Swarmer agrees $224 million Ratel Robotics deal

• Swarmer (NASDAQ:SWMR) agreed to acquire Ukrainian unmanned ground vehicle maker Ratel Robotics for up to $224 million.
• The deal includes cash and stock consideration and would add more than 300 employees to Swarmer.
• Ratel has secured $86 million in contracts this year and supplies unmanned ground vehicles for defense applications.

Swarmer (NASDAQ:SWMR) agreed to acquire Ratel Robotics for up to $224 million, adding a Ukrainian unmanned ground vehicle manufacturer to its defense technology operations.

The transaction comes as demand for autonomous defense systems increases, with Ratel reporting $86 million in secured contracts so far in 2026 and discussions with multiple NATO countries.

The acquisition consideration includes cash and stock payments linked to Ratel achieving earnout milestones, while closing remains subject to regulatory, legal, and shareholder approvals.

Ratel Robotics employs more than 300 people who are expected to join Swarmer, bringing the combined workforce to nearly 500 employees after completion of the transaction.

Ratel’s unmanned ground vehicles are used for battlefield logistics, casualty evacuation, reconnaissance, drone launching, and demining, while the company is also developing unmanned aerial vehicles, mobile workshops, and solar trailers.