secwatch.observer — SEC 8-K summary
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Issuer:     Swarmer, Inc (SWMR)
CIK:        0002092574
Form:       8-K
Filed at:   2026-11-10T21:22:02+00:00
Accession:  0001104659-26-125211
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/2092574/000110465926125211/0001104659-26-125211-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/2092574/000110465926125211/tm2629384d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-125211

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