如此特別、並構成競爭護城河的重要組成部分。第四個亮點是我們在 5 月 1 日完成的融資。該交易完成後，Merlin 的現金等價物與短期投資約為 1.83 億美元。我們相信這能為我們提供跑道，以支撐近期的優先事項。

Now, let's talk about the technology at the heart of our business. If you started with a clean sheet of paper and you set out to build a generational aerospace and defense business, you would not begin with metal and rivets. You'd begin with a brain. You'd build an intelligent system that could fly any aircraft, anywhere, and on any mission. And because you build that brain, not an airframe, you would design your system to be smarter, faster, and more capable with every flight. That brain is what we are building with the Merlin Pilot.

現在，讓我們談談我們業務核心的技術。如果你從一張白紙開始，打算打造一家世代級的航太與國防企業，你不會從金屬與鉚釘開始。你會從「大腦」開始。你會打造一套智慧系統，能在任何地方、任何任務中駕駛任何飛機。而且因為你打造的是大腦、不是機體，你會把系統設計成每一次飛行都能更聰明、更快速、能力更強。這個大腦，就是我們透過 Merlin Pilot 正在打造的。

The Merlin Pilot is the same core software across every aircraft we equip. Every aircraft we integrate is another spin in the Merlin flywheel because we think the data collected from each flight will make the core smarter and more capable. Our strategy is to scale the software platform across multiple aircraft in multiple markets while focusing our engineering investment where we can quickly build structural advantage.

Merlin Pilot 是我們為每一架所配備飛機提供的同一套核心軟體。我們整合的每一架飛機，都是 Merlin 飛輪的又一次轉動，因為我們認為每次飛行所蒐集的資料都會讓核心更聰明、能力更強。我們的策略是在多個市場、跨多種機型擴展軟體平台，同時把工程投資聚焦在能快速建立結構性優勢的領域。

If you're following along in the deck, right now, you should be looking at what we call the spaghetti slide. The slide is the visual I use with investors who ask, what would the platform actually look like at scale? The answer, it would look like one core across many programs and many airframes. This includes both military and civil aircraft. We believe leveraging the same core should compound our advantage over time in three mutually reinforcing ways. The first is engineering.

如果你正在跟著簡報看，現在你應該看到我們所稱的「義大利麵投影片」。這張投影片是我用來回答投資人常問的問題：平台在規模化之後實際會長什麼樣子？答案是：在許多專案與許多機體之上，共用一個核心。這同時涵蓋軍用與民用飛機。我們相信，運用同一個核心將隨時間以三種相互強化的方式累積我們的優勢。第一是工程。

To reiterate, with each new aircraft we integrate, builds on the same core Merlin pilot software. We think the engineering cost of each subsequent program should significantly decline over time. The second is regulatory. Prior regulatory alignment, accepted compliance methods, and reusable certification artifacts should create significant leverage for subsequent platforms.

重申一次，隨著我們整合每一款新機型，都會建立在同一套核心的 Merlin 飛行員軟體之上。我們認為，隨著時間推移，每一個後續專案的工程成本應會顯著下降。第二個是監管。先前的監管對齊、已被接受的合規方法，以及可重複使用的認證工件，應能為後續平台帶來顯著的槓桿效益。

The third is data. Information we capture from every flight will make the core itself more capable over time. We do not think these compounding dynamics can be replicated quickly, and all three of them get more valuable to us with every aircraft we add. That's why we believe that this is a platform business designed to benefit from real network effects across our fleet and across our customers. With the strategy behind the technology defined, I want to double-click on certification.

第三個是資料。我們從每一次飛行所擷取的資訊，將使核心本身隨時間變得更有能力。我們不認為這些複利式的動態能在短時間內被複製，而且我們每新增一架飛機，這三者對我們的價值都會提升。這就是為什麼我們相信，這是一門平台型業務，旨在透過我們機隊內部以及跨客戶之間的真正網路效應而受益。在技術背後的策略已經界定之後，我想更深入談談認證。

It is important to realize that we're not only writing code that can fly an airplane, we're also building processes, policy, a team, and a data lake, all focused on turning code into safe, reliable, human or better performance. We are aiming to be the first in the world to achieve civil certified, fully automated takeoff to touchdown flight on a fixed-wing aircraft. The gap between can fly and is certified to fly is where most autonomy programs end. It's also where Merlin's moat begins.

重要的是要理解，我們不只是撰寫能讓飛機飛行的程式碼，我們也在建立流程、政策、團隊與資料湖，全部聚焦於把程式碼轉化為安全、可靠、達到人類或更佳表現的能力。我們的目標是成為全球第一個在固定翼飛機上達成民用認證、從起飛到著陸全程完全自動化飛行的公司。「能飛」與「取得認證可飛」之間的差距，是多數自主飛行計畫止步之處。那也是 Merlin 護城河開始的地方。

Certification is a demanding process and a complex topic. Today, I want to frame out our high-level progress. We've cleared the first two major certification milestones with the New Zealand Civil Aviation Authority in a concurrent validation program with the United States Federal Aviation Administration. Those milestones are SOY 1 and SOY 2. Think of those as the planning and development review gates.

