Swarmer（SWMR）2026年第2四半期決算説明会：SkyKnightの潜在価値が1,420万ドルに達する

主要な要点

• 2026年第2四半期の売上高は前年同期の13万8,000ドルから約21万6,000ドルに増加し、売上総利益は8万2,000ドルから18万4,000ドルに増加しました。
• 人員、エンジニアリング、製品開発、および上場費用への投資増加を反映し、純損失は160万ドルから約720万ドルに拡大しました。
• SwarmerはSkyKnightプログラムに基づき140万ドルを受領しましたが、売上高として計上したのは約20万ドルにとどまりました。同プログラムは契約済みライセンス価値で約390万ドル、すべてのオプションが行使された場合は最大1,420万ドル規模となります。
• 2026年6月30日時点の現金及び現金同等物は2,530万ドルとなり、2025年末の930万ドルから増加しました。Swarmerは8月10日までに株式引き受け枠を通じてさらに1,790万ドルを調達しました。
• 経営陣によると、Swarmerの技術は2024年4月以降、ウクライナで10万件以上の戦闘ミッションを支援し、AIおよび自律機能の精度向上に向けた運用データを提供しています。
• 経営陣は、売上規模の拡大に伴い売上総利益率が約80%に達する可能性があることを示唆したものの、今後のエンジニアリング支援によって売上原価が増加する可能性もあるとしています。

主要財務データ

現金の支出には、SkyKnightプログラムに関連する約220万ドルの別の一時的な契約前渡金も含まれています。

事業および業績の動向

SkyKnightは開示されている中で最も重要な商業プログラムであり続けています。当四半期中、顧客は契約済みライセンス価値を約100万ドル追加し、すべてのオプションが行使された場合の潜在的な合計契約金額は約1,420万ドルに達しました。

経営陣は、この拡張が当初の契約範囲外であり、固定翼ドローンの予測生産台数の増加を反映したものであると説明しました。ドローンをオペレーティングシステムから完全自律型プラットフォームへアップグレードする既存のオプションに変更はありません。

Swarmerは、自社プラットフォームを空・陸・海の領域にわたる自律型システムを連携させるためのハードウェアに依存しないソフトウェア層として位置づけ続けています。同社はエンジニアリングおよび製品機能を拡張し、パートナープラットフォームとの統合を強化し、複数の製造業者との展開を継続しました。

パートナーシップ活動には、米国のプラットフォーム統合およびオペレーター試用に関するOak Grove Technologies、小型無人システム向けコンピューティングプラットフォームの提案に関するLantronix、オープンソース・インテリジェンスデータに関するMolfar、複数の無人プラットフォームからの運用データに関するBrightlineとの提携が含まれます。

経営陣はまた、実際の運用環境で実証された補完的な防衛技術に関する投資や買収を検討していると述べましたが、取引の発表はありませんでした。

経営陣の見通し（ガイダンス）

経営陣は、売上高が拡大するにつれて売上総利益率は約80%に向けて推移する可能性があると述べました。現在の売上原価は主にウェブベースのデータサービスで構成されていますが、今後の顧客との契約には一部のエンジニアリングサービスが含まれる見込みであり、売上高に対するコスト比率が上昇する可能性があります。

リスクと注視すべきポイント

• SkyKnightの会計処理が示しているように、収益認識は現金の受領やライセンスの提供時期と大幅に異なる場合があります。
• 防衛の調達サイクルは長く、Swarmerが大規模な売上高を計上する前段階として、統合プラットフォームは最終需要者（通常は政府機関顧客）を確保する必要があります。
• 契約金額を超えるSkyKnightの価値は、顧客によるオプションの行使に依存します。
• Powerusとの覚書（MOU）は統合段階に入っていますが、商用契約の締結はプラットフォームの準備状況および顧客需要に依存するため、確定したものではありません。
• 統合にかかる期間は、フィールドテストを含め、使い慣れたプラットフォームで2〜4週間、特殊または大幅に異なるシステムの場合は数ヶ月に及びます。

