AUSTIN, Texas, Aug. 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 June 30, 2026 ("Q2 2026"), and discussed recent business developments.
Management Commentary
Swarmer President & U.S. CEO Alex Fink stated: "The second quarter of 2026 marked our first full quarter as a public company and a period of meaningful progress across the business. We successfully added several new customers and advanced deployments across multiple unmanned platforms while continuing to invest in the team and technology needed to support future growth.
"These developments reinforce our belief that Swarmer is well positioned to capitalize on a rapidly expanding market as demand for autonomous and collaborative unmanned systems continues to accelerate. We believe the expansion of the SkyKnight program validates both our technology and business model. As we connect with larger manufacturers and deployment volumes continue to grow across the industry, we see a significant opportunity to expand adoption of our software with additional platforms.
"Looking ahead, we remain focused on expanding adoption across a wider range of unmanned systems, deepening our integration with manufacturers, and supporting programs as they transition from evaluation into scaled deployment. We will also continue to evaluate strategic opportunities that align with our long-term growth objectives and enhance our capabilities. As these initiatives mature, we believe Swarmer can become a foundational software layer for autonomous and collaborative systems across multiple domains, supporting long-term growth and value creation."
Second Quarter 2026 and Recent Operational Highlights
-- Expanded the SkyKnight software licensing program, increasing the total
contracted license value from $2.9 million to $3.9 million. Existing
customer upgrade options, if fully exercised, would bring the maximum
arrangement value to approximately $14.2 million.
-- Partnered with Oak Grove Technologies to integrate Swarmer's autonomy
software into the Chimera UAV platform, advancing autonomous swarming
capabilities for U.S. Special Operations and defense missions.
-- Signed an MOU with Powerus to explore the integration of Swarmer's
autonomy and swarming software across air and maritime autonomous
systems.
-- Collaborated with Lantronix to develop a custom NDAA-compliant compute
platform for Group 1 unmanned aerial systems, increasing onboard
processing power by more than 400%.
-- Partnered with Brightline Interactive to integrate Swarmer's autonomy
software with Brightline's platform and expand access to operational data
for AI model training.
-- Established a strategic data partnership with Molfar Intelligence to
integrate verified battlefield intelligence datasets into Swarmer's AI
training pipeline.
-- Collaborated with Tekmara and Florida International University to
evaluate autonomous drone swarms for environmental monitoring and coastal
restoration applications.
Second Quarter 2026 Financial Results
Results compare Q2 2026 to the 2025 second quarter ended June 30, 2025 ("Q2 2025"), unless otherwise indicated.
-- Revenue for Q2 2026 was $216,413, compared to $138,206 in Q2 2025. The
Company invoiced $1.5 million under the SkyKnight program during the
quarter, of which $1.4 million has been collected; $0.2 million was
recognized as revenue, $0.1 million was recorded as deferred revenue, and
the remainder was recorded as an advance on the balance sheet.
-- Gross margin for Q2 2026 was $183,597 compared to $82,030 in Q2 2025,
driven primarily by license revenue recognized under the SkyKnight
program.
-- Operating expenses for Q2 2026 were $7.5 million compared to $854,847 in
Q2 2025. The increase primarily reflects investments in personnel,
engineering, product development and platform integration capabilities,
as well as higher consulting, legal and professional services expenses
associated with operating as a public company. Q2 2026 operating expenses
also included approximately $1.2 million of non-cash stock-based
compensation expense and certain one-time equipment purchases that are
not expected to recur on a regular basis.
-- Net loss for Q2 2026 was $(7.3) million compared to $(1.6) million in Q2
2025, primarily reflecting higher operating expenses.
-- Cash and cash equivalents at June 30, 2026 totaled $25.3 million compared
to $9.3 million at December 31, 2025. The increase primarily reflects
proceeds of approximately $16.0 million from the IPO, net of underwriting
costs, $8.8 million raised through the Company's equity line of credit
and $3.5 million from the sale of Series A-1 convertible preferred stock.