認證是一個要求嚴苛的流程，也是個複雜的議題。今天，我想勾勒我們在高層次上的進展。我們已在與美國聯邦航空總署（FAA）同步驗證的計畫中，與紐西蘭民航局（CAA）一同完成前兩個主要的認證里程碑。這些里程碑是 SOY 1 與 SOY 2。你可以把它們視為規劃與開發審查的關卡。

We're currently working on SOI 3, which is where we demonstrate that our software verification holds up under the regulator's scrutiny. SOI 4 is the final software compliance gate. A successful outcome with the CAA would potentially create direct pathways for US operational approval. As we noted earlier, if we achieve certification, we believe downstream progress would become easier and more efficient from both a technical and regulatory perspective.

我們目前正在進行 SOI 3，也就是我們向監管機關證明軟體驗證能經得起其審查的階段。SOI 4 是最終的軟體合規關卡。若能在 CAA 取得成功結果，可能會為美國的營運核准建立直接途徑。如同我們先前提到的，若我們達成認證，我們相信後續進展在技術與監管兩方面都會變得更容易且更有效率。

Now, I want to turn to how Merlin defines a product. For us, a product is a combination of four things. It is the Merlin Pilot Core integrated onto an airframe, oriented in a mission, and targeted at a customer. So, software plus airframe plus mission plus customer equals a product. Now, let's look at how we execute against our product definition. When we launch a product, we think an aviation vertical has the following opportunity set.

現在，我想談談 Merlin 如何定義產品。對我們而言，產品由四個要素組成。也就是將 Merlin Pilot Core 整合到一個機體上，對準一項任務，並鎖定一位客戶。因此，軟體＋機體＋任務＋客戶＝產品。接著，讓我們看看我們如何依照這個產品定義來執行。當我們推出一項產品時，我們認為某個航空垂直領域具備以下的機會集合。

First, we want the Merlin Pilot Core to be technically mature on the relevant aircraft category. Second, we assess whether our software will add significant value to operating that aircraft, either in terms of fleet productivity or in terms of missions it otherwise couldn't fly. The third is there should be a clear basis for understanding the relevant regulatory air readiness requirements with target regulators. And finally, we look for an external indication of interest from potential customers or collaborators.

第一，我們希望 Merlin Pilot Core 在相關的航空器類別上達到技術成熟。第二，我們評估我們的軟體是否能為該機型的營運帶來顯著價值，無論是在機隊生產力方面，或是在其原本無法執行的任務方面。第三，必須有清楚的基礎，能與目標監管機關理解相關的適航監管要求。最後，我們會尋找來自潛在客戶或合作夥伴的外部興趣訊號。

But discipline is important. If we cannot clearly apply these four criteria to a given opportunity, we won't do it. We are early in this commercialization effort. Longer-term, our goal is to build a portfolio of product verticals on top of the Merlin Pilot software platform. But right now, let's turn to the first major step towards that goal. We announce that we're right ahead of this call. Our first product launch is called Condor.

但紀律很重要。如果我們無法將這四項標準清楚套用到某個機會上，我們就不會做。我們在這項商業化努力上仍處於早期。長期而言，我們的目標是在 Merlin Pilot 軟體平台之上建立一個產品垂直組合。但現在，讓我們轉向邁向該目標的第一個重大步驟。我們就在這通電話前剛剛宣布。我們的第一個產品發布名為 Condor。

Condor is a Merlin product designed to bring certified autonomy into multi-crew large aircraft, sitting alongside the human pilots already in the flight deck. Our goal is to make every flight safer and more productive. As a product, it applies both to the civil and defense markets. On the civil side, we think Condor has compelling tailwinds, given the growth of demand across the narrow-body and wide-body freighter markets, and the structural challenge related to pilot shortages around the world.

Condor 是 Merlin 的一項產品，旨在把已獲認證的自主能力導入多機組大型飛機，與飛行甲板上既有的人類飛行員並肩運作。我們的目標是讓每一次飛行更安全、更具生產力。作為一項產品，它同時適用於民用與國防市場。在民用端，考量到窄體與寬體貨機市場需求成長，以及全球飛行員短缺所帶來的結構性挑戰，我們認為 Condor 具備強勁的順風因素。

In particular, we believe the combination of those two dynamics creates a real opportunity for single pilot and augmented operations in this space. Let me explain by putting the scale of what those airplanes carry in context. According to the International Air Transport Association, air cargo moves roughly a third of the world's trade by value, more than $8 trillion of goods per year. That includes around 77% of the world's smartphones, 60% of laptops, and more than 99% of the world's memory.

特別是，我們相信這兩股動態的結合，為此領域的單人駕駛與增強型營運創造了真正的機會。我用一些背景來說明這些飛機所承載規模的意義。根據國際航空運輸協會（IATA），航空貨運按價值計約承載全球三分之一的貿易，每年超過 8 兆美元的貨物。其中包括約 77% 的全球智慧型手機、60% 的筆記型電腦，以及超過 99% 的全球記憶體。

At the same time, aviation is overall experiencing a pilot shortfall. The National Air Carrier Association forecast projects a cumulative shortfall of nearly 30,000 pilots in the US alone, with an even larger shortfall globally. To bring autonomy to that network, we need allies. Autonomous cargo aviation is a network of operators, lessors, integrators, and, of course, regulators.