アナリストQ&Aの要点

アナリストは売上総利益率の持続可能性、SkyKnightの拡張、および新プラットフォームの商用化の時期に注目しました。

利益率に関して、経営陣は売上原価が主にウェブベースのデータサービスで構成されているため現在のコストベースは軽いと説明しました。今後の契約ではより多くのエンジニアリング支援が必要になる可能性があり、経営陣は約80%の売上総利益率水準を示唆しました。

SkyKnightに関して、経営陣は直近のライセンス拡張が当初の契約に対する追加部分であることを明らかにしました。既存のアップグレード・オプションを削減または変更することなく、想定される固定翼ドローンの数量増加に対応したものです。

Powerusに関して、経営陣は複数のプラットフォームにわたる統合作業が進行中であると述べました。契約の発表は、それらのプラットフォームの規模拡大の準備が整い、顧客を確保できるかどうかにかかっています。

経営陣はまた、Swarmerが買収機会を検討していることを認めたものの、詳細の提供や取引の発表は控えました。

決算説明会（トランスクリプト）全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good afternoon. Welcome to the Swarmer, Inc. Second Quarter 2026 Earnings Conference Call.

Joining us for today's presentation are the company's President and U.S. CEO, Alex Fink; and Chief Financial Officer, Brooks Ensign. [Operator Instructions]

Before we begin, I want to remind everyone that today's call will include forward-looking statements within the meaning of the federal securities laws. These statements include, among others, statements regarding Swarmer strategy, market opportunity, customer engagement, product development, technology integrations, expansion into new markets, future revenue opportunities, expected customer mix, potential deployments and the anticipated benefits of the company's relationships, memorandum of understanding, partnerships and commercial initiatives.

Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Additional information about factors that could cause actual results to differ is included in the company's earnings release issued today and in the company's filings with the Securities and Exchange Commission including the risk factors described in those filings.

The company undertakes no obligation to update forward-looking statements, except as required by law. Finally, I would like to remind everyone that this conference call is being webcasted, and the recording will be made available for replay on the company's Investor Relations website.

In addition to the webcast, the company has posted a press release that accompanies these results which can also be found on the Investor Relations website.

I will now turn the call over to Swamer's President and U.S. CEO, Alex Fink, for his comments. Sir, please proceed.

Alexander Fink

Thank you, operator, and thank you, everyone, for joining us. The second quarter of 2026 marked our first full quarter as a public company and an important period of progress across the business. We successfully expanded our customer base, advanced deployments across multiple unmanned platforms and continued investing in the people, technology and partnerships that we believe will support our next phase of growth.

From a broader perspective, our investment thesis remains unchanged. We continue to believe the defense and security industries are in the early stages of a fundamental transition towards autonomous and collaborative systems. Millions of drones are expected to be produced annually. Yet the challenge is no longer simply manufacturing hardware. The challenge is coordinating, controlling and scaling large numbers of autonomous platforms operating in complex environments. That is the problem Swarmer was built to solve.

Our software serves as the intelligence layer that enables one operator to coordinate large numbers of autonomous systems in the real time. Because we are platform-agnostic, our objective is not to build a drone. Our objective is to become the software layer that powers autonomous systems across air, land and maritime domains.

What makes our platform unique is that it continues to learn from real-world operations. Since April of 2024, Swarmer technology has supported more than 100,000 combat missions in Ukraine. Those missions generate telemetry, sensor information and operational feedback that allows us to refine performance and improve our AI and autonomy capabilities over time.

We believe this real-world data advantage is difficult to replicate and serves as a meaningful differentiator as autonomy becomes increasingly important.

During the quarter, we continued to make progress in implementing this strategy. Perhaps the most visible example was the expansion of our SkyKnight program. As announced during the quarter, our customer expanded the original agreement adding approximately $1 million of contracted license value, increasing the potential value of the combined contract to approximately $14.2 million if all options are exercised. Importantly, SkyKnight is not one of the largest drone manufacturers operating in Ukraine today. By our estimates, there are 20 or more drone companies in Ukraine alone who are currently shipping higher volumes than SkyKnight and yet the single opportunity accounted for a contract of $3.9 million that could grow to $14.2 million if all options are exercised.

