Launch of AEROTRACE™ AI-Powered Aerial Intelligence Platform; Bird of Prey Defense Drone Collaboration with Elbit Continues to Advance as Global Defense Spending on Drone Tech Rises
Subsequent to Quarter End, Company Completed Approximately $9.2 Million Underwritten Public Offering and Uplisting on the Nasdaq Capital Market
FT. LAUDERDALE, FL, May 20, 2026 (GLOBE NEWSWIRE) -- Duke Robotics Corp. (NASDAQ:DUKR, DUKRW)) ("Duke Robotics" or the "Company"), a leader in advanced robotics and drone-based solutions for civilian and defense markets, today reported financial results for the first quarter ended March 31, 2026, and provided a corporate update.
Yossef Balucka, Chief Executive Officer of Duke Robotics, commented: "The first quarter of 2026 positioned Duke Robotics at what we believe is a clear inflection point for the Company. We now have three commercially validated platforms: our Insulator Cleaning ("IC") Drone service for high-voltage utility insulators, our AEROTRACE™ AI-powered aerial intelligence solution, and the Bird of Prey stabilized weapons drone system, marketed by Elbit Systems Land Ltd. ("Elbit"). During the quarter we expanded our commercial relationship with the Israel Electric Corporation ("IEC"), with a new purchase order which is expected to generate over a million U.S. dollars of revenue for Duke Robotics during 2026. Subsequent to the end of the quarter, we completed our underwritten public offering and uplisted to the Nasdaq Capital Market, which we believe provides the Company with the capital base required to accelerate our business plan."
Recent Business Highlights
Launch of AEROTRACE™: AI-Powered Aerial Intelligence Platform. In February 2026, the Company launched AEROTRACE, an AI-powered aerial monitoring and intelligence solution for infrastructure operators. AEROTRACE is designed to support utilities and industrial operators in identifying asset conditions, prioritizing maintenance activities, and improving decision-making. The Company believes AEROTRACE represents a potentially low-friction commercial entry point with utility customers; it can be sold independently of the IC Drone system or together with it, and is designed to support a shift in utility maintenance practices from reactive to proactive, condition-based servicing. AEROTRACE is intended to generate a recurring, software-style revenue stream that the Company believes can complement its IC Drone service business.
Expansion of IEC Contract: Expected to Generate Over $1 Million in Revenue During 2026. In March 2026, the Company received a new purchase order from the IEC, Israel's governmental and largest electricity supplier, expanding the scope of the IC Drone services provided by the Company for the cleaning and maintenance of high-voltage transmission infrastructure. The new order extends the existing agreement and increases the scale of services performed using the Company's IC Drone system. The purchase order is expected to generate revenue of over a million U.S. dollars for Duke Robotics during 2026, representing an increase compared to the Company's previous service activity with IEC.
Greek Market. In January 2026, Duke Robotics, through its wholly owned Greek subsidiary Duke Robotics Hellas, received operational authorization from the Hellenic Civil Aviation Authority for IC Drone operations in Greece.
Strategic Financing and Subsequent Uplisting to Nasdaq. Subsequent to the end of the quarter, the Company completed an underwritten public offering for gross proceeds of approximately $9.2 million and listed its common stock and warrants on the Nasdaq Capital Market under the symbols "DUKR" and "DUKRW." The Company believes the financing provides significant funding to execute on commercial opportunities and accelerate its business plan with respect to both its civilian and defense business lines.
Defense Segment: Bird of Prey Battle-Tested and Active Co-Marketing with Elbit. Through its collaboration with Elbit, the Bird of Prey stabilized weapons drone system has been confirmed in operational use by the Israel Defense Forces, with the system featured in August 2025 in an Israeli in-depth news report on advanced weaponized drone combat capabilities. The Company believes the confirmed operational deployment by the IDF provides important market validation in defense markets and positions the Bird of Prey for further international interest. The Company has previously reported initial royalty revenues from sales of the Bird of Prey system. The Company has active business development efforts across several geographies in coordination with Elbit under the parties' co-marketing arrangement, against a backdrop of accelerating global interest in drone-based combat systems amid recent conflicts in the Middle East and Ukraine.
U.S. Market Readiness Activities. As previously disclosed in December 2025, Duke Robotics is working to identify and evaluate NDAA-compliant drone systems and certified U.S. drone operators as potential platforms for its IC Drone technology.
Financial results for three months ended March 31, 2026
Revenues: The Company did not record revenues for the three months ended March 31, 2026, consistent with the same period in 2025, reflecting the seasonal nature of the IC Drone service for the IEC, the cleaning season for which typically commences in the second quarter of each year. Cost of revenues for the period was $33,000, compared to $8,000 for the same period in 2025, primarily reflecting infrastructure and operational readiness costs in advance of the 2026 cleaning season.
Research and development (R&D) expenses were $29,000 for the three months ended March 31, 2026, compared to $22,000 for the same period in 2025.
General and administrative (G&A) expenses were $451,000 for the three months ended March 31, 2026, compared to $258,000 for the same period in 2025. The increase primarily reflects higher share-based compensation associated with stock option grants made during the quarter, increased professional fees related to the Company's uplisting preparation, and increased personnel-related costs supporting the Company's growth initiatives.
Operating loss was $513,000 for the three months ended March 31, 2026, compared to an operating loss of $288,000 for the same period in 2025.
Financing expenses, net, were $408,000 for the three months ended March 31, 2026, compared to financing income, net, of $9,000 for the same period in 2025, primarily reflecting non-cash changes in the fair value of the Company's warrant liability.
Net loss for the three months ended March ...
