Management Commentary
Swarmer President &
“Looking ahead, we are focused on expanding adoption across a wider range of unmanned platforms, deepening our integration with leading manufacturers and supporting programs as they transition from development into scaled deployment. As these initiatives mature, we believe Swarmer can serve as a foundational software layer for autonomous and collaborative systems, enabling long-term growth as deployment volumes increase across multiple domains.”
First Quarter 2026 and Recent Operational Highlights
- Successfully listed on the Nasdaq Capital Market under the ticker symbol "SWMR” and raised
$17.3 million in cash proceeds from the Company’s initial public offering. - Awarded
$2.8 million contract for more than 16,000 software licenses to be used aboard SkyKnight quadcopter bombers and other unmanned aerial vehicles. - Expanded into
Japan with support from Rakuten Group, accelerating market entry and advancing deployment of Swarmer’s solutions within Japan’s advanced unmanned systems ecosystem. - Entered into a memorandum of understanding with HIMERA, a
Ukraine -based provider of jam-resistant radios, to integrate resilient communications into Swarmer's next-generation autonomy stack. - Announced the development of a deployable drone interceptor kit, leading the collaboration with X-Drone, Norda Dynamics, and Kara Dag Technologies to create an affordable counter-drone solution.
- Appointed
Mykhailo Nestor as Chief Product Officer to lead product strategy and development, bringing seven years of experience as Chief Product Officer at Kyivstar Group Ltd.,Ukraine's largest digital operator.
First Quarter 2026 Financial Results
Results compare Q1 2026 to the 2025 first quarter ended
- Revenue for Q1 2026 was
$20,325 compared to$110,704 in Q1 2025. The decline reflects the wind-down of service-related deferred revenue associated with the Company’s historically largest customer inUkraine . The Company does not expect future revenue from this customer and is focused on scaling engagements with higher-volume customers inUkraine and international markets. - Gross profit (loss) for Q1 2026 was
$(19,599) compared to$65,162 in Q1 2025, driven primarily by lower revenue during the period. - Operating expenses for Q1 2026 were
$4.5 million compared to$0.8 million in Q1 2025. The increase was primarily attributable to higher consulting and professional services expenses associated with becoming a public company, together with increased investment in engineering and product development initiatives. The Company continues to prioritize investment in engineering, product development and platform integration capabilities to support long-term growth initiatives. - Net income (loss) for Q1 2026 was
$(4.5) million compared to$(0.7) million in Q1 2025, primarily reflecting higher operating expenses. - Cash and cash equivalents at
March 31, 2026 totaled$23.5 million compared to$9.3 million atDecember 31, 2025 . The increase primarily reflects gross proceeds of approximately$17.3 million from the Company’s initial public offering, together with approximately$3.5 million in gross proceeds from the sale of Series A-1 convertible preferred stock.
Conference Call
The Company’s management will host a conference call today,
Toll-Free Number: 877-407-6184
International Number: +1 201-389-0877
Webcast: Register and Join
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact
The conference call will be broadcast simultaneously and available for webcast replay here.
About Swarmer
Swarmer™ is a defense technology company that specializes in vendor-agnostic software which allows one operator to intuitively control hundreds of autonomous platforms in real time. Swarmer’s primary mission areas include autonomous swarm coordination, integration of multi-domain unmanned systems and AI-powered autonomy software for distributed operations. Swarmer is not a drone manufacturer and does not depend on any single platform, supplier or hardware lifecycle. Instead, Swarmer operates at the intelligence layer, developing autonomy, coordination and decision-making software that enables large numbers of low-cost unmanned systems to operate collectively as one coherent, resilient force. Swarmer’s technology has been rigorously validated in real-world kinetic environments and was first deployed in combat operations in
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements about Swarmer’s strategy, market opportunity, customer engagement, product development, technology integrations, expansion into new markets, future revenue opportunities, expected customer mix, potential deployments, and the anticipated benefits of the Company’s relationships, memoranda of understanding, partnerships, and other commercial initiatives. Forward-looking statements are based on current expectations, estimates, forecasts, and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied.
These risks and uncertainties include, among others: the Company’s limited operating history as a public company; its history of losses and limited current revenue; customer concentration and the timing, non-renewal, or loss of customer engagements; the Company’s ability to convert pilot programs, memoranda of understanding, and development-stage relationships into binding commercial contracts or revenue; defense procurement cycles and government budget priorities; geopolitical conditions affecting operations, customers, suppliers, and deployments in
Forward-looking statements speak only as of the date of this release. The Company undertakes no obligation to update or revise any forward-looking statements, except as required by law.
