Swarmer, Inc. (NASDAQ: SWMR) reported financial results for the third quarter ended September 30, 2026, and announced several strategic business developments, including the acquisition of Ratel Robotics and a pending deal for intellectual property from Vataga Drone.
The company reported third-quarter revenue of $25,554, a decrease from $35,771 in the prior-year period. The decline was attributed primarily to support services under existing customer agreements. Swarmer recorded a gross loss of $47,093 for the quarter, compared to a gross loss of $9,670 in the third quarter of 2025. Operating expenses increased significantly to approximately $9.4 million, driven by a $1.7 million noncash stock-based compensation expense, compared to $18,000 in the prior year. As a result, the net loss for the third quarter of 2026 was approximately $9.3 million, compared to approximately $3.4 million in the prior year.
As of September 30, 2026, Swarmer held approximately $37.3 million in cash and cash equivalents, an increase from $25.3 million as of June 30, 2026. The company stated that the increase was primarily driven by proceeds under its equity line of credit.
In a strategic update, Swarmer signed a definitive agreement on September 9, 2026, to acquire Ratel Robotics, a Ukrainian manufacturer of unmanned ground vehicles (UGV). Shareholders approved the issuance of common stock related to the deal on November 2, 2026. Swarmer expects the acquisition to close in November 2026, subject to remaining closing conditions. Ratel’s preliminary unaudited revenue for the first nine months of 2026 was $42.1 million, including $32.5 million in the third quarter. Management anticipates Ratel will generate fourth-quarter 2026 revenue of $35 million to $40 million with operating margins of 13% to 17%. As of September 30, 2026, Ratel had approximately $65.1 million in backlog under government contracts.
Additionally, Swarmer announced a pending acquisition of intellectual property and research and development personnel from Vataga Drone, focusing on combat-tested quadcopters, interceptors, and initiation boards. The company also entered into a memorandum of understanding with Vectus Air Defense Systems to manufacture and sell mobile air defense systems. Swarmer holds a 20% equity interest in Vectus. The memorandum indicates an intent to purchase at least 40 systems in the first year and at least 80 in the second year of production, with an estimated MSRP of $5 million to $6 million per system.
