Dear Shareholders,

I am writing this letter after returning from five days on the ground in Ukraine, where I visited some of the most innovative defense technology companies operating anywhere in the world today. These are not companies building to a specification or a procurement cycle. They are building to survive testing their assumptions daily against real adversaries, iterating in hours rather than years, and producing results that are redefining what effective defense looks like. That experience deepened my conviction in everything that follows.

The broader geopolitical backdrop has never made this mission more urgent. As the United States moves to seize and redirect billions in frozen Iranian assets and as conflicts from Eastern Europe to the Gulf continue to accelerate demand for sovereign, affordable defense capability, the window for companies like Swarmer to establish themselves as the platform of record for battlefield-proven technology is opening fast.

Since becoming Chairman of Swarmer, I have become increasingly convinced that the company's opportunity extends well beyond its current software platform. While Swarmer's autonomy and battlefield management technologies remain at the core of our business, our broader objective is to build a platform company that can identify, acquire, partner with, and help scale innovative defense and security technology companies whose products have been battlefield tested and proven effective under demanding operational conditions.

Many also face a strategic dilemma. While their businesses may be experiencing strong momentum today, they recognize that when the war ends, demand within Ukraine could change significantly, creating concentration and market risk. By providing capital, strategic support, access to international customers, and a pathway into new markets, we believe Swarmer can help these entrepreneurs diversify their businesses beyond a single geography. In turn, this can give founders greater confidence to continue investing, hiring, and innovating within Ukraine today, knowing they have a credible path toward long-term global growth.

Importantly, many of these discussions are not new. We continue to build a pipeline of potential acquisitions, partnerships, and strategic relationships that we believe can accelerate growth and create long-term shareholder value. We are currently seeing strong momentum with several of these opportunities and, while there can be no assurance that any particular transaction will be completed, we hope to provide shareholders with additional color on our progress in the coming weeks. To support this objective, we recently filed a Form S-1 to register the resale of up to 3 million shares of common stock. There are three important points I would like to emphasize:

First, this filing simply registers for resale shares that the Board may elect to sell to a single investor over time pursuant to an equity facility. It is not a single offering, and no decision has been made regarding the timing, amount, or pace of any future sales. This instrument provides flexibility should attractive opportunities emerge.

Second, the structure allows shares to be sold at prevailing market prices, subject to a modest 2% discount. We believe this represents one of the lowest-cost sources of growth capital available to the company while allowing us to raise funds responsibly and opportunistically rather than through a large, dilutive financing.

Third, access to capital matters. The defense technology landscape is evolving rapidly, and we believe attractive acquisition, investment, and partnership opportunities may become available as entrepreneurs seek strategic partners capable of helping them expand internationally. Having the ability to move quickly can be a significant competitive advantage.

Our goal is to position Swarmer not only as a developer of world-class software, but as a broader platform capable of identifying, scaling, and commercializing proven defense technologies for customers worldwide.

We remain focused on disciplined execution, prudent capital allocation, and building long-term value for our shareholders.

Thank you for your continued support.

Erik Prince

Chairman

Swarmer, Inc.