Exyn Technologies (EXYN) names interim CEO, cites going-concern risk
Rhea-AI Filing Summary
Exyn Technologies, Inc. (EXYN) furnished an update covering second-quarter 2026 results and a major leadership change. The company announced financial results for the quarter ended June 30, 2026, highlighting a strategy focused on expanding software and subscription revenue, scaling its ExynAI autonomy platform, and accelerating growth in defense and national security markets. No detailed financial figures are included here, but management emphasized increasing higher-margin software and subscription contributions and gross margin expansion.
Separately, the board appointed Ben Williams, previously Chief Operating Officer, as Interim Chief Executive Officer, and Gregory McNeal as Chairman of the Board, effective August 19, 2026, following the resignation of Brandon Torres Declet as CEO and Chair. The company also notes risks related to its ability to continue as a going concern, the need to raise substantial additional funds, an Audit Committee internal investigation, and remediation of material weaknesses in internal control over financial reporting, as referenced in its amended Form 10-Q.
Positive
- None.
Negative
- Going-concern risk disclosed: The company cites risks related to its ability to continue as a going concern and to raise substantial additional funds in the future, signaling meaningful financing and liquidity uncertainty.
- Material weaknesses in internal control: Management references remediation of identified material weaknesses in internal control over financial reporting, indicating current deficiencies in financial reporting processes.
- Audit Committee internal investigation: The company notes an Audit Committee internal investigation described in its amended Form 10-Q, adding governance and compliance risk on top of other uncertainties.
Filing Explained
At
Sources and calculations
- Exyn Technologies Form 8-K (2026-08-20)
- Exyn Technologies latest quarterly fundamentals (2026-06-30)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $7,835,535 / ($5,449,136 / 90) = [object Object]
8-K Event Classification
Key Figures
Key Terms
GPS-denied environments technical
Green UAS certification technical
Defense Advisory Board other
material weaknesses in internal control over financial reporting financial
going concern financial
Earnings Snapshot
FAQ
What did Exyn Technologies (EXYN) announce about its second quarter 2026 results?
What leadership changes did Exyn Technologies (EXYN) disclose in this 8-K?
How is Exyn Technologies (EXYN) positioning its strategy in defense and national security?
Does Exyn Technologies (EXYN) mention any going-concern or funding risks?
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AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading Symbol |
Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
| Item 2.02 | Results of Operations and Financial Condition. |
On August 19, 2026, Exyn Technologies, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 7.01 | Regulation FD Disclosure. |
On August 20, 2026, the Company issued a press release announcing the appointment of Benjamin Williams as Interim Chief Executive Officer and Gregory McNeal as Chairman of the Board of Directors, following the resignation of Brandon Torres Declet as Chief Executive Officer and Chairman of the Board of Directors, in each case effective August 19, 2026. A copy of the press release is furnished herewith as Exhibit 99.2 to this report.
The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. | Description of Exhibits | |
| 99.1 | Press Release dated August 19, 2026. | |
| 99.2 | Press Release dated August 20, 2026. | |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: August 20, 2026 | Exyn Technologies, Inc. | |
| By: | /s/ Pedro Ricardo Sotelo | |
| Name: Pedro Ricardo Sotelo | ||
| Title: Chief Financial Officer | ||
Exhibit 99.1
Exyn Technologies Reports Second Quarter 2026 Financial Results
Highlights Continued Progress Executing Defense Strategy, Expands U.S. Government Engagement and Continued Commercial Deployment of ExynAI
PHILADELPHIA, PA, Aug. 19, 2026 (GLOBE NEWSWIRE) – Exyn Technologies ("Exyn" or the "Company") (NASDAQ: EXYN, EXYNW), a leader in autonomous mapping and perception-driven navigation for complex, GPS-denied environments, today announced financial results for the second quarter ended June 30, 2026.
