EX-99.1 2 tm2614560d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

 

Swarmer Reports First Quarter Financial Results

 

AUSTIN, Texas (May 13, 2026) — 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 March 31, 2026 (“Q1 2026”), and discussed recent business developments.

 

Management Commentary

 

Swarmer President & U.S. CEO Alex Fink stated: “The first quarter of 2026 represented an important step forward for Swarmer as we completed our initial public offering, strengthened our leadership team and continued to expand our presence within the autonomous systems ecosystem. These milestones support our ability to pursue a rapidly expanding market, as demand for autonomous and collaborative unmanned systems continues to accelerate amid rising deployment volumes and persistent operator constraints. Swarmer’s software is purpose-built for this environment, and we are seeing expanding engagement from manufacturers developing next-generation, high-volume platforms across multiple domains.

 

“Looking ahead, we are focused on expanding adoption across a wider range of unmanned platforms, deepening our integration with leading manufacturers and supporting programs as they transition from development into scaled deployment. As these initiatives mature, we believe Swarmer can serve as a foundational software layer for autonomous and collaborative systems, enabling long-term growth as deployment volumes increase across multiple domains.”

 

First Quarter 2026 and Recent Operational Highlights

 

·Successfully listed on the Nasdaq Capital Market under the ticker symbol "SWMR” and raised $17.3 million in cash proceeds from the Company’s initial public offering.
·Awarded $2.8 million contract for more than 16,000 software licenses to be used aboard SkyKnight quadcopter bombers and other unmanned aerial vehicles.
·Expanded into Japan with support from Rakuten Group, accelerating market entry and advancing deployment of Swarmer’s solutions within Japan’s advanced unmanned systems ecosystem.
·Entered into a memorandum of understanding with HIMERA, a Ukraine-based provider of jam-resistant radios, to integrate resilient communications into Swarmer's next-generation autonomy stack.
·Announced the development of a deployable drone interceptor kit, leading the collaboration with X-Drone, Norda Dynamics, and Kara Dag Technologies to create an affordable counter-drone solution.
·Appointed Mykhailo Nestor as Chief Product Officer to lead product strategy and development, bringing seven years of experience as Chief Product Officer at Kyivstar Group Ltd., Ukraine's largest digital operator.

 

 

 

 

 

First Quarter 2026 Financial Results

 

Results compare Q1 2026 to the 2025 first quarter ended March 31, 2025 (“Q1 2025”), unless otherwise indicated.

 

·Revenue for Q1 2026 was $20,325 compared to $110,704 in Q1 2025. The decline reflects the wind-down of service-related deferred revenue associated with the Company’s historically largest customer in Ukraine. The Company does not expect future revenue from this customer and is focused on scaling engagements with higher-volume customers in Ukraine and international markets.
·Gross profit (loss) for Q1 2026 was $(19,599) compared to $65,162 in Q1 2025, driven primarily by lower revenue during the period.
·Operating expenses for Q1 2026 were $4.5 million compared to $0.8 million in Q1 2025. 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. The Company continues to prioritize investment in engineering, product development and platform integration capabilities to support long-term growth initiatives.
·Net income (loss) for Q1 2026 was $(4.5) million compared to $(0.7) million in Q1 2025, primarily reflecting higher operating expenses.
·Cash and cash equivalents at March 31, 2026 totaled $23.5 million compared to $9.3 million at December 31, 2025. The increase primarily reflects gross proceeds of approximately $17.3 million from the Company’s initial public offering, together with approximately $3.5 million in gross proceeds from the sale of Series A-1 convertible preferred stock.

 

Conference Call

 

The Company’s management will host a conference call today, May 13, 2026, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these results, followed by a question-and-answer period.

 

Toll-Free Number: 877-407-6184

International Number: +1 201-389-0877

Webcast: Register and Join

 

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.

 

The conference call will be broadcast simultaneously and available for webcast replay here.

 

About Swarmer

 

Swarmer™ 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. 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. 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.

