Swarmer Books $25,554 in Quarterly Revenue. The Ukrainian Robot Maker It Is Buying Reports $32.5 Million
Ratel Robotics, the Ukrainian ground-robot maker Swarmer agreed to buy, reported preliminary quarterly revenue of $32.5 million. Shareholders have approved the share issuance and closing is expected in November.
Ratel Robotics, the Ukrainian ground-robot maker Swarmer agreed to buy, reported preliminary quarterly revenue of $32.5 million. Shareholders have approved the share issuance and closing is expected in November.
Swarmer took in $25,554 in third-quarter revenue and lost about $9.3 million, the Austin-based drone-autonomy software company said in its Nov. 10 results release. Revenue fell from $35,771 a year earlier and the loss widened from about $3.4 million. The results exclude Ratel Robotics.
Ratel, the Ukrainian ground-robot maker Swarmer agreed to buy on Sept. 9, had preliminary revenue of $32.5 million in the same quarter, according to figures from Ratel's management. Nine-month revenue reached $42.1 million, including $14.9 million in September.
Frequently Asked Questions
What did Swarmer report for the third quarter?
Swarmer reported revenue of $25,554 and a net loss of about $9.3 million for the quarter ended Sept. 30, 2026, according to its Nov. 10 results release. Cash stood at about $37.3 million.
What is Ratel Robotics?
Ratel Robotics is a Ukrainian maker of unmanned ground vehicles. Swarmer says its vehicles are used across Ukraine for logistics, casualty evacuation and reconnaissance. Swarmer signed an agreement to buy the company on Sept. 9.
How much revenue does Ratel have?
Ratel's management reported preliminary revenue of $32.5 million in the third quarter and $42.1 million for the first nine months of 2026. Swarmer says the figures are unaudited and that it has not independently verified them.
When will the acquisition close?
Shareholders approved the related share issuance on Nov. 2. Swarmer expects closing in November 2026, subject to remaining conditions.
What is the Vectus arrangement?
Swarmer holds 20% of Vectus Air Defense Systems and has a memorandum of understanding to build air defense systems for it. Vectus has expressed an intent to buy at least 40 systems in the first year of production, which Swarmer's filing says is not a binding order.
What risks does Swarmer name?
Swarmer says Ratel depends on the Ukrainian government as its principal customer, that a ceasefire or peace agreement could reduce demand, and that Ukraine restricts defense exports.
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Marcus Schuler
Marcus Schuler edits BattlePolicy, a daily defense-technology brief connecting the companies and capabilities behind modern war to the contest among Europe, the US, Russia, and China.