On May 13, Ukrainian deftech startup Swarmer presented its first financial results as a public company. This is the first report since its listing on Nasdaq in March.
On May 13, Ukrainian deftech startup Swarmer presented its first financial results as a public company. This is the first report since its listing on Nasdaq in March.
Swarmer was founded in 2023 by Sergey Kuprienko and Alex Fink. Despite the fact that the company's headquarters are based in Austin, Texas, the developer maintains close ties to our region, maintaining operational teams in Ukraine, Poland, and Estonia. Since September 2025, Kuprienko has held the position of global CEO of Swarmer, while Fink heads the American office.
The startup specializes in creating universal software for coordinating autonomous drone swarms, multi-domain integration of unmanned systems, and managing robotic operations based on artificial intelligence. The company's product line is represented by Styx, Minas, and Trident software, and the main business model is built on the sale of licenses. The cost of each of them ranges from $250 to $6,000 and depends on the type of drone, its capabilities, order volumes, and the complexity of the integration.
Swarmer officially became the first Ukrainian defense company to go public. On March 17, 2026, the company began trading shares on the American Nasdaq stock exchange under the ticker “SWMR.” In the first day after the placement, Swarmer shares increased by 520%, or more than 6 times.
According to Business Wire, 3,450,000 newly issued common shares were traded in the IPO . At the same time, the underwriters fully exercised their right to purchase 450,000 additional common shares, at a price of $5. As of March 19, the value was $55, and the increase was 11 times. Swarmer's net proceeds from the IPO, after deducting discounts and underwriters' fees and estimated placement expenses, amounted to approximately $14.7 million.
However, Swarmer shares fell by 40% in a month. As of May 11, the capitalization was almost half of its peak level — to $398 million.
Swarmer reported a drop in quarterly revenue to $20.3 thousand and an increase in losses to $4.5 million. The main reason for the financial slump was the costs of the IPO, which inflated operating expenses by almost 5.5 times, Forbes Ukraine reports .
Despite this, the startup was able to raise a total of about $20.8 million through the IPO and the sale of Series A-1 preferred shares. The market reacted to the report with restraint: Swarmer shares lost 10% during the day, falling to $30.29, which fixed the capitalization at $374 million.
“The first quarter was a period of focused investment,” Fink, CEO of the US office, said on a call with investors.
As a company representative explained, the financial result is due to significant one-time costs for going public, as well as increased investments in R&D for deeper integration of products with other platforms.
As for the five-fold drop in revenue, it was caused by the loss of a key Ukrainian partner. Almost all of Swarmer's revenue for 2025 ($309,920) was secured by a contract with drone manufacturer Smart Machinery Solutions.
Recall, earlier this month it became known that S warmer is entering the Japanese market with the support of Viber's owner, Rakuten Group.