We believe that this fact highlights the size of the opportunity in front of us. If a manufacturer of this scale can generate a softer opportunity of this magnitude, we believe there are many additional manufacturers and platforms that could represent meaningful future opportunities as autonomy adoption continues to increase.

Before moving on, I'd like to briefly address the accounting treatment of the expanded SkyKnight program as it impacted our reported revenue for the quarter. As disclosed in today's earnings release, we received $1.4 million during the quarter under the SkyKnight program, upon delivery of the software licenses to the customers. However, under the applicable accounting treatment, some of these amounts were not recognized as revenue and were instead recorded as an advance on our balance sheet. Importantly, this accounting treatment does not change the underlying commercial significance of the program. The licenses were delivered and the wire transfer was received. We continue to believe that SkyKnight demonstrates a scalable model that can be replicated across additional manufacturers and platforms, creating future opportunities for software licensing revenue as adoption of autonomy continues to expand.

Beyond individual customer wins, we continue to strengthen the ecosystem around our platform, which we believe is a key driver of long-term adoption and growth. Each relationship addresses a different part of the value chain, whether that's computing hardware, data acquisition, interoperability, platform integration or operational deployment. For example, our partnership with Oak Grove Technologies demonstrate successful integration of Swarmer software on a proven U.S. platform from a company-based near Fort Bragg that is deeply embedded in the special operations community.

Oak Grove is also well known as a training facility and provides courses to operators on things like drones. So a partnership with them helped us cover the awareness layer and ensuring that operators are exposed to the existence of Swarmer's advanced autonomy and the possibilities it brings.

Our collaboration with Lantronix is aimed at creating a next-generation compute platform for small unmanned systems. Most unmanned systems in Ukraine, if they require any level of autonomy use either Raspberry pie on the low end or NVIDIA Jetson on the high end. There is no good option in between. We see an opportunity to create a wedge in the market by owning the compute platform that could become the industry standard for autonomous drones and by ensuring that everyone who uses this platform for the compute needs will also get Swarmer's operating system built in, and we'll be able to upgrade to full autonomy at the click of a button.

Our cooperation with Molfar gives us access to a large database of open source intelligence data that can be used to improve our models and our cooperation with Brightline, which has already been and used by the special operations community in the U.S. allows us to gain access to operational data from a variety of unmanned platforms, even if the manufacturers of these platforms did not choose to integrate with us yet.

We believe there is a data flywheel of success. Companies that get deployed more, gather more data, use this data to train better models and therefore, get deployed more because the models work better. We are already benefiting from this flywheel. But now with these additional sources of high-quality data, we can move even faster and train our models on data gathered by others too.

Collectively, these relationships expand the reach of our software, increase the number of platforms we can support and create additional opportunities to scale adoption over time. We believe this ecosystem approach positions Swarmer to participate in a much larger portion of the autonomous systems market than would be possible through any single platform or program alone.

While partnerships remain an important part of our growth strategy, we are also increasingly evaluating opportunities to invest and acquire and help scale complementary defense technologies that have been proven in real-world operational environments.

As our Chairman, Eric Brent recently discussed in a shareholder letter, many of the most innovative defense companies in the world are being built under demanding battlefield conditions, yet often like capital, commercial infrastructure, and international reach needed to scale globally. We believe access to capital, strategic support and distribution channels can be just as valuable as the technology itself.

Our objective is not simply to expand Swarmer software footprint but to build a broader platform that helps identify, accelerate and commercialize proven defense technologies while creating long-term value for shareholders.

Last but not least, as you'll hear from Brooks in a few minutes, we have raised over $26 million through our equity line of credit since it was announced. From a practical standpoint, we believe these additional resources may help us to explore opportunities and move faster when they arise. In accordance with the vision articulated by our Chairman, Eric Brent, in his letter to shareholders this quarter. Conceptually, we also believe it shows that investors are receptive to Eric's vision, and it has been well received.

