Overview
- Shares that peaked near $61 after listing were down about 25% to roughly $39 on Friday, still well above the $5 offer price.
- More than 34 million shares traded in the first days versus 3 million sold in the offering, with retail buying and short‑covering fueling volatility.
- At Wednesday’s close the company was valued near $675 million, roughly 2,250 times 2025 revenue of about $310,000, and it had no sell‑side analyst coverage.
- Swarmer reported a 2025 net loss of roughly $8.5 million, an order backlog above $30 million, about $25 million in cash, and a monthly burn near $700,000.
- The vendor‑agnostic autonomy platform has been used extensively in Ukraine and is designed to operate under GPS jamming, as investor interest rises with ongoing conflicts and higher defense spending.