Cash usage in Q2 2026 included a one-time $2.2 million contractual
prepayment under the SkyKnight program; excluding this payment,
underlying cash burn was generally consistent with prior quarters.
Subsequent to quarter end through August 10, 2026, the Company collected
an additional $17.9 million from sales of common shares under its equity
line of credit, including the $4.6 million receivable outstanding at June
30, 2026.
Conference Call
The Company's management will host a conference call today, August 13, 2026, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results, followed by a question-and-answer period.
Registration Link: https://swarmer-2q2026.open-exchange.net/
Please connect 5-10 minutes prior to the start time. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860. The conference call will also be available for replay here.
About Swarmer
Swarmer$(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, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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; the Company's plans to expand adoption of its autonomy software across additional unmanned platforms and domains; the expected benefits of partnerships and collaborations with Oak Grove Technologies, Powerus, Lantronix, Brightline Interactive, Molfar Intelligence, Tekmara, and Florida International University; the Company's strategy to evaluate and pursue additional strategic opportunities; planned investment in engineering, product development, and platform integration capabilities; and the Company's ability to become a foundational software layer for autonomous and collaborative systems.
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. Additional risks and uncertainties are described in Swarmer's filings with the Securities and Exchange Commission, including under the caption "Risk Factors" in Swarmer's most recent registration statement, most recent Quarterly Report on Form 10-Q and other filings filed with or furnished to the SEC.
Investor Relations Contact: SWMR@gateway-grp.com
Media Relations Contact: media@swarmer.tech
SWARMER, INC
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, December 31,
2026 2025
------------ ------------
Assets
Current assets:
Cash and cash equivalents $ 25,289,260 $ 9,283,566
Accounts receivable 95,580 --
Receivable from sale of common
stock 4,625,269 --
UAV deployment program advance
payment 1,845,000 --
Prepaid expenses and other current
assets 1,137,379 115,473
----------- -----------
Total current assets 32,992,488 9,399,039
Property and equipment, net 470,586 227,908
Operating lease right-of-use asset 99,610 131,184
Intangible assets 97,668 --
Deferred offering costs -- 471,719
Other assets 275,333 106,830
----------- -----------
Total assets $ 33,935,685 $ 10,336,680
=========== ===========
Liabilities, convertible preferred
stock and shareholders' equity
(deficit)
Current liabilities:
Accounts payable $ 204,803 $ 223,236
Accrued expenses and other
current liabilities 1,329,493 680,782
Grant advance 178,381 189,200
Deferred revenue 107,121 23,272
Operating lease liability -
current 73,453 70,703
Advances received under
combined arrangement 793,092 --
----------- -----------
Total current liabilities 2,686,343 1,187,193
Operating lease liability -
non-current 38,757 76,273
Total liabilities 2,725,100 1,263,466
----------- -----------
Convertible preferred stock, par
value $0.00001 per share:
Series A preferred stock: no
shares authorized, issued or
outstanding as of June 30,
2026; 4,358,597 shares
authorized and 3,661,083 shares
issued and outstanding as of
December 31, 2025 -- 19,013,673
Commitments and contingencies
Shareholders' equity (deficit)
Preferred stock, $0.00001 par
value; 10,000,000 shares
authorized and no shares issued
and outstanding as of June 30,
2026; no shares authorized,
issued or outstanding as of
December 31, 2025 -- --
Common stock, $0.00001 par
value; 200,000,000 and
25,000,000 shares authorized as
of June 30, 2026 and December
31, 2025, respectively;
11,608,117 and 1,410,975 shares
issued as of June 30, 2026 and
December 31, 2025,
respectively; and 11,284,769
and 911,255 shares outstanding
as of June 30, 2026 and
December 31, 2025,
respectively 113 10
Additional paid-in capital 53,397,926 663,514