Recent Strategic Highlights:
| · | Advanced its defense strategy by rebranding its government subsidiary as Exyn Defense and initiating the Green UAS certification process for the Nexys autonomous mapping platform, strengthening the Company's position to expand deployments across the U.S. Department of War, federal agencies, and allied organizations. |
| · | Expanded into the multibillion-dollar defense sustainment market through an agreement supporting autonomous aircraft inspection and digital twin initiatives at the U.S. Air Force's Warner Robins Air Logistics Complex. |
| · | Strengthened its position within the U.S. government market after Nexys was selected by a leading U.S. government research and engineering organization following a competitive evaluation against commercial LiDAR systems. |
| · | During the first half of 2026, Exyn secured new customer contracts across mining, infrastructure, and U.S. government sectors spanning three continents, including the U.S. Army Corps of Engineers, reflecting accelerating demand for autonomous mapping in GPS-denied environments. |
Second Quarter 2026 Financial Results:
| · | Revenue was $950 thousand for the second quarter of 2026, compared with $1.4 million in the prior-year period, reflecting the timing of customer deployments and project revenue recognition. |
| · | Cost of revenues decreased 37.4% to $504 thousand, compared with $806 thousand in the second quarter of 2025. |
| · | Gross profit was $445 thousand, compared with $552 thousand in the prior-year period. |
| · | Gross margin increased 630 basis points to 46.9%, compared with 40.6% in the second quarter of 2025, driven by improved project mix and lower cost of revenues relative to revenue. |
| · | Net loss was $6.9 million, or $1.55 per basic and diluted share, compared with a net loss of $2.9 million, or $2.22 per basic and diluted share, in the prior-year quarter. |
| · | Cash and cash equivalents were approximately $7.8 million as of June 30, 2026, compared to $812 thousand as of December 31, 2025. |
“The second quarter marked an important milestone in Exyn's evolution as we accelerated our expansion into defense while continuing to strengthen the core technology that differentiates our business,” commented Ben Williams, Chief Operating Officer of Exyn Technologies. “Having successfully completed our initial public offering in May 2026, we are now focused on executing our growth strategy, working to expand top-line revenue, increasing software and subscription adoption, and scaling our platform across commercial and defense markets. At the heart of Exyn is ExynAI, our proprietary, hardware-agnostic autonomy platform that enables robots to operate independently in GPS-denied, communications-contested, and other complex environments where traditional systems cannot. We believe this technology represents a significant competitive moat, built through years of real-world deployments and millions of autonomous decisions across demanding industrial applications. That same autonomy engine powers our Nexys platform today and can be licensed to third-party manufacturers through our software development kit and application programming interface, enabling them to integrate Level 4B autonomy directly into their platforms without developing autonomy from scratch. This software-first model is intended to create the opportunity for high-margin, recurring revenue while allowing us to scale across an expanding installed base of third-party systems. While second-quarter revenue reflected the timing of customer deployments, we continued to increase the contribution of higher-margin software and subscription revenue, driving gross margin expansion and reinforcing our strategy of building a scalable, recurring revenue business.”
“As governments increasingly prioritize autonomous capabilities, we believe the same technology proven in mining, infrastructure, and industrial environments is uniquely suited for defense and national security missions. Our recent launch of Exyn Defense, progress toward Green UAS certification, and growing engagement with U.S. government customers reinforce our conviction that defense represents one of the largest long-term growth opportunities for Exyn. Our commercial business continues to validate and strengthen ExynAI through real-world deployments, reinforcing the technology moat that is defined to differentiate our platform while creating capabilities that we believe translate directly into defense applications. Looking ahead, we expect commercial execution, expanding software and subscription revenue, and continued momentum in our defense initiatives to support revenue growth in the second half of the year while further improving the quality of our revenue mix.”
About Exyn Technologies
Exyn Technologies (NASDAQ: EXYN, EXYNW) is a leader in autonomous mapping and perception-driven navigation for complex, GPS-denied environments. The Company’s technology enables teams to capture accurate 3D data in environments that are dark, disconnected, hazardous, or difficult to access. Exyn’s solutions support customers across mining, construction, infrastructure, geospatial, industrial, government, and defense applications.
