Ukrainian defense startup Swarmer, which went public on the Nasdaq in March of this year (ticker SWMR), reported in its financial statement that in the second quarter of 2026, its net loss increased from $1.6 million in the same period of 2025 to $7.3 million, while revenue rose from $138,200 to $216,000.
“The second quarter of 2026 was our first full quarter as a public company and a period of significant progress across all areas of our business. We successfully attracted new customers and made progress in implementing projects to deploy our solutions on various unmanned platforms, while continuing to invest in the team and technologies necessary to ensure future growth,” the press release quotes company co-founder Alex Fink as saying.
According to the report, the company’s gross profit for the second quarter of 2026 was $183,600, compared to $82,000 in April–June 2025. This growth was primarily driven by licensing revenue recognized under the SkyKnight program.
It is noted that Swarmer’s operating expenses for this reporting period totaled $7.5 million, compared to $854,800 a year ago.
“This increase is primarily due to investments in personnel, engineering development, product creation, and platform integration capabilities, as well as higher expenses for consulting, legal, and professional services related to the company’s operations as a public entity,” the company noted.
Operating expenses for the second quarter of 2026 also included, among other things, approximately $1.2 million in non-cash stock-based compensation expenses and certain one-time expenses for equipment purchases, which are not expected to recur on a regular basis.
The report added that during the second quarter of this year, the company billed drone manufacturer SkyKnight $1.5 million. Specifically, $0.2 million was recognized as revenue, $0.1 million was recorded as deferred revenue, and the remaining amount was recorded as an advance payment on the balance sheet.
The company noted that as of the end of June 2026, cash and cash equivalents had increased to $25.3 million from $9.3 million as of December 31, 2025.
Swarmer explains that this growth was driven by approximately $16 million raised from its initial public offering (IPO), $8.8 million raised under a share-for-equity financing facility, and $3.5 million from the sale of Series A-1 convertible preferred shares.
In April–June of this year, Swarmer also signed a memorandum of understanding (MOU) with the technology company Autonomous Power Corporation (Powerus) to explore the potential integration of Swarmer’s battle-proven software with Powerus’s autonomous aerial and maritime platforms.
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 that license Swarmer’s software for integration with their hardware platforms.
As previously reported, Swarmer posted a net loss of $4.5 million for January–March 2026, compared to $0.7 million for the same period in 2025. Revenue fell to $20,300 from $110,700, while operating expenses rose to $4.5 million from $0.8 million.
The company was founded by Serhiy Kuprienko and Alex Fink in May 2023. Its registered headquarters and marketing and sales office are in Austin, Texas, USA, while its engineering divisions are split between offices in Kyiv, Ukraine, and Warsaw, Poland. The company’s holding structure includes “subsidiary” companies in Ukraine, Poland, and Estonia.
Prior to the IPO, Kuprienko held a 27.4% stake and Fink held 15.1%, while other shareholders included Theseus Capital Partners—where Philip Wagenheim, a member of the board of directors, serves as managing partner—with 22%, D3 Fund (Evelyn Buchacki) 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.
Kyiv Electric Railcar Repair Plant JSC (KEVRZ), a subsidiary of Ukrzaliznytsia, reported a loss of 4.48 million UAH for January–June 2026, which is 4.2 times less than the loss recorded in the first half of 2025.
According to the company’s interim financial report published in the disclosure system of the National Securities and Stock Market Commission (NSSMC), its net revenue decreased by 8.8% to 631.73 million UAH.
The plant reduced its gross profit by 27.6% to 33.3 million UAH, generating 7.4 million UAH in operating profit compared to 24.6 million UAH last year.
The company notes that during the reporting period, it sold 19 refurbished electric locomotive sections for 546 million UAH, 61 wheel sets for 24.4 million UAH, and 230 traction motors and auxiliary units for 37.8 million UAH.