Accumulated other comprehensive
income (loss) 195,502 (4,900)
Accumulated deficit (22,382,956) (10,599,083)
----------- -----------
Total shareholders' equity
(deficit) 31,210,585 (9,940,459)
----------- -----------
Total liabilities, convertible
preferred stock and
shareholders' equity
(deficit) $ 33,935,685 $ 10,336,680
=========== ===========
SWARMER, INC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended June
30, Six Months Ended June 30,
------------------------- --------------------------
2026 2025 2026 2025
----------- ----------- ------------ -----------
Revenue $ 216,413 $ 138,206 $ 236,738 $ 248,910
Cost of revenue 32,816 56,176 72,740 101,718
Gross margin 183,597 82,030 163,998 147,192
Operating
expenses:
Selling, general
and
administrative 5,657,638 277,591 8,662,517 532,872
Research and
development 1,805,532 577,256 3,291,614 1,099,454
Total
operating
expenses 7,463,170 854,847 11,954,131 1,632,326
---------- ---------- ----------- ----------
Loss from
operations (7,279,573) (772,817) (11,790,133) (1,485,134)
Other income
(expense):
Change in fair
value of
Simple
Agreement for
Future Equity
("SAFE")
liability -- (869,000) -- (869,000)
Change in fair
value of
Equity Line
of Credit
("ELOC")
derivative (251,455) -- (251,455) --
Other income 205,990 14,635 257,715 32,975
---------- ---------- ----------- ----------
Loss before income
taxes (7,325,038) (1,627,182) (11,783,873) (2,321,159)
Income tax
expense -- -- -- --
---------- ---------- ----------- ----------
Net loss $(7,325,038) $(1,627,182) $(11,783,873) $(2,321,159)
========== ========== =========== ==========
Net loss per share
of common stock,
basic and
diluted $ (0.45) $ (0.51) $ (1.03) $ (0.78)
========== ========== =========== ==========
Weighted-average
shares of common
stock
outstanding,
basic and
diluted 16,333,844 3,211,540 11,414,411 2,970,764
========== ========== =========== ==========
Comprehensive
loss:
Foreign
currency
translation
adjustments 223,943 14,478 200,402 14,744
---------- ---------- ----------- ----------
Total
comprehensive
loss $(7,101,095) $(1,612,704) $(11,583,471) $(2,306,415)
========== ========== =========== ==========
SWARMER, INC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30,
-----------------------------
Operating activities: 2026 2025
--------------- -----------
Net loss $ (11,783,873) $(2,321,159)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Depreciation expense 96,344 --
Amortization of ROU asset 31,574 --
Change in fair value of ELOC
derivative 251,455 --
Change in fair value of SAFE
liability -- 869,000
Share-based compensation expense 1,459,980 28,488
Changes in operating assets and
liabilities:
Accounts receivable (95,580) --
Unbilled revenue -- 3,193
UAV deployment program advance
payment (1,845,000) --
Prepaid expenses and other
current assets (557,503) (9,147)
Other assets (168,979) (2,070)
Accounts payable (18,019) (421)
Accrued expenses and other
liabilities 649,219 (3,237)
Deferred revenue 84,626 3,853
Advances received under
combined arrangement 793,092 --
Operating lease liability (34,766) --
----------- ----------
Net cash used in operating
activities (11,137,430) (1,431,500)
----------- ----------
Investing activities:
Purchase of property and equipment (347,997) --
Purchase of intangible assets (97,668) --
Cash used in investing
activities (445,665) --
----------- ----------
Financing activities:
Proceeds from initial public
offering, net of underwriting
discounts 16,015,000 --
Proceeds from ELOC 8,826,408 --
Proceeds from sale of Series A-1
convertible preferred stock 3,472,095 --
Payment of financing costs (926,264) --
----------- ----------
Cash provided by financing
activities 27,387,239 --
----------- ----------
Effect of exchange rates on cash and
cash equivalents 201,550 14,261
Net increase (decrease) in cash and
cash equivalents 16,005,694 (1,417,239)
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 $ 25,289,260 $ 663,847
=========== ==========
Supplemental non-cash investing and
financing activities:
Conversion of Series A Preferred
Stock into Common Stock $ 22,485,768 $ --
Common stock issued under ELOC in
exchange for receivable from sale
of common stock $ 4,625,269 $ --
Derivative asset recognized for
draw priced but unsettled under
the ELOC $ 74,970 $