Swarmer (SWMR) Q3 2026 earnings summary

Executive summary

• Strategy shifting from autonomy software toward integrated defense solutions spanning unmanned ground vehicles, drone kits, interceptors and air defense systems.

• Software supported more than 100,000 real-world combat missions in Ukraine since April 2024.

• All revenue to date, including Ratel’s current guidance, is from Ukraine; near- to intermediate-term opportunities discussed also remain Ukraine-focused.

Financial highlights

• Q3 2026 revenue was $25,554 vs. $35,771 YoY, primarily from support services under existing customer agreements.

• Gross loss widened to $47,093 from $9,670 YoY; net loss was ~$9.3M vs. ~$3.4M.

• Operating expenses were ~$9.4M vs. ~$0.8M YoY, including ~$1.7M of non-cash stock-based compensation vs. $18,000.

• Cash and cash equivalents were $37.3M at Sept. 30, 2026, vs. $25.3M at June 30, primarily from equity-line proceeds.

Outlook and guidance

• Ratel expects Q4 2026 revenue of $35M–$40M and operating margins of 13%–17%; estimates are not guarantees.

• Ratel earnout targets: revenue of $77M in 2026, $130M in 2027 and $187M in 2028; operating income of $8.47M, $14.3M and $20.57M, respectively.

• An additional Ratel bonus is due if 2028 revenue reaches $249M and operating income reaches $27.39M; most consideration is contingent on performance.

• A complete autonomy-enabled hardware kit is expected to be codified in Q1; B2G sales are expected to grow in importance, with B2B software one of several revenue streams.

• Vectus intends to purchase at least 40 air defense systems in year one and 80 or more in year two after production starts; intentions are nonbinding and subject to agreements and approvals.