As previously reported, the plant ended the first quarter of this year with a loss of 20.2 million UAH, compared to a net profit of 0.48 million UAH for the same period in 2025, despite a 14.6% increase in net revenue to 250.5 million UAH.
KEVRZ was founded in 1868. It specializes in the major overhaul of electric trains for Ukrainian railways, the repair of components and assemblies, electric machines, electric motors, and wheel sets, as well as the manufacture of spare parts.
The plant ended 2025 with a net profit of 70.2 million UAH—4.4 times more than the previous year—and a 34.2% increase in net revenue to 1.703 billion UAH. It repaired 51 electric sections, 223 wheel sets, 538 traction motors, and auxiliary machines.
PJSC “Ingulets Mining and Processing Plant” (Ingulets, Kryvyi Rih, Dnipropetrovsk Oblast), a member of the Metinvest Group, reported a 2.9-fold increase in its net loss for January–June of this year—to 2,485.774 million UAH from 858.314 million UAH in the same period last year.
According to the company’s interim report, which is available to the “Interfax-Ukraine” agency, income from ordinary activities for this period amounted to 302 thousand UAH, which was generated in Q1 2026.
Retained earnings as of the end of June amounted to 4,282.214 million UAH.
“For the first half of 2026: PJSC ”Inguzk” produced 0 million metric tons of commercial concentrate; 0.0 million metric tons of ore were mined; the volume of overburden removal work amounted to 0.0 million cubic meters. In the first half of 2026, the company sold finished products worth 302 thousand UAH,” the management report states.
As previously reported, based on its performance in January–March of this year, InGZK saw its net loss increase 5.4-fold—to 1 billion 397.987 million UAH from 259.450 million UAH in the same period last year. Revenue from ordinary operations for this period amounted to 302,000 UAH, whereas in 2024 there was none.
In 2025, IngZK increased its net loss by a factor of 7.1, to 9,297,362 million UAH, while income from ordinary activities for the past year amounted to 40,300 UAH, compared to 7,793,635 million UAH in 2024.
Ingulets GOK ended 2024 with a net loss of 1 billion 317.997 million UAH, whereas in 2023 it amounted to 167.236 million UAH. The plant ended 2022 with a net loss of 851.259 million UAH, whereas in 2021 it reported a net profit of 20 billion 446.101 million UAH. In 2020, Ingulets Iron Ore Plant saw its net profit decline by 75.3% compared to the previous year, down to 1.5 billion UAH.
The company specializes in the mining and processing of iron-bearing quartzites from the Ingulets deposit, located in the southern part of the Kryvyi Rih iron ore basin. It produces iron ore concentrate. The company’s production capacity is 14 million metric tons of iron ore concentrate per year.
Metinvest B.V. (Netherlands) owns 100% of the shares in PJSC “Ingulets Iron Ore Mining and Processing Plant.”
The authorized capital of PJSC “Ingulets Iron Ore Mining and Processing Plant” is 689.906 million UAH, and the par value of each share is 0.25 UAH.
IngZK is part of the Metinvest Group, whose main shareholders are PJSC “System Capital Management” (SCM, Donetsk, 71.24%) and the “Smart-Holding” group of companies (23.76%). The management company of the Metinvest Group is Metinvest Holding LLC.
Based on its performance in January–June of this year, the Kryvyi Rih Iron Ore Plant (KZRK) saw its net loss increase by 9.4% compared to the same period last year—to 1 billion 407.383 million UAH.
According to KZRK’s interim report, available to the agency “Interfax-Ukraine,” revenue from ordinary operations during this period fell to 336.132 million UAH from 1 billion 250.939 million UAH.
The uncovered loss as of the end of June 2026 amounted to 876.156 million UAH.
As previously reported, KZRK’s net loss in the first quarter increased 4.4-fold compared to the same period last year—to 378.948 million UAH from 85.925 million UAH. During this period, revenue from ordinary activities decreased to 135.457 million UAH from 705.526 million UAH.
