Monitor customer diversification and conversion of MoUs into binding contracts; cash runway at current burn rate (~$4.3M/quarter) is ~5.5 quarters. Upcoming catalysts include Japan market entry progress and interceptor kit development milestones.
Price Chart
Executive Summary
Swarmer reported Q1 2026 results with revenue collapsing 81.6% YoY to $20,325 as its largest customer wound down, and net loss widened to $4.5M from $0.7M. EPS of -$0.28 missed consensus of -$0.11 by 154.5%. The company completed its IPO, raising $17.3M net, ending the quarter with $23.5M cash. Operational highlights include a $2.8M software license contract and Japan expansion, but the near-term outlook is heavily dependent on converting MoUs into revenue.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $20,325 vs $110,704 YoY, down 81.6% due to customer wind-down
- Net loss widened to $4.5M from $0.7M YoY
- EPS -$0.28 missed consensus -$0.11 (miss of 154.5%)
- IPO raised $17.3M net; cash balance $23.5M at quarter end
- Awarded $2.8M contract for 16,000+ software licenses
- Expanded into Japan with Rakuten Group support
Financial Impact
Revenue declined 81.6% YoY to $20,325; net loss widened to $4.5M from $0.7M; EPS -$0.28 missed consensus of -$0.11 by 154.5%.
Risk Factors
- Extreme customer concentration (largest customer ended relationship)
- Negative operating cash flow of -$4.3M in Q1
- Early stage with minimal revenue and uncertain path to scale
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-060388 |
| Document: tm2614560d1_8k.htm | 0001104659-26-060388 |
| Document: 0001104659-26-060388-index-headers.html | 0001104659-26-060388 |
| Document: 0001104659-26-060388-index.html | 0001104659-26-060388 |
| Document: 0001104659-26-060388.txt | 0001104659-26-060388 |
| 8-K Data (Synthetic) | 0001104659-26-060388 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | DEFM14A | $14.07 $13.13 | ▼ −6.68% | ▼ −6.26% | $9.07 (−35.54%) |
Sep 25, 2026 4w ago | PREM14A | $18.18 $16.37 | ▼ −9.96% | ▼ −9.77% | $9.07 (−50.11%) |
Sep 23, 2026 4w ago | Press Release | $21.97 $20.73 | ▼ −5.64% | ▼ −6.19% | $9.07 (−58.72%) |
Sep 23, 2026 4w ago | Insider Cluster | $21.97 $20.73 | ▲ +5.64% | ▲ +6.19% | $9.07 (+58.72%) |
Sep 21, 2026 5w ago | EFFECT | $23.45 $22.65 | ▲ +3.41% | ▲ +3.40% | $9.07 (+61.32%) |
Sep 17, 2026 5w ago | SC 13D/A | $23.98 $23.45 | ▼ −2.21% | ▼ −3.76% | $9.07 (−62.18%) |
Sep 16, 2026 5w ago | 144 | $24.03 $23.98 | ▼ −0.21% | ▼ −0.34% | $9.07 (−62.26%) |
Sep 10, 2026 6w ago | 8-K | $35.99 $39.59 | ▲ +10.00% | ▲ +9.15% | $9.07 (−74.80%) |
Sep 10, 2026 6w ago | Press Release | $35.99 $39.59 | ▲ +10.00% | ▲ +9.15% | $9.07 (−74.80%) |
Aug 21, 2026 9w ago | Press Release | $42.49 $39.78 | ▼ −6.38% | ▼ −6.08% | $9.07 (−78.65%) |
US Market Status
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