Ukrainian defense startup Swarmer, which went public on Nasdaq in March of this year (ticker SWMR), reported a net loss of $4.5 million for January–March 2026, compared to $0.7 million for the same period in 2025, according to a company statement.
“The increase (in the loss) was primarily due to higher costs for consulting and professional services related to becoming a public company, as well as increased investments in engineering and development initiatives,” Swarmer noted.
According to the data, revenue decreased to $20,300 from $110,700, while operating expenses rose to $4.5 million from $0.8 million.
It is noted that thanks to the IPO, cash and cash equivalents for the first quarter increased to $23.5 million from $9.3 million.
“The increase primarily reflects gross proceeds of approximately $17.3 million from the IPO, as well as approximately $3.5 million in gross proceeds from the sale of Series A-1 convertible preferred shares,” Swarmer clarified.
The company also announced a $2.8 million contract to supply more than 16,000 software licenses for SkyKnight bomber quadcopters and other drones.
Swarmer’s stock price fell 2.5% on Thursday to $29.53 per share, corresponding to a market capitalization of nearly $373 million. The company priced its IPO at $5. At its peak in early April, the stock rose to nearly $69.
The company’s core areas of activity include autonomous swarm coordination, integration of multi-domain unmanned systems, AI-based collaborative autonomy, and software for commanding and controlling distributed robotic operations, according to the press release. In addition, the company’s clients include drone manufacturers who license Swarmer’s software for integration with their hardware platforms.
The company was founded by Serhii Kuprienko and Alex Fink in May 2023. The company’s headquarters and marketing and sales office are located in Austin, Texas, while its engineering divisions are split between offices in Kyiv, Ukraine, and Warsaw, Poland. The company’s holding structure includes subsidiaries in Ukraine, Poland, and Estonia.
Prior to the IPO, Kuprienko owned 27.4%, Fink owned 15.1%, while other owners included Theseus Capital Partners—where board member Philip Wagenheim serves as managing partner—with 22%, D3 Fund (Evelin Buchatski) with 10.1%, RG.AI Technologies, led by Charles Eberle von Sexi, held 14%, Green Flag Fund I held 5.3%, and Radius Fund I held 6.9%
Swarmer’s revenue in 2025 fell to $0.31 million from $0.33 million a year earlier, while its net loss increased to $8.53 million from $2.07 million.
