In Q3 2026, Swarmer's revenue amounted to $25,554, which is 28.6% less compared to the same period last year. The company receives it mainly for support services under existing client agreements.
This is stated in the company's financial report for Q3 2026.
Swarmer's net loss grew almost threefold over the year — to $9.3 million. Gross loss reached $47,093 versus $9,670 in Q3 2025.
Operating expenses rose to $9.4 million versus $0.8 million a year earlier. Of these, about $1.7 million was attributable to non-cash share-based compensation expenses. For comparison, in Q3 2025 such expenses amounted to $18,000.
Cash and cash equivalents as of September 30, 2026 amounted to $37.3 million versus $25.3 million. The growth in cash reserves was ensured by proceeds from raising financing through an Equity Line of Credit.
What defense assets Swarmer is adding to its business and why
Swarmer is expanding its business through the acquisition of Ukrainian defense developers and partnerships with manufacturers of military technologies.
Since April 2024, more than 100,000 combat missions have been carried out in Ukraine using Swarmer OS software, according to the company's report. The technology allows a single operator to coordinate hundreds of autonomous platforms in real time.
Swarmer wants to move from selling software to supplying comprehensive defense solutions — from drones and ground robotic platforms to air defense systems.
"We expect these initiatives to strengthen our capabilities and enable us to compete for larger-scale projects through direct sales to governments," said Swarmer CEO Alex Fink.
In September 2026, Swarmer signed an agreement to acquire unmanned ground robotic systems manufacturer Ratel Robotics.
Ratel's revenue for the nine months of 2026 was $42.1 million, according to preliminary unaudited data. Swarmer forecasts that in the fourth quarter Ratel will receive $35–40 million in revenue with an operating margin of 13–17%.
The parties expect to complete the agreement in November.
On October 27, 2026, Swarmer announced the signing of an agreement to acquire part of the intellectual property of Ukrainian manufacturer Vataga Drone.
This concerns FPV drone airframe designs, initiation electronics, ground control equipment, development tools, and production documentation.
Vataga CEO Maksym Melnyk and 14 engineers are to join the Swarmer team. Completion of the agreement is still pending.
Swarmer is also developing the air defense direction through a partnership with Vectus Air Defense Systems. In August 2026, Swarmer invested in the company and received a 20% stake.
In September 2026, the parties signed a memorandum on establishing production of mobile air defense systems in Poland.
Swarmer plans to organize production. Vectus — to purchase at least 40 systems in the first year after production launch and 80 or more in the second. The estimated cost of one is $5–6 million.