 

Investor Relations Contact: SWMR@gateway-grp.com

 

Media Relations Contact: media@swarmer.tech

 

 

 

 

 

SWARMER, INC

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

   March 31,
2026		   December 31,
2025		 
Assets          
Current assets:          
Cash and cash equivalents  $23,472,156   $9,283,566 
Prepaid expenses and other current assets   795,309    115,473 
Total current assets   24,267,465    9,399,039 
Property and equipment, net   309,457    227,908 
Operating lease right-of-use asset   115,494    131,184 
Deferred offering costs   —    471,719 
Other assets   234,694    106,830 
Total assets  $24,927,110   $10,336,680 
Liabilities, convertible preferred stock and shareholders' deficit          
Current liabilities:          
Accounts payable  $344,253   $223,236 
Accrued expenses and other current liabilities   747,538    680,782 
Grant advance   182,667    189,200 
Deferred revenue   2,371    23,272 
Operating lease liability - current   72,070    70,703 
Total current liabilities   1,348,899    1,187,193 
Operating lease liability - non-current   57,620    76,273 
Total liabilities   1,406,519    1,263,466 
Convertible preferred stock, par value $0.00001 per share:          
Series A preferred stock: 10,000,000 shares authorized as of March 31, 2026 and 4,358,597 shares authorized as of December 31, 2025; no shares issued and outstanding as of March 31, 2026 and 3,661,083 shares issued and outstanding as of December 31, 2025   —    19,013,673 
Commitments and contingencies (Note 5)          
Shareholders' equity (deficit)          
Common stock, $0.00001 par value; 200,000,000 and 25,000,000 shares authorized as of March 31, 2026 and December 31, 2025, respectively; 11,210,256 and 1,410,975 shares issued as of March 31, 2026 and December 31, 2025, respectively; and 10,798,722 and 911,255 shares outstanding as of March 31, 2026 and December 31, 2025, respectively   110    10 
Additional paid-in capital   38,606,840    663,514 
Accumulated other comprehensive loss   (28,441)   (4,900)
Accumulated deficit   (15,057,918)   (10,599,083)
Total shareholders' equity (deficit)   23,520,591    (9,940,459)
Total liabilities, convertible preferred stock and shareholders' equity (deficit)  $24,927,110   $10,336,680 

 

 

 

 

 

SWARMER, INC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

 

   Three Months Ended March 31, 
   2026   2025 
Revenue  $20,325   $110,704 
Cost of revenue   39,924    45,542 
Gross margin   (19,599)   65,162 
Operating expenses:          
Selling, general and administrative   3,004,879    255,281 
Research and development   1,486,082    522,198 
Total operating expenses   4,490,961    777,479 
Loss from operations   (4,510,560)   (712,317)
Other income:          
Other income   51,725    18,340 
Loss before income taxes   (4,458,835)   (693,977)
Income tax expense   —    — 
Net loss  $(4,458,835)  $(693,977)
Net loss per share of common stock, basic and diluted  $(0.28)  $(0.25)
Weighted-average shares of common stock outstanding, basic and diluted   16,064,920    2,725,467 
Comprehensive loss:          
Foreign currency translation adjustments   (23,541)   266 
Total comprehensive loss  $(4,482,376)  $(693,711)

 

 

 

 

 

SWARMER, INC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   Three Months Ended March 31, 
Operating activities:  2026   2025 
Net loss  $(4,458,835)  $(693,977)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation expense   38,237    — 
Amortization of ROU asset   15,690    — 
Share-based compensation expense   281,880    10,233 
Changes in operating assets and liabilities:          
Unbilled revenue   —    (34,269)
Prepaid expenses and other current assets   (220,046)   (23,036)
Other assets   (128,108)   (2,945)
Accounts payable   98,580    40,890 
Accrued expenses and other liabilities   133,172    6,570 
Deferred revenue   (20,332)   14,737 
Operating lease liability   (17,286)   — 
Net cash used in operating activities   (4,277,048)   (681,797)
Investing activities:          
Purchase of property and equipment   (124,331)   — 
Cash used in investing activities   (124,331)   — 
Financing activities:          
Proceeds from initial public offering, net of underwriting discounts   16,015,000    — 
Proceeds from sale of Series A-1 convertible preferred stock   3,472,095    — 
Payment of deferred financing costs   (870,790)   — 
Cash provided by financing activities   18,616,305    — 
Effect of exchange rates on cash and cash equivalents   (26,336)   (1,785)
Net increase (decrease) in cash and cash equivalents   14,188,590    (683,582)
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  $23,472,156   $1,397,504 
Supplemental non-cash investing and financing activities:          
Conversion of Series A convertible preferred stock into common stock and pre-funded warrants  $22,485,768   $— 
Financing costs included in accounts payable  $22,500   $—