Q2 FY2026
Filed Aug 13, 2026alphai · Earnings readSWMR · Q2 2026 · ended June 30, 2026
Swarmer Reports Second Quarter 2026 Financial Results and Provides Business Update
→Mixed quarter
Revenue and gross margin increased versus Q2 2025, but operating expenses and net loss increased substantially as Swarmer invested in personnel, engineering, product development, platform integration, and public-company costs.
Revenue
$216,413
EPS · GAAP
$(0.45)
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, Q2 2026GAAP | $216,413 | – | – |
| Cost of revenue, Q2 2026GAAP | $32,816 | – | – |
| Gross margin, Q2 2026GAAP | $183,597 | – | – |
| Selling, general and administrative expense, Q2 2026GAAP | $5,657,638 | – | – |
| Research and development expense, Q2 2026GAAP | $1,805,532 | – | – |
| Total operating expenses, Q2 2026GAAP | $7,463,170 | – | – |
| Loss from operations, Q2 2026GAAP | $(7,279,573) | – | – |
| Change in fair value of Equity Line of Credit (ELOC) derivative, Q2 2026GAAP | $(251,455) | – | – |
| Other income, Q2 2026GAAP | $205,990 | – | – |
| Loss before income taxes, Q2 2026GAAP | $(7,325,038) | – | – |
| Net loss, Q2 2026GAAP | $(7,325,038) | – | – |
| Net loss per share of common stock, basic and diluted, Q2 2026GAAP | $(0.45) | – | – |
| Weighted-average shares of common stock outstanding, basic and diluted, Q2 2026GAAP | 16,333,844 | – | – |
| Foreign currency translation adjustments, Q2 2026GAAP | $223,943 | – | – |
| Total comprehensive loss, Q2 2026GAAP | $(7,101,095) | – | – |
| Revenue, six months ended June 30, 2026GAAP | $236,738 | – | – |
| Gross margin, six months ended June 30, 2026GAAP | $163,998 | – | – |
| Total operating expenses, six months ended June 30, 2026GAAP | $11,954,131 | – | – |
| Loss from operations, six months ended June 30, 2026GAAP | $(11,790,133) | – | – |
| Net loss, six months ended June 30, 2026GAAP | $(11,783,873) | – | – |
| Net loss per share of common stock, basic and diluted, six months ended June 30, 2026GAAP | $(1.03) | – | – |
| Weighted-average shares of common stock outstanding, basic and diluted, six months ended June 30, 2026GAAP | 11,414,411 | – | – |
What drove it
- Revenue and gross margin were driven primarily by license revenue recognized under the SkyKnight program.
- The Company invoiced $1.5 million under the SkyKnight program during the quarter, of which $1.4 million has been collected; $0.2 million was recognized as revenue, $0.1 million was recorded as deferred revenue, and the remainder was recorded as an advance on the balance sheet.
- The SkyKnight software licensing program increased total contracted license value from $2.9 million to $3.9 million.
- Existing customer upgrade options, if fully exercised, would bring the maximum SkyKnight arrangement value to approximately $14.2 million.
- Operating expenses reflected investments in personnel, engineering, product development and platform integration capabilities, as well as consulting, legal and professional services associated with operating as a public company.
- Q2 2026 operating expenses included approximately $1.2 million of non-cash stock-based compensation expense and certain one-time equipment purchases that are not expected to recur on a regular basis.
- Swarmer partnered with Oak Grove Technologies to integrate its autonomy software into the Chimera UAV platform.
- Swarmer signed an MOU with Powerus to explore software integration across air and maritime autonomous systems.
- Swarmer collaborated with Lantronix to develop a custom NDAA-compliant compute platform for Group 1 unmanned aerial systems, increasing onboard processing power by more than 400%.
Concerns
- Net loss was $(7,325,038) in Q2 2026, compared to $(1,627,182) in Q2 2025.
- Total operating expenses were $7,463,170 in Q2 2026, compared to $854,847 in Q2 2025.
- Net cash used in operating activities was $(11,137,430) for the six months ended June 30, 2026.
- The Company identified limited current revenue, customer concentration, timing, non-renewal or loss of customer engagements, and the ability to convert pilot programs, memoranda of understanding and development-stage relationships into binding commercial contracts or revenue as risks.
