Management CommentarySwarmer President & U.S. CEO Alex Fink stated: "The first quarter of 2026 represented an important step forward for Swarmer as we completed our initial public offering, strengthened our leadership team and continued to expand our presence within the autonomous systems ecosystem. These milestones support our ability to pursue a rapidly expanding market, as demand for autonomous and collaborative unmanned systems continues to accelerate amid rising deployment volumes and persistent operator constraints. Swarmer's software is purpose‑built for this environment, and we are seeing expanding engagement from manufacturers developing next‑generation, high‑volume platforms across multiple domains.
"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 ResultsResults compare Q1 2026 to the 2025 first quarter ended March 31, 2025 ("Q1 2025"), unless otherwise indicated.
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 in Ukraine. The Company does not expect future revenue from this customer and is focused on scaling engagements with higher-volume customers in Ukraine 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 at December 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 CallThe Company's management will host a conference call today, May 13, 2026, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these results, followed by a question-and-answer period.
Toll-Free Number: 877-407-6184International Number: +1 201-389-0877Webcast: 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 Gateway Group at 949-574-3860.
The conference call will be broadcast simultaneously and available for webcast replay here.
About SwarmerSwarmer™ 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 Ukraine in April 2024. Since then, it has completed more than 100,000 combat missions, generating terabytes of proprietary data that informs its machine-learning models and enables the replication of advanced pilot performance at scale. Swarmer's routine use in combat missions generates continuous streams of telemetry, sensor data and operational feedback which are then used to refine performance, increase resilience and accelerate learning. Swarmer has headquarters in Austin, Texas, and maintains operations and teams in Ukraine, Poland and Estonia.
Forward-Looking StatementsThis 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 Ukraine and other regions; export control, sanctions, defense trade, procurement, and other regulatory requirements; competition in the defense technology and autonomous systems markets; the Company's ability to develop, validate, scale, and integrate its software across third-party unmanned platforms; risks associated with artificial intelligence, machine learning, data availability, data quality, cybersecurity, and operational performance in real-world environments; reliance on key personnel and technical talent; supply chain and manufacturing constraints affecting the Company's customers or partners; and the other risks described in the Company's filings with the Securities and Exchange Commission.
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: [email protected]
Media Relations Contact: [email protected]
SWARMER, INC CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)
March 31,2026
December 31,2025
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