同時，整體航空業正面臨飛行員短缺。美國國家航空承運人協會的預測顯示，僅美國就可能累計短缺近 30,000 名飛行員，而全球短缺更為嚴重。要把自主能力帶入這個網路，我們需要盟友。自主貨運航空是一個由營運商、出租人、系統整合商，當然還有監管機關所構成的網路。

Merlin is already collaborating with Worldstar Aviation, a leading freight lessor, and is developing additional relationships with key players in the commercial cargo conversion market. We believe these kinds of collaborations will give Merlin and Condor the technical and commercial framework to help us scale. We expect to collaborate with more key operators in this ecosystem over time.

Merlin 已在與 Worldstar Aviation（領先的貨運租賃商）合作，並正與商用貨機改裝市場的關鍵參與者建立更多關係。我們相信，這類合作將為 Merlin 與 Condor 提供技術與商業框架，協助我們擴大規模。我們預期隨著時間推移，將與此生態系中更多關鍵營運商展開合作。

With Condor's applicability to the private sector hopefully clear, let me now underscore Condor's defense applications. Here, too, we believe Conroe will allow for the eventual transition to single pilot and augmented operations. I referenced the USO, IDIQ contract on the C-130J earlier. From an operating certification and technical capabilities perspective, the C-130J is, of course, a significant deployment. It is a serious aircraft, four engines, high gross weight, tactical missions, contested environments.

在 Condor 對民間部門的適用性應已清楚之後，接下來我想強調 Condor 的國防應用。在這裡，我們同樣相信 Conroe 將使最終過渡到單人駕駛與增強型營運成為可能。我先前提到過在 C-130J 上的 USO、IDIQ 合約。從營運認證與技術能力的角度來看，C-130J 當然是一項重要部署。它是一款嚴肅的飛機：四具引擎、高最大起飛重量、戰術任務、爭奪環境。

The work we do on this airframe should translate to a meaningful set of additional defense aircraft. Further, if our autonomy stack works on the C-130J, the technical case for it is also meaningful on our civil airframes. Finally, let me reiterate that Condor is just the first named product of an expected portfolio. Now, with that, let me turn it over to Ryan to walk you through the first-quarter financial numbers.

我們在這個機體上所做的工作，應能轉化為對一系列其他國防航空器具有意義的成果。此外，如果我們的自主系統堆疊能在 C-130J 上運作，那麼它在我們的民用機體上也同樣具備重要的技術論證。最後，我想再次強調，Condor 只是預期產品組合中的第一個具名產品。接下來，我把時間交給 Ryan，請他帶大家看第一季的財務數字。

Thanks, Matt. Good morning, everyone. The financial picture this quarter tells a story consistent with what Matt just walked through. We successfully completed our business combination and additional pipe financing to significantly strengthen the balance sheet and support our next phase of growth.

謝謝你，Matt。各位早安。本季的財務概況與 Matt 剛才說明的內容一致。我們已成功完成業務合併，並完成額外的 PIPE 融資，顯著強化資產負債表，並支持下一階段的成長。

I'll now talk through each of those areas in more detail. first-quarter revenue was approximately $1 million, up roughly 15% year-over-year. The substantial majority of revenue in the quarter was recognized under our defense IDIQ structure as task orders were funded and work was performed. On a GAAP basis, net loss for the quarter was approximately $90 million. I want to flag upfront that this figure is heavily influenced by non-cash items tied to the completion of our business combination.

接下來我會更詳細地說明上述各項。第一季營收約為 100 萬美元，年增約 15%。本季絕大部分營收係依我們的國防 IDIQ 架構認列，亦即在任務訂單獲得資金撥付且工作執行後認列。依 GAAP 計算，本季淨損約為 9,000 萬美元。我先提醒一下，這個數字很大程度受到與完成業務合併相關的非現金項目影響。

Most significantly was a non-cash fair value adjustment on our convertible promissory notes of $88 million, partially offset by an approximately $27 million non-cash gain on our warrant liabilities. These items are financing-related to non-cash, and we don't believe they're reflective of our underlying operating performance. Excluding these and other similar items.

其中最主要的是可轉換本票的非現金公允價值調整 8,800 萬美元，部分被認股權證負債約 2,700 萬美元的非現金收益所抵銷。這些項目屬於融資相關的非現金項目，我們認為並不反映我們的核心營運表現。排除這些及其他類似項目後。

Adjusted EBITDA was a loss of $23.3 million, compared to a loss of $10.4 million in the prior-year quarter. That increase reflects a deliberate investment in engineering, certification and program execution that Matt walked through. We are spending ahead of the platform leverage we expect to generate, and we believe the return on that investment will show up in the speed and cost efficiency of every product vertical that follows Condor.

調整後 EBITDA 為虧損 2,330 萬美元，去年同期為虧損 1,040 萬美元。虧損擴大反映我們在工程、認證與專案執行上的策略性投資，Matt 先前已說明。我們在預期可產生平台槓桿效益之前先行投入，我們相信這項投資的回報將體現在 Condor 之後每一個產品垂直領域的速度與成本效率上。

A reconciliation of adjusted EBITDA to net loss is included in the appendix to the presentation and in the earnings release. Capital expenditures in the quarter were approximately $2 million, compared to approximately $100,000 in the prior year quarter. The CapEx this quarter primarily reflects flight test equipment and ground infrastructure across our three operational sites.

