A group of DefenseTech companies has already formed in Ukraine, which were founded after the start of the full-scale invasion and grew to hundreds of millions of dollars in annual revenue in a few years.
A group of DefenseTech companies has already formed in Ukraine, which were founded after the start of the full-scale invasion and grew to hundreds of millions of dollars in annual revenue in a few years.
Two of them — Fire Point and TAF Industries — according to investor Oleg Malenkov, already generate over $1 billion per year each.
Malenkov, who invests in European technology companies, updated his list of Ukrainian defense companies founded after 2022 with annual revenue of over $100 million.
He notes that over the past six months, several companies have published new financial figures, so the list has been replenished with new names.
The leaders of the list have not changed. Fire Point and TAF Industries, according to Malenkov, already have annual revenue of over $1 billion each.
Fire Point is a Ukrainian manufacturer of strike drones and missile systems. The company has become one of the most prominent in the new Ukrainian defense industry.
They are followed by Skyfall and Airlogix — Malenkov expects that they may also soon exceed the $100 million mark in annual revenue.
Another company on the list is Vyriy. According to data the company announced in a recent interview, its sales in 2025 were about $270 million.
But the curiosity here is not only in the revenue.
Vyriy registered the issue of corporate bonds for UAH 5 billion.
The company plans to raise UAH 2–4 billion through it, or approximately $50–95 million. The rate in the first year is 25%.
Malenkov calls Vyriy the first Ukrainian DefenseTech company to raise funding in this way.
This is an important signal for the market: Ukrainian defense manufacturers are gradually gaining access not only to venture capital or government orders, but also to traditional financial instruments.
Another new member of the list is General Cherry.
The company is targeting approximately $170 million in revenue in 2025, Malenkov writes.
In addition, General Cherry was invited to the American Drone Dominance program, which has a budget of $1.1 billion.
Thus, Ukrainian UAV manufacturers are gradually moving beyond the Ukrainian defense market and gaining access to international programs.
Malenkov singles out UFORCE separately.
The company has already raised funding at a valuation of $1 billion and, according to Dealroom, has orders worth hundreds of millions of dollars.
Last week, Sifted reported that UFORCE was in talks for a new round of funding at a valuation of up to $4 billion.
At the same time, Malenkov does not yet include the company in the category of DefenseTech businesses with revenue over $100 million, since UFORCE has not yet disclosed the corresponding revenue figure.
In the category of companies that may cross the $100 million mark in the coming years, Malenkov names Sine Engineering and Frontline Robotics.
He also added The Fourth Law / Odd Systems, Iron Belly, and TENCORE to the list, saying they are actively hiring and could cross the $100 million threshold within the next 12 months.
