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BACQ

Inflection Point Acquisition Corp. IV

BACQ

Inflection Point Acquisition Corp. IV • NASDAQ
$10.74 ▲ 0.19% (+0.02)
Market Cap $363.57 M
52w High $13.21
52w Low $9.80
Dividend Yield 0%
P/E 0
Volume 124.45K
Outstanding Shares 33.85M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $2.616M ▲ $83.694K ▼ 0% $0.003 ▼ $0 ▲
Q2-2025 $0 $357.772K ▲ $2.309M ▼ 0% $0.069 ▼ $-357.772K ▼
Q1-2025 $0 $239.268K ▲ $2.417M ▲ 0% $0.072 ▲ $-239.268K ▼
Q4-2024 $0 $203.697K ▲ $1.567M ▲ 0% $0.046 ▲ $-203.697K ▼
Q3-2024 $0 $47.447K $-47.447K 0% $-0.001 $-47.447K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.049M ▼ $261.075M ▲ $11.875M ▲ $-10.53M ▼
Q2-2025 $1.753M ▼ $259.088M ▲ $9.971M ▲ $249.117M ▲
Q1-2025 $1.871M ▼ $256.633M ▲ $9.825M ▼ $-7.585M ▼
Q4-2024 $2.107M ▲ $254.22M ▲ $9.828M ▲ $244.391M ▲
Q3-2024 $0 $295.206K $347.633K $-52.427K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $83.694K ▼ $356.094K ▲ $0 $0 $-703.837K ▼ $356.094K ▲
Q2-2025 $2.309M ▲ $-117.339K ▲ $0 ▲ $0 ▼ $-117.339K ▼ $-117.339K ▲
Q4-2024 $1.597M ▲ $-466.474K ▼ $-250M ▼ $252.574M ▲ $2.107M ▲ $-466.474K ▼
Q3-2024 $-77.427K $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement BACQ’s current income statement is very basic because it is still a blank‑check SPAC, not an operating business. There is essentially no revenue and no meaningful operating activity yet. Any earnings per share figures mainly reflect accounting items typical of SPACs (like interest on trust cash or warrant-related adjustments), not a real, ongoing business. The key point: today’s income statement tells you almost nothing about the economics of Merlin Labs, which is the company BACQ plans to merge with. The real business story will only show up in the financials after the merger closes and Merlin’s results are consolidated.

Balance Sheet

Balance Sheet The balance sheet is small and simple, which is normal for a newly listed SPAC. Assets are largely financial in nature, with minimal operating assets, no meaningful debt, and equity making up most of the capital. That means BACQ itself is not burdened by leverage, but it also doesn’t yet have productive assets or a diversified base of operations. Once the merger occurs, the balance sheet will change dramatically as Merlin Labs’ technology assets, contracts, and any new capital from the deal are added, along with any obligations tied to the transaction.

Cash Flow

Cash Flow Cash flows are currently negligible and mostly reflect SPAC housekeeping: holding funds, covering listing and professional costs, and preparing for the business combination. There is no real operating cash inflow because there is no operating business yet. This will shift sharply post‑merger, when Merlin Labs’ cash burn for research, testing, and commercialization, along with any initial revenues from defense and partnerships, start to flow through the statement. For now, cash‑flow data mainly confirms that BACQ is still in its pre‑business phase.

Competitive Edge

Competitive Edge BACQ’s future competitive position is really about Merlin Labs. Merlin is trying to carve out a niche in autonomous aviation by focusing on an onboard “digital pilot” that can be fitted into existing aircraft, rather than building new planes or relying on remote pilots. Its early emphasis on military and government customers, along with partnerships with the U.S. Air Force, GE Aerospace, and a sizable fleet operator, gives it credibility and potential early revenue anchors. At the same time, the competitive field is crowded with other autonomy and remotely piloted solutions, and aviation is a conservative, heavily regulated industry. Merlin’s advantages lie in its aircraft‑agnostic, full‑stack autonomy approach and its early regulatory progress, but it still faces intense technological, regulatory, and adoption risk.

Innovation and R&D

Innovation and R&D Innovation is the core of the thesis here. Merlin Labs’ main product, the Merlin Pilot, aims to automate the full flight cycle in a way that can be installed into many existing aircraft types. The system combines flight control, navigation, and air‑traffic communication using advanced AI and natural language capabilities, which is ambitious and hard to replicate quickly. The company has already reached notable milestones with regulators in New Zealand and is working toward U.S. certification, a crucial and uncertain hurdle. Expect research and development to be heavy for a long period, with ongoing tests, software refinement, and platform expansions to more aircraft. The opportunity is substantial if certification and adoption progress well, but success depends on continued technical breakthroughs and passing rigorous safety and regulatory standards.

Summary

BACQ today is essentially a financial shell preparing to merge with Merlin Labs, so its current financials do not reflect an operating business. The real story is forward‑looking: if the merger closes as planned, shareholders will own a high‑innovation, high‑risk aviation autonomy company rather than a simple SPAC. Merlin Labs brings cutting‑edge technology, notable defense and industry partnerships, and a strategy focused on retrofitting existing aircraft with autonomous capabilities. In return, it brings significant execution risk, heavy R&D needs, long regulatory timelines, and competition from other autonomy players. Overall, this is a transition from a clean but empty balance sheet toward a complex, research‑intensive business where future value depends heavily on technology validation, regulatory approvals, and successful commercialization in both defense and commercial aviation markets.

NEWS

November 19, 2025 · 9:00 AM UTC

Merlin Expands Executive Team Ahead of Public Listing

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November 17, 2025 · 9:00 AM UTC

Merlin Labs, Inc. and Inflection Point Acquisition Corp. IV Announce Upsizing of PIPE Investment to More Than $200 Million

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November 4, 2025 · 9:00 AM UTC

Merlin Appoints Ryan Carrithers as Chief Financial Officer, Increasing Public Market Readiness

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October 22, 2025 · 9:00 AM UTC

Merlin Collaborates with United States Air Force to Advance Autonomous Contingency Management Capabilities

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