Ukrainian defence startup Swarmer, which went public on Nasdaq (ticker SWMR) in March this year, posted a $4.5m net loss for January-March 2026, compared to $0.7m for the same period in 2025, the company said in a statement.
“The increase (loss) was primarily due to higher consulting and professional services costs associated with becoming a public company, as well as increased investment in engineering and development initiatives,” Swarmer said.
According to the data, revenue decreased to $20.3k from $110.7k, while operating expenses increased to $4.5m from $0.8m.
It is noted that cash and cash equivalents for the first quarter increased to $23.5m from $9.3m due to the IPO.
“The increase primarily reflects gross proceeds of approximately $17.3 million from the IPO, as well as approximately $3.5 million of gross proceeds from the sale of Series A-1 convertible preferred stock,” Swarmer elaborated.
The company also announced a $2.8 million contract to supply more than 16,000 Software Licences for SkyKnight quadcopter bombers and other drones.
Swarmer’s share price was down 2.5% to $29.53 apiece on Thursday, representing a capitalisation of nearly $373 million.The company’s IPO was priced at $5.At its peak in early April, the rate was climbing to nearly $69.
The company’s core competencies include Swarm autonomous coordination, multi-domain unmanned systems integration, AI-based collaborative autonomy, command and control software for distributed robotic operations, the release said. In addition, the company’s customers include drone manufacturers that licence Swarmer software to integrate with their hardware platforms.
The company was founded by Sergey Kuprienko and Alex Fink in May 2023. The stated headquarters and marketing and sales office is in Austin, Texas, USA, with engineering divisions distributed between offices in Kiev, Ukraine, and Warsaw, Poland. The company’s holding structure includes “subsidiaries” in Ukraine, Poland and Estonia.
Before the IPO Kuprienko owned 27.4 per cent, Finck – 15.1 per cent, while other owners include Theseus Capital Partners, where managing partner is board member Philip Wagenheim, – 22 per cent, D3 Fund Evelyn Buchacki – 10.1 per cent, RG. Charles Eberly’s AI technology fund Sexy-14% , Green Flag Fund I-5.3%, Radius Fund I-6.9%
Swarmer’s 2025 revenue fell to $0.31 million from $0.33 million a year earlier, while net loss widened to $8.53 million from $2.07 million.