Overview
- Swarmer became the first Ukrainian defense company to list in the U.S., pricing its IPO at $5 before closing day one at $31 and rising nearly 1,000% over the first three sessions, with sharp volatility that saw an intraday peak around $65.
- The company positions itself as a software provider for autonomy and command across multiple drone platforms, citing use in more than 100,000 frontline missions in Ukraine.
- Filings show minimal 2025 revenue of about $310,000, an $8.5 million net loss, and reliance on a single 2024–2025 customer that was no longer contracting its software at the time of the listing.
- The prospectus outlines $16.3 million in projected revenue tied to signed contracts and an additional $16.8 million anticipated over 12–24 months, though the company is in post‑IPO quiet period and has not offered new guidance.
- Erik Prince was named board chairman in December with options for roughly 1.77 million shares, as analysts say the stock surge reflects demand for autonomy software and may open U.S. capital to more Ukrainian defense tech firms.