Earnings Releases·Nov 10, 2026, 4:22 PM ET

Swarmer — Third Quarter 2026 Earnings Summary

Revenue declined to $25.55 million in Q3 2026 from $35.77 million in the prior-year quarter, while operating expenses surged to $9.4 million from $0.8 million, driven by $1.7 million in stock-based compensation, resulting in a net loss of $9.3 million versus $3.4 million previously.
Management expects Ratel Robotics to contribute $35–$40 million in Q4 2026 revenue with 13–17% operating margins, supported by a $65.1 million backlog of government contracts, though the acquisition remains pending with closing anticipated in November 2026.
Strategic expansion includes a definitive agreement to acquire Ratel Robotics, a pending purchase of Vataga Drone IP, and a 20% equity stake in Vectus Air Defense Systems, which has expressed intent to purchase 40–80 systems subject to definitive agreements.
Cash and cash equivalents increased to $37.3 million as of September 30, 2026, primarily from proceeds under the equity line of credit, while the company continues to face risks related to acquisition completion, unaudited Ratel financials, and limited operating history.