By Chris Wack

Swarmer shares were 11% lower, at $31.91, after the company said it had a big drop-off in revenue for the first quarter, and a wider loss.

The company, which makes drone software, said it had quarterly revenue of $20,325, compared with $110,704 in the same quarter last year.

The company said it had a quarterly loss of $4.5 million, or 28 cents a share, compared with last year's loss of $694,000, or 25 cents a share.

Swarmer said the decline in revenue reflects the wind-down of service-related deferred revenue associated with its historically largest customer in Ukraine. The company doesn't expect future revenue from this customer, and said it is focused on scaling engagements with higher-volume customers in Ukraine and international markets.

The company also said operating expenses for the quarter were $4.5 million, compared with $800,000 a year earlier. 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.

Swarmer went public in March, with a three-million share initial public offering initially priced at $5 a share.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

May 13, 2026 12:57 ET (16:57 GMT)

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