調整後 EBITDA 與淨損之調節表已收錄於簡報附錄及財報新聞稿中。本季資本支出約為 200 萬美元，去年同期約為 10 萬美元。本季 CapEx 主要用於飛行測試設備，以及我們三個營運據點的地面基礎設施。

Turning to the balance sheet. We ended the first-quarter with approximately $123 million in cash equivalents and short-term investments and no debt. Subsequent to the quarter end, we closed our private placement with an existing long-term institutional shareholder on May 1. As of May 1, our cash position was approximately $183 million.

接著看資產負債表。第一季末我們持有約 1.23 億美元的約當現金與短期投資，且無負債。在季後，我們於 5 月 1 日與既有的長期機構股東完成私募。截至 5 月 1 日，我們的現金部位約為 1.83 億美元。

Together, the completion of our business combination and this additional capital raise has meaningfully strengthened our balance sheet, providing the capital and flexibility to continue advancing our certification roadmap, scaling engineering and integration capacity, and supporting the commercial introduction of Condor. Before I hand it back to Matt to close the call, I want to spend a few minutes on how we're thinking about the year ahead and what we believe investors should be watching.

綜合而言，完成業務合併與此次額外募資已實質強化我們的資產負債表，提供資金與彈性，以持續推進認證路線圖、擴大工程與整合產能，並支持 Condor 的商業化導入。在我把電話交回給 Matt 做結語之前，我想花幾分鐘談談我們如何看待未來一年，以及我們認為投資人應該關注的重點。

Our near-term financial trajectory is tied to the timing of certification milestones, program awards, and the commercial introduction of Condor. The timing and magnitude of revenue associated with each of these can shift meaningfully based on the customer's procurement cycles and regulatory processes. Given this variability, let me be clear about how we're thinking about three things that matter most right now for Maryland. The first is the balance sheet. As I noted earlier, the May 1 close of our private placement leaves us well capitalized with no debt.

我們短期的財務走勢取決於認證里程碑、專案得標，以及 Condor 的商業化導入時點。與上述各項相關的營收時點與規模，可能會因客戶採購週期與監管流程而出現顯著變動。鑑於這種變動性，讓我清楚說明我們目前對三個對 Maryland 最重要事項的看法。第一是資產負債表。如我先前所述，5 月 1 日完成私募後，我們資本充足且無負債。

Of course, actual results will depend on the assumptions underlying our operating plan, including certification timelines, program costs, and revenue generation. But based on that plan, we believe Merlin's runway extends beyond our near-term certification and commercial milestones. For a company at our stage, that matters. It means we can choose the right programs, invest ahead of the revenue curve, and pursue the compounding advantages Matt described without the distraction of what we currently anticipate to be our near-term capital needs.

當然，實際結果將取決於我們營運計畫所依據的假設，包括認證時程、專案成本與營收產生。但基於該計畫，我們認為 Merlin 的資金跑道可延伸至我們近期的認證與商業化里程碑之後。對於處於我們這個階段的公司而言，這點很重要。這意味著我們可以選擇合適的專案、在營收曲線之前先行投資，並追求 Matt 所描述的複利優勢，而不必分心於我們目前預期的短期資金需求。

The second is operating investment and expenses. Our $14 million in R&D in the first-quarter reflects deliberate investment to advance our certification roadmap and support the Condor commercial introduction. We are optimizing for the platform leverage we believe will show up in the speed and cost efficiency of every product vertical that follows Condor. We will continue to invest in R&D to advance our products and platforms, as Matt discussed previously.

第二是營運投資與費用。第一季 1,400 萬美元的研發支出，反映我們為推進認證路線圖並支持 Condor 商業化導入所做的策略性投資。我們的目標是最佳化平台槓桿效益，我們相信這將體現在 Condor 之後每個產品垂直領域的速度與成本效率上。如 Matt 先前所述，我們將持續投入研發以推進產品與平台。

Third and most important area of focus is the progression we are making toward our four major initiatives: development of our maroon pilot platform, the introduction of Condor products, certification on our target airframe, and the commercial collaborations Matt referenced.

第三，也是最重要的關注重點，是我們在四項主要計畫上的進展：Merlin Pilot 平台的開發、Condor 產品的導入、在目標機型上的認證，以及 Matt 提到的商業合作。

These are the leading indicators of a business building durable, compounding revenue and margins. These are the metrics we are driving our business towards. With that, Matt, back to you.

這些是衡量企業建立可持續、具複利效果之營收與利潤率的領先指標。這些是我們推動公司前進的衡量指標。那麼，Matt，交回給你。

Thank you, Ryan. Before we open it up for Q&A, let me leave you with a few summary points. First, watch how we developed the Verlin Pilot platform. Watch how many aircraft are integrated, how many are operational and how we believe the certification work on the first airframe can be leveraged across future programs. The compounding I described in the first part of the call is the structural advantage of this business. Second, watch the vertical products. Condor is the first one and we expect it to be one of several.

