Business Wire·Nov 11, 2026, 8:00 AM ET

Swarmer Provides Additional Details on Pending Acquisition of Ratel Robotics

SWMR

Swarmer shareholders approved the acquisition of Ratel Robotics on November 2, 2026, to expand from autonomy software sales into direct UGV manufacturing & end-to-end system sales.
The deal combines Ratel's UGV manufacturing capabilities with Swarmer's combat-proven autonomy software to create a multi-domain autonomous systems portfolio.
Ratel accounted for approximately 37% of UGV sales to the Ukrainian government in the spring 2026 procurement cycle & is pursuing NATO opportunities under the "Build With Ukraine" initiative.
Ratel's preliminary unaudited revenue was $42.1 million for the first nine months of 2026, with projected Q4 2026 revenue between $35 million & $40 million.
As of September 30, 2026, Ratel held approximately $65.1 million in backlog under government contracts.
The acquisition agreement includes performance-based earnouts tied to revenue targets of $77 million in 2026, $130 million in 2027, & $187 million in 2028.
Operating income targets for the earnouts are set at $8.47 million in 2026, $14.3 million in 2027, & $20.57 million in 2028.
An additional bonus payment triggers if Ratel reaches $249 million in revenue & $27.39 million in operating income by 2028.
Over 300 Ratel employees will join Swarmer, with Founder Taras Ostapchuk continuing to lead Ratel's operations while reporting to Swarmer CEO Alex Fink.
Swarmer anticipates the acquisition will close in November 2026, subject to remaining closing conditions.
Ratel's UGVs are currently deployed for logistics, casualty evacuation, reconnaissance, demining, & strike missions in Ukraine.
Ratel holds NATO stock numbers & an AQAP 2110 quality assurance certificate for its serial models.