AUSTIN, Texas, May 13, 2026 (GLOBE NEWSWIRE) -- Swarmer, Inc ("Swarmer" or the "Company") (Nasdaq: SWMR), a drone autonomy software company which has supported more than 100,000 real-world combat missions in Ukraine since April 2024, today announced financial results for the quarter ended March 31, 2026 ("Q1 2026"), and discussed recent business developments.
Management Commentary
Swarmer 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 Results
Results 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 $3.5 million in
gross proceeds from the sale of Series A-1 convertible preferred stock.
Conference Call
The Company's management will host a conference call today, May 13, 2026, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these results, followed by a question-and-answer period.
Toll-Free Number: 877-407-6184
International Number: +1 201-389-0877
Webcast: Register and Join
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.
The conference call will be broadcast simultaneously and available for webcast replay here.
About Swarmer
Swarmer$(TM)$ 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 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 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: SWMR@gateway-grp.com
Media Relations Contact: media@swarmer.tech
SWARMER, INC
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, December 31,
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 $0.00001 per share:
Series A preferred stock:
10,000,000 shares authorized
as of March 31, 2026 and
4,358,597 shares authorized
as of December 31, 2025; no
shares issued and outstanding
as of March 31, 2026 and
3,661,083 shares issued and
outstanding as of December
31, 2025 -- 19,013,673
Commitments and contingencies (Note
5)
Shareholders' equity (deficit)
Common stock, $0.00001 par
value; 200,000,000 and
25,000,000 shares authorized
as of March 31, 2026 and
December 31, 2025,
respectively; 11,210,256 and
1,410,975 shares issued as of
March 31, 2026 and December
31, 2025, respectively; and
10,798,722 and 911,255 shares
outstanding as of March 31,
2026 and December 31, 2025,
respectively 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
=========== ===========
SWARMER, INC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended March 31,
--------------------------------
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)
============= ===========
SWARMER, INC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
--------------------------------
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 $
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