謝謝你，Ryan。在我們開放問答之前，我想用幾點做個總結。第一，請關注我們如何開發 Merlin Pilot 平台。請關注整合了多少架飛機、有多少架已投入運作，以及我們認為首架機型的認證工作如何能在未來專案中被槓桿化運用。我在電話會議前半段所描述的複利效應，是這門生意的結構性優勢。第二，請關注垂直產品。Condor 是第一個，我們預期它將是多個產品之一。

Even ahead of scaled commercialization, we believe the product launches are meaningful signals for where we're deploying expertise and capital. Third, watch certification. We believe certification progress on our initial aircraft is the most, and every milestone we are able to clear will accelerate that path for future verticals. Lastly, watch the commercial network we're building. We believe the Condor commercial collaborations are just the beginning.

即使在尚未大規模商業化之前，我們也認為產品上市是我們部署專業能力與資本方向的重要訊號。第三，請關注認證。我們認為初始機型的認證進展最為關鍵，而我們每達成一個里程碑，都將加速未來垂直領域的推進路徑。最後，請關注我們正在建立的商業網絡。我們相信 Condor 的商業合作只是開始。

Over time, we believe the breadth of the network behind Merlin Pilot is what will differentiate the platform, and it is a priority we intend to invest in over the next several years. Our team has spent eight years getting Merlin to this moment. We are operating with conviction, with capital, with customers, and with a clear plan. We look forward to building that future with you.

隨著時間推進，我們相信支撐 Merlin Pilot 的網絡廣度將成為平台的差異化關鍵，這也是我們未來幾年計畫持續投入的優先事項。我們的團隊花了八年時間把 Merlin 帶到此刻。我們以堅定信念、充足資本、客戶支持與清晰計畫在推進。我們期待與各位一同打造那個未來。

Operator, back to you to take questions.

接線員，交回給你來進行提問。

Thank you. (Operator instructions)

謝謝。(接線員指示)

Suji Desilva, Roth Capital.

Suji Desilva，Roth Capital。

Good morning, Matt. Good morning, Ryan. Congratulations on the first-quarter and the public combination. Maybe I can ask questions specifically about the combination.

早安，Matt。早安，Ryan。恭喜第一季表現以及完成公開合併。我想我可以針對這次合併特別提幾個問題。

And now that you have post this, you have better access to capital and currency with the raise you did. Any thoughts now? I know you haven't historically. Any thoughts on what might be available to you inorganically and how you might want to grow sort of the Merlin base of assets strategically?

而且現在你已經發了這個之後，透過你這次募資，你在資本與外匯/貨幣方面的取得管道也更好了。現在有什麼想法嗎？我知道你過去一向沒有特別談這個。對於你們可能透過非有機方式可取得的機會，以及你們可能想如何在策略上擴大 Merlin 的資產基礎，有什麼想法？

Thanks, Eugene. As we've said prior, we believe that there's going to be a neo-prime built in this space. As we've seen from the Department of War, even over the past couple of weeks, the DOW and militaries around the world are building new capabilities and relying on new entrants like Merlin to get that done. So for us, what that means is using M&A.

謝謝你，Eugene。如同我們先前所說，我們相信這個領域將會出現一個「新型主承包商（neo-prime）」。從國防部（Department of War）——甚至就在過去幾週——我們看到國防部以及全球各國軍方正在建立新的能力，並仰賴像 Merlin 這樣的新進者來完成這些工作。所以對我們而言，這代表要運用併購（M&A）。

And inorganic growth in order to go take our autonomy core and start to do some transactions that allow us to leverage our core autonomy in ways that gets that autonomy out into the hands of customers, partners via existing products or existing companies and build that neo prime thesis. And all primes over the past 20 or 30 years have built now a multi-billion dollar basis off of that M&A strategy, leveraging that common core. So nothing to announce there yet. But it's a really important part of our strategy.

透過併購與非有機成長，去把我們的自主核心能力帶出去，並開始進行一些交易，讓我們能以各種方式運用這個核心自主能力，透過既有產品或既有公司，把這套自主能力交到客戶與合作夥伴手上，並建立那個「新型主承包商」的論點。而過去 20 到 30 年間的所有主承包商，都是靠著這樣的併購策略、運用共同的核心能力，建立起數十億美元規模的基礎。所以目前還沒有什麼可以宣布的。但這確實是我們策略中非常重要的一部分。

Okay, Matt, excellent, very helpful. Maybe you can talk specifically about the C130J IDIQ and what milestones we should be watching for the rest of the year, how this will play out. I know, obviously, inherent in the structure is the uncertainty, but any call you could offer there would be helpful.

好的，Matt，很棒，非常有幫助。也許你可以更具體談談 C130J IDIQ，我們在今年剩下的時間裡應該關注哪些里程碑，以及這會如何推進。我知道，顯然這種架構本身就有不確定性，但你若能提供任何指引都會很有幫助。

Our integration on the T-130J, we believe that that is going to be the first time autonomy flies on an operational Air Force aircraft, a fixed-wing operational Air Force aircraft. So it's going to be a big deal for us, and it's going to be a big deal for the US Air Force.

我們在 T-130J 上的整合，我們相信這將是自主系統首次在一架現役空軍飛機上飛行——一架固定翼的現役空軍飛機。所以這對我們來說會是大事，對美國空軍來說也會是大事。

We have announced PDR in the past two or three months. The next milestone to watch out for is our completion of CDR, which is one of the two big milestones. PDR being one and CDR being the other. Nothing to announce there yet, but that is the next big milestone to watch out for, particularly as we bring the system closer and closer to getting onto the airplane. So nothing to announce there yet, but definitely watch this space.

