Here are the 10-Q quarterly reports from Swarmer, Inc (SWMR) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow SWMR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SWMR filings page.
Swarmer, Inc., a defense-focused autonomous drone swarm and AI software company, reported modest revenue but significantly higher losses for the three and six months ended June 30, 2026. Revenue was $216,413 for the quarter and $236,738 year-to-date, roughly flat versus 2025.
Operating expenses rose sharply as the company scaled up post-IPO. Selling, general and administrative costs reached $5.7 million in the quarter and $8.7 million year-to-date, driven by headcount growth, stock-based compensation and public-company costs. Research and development expenses were $1.8 million for the quarter and $3.3 million year-to-date. Net loss widened to $7.3 million in the quarter and $11.8 million for six months, compared with losses of $1.6 million and $2.3 million a year earlier.
Liquidity improved materially: cash and cash equivalents increased to $25.3 million from $9.3 million at year-end, supported by a January Series A-1 preferred round, a March IPO raising about $15.0 million net, and an equity line of credit with Lucid that provided about $13.5 million by June 30. Management concludes existing cash is sufficient to fund operations for at least twelve months. The company also secured about $3.9 million in SkyKnight software license contracts and committed up to $4.9 million to a Ukraine UAV deployment and integration program, accounted for as a combined arrangement with significant customer concentration risk.
Swarmer, Inc. reports Q1 2026 as a transition quarter marked by its IPO and significantly higher spending. Revenue fell to $20,325 from $110,704 a year earlier as activity with its primary customer declined, while net loss widened to $4.46 million from $0.69 million on heavier R&D and public‑company overhead.
Cash and cash equivalents increased to $23.47 million as of March 31, 2026, driven by $17.3 million in IPO gross proceeds and $3.5 million of new Series A‑1 preferred financing. Management believes this cash is sufficient for at least 12 months. The company remains highly concentrated, with substantially all Q1 revenue from a single Ukrainian customer that is not expected to place new orders.
Swarmer focuses on autonomous drone swarm and AI software for defense customers and notes over 100,000 combat missions flown with its Trident OS. Subsequent to quarter‑end, its Estonian subsidiary signed a Master Supplier Agreement with Meta Bureau including initial license fees of about $2.9 million and optional upgrades of up to $10.4 million. The company discloses material weaknesses in internal control over financial reporting and concludes its disclosure controls and procedures were not effective, while outlining remediation plans using new IPO resources.