Swarmer, Inc Common Stock

Swarmer, Inc has signed a nonbinding memorandum of understanding with Vectus Air Defense Systems, a company in which Swarmer holds a 20% interest, to manufacture, sell and deploy end-to-end air defense systems in eligible markets, subject to export-control, sanctions, procurement and other governmental requirements. Under the memorandum, Vectus has confirmed its intent to purchase and deploy at least 40 Swarmer-built systems in year one and 80 or more in year two following the start of production at a facility Swarmer intends to establish in Poland. Swarmer U.S. CEO and president Alex Fink said the systems use combat-proven Gatling-type rotary cannons capable of firing 20mm rounds at up to 6,000 rounds per minute as the last line of defense, and he estimates each system will retail at approximately $5 million to $6 million. Erik Prince, who serves as both Vectus CEO and Swarmer board chairman, said the systems should see high demand because they are portable, affordable and designed to destroy targets on impact. Final quantities, pricing, financing, specifications and delivery schedules remain subject to definitive agreements.

Swarmer, Inc. could reach $200 million in pro forma revenue and $20 million in adjusted EBITDA in 2027 through its pending acquisition of Ukrainian unmanned-ground-vehicle maker Ratel Robotics, according to a research note from Lucid Capital Markets. Swarmer, whose non-executive chairman is Blackwater founder Erik Prince, has a definitive agreement to buy Ratel for up to $224 million, and the note cites $86 million in secured contracts and roughly 37% of Ukrainian government UGV procurement spending. The company will pay about $7.2 million in cash and 1.1 million shares at closing, with most of the remainder tied to Ratel meeting earnout targets. Swarmer held roughly $25 million in cash at the end of the second quarter and raised another $18 million through its equity line as of Aug. 17, giving it about $43 million in pro forma cash. Lucid set a $60 price target based on 24 times EV/sales of an estimated $40 million in 2028 revenue excluding the Ratel deal, while on a pro forma basis, assuming Ratel hits its earnouts, Swarmer could trade at around 4 times 2027 EV/sales and 35 times 2027 EV/EBITDA, compared with an average of 5.5 times 2027 EV/sales for peers including Ondas Holdings, Red Cat Holdings, Unusual Machines and Draganfly.

Lantronix and Swarmer are jointly developing a custom computing platform optimized for Group 1 unmanned aircraft systems. The platform integrates Lantronix's Open-Q 6490CS system-on-module with Swarmer's combat-proven autonomous flight software, which has supported over 100,000 real-world missions in Ukraine since April 2024. It delivers approximately four times the computing performance of existing onboard systems, enabling advanced AI, computer vision, and autonomous mission capabilities at the tactical edge. The solution is designed to be NDAA-compliant and production-ready, supporting rapid deployment of FPV drones and other small, low-cost unmanned systems for Ukraine, the U.S., and allied defense programs. Swarmer's president and U.S. CEO Alex Fink stated that the platform is expected to become a new industry-standard computing solution for small unmanned systems, with Swarmer OS and advanced autonomy technology included as standard.

Swarmer, a drone autonomy software company, announced a collaboration with Tekmara and Florida International University to evaluate autonomous drone swarms for environmental monitoring and coastal restoration. The project will assess how autonomous systems can support large-scale monitoring and restoration of mangrove and oyster reef habitats, leveraging FIU's Aquarius Reef Base, the world's only continuously operating underwater research habitat. The initiative will explore coordinated operations across air, surface, and underwater domains to improve efficiency and scalability of data collection in marine environments. Swarmer's technology, which has supported over 100,000 combat missions in Ukraine since April 2024, will be adapted for dual-use applications including environmental restoration and disaster relief.