MarketBeat
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Key Points
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Swarmer’s third-quarter loss widened to about $9.3 million from $3.4 million a year earlier, while revenue fell to roughly $26,000 from $36,000. Operating expenses climbed to $9.4 million as the company invested in engineering, operations and strategic initiatives; it ended the quarter with $37.3 million in cash.
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Swarmer is pursuing acquisitions to expand beyond drone software into complete hardware-and-software systems. Its pending Ratel Robotics deal is expected to close in November; Ratel reported $42.1 million in revenue for the first nine months of 2026 and has $86 million in signed government contracts.
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The company also plans to manufacture air defense systems for Vectus, which has indicated interest in buying at least 40 systems in the first production year and 80 or more in the second, subject to definitive agreements and approvals. Swarmer said its current and prospective business—including Ratel and Vataga—is concentrated in Ukraine.
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Swarmer (NASDAQ:SWMR) reported a wider third-quarter loss as it increased spending on engineering, operations and strategic initiatives, while executives outlined plans to expand from drone software into unmanned vehicles and air defense systems.
The company reported revenue of approximately $26,000 for the quarter ended Sept. 30, 2026, down from approximately $36,000 a year earlier. Net loss widened to approximately $9.3 million from $3.4 million, Chief Financial Officer Brooks Ensign said on the earnings call.
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President and U.S. CEO Alex Fink said Swarmer’s pending acquisition of Ukrainian unmanned ground vehicle maker Ratel Robotics, along with a separate pending deal for intellectual property and research and development personnel from Vataga Drone, would support its shift toward selling complete hardware and software systems.
Ratel Deal and Revenue Targets
Fink said Swarmer expects the Ratel acquisition to close in November 2026. The companies signed a definitive agreement on Sept. 9, and Swarmer shareholders approved the related share issuance on Nov. 2, he said. No governmental approvals are required, according to Fink.
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Ratel generated $42.1 million in revenue during the first nine months of 2026, including $32.5 million in the third quarter, Fink said. September alone accounted for $14.9 million. He said the third-quarter figures were unaudited.