我們在過去兩三個月已經宣布了 PDR。接下來要關注的里程碑是我們完成 CDR，這是兩個重大里程碑之一。PDR 是其中之一，CDR 是另一個。目前還沒有什麼可以宣布的，但這會是下一個需要關注的重要里程碑，特別是當我們讓系統一步步更接近上機。所以目前還沒有什麼可以宣布的，但請務必持續關注。

I appreciate you laying that out, Matt. And then on the call, you teased us, congratulations on Condor and the new product, obviously very exciting. You teased us about a roadmap of products, this being the first one. I know you don't want to pre-announce anything, but any, can you give a sense of the vectors we should think about for roadmaps of products? How to, what framework you think about when you think about your product roadmap from Condor forward?

謝謝你把這些說清楚，Matt。另外在電話會議上，你先賣了個關子——恭喜 Condor 和新產品，顯然非常令人振奮。你也提到你們有一個產品路線圖，而這只是第一個。我知道你不想提前宣布任何事情，但你能否讓我們了解一下，在思考產品路線圖時，我們應該從哪些方向/向量來看？也就是說，從 Condor 往後，你在思考產品路線圖時的框架是什麼？

This goes back to us developing the core brain and the core software that can be used in a wide variety of applications. So when we announce a product, it is taking that core brain and applying it to a particular vertical, in this case, using the Merlin Pilot brain to augment operations on very large multi-crew aircraft. You can expect from us in the future, clearly, that we can go take that brain and start to put it into different operational use cases, but as I talked about in my comments, we're also going to do that in a way where we always announce partners and collaborators within the ecosystem to take what we're building and really turbocharge it out in the market.

這要回到我們在打造可用於各式各樣應用的核心大腦與核心軟體。因此當我們宣布一個產品時，就是把那個核心大腦套用到某個特定垂直領域；以這次為例，是使用 Merlin Pilot 的大腦來增強超大型多機組飛機的營運。你們未來可以清楚期待的是，我們可以把那個大腦帶到不同的營運使用情境；但如同我在發言中提到的，我們也會以一種方式來做——我們總是會同時宣布生態系中的合作夥伴與協作者，讓我們正在打造的東西能在市場上真正加速推進。

So today on Condor, we announced the first partner under the Condor program, which is Worldstar Aviation, one of the largest less orders of cargo aircraft in the world. So you can expect similar motions from us in the future where we go take that core Merlin pilot brain, put it into a particular product category.

所以今天在 Condor 上，我們宣布了 Condor 計畫下的第一個合作夥伴，也就是 Worldstar Aviation——全球最大的貨機租賃業者之一。因此你們未來可以期待我們採取類似的作法：把 Merlin Pilot 的核心大腦帶到某個特定的產品類別中。

And then make sure that we're bringing partners along on that journey with us. And then as we announce progress over the course of the coming months and years, we'll continue to announce progress on each one of those product verticals as we build that diversified product line towards that neo-prime overall thesis for Merlin.

並且確保在這段旅程中，我們會把合作夥伴一起帶上。接著，當我們在未來幾個月與幾年陸續宣布進展時，我們也會持續在每一個產品垂直領域上公布進度，打造多元化的產品線，朝向 Merlin 的整體「新型主承包商」論點前進。

Very helpful to kind of see where you're headed with this. And then lastly, and I'll pass it on. Certification obviously very important here. You gave us some color on the timelines and the next steps. I just can't help us understand what opens up for Merlin as a business post achieving certification versus the current status just to help understand what it unlocks you guys. Thanks.

這樣就很有幫助，讓我們大致看得出你們要往哪裡走。最後一個問題，我問完就交棒。認證顯然在這裡非常重要。你們也提供了一些時間表與下一步的細節。我想請你們幫我們理解：相較於目前的狀態，Merlin 在取得認證之後，作為一門生意會開啟哪些可能性——也就是它為你們解鎖了什麼。謝謝。

Yeah. For us, certification is going to be really important. Nobody in the world has yet certified takeoff to touchdown autonomy. As we talked about on the call, we believe we will be the first in the world to certify takeoff to touchdown autonomy in our partnership with the New Zealand Civil Aviation Authority and their relationship with US Tribal Aviation Administration.

是的。對我們而言，認證會非常重要。目前全球還沒有人完成從起飛到落地（takeoff to touchdown）的自主飛行認證。如同我們在電話會議上談到的，我們相信，透過與紐西蘭民航局（New Zealand Civil Aviation Authority）的合作，以及他們與美國部落航空管理局（US Tribal Aviation Administration）的關係，我們將會成為全球第一個完成從起飛到落地自主飛行認證的公司。

So for us, that certification unlocks a ton of stuff, but also, and more importantly, builds. Out the technical maturity, the team maturity, and everything else that we need to go continue to win large contracts like our $105 million contract in the C130J. And it's also enabled us to be in a position where we can announce things like Condor. So at the end of the day, certification is a really important part of our story, but you can view it as kind of an indicator of technical maturity.