From January through September 2025, KZRK increased its net loss by 3.2 times compared to the same period in 2024—to 1,487.217 million UAH; net income for this period decreased by 41.6%—to 1,601.822 million UAH.
The annual report for 2025 has not yet been published.
KZRK ended 2024 with a net loss of 2 billion 14.015 million UAH, whereas in 2023 it amounted to 63.411 million UAH. Net revenue in 2024 amounted to 3 billion 443.081 million UAH, compared to 5 billion 577.923 million UAH in 2023.
It was previously reported that on May 23, 2025, “Your Energy Supplier” LLC (Kyiv) filed a petition with the Commercial Court of Dnipropetrovsk Oblast to initiate bankruptcy proceedings against KZRK due to outstanding payments for electricity consumed. The Commercial Court of Dnipropetrovsk Oblast ruled to open bankruptcy proceedings against KZRK on June 9 of this year.
KZRK specializes in underground iron ore mining. It comprises four mines: “Pokrovska” (formerly “Zhovtneva”), the “Kryvyi Rih” mine (“Batkivshchyna”), “Kozatska” (formerly “Hvardiyiska”), and “Ternivska” (formerly the Ordzhonikidze Ore Administration, later the Lenin Ore Administration).
According to data from the National Securities and Stock Market Commission for the first quarter of 2026, the main shareholder of KZRK is Starmill Limited (Cyprus), which owns 99.8812% of its shares. Operational control of the combine was exercised by the “Privat” Group prior to the initiation of bankruptcy proceedings.
In May 2023, Ukraine imposed sanctions against dozens of foreign companies linked to Russian individuals that own significant assets in Ukraine, including KZRK. Some of these assets had already been seized, but the sanctions paved the way for their confiscation. The corresponding Presidential Decree No. 279 of May 12 was published on the President’s website. In particular, the list of legal entities includes Starmill Limited, which owns 99.89% of KZRK under the operational control of the Privat Group.
The company’s authorized capital is 1 billion 991.233 million UAH.
The Novokramatorsk Machine-Building Plant (NKMZ, Kramatorsk, Donetsk Oblast) ended the first half of 2026 with a loss of 228.2 million UAH, a 3.7-fold increase compared to January–June 2025
According to the financial report published on the plant’s website, net sales revenue for this period fell by more than half—to 371.4 million UAH.
The gross loss amounted to 63.4 million UAH, compared to a profit of 173.3 million UAH in January–June 2025, while the operating loss reached 275 million UAH (a 5.5-fold increase).
Products worth UAH 351.7 million, or 94.7% of total revenue, were exported during the reporting period, while the volume of exports fell by more than half.
Specifically, exports to the main export market, India, fell by 47.2% to 166.8 million UAH; exports to Slovakia dropped by nearly 20% to 45.5 million UAH; by a factor of 3.2 to Romania—to 3.7 million UAH—and there were no shipments to Bulgaria (63.4 million UAH in the first half of 2025), Lithuania (36.2 million UAH), or France (6.1 million UAH).
In contrast, shipments to Poland increased 3.6-fold—to 44.9 million UAH, and to Luxembourg by 47.5%—to 63.9 million UAH.
In the second quarter, the volume of products sold amounted to 194.6 million UAH, including 189.7 million UAH for export; the volume of marketable products was 99.9 million UAH, including 95.0 million UAH for export. The loss amounted to 112.7 million UAH (compared to 88.4 million UAH a year ago).
“Despite the difficult economic situation and martial law in Ukraine, NKMZ will continue to maintain its equipment and workforce and develop projects in the field of research and innovation,” the report states.
At the same time, the plant notes that operating amid Russia’s military aggression against Ukraine, the proximity of the front lines, logistical challenges, and disruptions in energy supply have led to a significant reduction in production volumes and irregular operations.
