Shawarma Capital

Shawarma Capital

$MRLN: What Management Actually Said

An hour with Matt George. The C-130J program is two pilots down to one, not unmanned, and five other things that change how I model Merlin Labs.

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Shawarma Capital
Aug 21, 2026
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I got an hour with Matt George. Founder and CEO. Brian Alger sat in for the front half and then dropped off to move a kid into college, which is the most Merlin thing that has happened on this coverage.

This is the short version. Six things were said that change how I model the company, and one of them corrects something I have seen repeated everywhere, …

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