Swarmer (NASDAQ:SWMR) Releases Earnings Results

Swarmer (NASDAQ:SWMR) posted its earnings results on Wednesday. The company reported ($0.28) earnings per share for the quarter, Zacks reports. The firm 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

Shares of SWMR traded down $0.59 during midday trading on Friday, reaching $28.94. 248,468 shares of the stock were exchanged, compared to its average volume of 2,403,595. Swarmer has a twelve month low of $11.25 and a twelve month high of $68.97. The firm has a 50 day moving average of $39.72.

Wall Street Analyst Weigh In

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

Swarmer Company Profile

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.