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March 17, 2026
A Letter to Shareholders from Matt George, Founder and CEO of Merlin Labs Fellow Shareholders:

Fellow Shareholders:

Aviation has built our modern world while creating and enabling trillions in total economic value. For the past 100 years, aviation also has been built around pilots.

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.

105$M

USSOCOM Contract Ceiling

130C-J

Prime Tactical Transport

1000s

Hours Autonomous Flight

Crawl-Walk-Fly

Approach to Autonomy

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