Swarmer

Last updated: March 22, 2026
Ticker
SWMR
Exchange
NYSE
IPO Date
Pending
Price Range
$4.00-$6.00 per share
Deal Size
$15 million
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Company Snapshot

Swarmer is a software-first defense technology company that specializes in collaborative autonomy and intelligent swarming for military applications. The company focuses on developing software that enables large numbers of low-cost unmanned systems to operate together effectively. Their unique value proposition lies in their combat-proven technology, which has been tested in real-world environments, particularly in Ukraine, providing them with a significant operational dataset to enhance their systems.

Key Financials

Metric202520242023
Revenue$309.9M$309.9M$329.4M
YoY Growth+0.0%-5.9%-
Adjusted Net Loss-$8.5M-$8.5M-$2.1M
Margin %-2.7%-2.7%-0.6%
Gross Margin
38.1%

Balance Sheet

Cash & Equivalents
$9.3M

Implied Valuation at Midpoint

Market Cap
$62M
P/S Ratio
0.2x

Based on price range midpoint and most recent fiscal year data.

S-1 Highlights

Market & Competition

The global military drone market is projected to grow at a compound annual growth rate of over 12% through 2030. The company competes with various hardware manufacturers but distinguishes itself by focusing on the software layer necessary for autonomous swarm operations.

Use of Proceeds

Proceeds from the IPO will be utilized to enhance the company's operational capabilities and expand its market presence.

Key Risk Factors

  • The company faces significant challenges in attracting and retaining qualified engineering personnel, particularly in competitive markets like Ukraine.
  • Swarmer's reliance on operational data from combat environments poses risks, as disruptions in hardware delivery or performance could adversely affect their software's effectiveness.

Deal Structure

Primary Shares
3,000,000 shares
Shares Outstanding
12,348,579 shares
Post-IPO Float
24.3%
Lock-up
No Lock-up Agreement
Lead Underwriters
Lucid Capital Markets

Reported Broker Availability

No broker information available yet

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