Al Root

There is a new drone technology company for investors to consider.

Swarmer makes drone-autonomy software, enabling drones to, well, swarm, and helping operators control dozens or hundreds of drones simultaneously -- making it difficult to disable the entire swarm by taking out a single drone.

The company's technology has been deployed in Ukraine since 2023, where it has supported more than 100,000 combat missions.

Sales in 2025 were $309,920, down from $329,410 in 2024. The company, however, has a firm backlog of $16.3 million for software licenses, hardware integration services, and system deliveries that customers project will take place over the next 12 to 24 months. There is an additional $16.8 million in anticipated revenue that isn't included in the firm backlog total.

What's more, the backlog assumes no revenue from Smart Machinery Solutions, a Ukrainian company that accounted for substantially all of Swarmer's revenue in 2024 and 2025.

On Monday, Swarmer priced its initial public offering, selling three million shares at $5 each, with the proceeds intended to fund operations and future growth.

There should be growth if militaries worldwide continue focusing on implementing smart, low-cost, autonomous battle technologies. Drone-based warfare has been on display in conflicts such as the Ukraine the Middle East in recent years.

Following the sale, about 12.3 million shares will be outstanding. The IPO should leave the company with about $25 million in cash. The company reported an $8.5 million loss in 2025.

Swamer is still a small company competing with everyone from privately held drone vendors such as Shield AI and Anduril, as well as defense contractors such as Northrop Grumman and Lockheed Martin.

Swarmer is betting its success on its experience in Ukraine, rapid technology development, and the ability of its software to be used on any drone platform.

Trading in Swarmer stock begins later today. The stock symbol is "SWMR."

Write to Al Root at allen.root@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

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March 17, 2026 09:49 ET (13:49 GMT)

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