Swarmer Q3 revenue falls to $25,554, net loss widens to $9.3M; Ratel UGV deal nears close

Swarmer, Inc

Revenue was $25,554 vs $35,771 a year earlier; gross loss was $47,093 vs a $9,670 gross loss in Q3 2025.
Net loss ~$9.3M vs ~$3.4M prior year; operating expenses ~$9.4M vs $0.8M, including $1.7M noncash stock-based compensation.
Cash and equivalents $37.3M at Sept. 30 vs $25.3M at June 30, increase driven primarily by equity line of credit proceeds.
Ratel Robotics UGV deal signed Sept. 9, 2026; stockholders approved share issuance Nov. 2; closing expected November; Ratel 9M 2026 revenue $42.1M (unaudited).
Ratel Q4 outlook $35M-$40M revenue at 13%-17% operating margin with $65.1M backlog; Vectus MOU targets 40 then 80 air defense systems at $5M-$6M MSRP each.

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