For more information, visit www.exyn.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements regarding Exyn’s SLAM technology and its potential benefits, the speed and accuracy of data collection, any potential cost savings or operational benefits to be achieved by Exyn’s clients; the Company’s expectations regarding commercial execution, expanding software and subscription revenue, and revenue growth; and the Company’s expectations regarding market growth and future commercial or strategic opportunities.
These forward-looking statements are based on current expectations, estimates, projections, assumptions, and beliefs of the Company’s management, including assumptions regarding market demand, customer adoption, technology performance, procurement activity, defense and government spending, competitive conditions, third-party market forecasts, and the Company’s ability to execute its strategy. Forward-looking statements are inherently subject to known and unknown risks, uncertainties, and other important factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. These risks and uncertainties include, among others, Exyn’s ability to commercialize and deploy Exyn Nexys and other autonomy solutions; adoption of autonomous robotics and 3D mapping solutions; product performance, safety, cybersecurity and integration in GPS-denied and other complex environments; defense, OEM, industrial and government customer purchasing decisions; defense priorities, budgets, procurement processes and contract timing; the Company’s ability to convert initial deployments into additional or recurring business; Exyn’s ability to raise substantial additional funds in the future; competition, technological change, supply chain, manufacturing, regulatory, export-control and government-contracting risks; IP protection; and the other risks and uncertainties described in the Company’s filings with the U.S. Securities and Exchange Commission.
Forward-looking statements can generally be identified by words such as “anticipates,” “believes,” “designed,” “expects,” “forecasts,” “intends,” “may,” “plans,” “potential,” “projects,” “seeks,” “should,” “targets,” “will,” “would,” and similar expressions, although not all forward-looking statements contain these identifying words. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
Media Contact
Vanessa Varian
Exyn
vvarian@exyn.com
Investor Contact
Crescendo Communications, LLC
exyn@crescendo-ir.com
(212) 671-1020
Exhibit 99.2
Exyn Technologies Appoints Ben Williams as Interim Chief Executive Officer and Gregory McNeal as Chairman of the Board
Veteran Leadership Team Aligns Company with Accelerating Defense Strategy
PHILADELPHIA, PA, August 20, 2026 – Exyn Technologies (“Exyn” or the “Company”) (NASDAQ: EXYN, EXYNW), a leader in autonomous mapping and perception-driven navigation for complex, GPS-denied environments, today announced that its Board of Directors has appointed Ben Williams, the Company’s Chief Operating Officer, as Interim Chief Executive Officer, and Gregory McNeal, an independent member of the Board, as Chairman of the Board, effective August 19, 2026. These appointments follow the resignation of Brandon Torres Declet as Chief Executive Officer and Chairman, as disclosed in the Company’s Form 10-Q, as amended. Mr. Williams has led Exyn’s day-to-day operations as Chief Operating Officer, providing continuity of leadership across the Company’s operations, customers, and programs.
The appointments place two military veterans with deep experience across defense, aerospace, and advanced technology at the helm of the Company as Exyn accelerates its expansion into the defense and national security markets. This strategy has gained significant momentum and growing deployments across U.S. and allied government programs in recent months, including an agreement supporting autonomous aircraft inspection at the U.S. Air Force’s Warner Robins Air Logistics Complex, the selection of Nexys by a leading U.S. government research organization following a competitive evaluation, the ongoing Green UAS certification process, and the formation of a Defense Advisory Board whose inaugural member is former Pentagon official and Green Beret Andrew Knaggs.
Mr. Williams has served as Exyn’s Chief Operating Officer since 2019, where he has overseen the Company’s operations, product strategy, and commercialization efforts, including thousands of autonomous missions completed in underground mines, tunnels, industrial facilities, and other GPS-denied environments worldwide. He previously served as the Company’s interim Chief Executive Officer from June 2023 to November 2023. Prior to joining Exyn, Mr. Williams served as an officer in the U.S. Navy for nearly six years, including two combat tours, held critical roles at Lockheed Martin, where he helped establish the company’s New Ventures division, and co-founded Reelio, Inc., a venture-backed technology company acquired by Fullscreen Media, then a division of AT&T. He holds a degree in Computer Science and Engineering from the University of Pennsylvania and an MBA from The Wharton School, and completed the U.S. Navy’s Nuclear Power training program.