Operationally, we also continued building the company. During the quarter, we expanded our engineering and product capabilities, increased integrations across partner platforms and continue deploying systems with multiple manufacturers operating in active environments. As we discussed last quarter, revenue is often a lagging indicator in our industry because defense procurement cycles are lengthy, and deployments frequently preceded scaled production. As a result, we continue to focus on indicators such as platform integrations, customer adoption, deployment success and progression from evaluation to production. We believe we are making meaningful progress on each of these fronts.

Looking ahead, we remain focused on expanding adoption across a wider range of unmanned systems, deepening our integration with manufacturers, supporting programs as they transition into scale deployment and evaluating strategic opportunities that can accelerate growth and strengthen our position within the autonomous systems ecosystem.

We continue to believe Swarmer can become a foundational software layer for autonomous and collaborative systems across multiple domains.

With that, I will turn it over to Brooks to walk through the financials in more detail.

Brooks Ensign

Thank you, Alex. Revenue for the second quarter of 2026 was approximately $216,000 compared to $138,000 in the second quarter of 2025. Alex discussed, we received $1.4 million under the SkyKnight program in the quarter upon delivery of the software licenses to the customers. However, under the applicable accounting treatment, approximately $200,000 was recognized as revenue, $100,000 was recorded as deferred revenue and the remainder was recorded as an advance on the balance sheet.

As a result, the financial statements reflect minimal revenue from the deal. Despite this accounting presentation, the underlying contract value remains unchanged with the SkyKnight program representing approximately $3.9 million of contracted license value and up to approximately $14.2 million if all available options are exercised.

We continue to view the program as an important commercial validation of our technology and a meaningful long-term opportunity. It is also worth noting that cash usage included a separate onetime contractual prepayment of approximately $2.2 million related to the program.

Gross profit for the quarter was approximately $184,000 compared to $82,000 in the prior year period. The change primarily reflected the lower level of recognized revenue during the quarter as a result of the accounting treatment of the SkyKnight program.

Operating expenses were approximately $7.5 million compared to approximately $855,000 in the second quarter of 2025. The increase was driven primarily by investments in personnel, engineering and product development, together with higher consulting, legal and professional services expenses associated with operating as a public company.

Second quarter operating expenses also included onetime equipment purchases that are unlikely to recur in most quarters. Additionally, our operating expenses for the quarter included $1.2 million of noncash stock compensation expense. As investors evaluate our financial performance, we believe it is important to distinguish these onetime and noncash expenses from the cash costs required to operate and scale the business.

Net loss for the quarter was approximately $7.2 million compared to a net loss of approximately $1.6 million in the prior year period.

Turning to the balance sheet. Cash and cash equivalents at June 30, 2026, totaled approximately $25.3 million compared to $9.3 million at December 31, 2025. During the quarter, the company raised approximately $8.8 million through its equity line of credit program. Subsequent to quarter end through August 10, we collected an additional $17.9 million, further strengthening our liquidity position and supporting continued investment in growth initiatives. We remain committed to managing capital responsibly while investing in opportunities that we believe can generate long-term shareholder value.

And with that, I'll turn the call over to the operator for questions. Operator?

Operator

[Operator Instructions] Our first question comes from Alex Fuhrman with Lucid Capital Markets.

質疑応答

Alex Fuhrman

Congratulations on a lot of your recent announcements and the progress you're making here. I wanted to ask about your gross margins. Obviously, these are really small numbers, what we've seen so far this year, but gross margin in Q2 was up pretty dramatically from what we saw in Q1 and what we saw last year. Can you talk a little bit about the mechanics of what's in cost of sales and why the gross margin was so high in Q2?

And then just bigger picture, as you start to move into the millions of dollars of revenue where should we start to see gross margins shake out as volumes pick up?

Brooks Ensign

Yes. This is Brooks. Thanks, Alex, for the question. Currently in cost of goods is a web-based data services only. We are assessing future will have some engineering services. So I would say going forward, the cost of goods as a percentage will be a little bit higher. And we're working on our methodology for this.

Right now, it's customized for each deal. So in the future -- go ahead.

