Swarmer (NASDAQ:SWMR) Announces Earnings Results

Swarmer (NASDAQ:SWMR) released its quarterly earnings results on Wednesday. The company reported ($0.28) earnings per share for the quarter, Zacks reports. The business 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 Trading Down 16.0%

Shares of Swarmer stock traded down $5.75 on Wednesday, hitting $30.29. 817,671 shares of the company’s stock traded hands, compared to its average volume of 2,506,782. Swarmer has a 52-week low of $11.25 and a 52-week high of $68.97.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded Swarmer to a “hold” rating in a report on Saturday, March 21st.

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.