The back-end loaded IEC revenue and new Bird of Prey order provide a potential catalyst for H2 2026, but the widening operating loss and CEO transition create near-term uncertainty. Monitor Q3 filings for revenue recognition from the IEC contract and any updates on Bird of Prey deliveries.
Price Chart
Executive Summary
Duke Robotics reported Q2 2026 revenue of $149,000, essentially flat YoY ($143,000), and a net loss of $726,000 ($-0.26/share), widening from a $269,000 loss ($-0.12/share) in Q2 2025. The expanded IEC purchase order (expected >$1M in 2026 revenue) is on track but revenue recognition is back-end loaded, while G&A surged to $954,000 (from $314,000) due to non-recurring uplisting costs. The company completed a $9.2M public offering and Nasdaq uplisting, boosting cash to $6.99M, but the operating loss more than tripled, and the CEO transition adds execution risk.
Key Financial Metrics
Key Facts
- Q2 2026 revenue was $149,000 vs $143,000 YoY (flat)
- Net loss widened to $726,000 ($-0.26/share) from $269,000 ($-0.12/share)
- G&A expenses surged to $954,000 from $314,000, driven by non-recurring uplisting costs
- Cash and equivalents rose to $6.99M from $750K at year-end, reflecting $9.2M public offering proceeds
- IEC purchase order expected to generate >$1M in 2026 revenue, with majority recognized in H2
- New Bird of Prey order received through Elbit, with deliveries expected in 2026
- CEO Yiftach Kleinman appointed, effective September 2026, succeeding Yossef Balucka
Financial Impact
Revenue essentially flat at $149K; net loss widened by $457K YoY; cash position improved by ~$6.2M from year-end
Risk Factors
- Revenue concentration on single IEC contract with seasonal recognition
- CEO transition could cause strategic drift or operational disruption
- Operating loss more than tripled YoY, with G&A costs unlikely to fully normalize
- Pre-revenue defense segment depends on Elbit deliveries and royalty timing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-088712 |
| Document: ea0301762-8k_duke.htm | 0001213900-26-088712 |
| Document: 0001213900-26-088712-index-headers.html | 0001213900-26-088712 |
| Document: 0001213900-26-088712-index.html | 0001213900-26-088712 |
| Document: 0001213900-26-088712.txt | 0001213900-26-088712 |
| 8-K Data (Synthetic) | 0001213900-26-088712 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 8-K | $4.21 | awaiting T+20 | — | $4.19 (−0.36%) |
Oct 22, 2026 5d ago | DEFA14A | $4.15 | awaiting T+20 | — | $4.19 (+0.96%) |
Oct 22, 2026 5d ago | DEF 14A | $4.15 | awaiting T+20 | — | $4.19 (+0.96%) |
Oct 6, 2026 21d ago | 3 | $5.17 | awaiting T+20 | — | $4.19 (−18.96%) |
Oct 6, 2026 21d ago | 3 | $5.17 | awaiting T+20 | — | $4.19 (−18.96%) |
Oct 2, 2026 25d ago | Press Release | $5.32 | awaiting T+20 | — | $4.19 (−21.24%) |
Sep 17, 2026 5w ago | 8-K | $5.35 $4.29 | ▼ −19.81% | ▼ −21.02% | $4.19 (−21.68%) |
Aug 24, 2026 9w ago | EFFECT | $5.67 $5.47 | ▲ +3.53% | ▲ +3.54% | $4.19 (+26.10%) |
Aug 18, 2026 10w ago | S-3 | $5.41 $5.26 | ▲ +2.77% | ▲ +1.03% | $4.19 (+22.55%) |
Aug 13, 2026 10w ago | 8-K | $5.60 $5.39 | ▼ −3.75% | ▼ −2.00% | $4.19 (−25.18%) |
US Market Status
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