Mr. McNeal has served as an independent director of Exyn and chairs the Company’s Defense Advisory Board. A veteran of the U.S. Army, where he served as a Signal Corps officer responsible for secure military communications networks, Mr. McNeal co-founded AirMap, a multinational aerospace and defense software company recognized by Fast Company as one of the “World’s Most Innovative Companies,” which was subsequently acquired. He also served as Executive Chairman of SailPlan, a maritime artificial intelligence company, through its growth and acquisition. Mr. McNeal is a tenured professor of law and public policy and has advised the White House, the Department of Defense, the Department of State, and federal regulatory agencies on matters of technology law and policy, including multiple Federal Aviation Administration rulemaking committees governing unmanned aircraft systems.
“Exyn’s technology has been proven over years of real-world deployments in the most demanding environments on earth, and the opportunity in front of us, particularly in defense and national security, has never been greater,” said Gregory McNeal, Chairman of the Board of Exyn Technologies. “Ben has been instrumental in building Exyn’s operations and commercial momentum, and he brings the operational discipline, technical depth, and mission-driven leadership this Company needs as we align the organization around our defense strategy. At the same time, the Board is firmly committed to maintaining the highest standards of corporate governance, transparency, and accountability. As a newly public company, we are continuing to strengthen our internal controls, financial procedures, and oversight functions to ensure they match the caliber of our technology and the trust our shareholders place in us. Disciplined execution and rigorous governance will define Exyn going forward.”
“I’m honored to lead Exyn at such a pivotal moment for the Company,” said Ben Williams, Interim Chief Executive Officer of Exyn Technologies. “ExynAI is a battle-tested autonomy platform with thousands of missions behind it, and the same capabilities that transformed how our commercial customers operate in mining and infrastructure translate directly to defense and national security applications. With active programs across U.S. and allied government customers and a team of world-class engineers, we are focused on executing our growth strategy, expanding software and subscription revenue, and scaling ExynAI across commercial and defense markets. I look forward to working closely with Greg and the entire Board as we build on Exyn’s foundation and pursue the significant opportunities ahead.”
About Exyn Technologies
Exyn Technologies (NASDAQ: EXYN, EXYNW) is a leader in autonomous mapping and perception-driven navigation for complex, GPS-denied environments. The Company’s technology enables teams to capture accurate 3D data in environments that are dark, disconnected, hazardous, or difficult to access. Exyn’s solutions support customers across mining, construction, infrastructure, geospatial, industrial, government, and defense applications. For more information, visit www.exyn.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements regarding the Company’s leadership transition and its anticipated benefits; the Company’s defense strategy and expansion into defense and national security markets; the Company’s efforts to strengthen its internal controls, financial procedures, and corporate governance; and the Company’s expectations regarding commercial execution, expanding software and subscription revenue, revenue growth, and future commercial or strategic opportunities.
These forward-looking statements are based on current expectations, estimates, projections, assumptions, and beliefs of the Company’s management. Forward-looking statements are inherently subject to known and unknown risks, uncertainties, and other important factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. These risks and uncertainties include, among others, risks related to the Company’s leadership transition; the Company’s ability to continue as a going concern and to raise substantial additional funds in the future; the outcome of matters disclosed in the Company’s Quarterly Report on Form 10-Q, as amended, including matters arising from the Audit Committee’s internal investigation and the Company’s remediation of identified material weaknesses in internal control over financial reporting; Exyn’s ability to commercialize and deploy Exyn Nexys and other autonomy solutions; adoption of autonomous robotics and 3D mapping solutions; defense, OEM, industrial and government customer purchasing decisions; defense priorities, budgets, procurement processes and contract timing; competition, technological change, supply chain, manufacturing, regulatory, export-control and government-contracting risks; and the other risks and uncertainties described in the Company’s filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
Media Contact
Vanessa Varian
Exyn
vvarian@exyn.com
Investor Contact
Crescendo Communications, LLC
exyn@crescendo-ir.com
(212) 671-1020