所以對我們來說，這個認證會解鎖很多事情，但同時——更重要的是——它也會建立起我們所需要的技術成熟度、團隊成熟度，以及其他一切，讓我們能持續贏得像 C130J 這種 1.05 億美元的大型合約。

Even in addition to the straight certification milestone. So once again, nothing to sort of pre-announce here, but definitely watch this space as we announce more.

甚至不只是單純的認證里程碑本身。所以再次強調，這裡沒有什麼要提前宣布的，但請務必持續關注我們後續的更多公告。

Very helpful color, Matt. Thanks, and thanks, Ryan. Thanks, guys.

這些補充資訊很有幫助，Matt。謝謝，也謝謝 Ryan。謝謝各位。

Thank you.

謝謝。

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

Hi, good morning. So, just my first question: Is there any capability to test the autonomy platform on aircraft as part of the SMART program or other aspects of the FAA infrastructure investments to digitally deconflict airspace?

嗨，早安。我第一個問題是：在 SMART 計畫之下，或在 FAA 基礎建設投資的其他面向（用於以數位方式進行空域去衝突/解衝突）中，是否有任何能力可以在飛機上測試這個自主平台？

Yeah, we are investing, particularly in those areas, pretty heavily, as I'm sure you've seen in the news. There's been a lot of stuff out there over the past couple of months and couple of years where human error has unfortunately led to a bunch of accidents. So with our Condor release, one of the things that we're excited about working on and getting out into the market is tools that help pilots operate aircraft more safely and more efficiently. So in the past, we've done work on things like ACAS-X, which is MIT and Lincoln Labs.

是的，我們正在投資——特別是在那些領域——而且投入相當多，我相信你也在新聞中看到了。過去幾個月與幾年有很多事件，不幸地因人為錯誤導致了一連串事故。因此，隨著我們推出 Condor，我們很期待能投入並推向市場的一件事，就是能幫助飛行員更安全、更有效率操作飛機的工具。所以過去我們也做過像 ACAS-X 這類的工作，這是 MIT 與 Lincoln Labs 的專案。

Sort of collaboration with Merlin around how to do airspace deconfliction around TCAS and ACAS. And we're going to continue to announce features there as we roll the Condor product line out onto target customer aircraft in order to make those aircraft safer, but also, of course, working closely with global regulators on how we integrate those safety features into the national airspace around the world so that we can make those preventable accidents just that preventable.

與 Merlin 就如何在 TCAS 與 ACAS 相關情境下進行空域去衝突（deconfliction）方面的某種合作。隨著我們將 Condor 產品線部署到目標客戶機隊上，我們也會持續公布相關功能，以提升這些飛機的安全性；當然，我們也會與全球監管機構密切合作，探討如何將這些安全功能整合進全球各國的國家空域體系，讓那些本可避免的事故真正做到可避免。

Rather than inevitable.

而不是不可避免。

Okay, and are there any specific funding line items you see within the fiscal year '27 defense budget, which is requesting $71 billion for unmanned systems and autonomy that could be directly applicable to Merlin as they're conducting the testing on the C-130J and other platforms?

好的，那麼在 2027 財政年度國防預算中（該預算申請為無人系統與自主技術編列 710 億美元），你是否看到任何特定的資金科目，可能可直接適用於 Merlin，因為他們正在 C-130J 與其他平台上進行測試？

Yeah, we do. So as it's been out there, the defense autonomy. Autonomous Warfare Group has a $53 billion-line ask in the President's budget. That's still all working out through reconciliation and the budget cycle.

是的，我們有看到。如外界所知，國防自主（Defense Autonomy）/自主作戰小組（Autonomous Warfare Group）在總統預算中提出了 530 億美元的預算需求。這仍在協調（reconciliation）與預算週期流程中持續推進。

But, there's plenty of stuff in there that's directly applicable to what we're building here at Merlin and ultimately tens of billions of dollars more for autonomy for the Department of War that otherwise wasn't there. We're excited about the C-130J because we believe it's one of the closest.

不過，其中有很多內容都能直接適用於我們在 Merlin 正在打造的東西；而且最終還有數百億美元的額外自主化資金投入到戰爭部門（Department of War），這在過去原本並不存在。我們對 C-130J 感到興奮，因為我們相信它是最接近的項目之一。

Shovel-ready programs to get autonomy out onto operational Air Force aircraft. Clearly, nothing we're going to pre-announce there, but the tailwinds are certainly there, and we're accelerating that effort given those tailwinds.

屬於可立即啟動（shovel-ready）的計畫，可將自主能力部署到空軍的作戰飛機上。顯然，我們不會在此預先宣布任何內容，但利多動能（tailwinds）確實存在；在這些利多動能的推動下，我們也正在加速相關工作。

Excellent. Looking forward to it. Thank you.

太好了。很期待。謝謝。

Thank you.

謝謝。

Anton Renert, TD Cowen.

Anton Renert，TD Cowen。

Hey, good morning. Thanks for taking my questions and congrats on the first-quarter. Just curious, how are you thinking about M&A now that you have some cash on the balance sheet or some more cash on the balance sheet? Are there any gaps that you might be looking to fill?

嗨，早安。謝謝回答我的問題，也恭喜第一季表現。我只是好奇，現在你們資產負債表上有一些現金、或更多現金之後，對於併購（M&A）是怎麼思考的？是否有任何缺口是你們可能想要補上的？

For M&A, we are building what we believe is the leading takeoff to touchdown autonomy system in the world. So when we're looking at M&A, we're looking at opportunities where we can leverage that core autonomy into platforms, programs, existing contracts, where that autonomy can meaningfully accelerate capability to our customers and provide asymmetric value to our investors and also to what we're building at Merle.