- The Company reported a one-time $2.2 million contractual prepayment under the SkyKnight program during Q2 2026.
- No forward financial guidance was provided.
What to watch
- Recognition of invoiced SkyKnight program amounts, including amounts recorded as deferred revenue and as an advance on the balance sheet.
- Whether existing customer upgrade options under SkyKnight are exercised, which could bring the maximum arrangement value to approximately $14.2 million.
- Collections and common-share sales under the equity line of credit following the additional $17.9 million collected through August 10, 2026.
- The conversion of partnerships, the Powerus MOU, platform integrations, and development-stage relationships into binding commercial contracts or revenue.
- Operating-expense levels, including the stated non-cash stock-based compensation expense and one-time equipment purchases.
Balance sheet and cash flow
- Cash and cash equivalents at June 30, 2026: $25,289,260; at December 31, 2025: $9,283,566.
- Accounts receivable at June 30, 2026: $95,580; at December 31, 2025: —.
- Receivable from sale of common stock at June 30, 2026: $4,625,269; at December 31, 2025: —.
- UAV deployment program advance payment at June 30, 2026: $1,845,000; at December 31, 2025: —.
- Deferred revenue at June 30, 2026: $107,121; at December 31, 2025: $23,272.
- Advances received under combined arrangement at June 30, 2026: $793,092; at December 31, 2025: —.
- Total assets at June 30, 2026: $33,935,685; at December 31, 2025: $10,336,680.
- Total liabilities at June 30, 2026: $2,725,100; at December 31, 2025: $1,263,466.
- Total shareholders' equity (deficit) at June 30, 2026: $31,210,585; at December 31, 2025: $(9,940,459).
- Net cash used in operating activities for the six months ended June 30, 2026: $(11,137,430); for the six months ended June 30, 2025: $(1,431,500).
- Cash used in investing activities for the six months ended June 30, 2026: $(445,665); for the six months ended June 30, 2025: —.
- Cash provided by financing activities for the six months ended June 30, 2026: $27,387,239; for the six months ended June 30, 2025: —.
- Proceeds from initial public offering, net of underwriting discounts, for the six months ended June 30, 2026: $16,015,000.
- Proceeds from ELOC for the six months ended June 30, 2026: $8,826,408.
- Proceeds from sale of Series A-1 convertible preferred stock for the six months ended June 30, 2026: $3,472,095.
- Purchase of property and equipment for the six months ended June 30, 2026: $(347,997).
- Purchase of intangible assets for the six months ended June 30, 2026: $(97,668).
- Subsequent to quarter end through August 10, 2026, the Company collected an additional $17.9 million from sales of common shares under its equity line of credit, including the $4.6 million receivable outstanding at June 30, 2026.
Analysis
Swarmer reported Q2 2026 revenue of $216,413, compared with $138,206 in Q2 2025, while gross margin was $183,597, compared with $82,030. The company attributed the gross-margin result primarily to license revenue recognized under the SkyKnight program. During the quarter, Swarmer invoiced $1.5 million under SkyKnight and collected $1.4 million, but recognized $0.2 million as revenue and recorded $0.1 million as deferred revenue, with the remainder recorded as an advance on the balance sheet.
Management, verbatim
The second quarter of 2026 marked our first full quarter as a public company and a period of meaningful progress across the business. We successfully added several new customers and advanced deployments across multiple unmanned platforms while continuing to invest in the team and technology needed to support future growth.
Alex Fink, President & U.S. CEO
Looking ahead, we remain focused on expanding adoption across a wider range of unmanned systems, deepening our integration with manufacturers, and supporting programs as they transition from evaluation into scaled deployment.
Alex Fink, President & U.S. CEO
Not in the filing
stated, not guessed- Forward financial guidance for revenue, gross margin, operating expenses, tax rate, or other financial metrics
- Prior-quarter comparisons for Q2 2026 operating metrics
- Percentage revenue growth, gross-margin percentage, operating margin, net margin, and other percentage changes
- Segment revenue and segment profitability
- Non-GAAP revenue, earnings, operating income, net income, EPS, or reconciliation
- Q2 2026 operating cash flow and free cash flow
- Debt balance
- Share repurchases, dividends, or other capital-return activity
- Tax rate
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.