Under these conditions, the company has temporarily suspended production since June of this year. According to information on the company’s website, on June 12 of this year, it refuted media reports regarding the relocation of NKMZ to Perechyn (Zakarpattia Oblast).
“PJSC ‘NKMZ’ is not relocating the enterprise to the city of Perechyn, is not moving its production facilities, and is not implementing any projects related to the enterprise’s relocation to Zakarpattia Oblast,” reads a statement from the press service on the website.
NKMZ is a key employer in Kramatorsk and Ukraine’s largest manufacturer of rolled steel, metallurgical, forging and pressing, hydraulic, mining, hoisting and transport, and railway equipment.
The plant ended 2025 with a loss of 127 million UAH, whereas in 2024, net profit amounted to 36.3 million UAH, following a 29.6% increase in net revenue to 1.49 billion UAH.
As of July 1, 2026, the average headcount of full-time employees stood at 4,018—a decrease of 12.7%, or 587 people, compared to the previous year.
The Kryvyi Rih Mining and Metallurgical Plant, PJSC “ArcelorMittal Kryvyi Rih” (AMKR, Dnipropetrovsk Oblast), ended the January–June period of this year with a net loss of 6 billion 641.858 million UAH, an increase of 57.4% compared to the first half of last year, when it stood at 4 billion 219.136 million UAH.
According to the company’s interim report, a copy of which is available to the Interfax-Ukraine news agency, AMKR’s revenue from ordinary operations for this period amounted to 32,839,717 million UAH, compared to 33,818,076 million UAH in January–June 2025.
The accumulated loss as of the end of June 2026 amounted to 39,482.201 million UAH.
AMKR’s production volumes for the reporting period were as follows: pig iron—311,234 thousand metric tons; rolled steel—381,185 thousand metric tons; and iron ore concentrate—633,045 thousand metric tons. Exports accounted for 66% of total sales. During the reporting period, AMKR sold steel products on the domestic market, in European markets, and to other countries, such as Egypt, Moldova, and Turkey. The products were exported by rail and through Black Sea ports.
As previously reported, ArcelorMittal Kryvyi Rih ended the January–March 2026 period with a net loss of 4 billion 599.057 million UAH, an increase of 54.8% compared to the same period in 2025, when the loss amounted to 2 billion 970.387 million UAH. Revenue from ordinary operations during this period amounted to 13,244.044 million UAH, compared to 15,063.014 million UAH in January–March 2025.
AMKR ended 2025 with a net loss of 8 billion 896.797 million UAH, while in 2024 it amounted to 8 billion 848.963 million UAH. Revenue from ordinary activities for 2025 reached 70 billion 634.443 million UAH, compared to 64 billion 591.407 million UAH in 2024.
At the same time, AMKR ended 2025 with a consolidated net loss of 8 billion 887.789 million UAH, compared to 8 billion 841.794 million UAH in 2024. At the same time, consolidated income from ordinary activities amounted to 70,627,356 million UAH in 2025, compared to 64,599,685 million UAH in 2024. The consolidated uncovered loss at the end of last year stood at 32,927,580 million UAH.
In 2024, the plant reduced its consolidated net loss by 25.5% compared to 2023—to 8 billion 841.812 million UAH from 11 billion 875.984 million UAH. At the same time, net revenue decreased by 54.3%—to 64,599,685,000 UAH from 41,873,521,000 UAH.
“ArcelorMittal Kryvyi Rih” is the largest producer of rolled steel in Ukraine. It specializes in the production of long products, in particular rebar and wire rod.
ArcelorMittal owns Ukraine’s largest mining and metallurgical complex, “ArcelorMittal Kryvyi Rih,” and a number of smaller companies, including PJSC “ArcelorMittal Beryslav.”
According to the company, ArcelorMittal Duisburg GmbH (Germany) owns 95.128% of its shares.
The steel complex’s authorized capital is 3 billion 859.533 million UAH.