Alex Fuhrman

I was going to say that's helpful. I don't know if you have more on that.

Alexander Fink

We're looking at probably around 80% or so. But yes, we're still looking at what types of engineering support will go into revenue deals.

Alex Fuhrman

Okay. That's really helpful. And then if I could ask on the the expanded licensing deal with SkyKnight. I think the original announcement was an initial contract value of around $3 million and the potential to scale up to around $13 million of all of the options were exercised. Now we're talking about bigger numbers with the expansion of the contract and the addition of the Czech Republic.

Can you just help us understand was the expansion that you just announced here recently. Is that a matter of SkyKnight exercising an option that it had prior? Or is this something kind of beyond the scope of the initial announcement? And if it was beyond the scope related to the additional geography, are there still more geographies where this contract could get expanded to?

Alexander Fink

Thank you for that question as well, it is beyond the scope of the original agreement. SkyKnight or Meta as the company is called has 2 types of drones. One is a large heavy quadcopter and the other one is a fixed wing. So the initial deal included some licenses for quad copters, some licenses for fixed wing drones and it included operating system licenses for everything SkyKnight plans to manufacture going forward, which allows them to easily upgrade to the full platform, and that is the option.

So the option is basically every time they have a drone that only has the operating system on it without autonomy at the click of a button, they can upgrade to full autonomy. Now what happened about 1.5 months later, is they increased their projected quantity of the fixed-wing drones. And so they acquired more autonomy licenses for that but that does not affect the option. They still have an option for the same quantity of drones to be upgraded from operating system to full platform.

Operator

We will take our final question from Alex Latimore with Northland.

Mike Latimore

Can you hear me?

Alexander Fink

Yes, we can.

Mike Latimore

Awesome. I'm glad to see everything is moving in the right direction. I had a question regarding the work with Powerus. I wonder if you could just give us an update on how things are moving on that front. And I was curious if you had any visibility into converting that MoU with Powerus into a full contract?

Alexander Fink

I can't really comment on future plans. Those will be announced when it's time. I can state that the MOU was announcing our plans to integrate our software into several of their platforms, and that work begun and it's ongoing. So as soon as those platforms are ready to scale and they have buyers for them, we will have an announcement. But obviously, that is not guaranteed. So when it's time, then we will definitely announce it.

Mike Latimore

Understood. And maybe one follow-up there. How long does it take to integrate to a new manufacturer's drone such as Powerus?

Alexander Fink

It depends on the platform and how similar it is to hardware that we've worked before. So if there is a platform that is very similar to something that we've launched before, let's say, a 10-inch first person view small drone, then that is a fairly quick process between 2 and 4 weeks, including field testing. If it is a very unusual or a different platform of the kind that we haven't encountered before, it could be several months. But it's worth noting, integration is something that we need to do. But then once it's integrated, the customer often has to go and actually sell the platform, right? And we will only receive revenue when there are buyers for the final integrated product from the end users who are typically government actors.

So in some cases, the delay is not because the integration has not done. In some cases, the delay is the acquisition cycle that our customers have to go through to actually get their products to be acquired by governments at scale.

Mike Latimore

Understood. That's good color there. One final quick one here. Do you have any acquisition interest going forward?

Alexander Fink

Well, our Chairman stated in a letter that we are definitely looking at opportunities in the market. So you could guess that we are likely following through on that promise, but I cannot announce anything at this time.

Operator

At this time, this concludes our question-and-answer session. If you have any additional questions, you may contact Swarmer's Investor Relations team at swmr@gateway-grp.com. I'd now like to turn the call back over to Mr. Fink for his closing remarks.

Alexander Fink

Thanks again, everyone, for joining us today. As a reminder, you can find out more about our company, receive additional updates and learn about upcoming events from the Investor Relations section of our website. We look forward to updating you on exciting progress we are making in the defense technology market.

Finally, I'd like to thank our employees, partners and shareholders for their continued support. Operator?

Operator

Thank you for joining us today for Swarmer, Inc. Second Quarter 2026 Earnings Conference Call. You may now disconnect.