Shares of Swarmer are red hot since the Ukrainian defense-technology company listed on the Nasdaq earlier this week.
The stock $(SWMR)$ surged 520% from its $5 initial-public-offering price on Tuesday, and rose another 77% on Wednesday. That makes for a nearly 1,100% two-day increase since the IPO.
The company makes software that allows groups of drones to coordinate their actions, which has been put to work by Ukraine in the country's conflict with Russia since 2023, according to the company.
Low-cost autonomous drones and other military technologies are in high demand due to geopolitical conflicts, namely in Ukraine and the Middle East. On Friday, the Pentagon awarded privately held Anduril a $20 billion contract in part to counter unmanned aerial systems - drones, that is.
AeroVironment $(AVAV)$ this week said it had acquired Empirical Systems Aerospace for about $200 million to bolster its drone-making capabilities. Another defense firm, Karman $(KRMN)$, plans to open a new facility to make more components for counterdrone programs and missiles.
Ondas $(ONDS)$ on Wednesday launched a new joint venture with Heidelberger Druckmaschinen (XE:HDD) to deliver autonomous drone defense and security systems across Germany and Ukraine. Earlier this week, the firm completed its acquisition of a British drone maker.
"Europe is facing an urgent need to protect critical infrastructure, military installations and civil assets from evolving drone threats," Ondas CEO Eric Brock said in a statement.
Ondas's stock has surged 49% over the last three months and 1,354% over the last 12 months, while Karman shares are up 60% over the past three months and 179% over the last year. AeroVironment's stock is up 72% over the last 12 months, despite paring some gains after a major contract was reopened.
Compared with those companies, Swarmer is relatively small.
The Ukrainian firm reported revenue of just $309,920 in 2025, down 6% from a year earlier. Its net loss of $8.5 million was worse than the almost $2.1 million loss it took in 2024, according to a filing. Last September, Swarmer raised $15 million from investors in what it said was the largest investment in a Ukrainian defense tech firm since the Russia-Ukraine war began four years ago.
Swarmer said that "substantially all" of its revenue over the last two years was from a single company in Ukraine: Smart Machinery Solutions. It has a firm backlog of $16.3 million over the next 12 to 24 months, although Swarmer said it anticipates another $16.8 million could be added to that total.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