就併購而言，我們正在打造我們認為是全球領先、從起飛到落地（takeoff to touchdown）的自主系統。因此在評估併購時，我們會尋找能把這個核心自主能力延伸到各種平台、專案與既有合約的機會，讓這套自主能力能實質加速我們客戶的能力提升，並為投資人帶來不對稱價值（asymmetric value），同時也強化我們在 Merle（Merlin）正在打造的東西。

So nothing to pre-announce there yet, but M&A is certainly top of mind for us as we build what we believe will be a pretty important neoprime focused around autonomy. Clearly, there's lots of stuff going on in the defense tech space.

所以目前還沒有任何可以預先宣布的內容，但在我們打造一個我們認為相當重要、以自主為核心的新型主承包商（neoprime）的過程中，併購確實是我們高度關注的議題。很明顯，國防科技領域正在發生很多事情。

We think that focus is really important. So we're going to be building Merlin really as a neoprime, but focused just on autonomy and on autonomy, particularly, at least at first in the air domain, where we can leverage what we have built to deliver asymmetric value for our customers, but also for our investors.

我們認為聚焦非常重要。因此我們會把 Merlin 打造成一個新型主承包商（neoprime），但只聚焦在自主技術上，尤其（至少在初期）聚焦在空中領域；在這裡我們可以運用既有成果，為客戶提供不對稱價值，同時也為投資人創造不對稱價值。

Got it. Thank you. And then maybe just quickly, could you maybe provide an update on how you think about. Pricing of Condor and Merlin Pilot platform as a whole, are these trading discussions still ongoing? Any color there would be helpful.

了解。謝謝。另外也想快速問一下，你能否更新一下你們對 Condor 與 Merlin Pilot 平台整體定價的看法？這些商務洽談是否仍在進行中？任何補充說明都會很有幫助。

The discussions are certainly ongoing. High level, we believe. In a two-part pricing model for things like Condor. First, we're selling the physical hardware that goes into the aircraft that enables the aircraft to fly autonomously. We believe that that hardware can be sold at relatively low margins to enable the eventual software deployment, which is, of course, very high margin.

相關討論當然仍在進行。從高層次來看，我們相信像 Condor 這類產品會採用兩段式定價模式。首先，我們會銷售安裝在飛機上的實體硬體，使飛機具備自主飛行能力。我們相信這些硬體可以用相對較低的毛利率出售，以促成後續軟體部署，而軟體部署當然是高毛利。

And we think that that software deployment needs to be priced in a way where there are shared savings and shared value with our customers. So if you're able to leverage the software as a customer in order to save on operating costs.

我們也認為，軟體部署的定價需要以能與客戶共享節省與共享價值的方式來設計。因此，如果客戶能透過軟體來節省營運成本。

To increase aircraft utilization and efficiency, we believe that the customers should see savings from that, and then Merlin will take a portion of those savings in a true partnership with our customers versus this being a net new above and beyond base operating expense. For our customers. So that's exciting. It changes the way our customers do business, but also enables a long-term software sale in the aerospace and defense market that really hasn't existed before, while also dramatically expanding the capabilities of the aircraft for our customers. So ongoing discussions, but we're pretty pumped about it.

並提升飛機使用率與效率，我們認為客戶應該能從中看到節省，而 Merlin 會在與客戶真正夥伴關係的基礎上，取得其中一部分節省；而不是在客戶既有基礎營運費用之上，再額外新增一筆全新的成本。對我們的客戶而言。所以這很令人振奮。它改變了客戶的商業運作方式，也讓航太與國防市場出現一種過去幾乎不存在的長期軟體銷售模式，同時也大幅擴增客戶飛機的能力。因此討論仍在進行中，但我們對此非常興奮。

Great.

很好。

Thanks, Nicole.

謝謝，Nicole。

Thank you. Show no further questions. So with that, I'll hand the call back over to CEO, Matt George, for closing remarks.

謝謝。目前沒有其他問題。那麼接下來我把電話交回給執行長 Matt George，請他做結語。

Great. Thank you so much. Last thing I'll say is we appreciate each and every one of you being on this journey with us. Building Merlin and building what we think is going to be a very important company and a generational company in the space is really the opportunity, at least for us, of a lifetime, and we appreciate you all being on the journey with us.

很好。非常感謝。我最後想說的是，我們感謝在座每一位與我們一同走這段旅程。打造 Merlin，並打造一家我們認為將在這個領域非常重要、且具世代意義（generational）的公司，對我們而言至少是一生一次的機會；我們也感謝大家與我們同行。

Please reach out if you have any questions, and really appreciate everyone's time here today learning more about Merlin and what we've been working on this quarter. Thank you.

如果你有任何問題，請隨時聯繫我們；也非常感謝大家今天撥冗，進一步了解 Merlin 以及我們本季所做的工作。謝謝。

Ladies and gentlemen, thank you for participating. This does conclude today's program, and you may now disconnect.

各位女士、先生，感謝您的參與。今天的議程到此結束，您現在可以掛線。