Swarmer (NASDAQ:SWMR – Get Free Report) issued its quarterly earnings results on Wednesday. The company reported ($0.28) EPS for the quarter, Zacks reports. The company had revenue of $0.02 million during the quarter.
Here are the key takeaways from Swarmer’s conference call:
- Swarmer said Q1 marked a major milestone as it completed its IPO, strengthened leadership, and raised the resources needed to support growth as a public company.
- Revenue fell sharply to $20.3 thousand from $110.7 thousand a year ago, largely because legacy revenue from its historically largest Ukraine customer wound down and is not expected to recur.
- The company highlighted a new $2.86 million contract with Meta Bureau, plus up to $10.4 million of optional upgrades, as evidence of demand for its autonomy software on next-generation UAVs.
- Swarmer expanded internationally by entering Japan through an exclusive distribution agreement with Rakuten Group and said it also successfully demonstrated an autonomous seek-and-hit operation there.
- Management emphasized product momentum, including a partnership with HIMERA for jam-resistant communications and a new end-to-end drone interceptor kit initiative with XDrone, NORDA Dynamics, and Karadag Technologies.
Swarmer Stock Performance
SWMR traded down $1.07 during trading hours on Thursday, hitting $29.22. 202,578 shares of the stock were exchanged, compared to its average volume of 2,448,793. Swarmer has a 12 month low of $11.25 and a 12 month high of $68.97.
Wall Street Analysts Forecast Growth
View Our Latest Report on SWMR
About Swarmer
We are launching the future of autonomous warfare through combat-proven software that enables military forces to deploy and coordinate drone swarms at significant scale. While hardware manufacturers compete and as the go-to in an increasingly commoditized market, we seek to establish ourself as a critical software layer operating system for autonomous swarm operations positioning us to capture increased value as the global military drone market experiences growth projected to exceed 12% compound annual growth through 2030.
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