Swarmer Q3 revenue drops, net loss widens on higher expenses
SWMR•Swarmer’s third-quarter revenue fell sharply from a year earlier, while its net loss widened to $9.3 million as operating expenses rose to $9.4 million. The company expects Ratel Robotics to generate $35 million to $40 million in fourth-quarter 2026 revenue, with operating margins of 13% to 17%.
1. Quarterly results
Swarmer said third-quarter revenue fell sharply from a year earlier, primarily reflecting support services under existing customer agreements. Its net loss widened to $9.3 million, and operating expenses rose to $9.4 million, driven in part by increased noncash stock-based compensation.
2. Acquisitions and outlook
The company announced pending acquisitions to expand into integrated defense solutions. It expects Ratel Robotics to generate $35 million to $40 million in fourth-quarter 2026 revenue, with operating margins of 13% to 17%. Swarmer said Vectus intends to purchase at least 40 air defense systems in the first year after production begins.