Investor Relations Contact: SWMR@gateway-grp.com
Media Relations Contact: media@swarmer.tech
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||||||
2026 | 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 23,472,156 | $ | 9,283,566 | ||||
| Prepaid expenses and other current assets | 795,309 | 115,473 | ||||||
| Total current assets | 24,267,465 | 9,399,039 | ||||||
| Property and equipment, net | 309,457 | 227,908 | ||||||
| Operating lease right-of-use asset | 115,494 | 131,184 | ||||||
| Deferred offering costs | — | 471,719 | ||||||
| Other assets | 234,694 | 106,830 | ||||||
| Total assets | $ | 24,927,110 | $ | 10,336,680 | ||||
| Liabilities, convertible preferred stock and shareholders' deficit | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 344,253 | $ | 223,236 | ||||
| Accrued expenses and other current liabilities | 747,538 | 680,782 | ||||||
| Grant advance | 182,667 | 189,200 | ||||||
| Deferred revenue | 2,371 | 23,272 | ||||||
| Operating lease liability - current | 72,070 | 70,703 | ||||||
| Total current liabilities | 1,348,899 | 1,187,193 | ||||||
| Operating lease liability - non-current | 57,620 | 76,273 | ||||||
| Total liabilities | 1,406,519 | 1,263,466 | ||||||
| Convertible preferred stock, par value | ||||||||
| Series A preferred stock: 10,000,000 shares authorized as of | — | 19,013,673 | ||||||
| Commitments and contingencies (Note 5) | ||||||||
| Shareholders' equity (deficit) | ||||||||
| Common stock, | 110 | 10 | ||||||
| Additional paid-in capital | 38,606,840 | 663,514 | ||||||
| Accumulated other comprehensive loss | (28,441 | ) | (4,900 | ) | ||||
| Accumulated deficit | (15,057,918 | ) | (10,599,083 | ) | ||||
| Total shareholders' equity (deficit) | 23,520,591 | (9,940,459 | ) | |||||
| Total liabilities, convertible preferred stock and shareholders' equity (deficit) | $ | 24,927,110 | $ | 10,336,680 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Revenue | $ | 20,325 | $ | 110,704 | ||||
| Cost of revenue | 39,924 | 45,542 | ||||||
| Gross margin | (19,599 | ) | 65,162 | |||||
| Operating expenses: | ||||||||
| Selling, general and administrative | 3,004,879 | 255,281 | ||||||
| Research and development | 1,486,082 | 522,198 | ||||||
| Total operating expenses | 4,490,961 | 777,479 | ||||||
| Loss from operations | (4,510,560 | ) | (712,317 | ) | ||||
| Other income: | ||||||||
| Other income | 51,725 | 18,340 | ||||||
| Loss before income taxes | (4,458,835 | ) | (693,977 | ) | ||||
| Income tax expense | — | — | ||||||
| Net loss | $ | (4,458,835 | ) | $ | (693,977 | ) | ||
| Net loss per share of common stock, basic and diluted | $ | (0.28 | ) | $ | (0.25 | ) | ||
| Weighted-average shares of common stock outstanding, basic and diluted | 16,064,920 | 2,725,467 | ||||||
| Comprehensive loss: | ||||||||
| Foreign currency translation adjustments | (23,541 | ) | 266 | |||||
| Total comprehensive loss | $ | (4,482,376 | ) | $ | (693,711 | ) | ||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| Operating activities: | 2026 | 2025 | ||||||
| Net loss | $ | (4,458,835 | ) | $ | (693,977 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation expense | 38,237 | — | ||||||
| Amortization of ROU asset | 15,690 | — | ||||||
| Share-based compensation expense | 281,880 | 10,233 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Unbilled revenue | — | (34,269 | ) | |||||
| Prepaid expenses and other current assets | (220,046 | ) | (23,036 | ) | ||||
| Other assets | (128,108 | ) | (2,945 | ) | ||||
| Accounts payable | 98,580 | 40,890 | ||||||
| Accrued expenses and other liabilities | 133,172 | 6,570 | ||||||
| Deferred revenue | (20,332 | ) | 14,737 | |||||
| Operating lease liability | (17,286 | ) | — | |||||
| Net cash used in operating activities | (4,277,048 | ) | (681,797 | ) | ||||
| Investing activities: | ||||||||
| Purchase of property and equipment | (124,331 | ) | — | |||||
| Cash used in investing activities | (124,331 | ) | — | |||||
| Financing activities: | ||||||||
| Proceeds from initial public offering, net of underwriting discounts | 16,015,000 | — | ||||||
| Proceeds from sale of Series A-1 convertible preferred stock | 3,472,095 | — | ||||||
| Payment of deferred financing costs | (870,790 | ) | — | |||||
| Cash provided by financing activities | 18,616,305 | — | ||||||
| Effect of exchange rates on cash and cash equivalents | (26,336 | ) | (1,785 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | 14,188,590 | (683,582 | ) | |||||
| Cash and cash equivalents at the beginning of the period | 9,283,566 | 2,081,086 | ||||||
| Cash and cash equivalents at the end of the period | $ | 23,472,156 | $ | 1,397,504 | ||||
| Supplemental non-cash investing and financing activities: | ||||||||
| Conversion of Series A convertible preferred stock into common stock and pre-funded warrants | $ | 22,485,768 | $ | — | ||||
| Financing costs included in accounts payable | $ | 22,500 | $ | — | ||||
