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olivLaw · US equity research

DUKE Robotics Corp. DUKR

Aircraft · SIC 3721 · Vertical: Aircraft (SIC 3721)

3.26USD−4.40% · 1 dayClose 04 Nov 2026

DUKE Robotics develops robotic and drone systems along two lines: stabilized light-weapon systems for defense, marketed through its Elbit collaboration, and a drone that cleans high-voltage utility insulators. The company recently moved to the Nasdaq Capital Market after an offering of about 9.2 million USD, and its fiscal 2025 revenue rose to 377,000 USD.

At the close of 04 Nov 2026, DUKE Robotics Corp. (DUKR) stock was 3.26 USD (−4.40% on the day), with market capitalisation 11.2 m USD, beta -5.36, 52-week range 0.19–12.34 USD. Latest reported quarter (Q2 2026): revenue of 149.0 k USD (+4.2% YoY), net income of -726.0 k USD, diluted EPS -0.26 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
11.2 m USD
shares as of 13 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.57 · TTM to 31 Dec 2025
E/P (TTM)
-17.48%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
-5.36
Volatility (1y) 344%
52-week range
0.1912.34

Price history

Loading chart…

Technical reading

RSI (14)
23.7
oversold (≤ 30)
Bollinger (20, 2)
3.35 – 4.99
below the lower band · %B -0.05 · band width 39.4%
SMA 50 / 200
4.92 / 5.57
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.40 / -0.34
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−37.5%−1.1%−36.5 pp—
3 months−39.6%−0.5%−39.2 pp—
6 months−59.3%+4.4%−63.7 pp—
Year to date+1,230.6%+12.3%+1,218.3 pp—
1 year+1,513.9%+13.5%+1,500.3 pp−52.4%
3 years+3,827.7%+76.4%+3,751.3 pp−20.7%
5 years+715.0%+63.7%+651.3 pp—
Max drawdown (1y)
−73.6%
24 Apr 2026 → 04 Nov 2026
Max drawdown (5y)
−90.6%
09 Nov 2021 → 03 Jun 2024
Compound annual growth (5y)
+52.1%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
149.0 k USD
+4.2% YoY
Net income
-726.0 k USD
unavailable YoY
Diluted EPS
-0.26
unavailable YoY
net / operating
-487.2% / -622.8%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue72.0 k36.0 k—143.0 k216.0 k18.0 k—149.0 k
Cost of revenue41.0 k30.0 k8.0 k55.0 k93.0 k42.0 k33.0 k91.0 k
Gross profit31.0 k6.0 k-8.0 k88.0 k123.0 k-24.0 k-33.0 k58.0 k
Research & development20.0 k20.0 k22.0 k24.0 k34.0 k25.0 k29.0 k32.0 k
Operating income-218.0 k-283.0 k-288.0 k-250.0 k-213.0 k-455.0 k-513.0 k-928.0 k
Interest expense——30.0 k—————
Net income-211.0 k-287.0 k-279.0 k-269.0 k-230.0 k-463.0 k-921.0 k-726.0 k
Diluted EPS0.00—-0.13-0.120.00—-0.41-0.26
Operating cash flow-225.0 k ≈-179.0 k-218.0 k-360.0 k ≈-163.0 k ≈-70.0 k-517.0 k-766.0 k ≈
Capex—1.0 k25.0 k71.0 k ≈56.0 k ≈53.0 k——

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenueunavailable112.0 kunavailable500.0 kunavailable300.0 k108.0 k377.0 k
Revenue YoYunavailableunavailableunavailableunavailableunavailableunavailable−64.0%+249.1%
Net income-142.3 k-1.1 m-1.4 m-888.0 k-1.1 m-726.0 k-985.0 k-1.2 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPSunavailableunavailableunavailable-0.02-0.06-0.02-0.45-0.57
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %unavailable-992.0%unavailable-177.6%unavailable-242.0%-912.0%-329.2%
Free cash flowunavailableunavailableunavailableunavailable-707.0 k-566.0 k-995.0 k-1.0 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
750.0 k USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
100.0 k USD
Total assets
1.2 m USD
Debt / equity
unavailable
Current ratio
1.20x
ROE
-261.0%
ROA
-86.3%
FCF margin
-269.5%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
300.0 k
2024
108.0 k
2025
377.0 k

SEC (XBRL)· 12 Mar 2026verified

Cost of revenue
2023
273.0 k
2024
71.0 k
2025
198.0 k

SEC (XBRL)· 12 Mar 2026verified

Gross profit
2023
27.0 k
2024
37.0 k
2025
179.0 k

SEC (XBRL)· 12 Mar 2026verified

Research & development
2023
3.0 k
2024
157.0 k
2025
104.0 k

SEC (XBRL)· 12 Mar 2026verified

SG&A
2023
—
2024
—
2025
—

SEC (XBRL)· 30 Mar 2021verified

Operating income
2023
-802.0 k
2024
-1.0 m
2025
-1.2 m

SEC (XBRL)· 12 Mar 2026verified

Depreciation & amortisation
2023
—
2024
3.0 m
2025
3.0 m

SEC (XBRL)· 12 Mar 2026verified

EBITDA
2023
—
2024
2.0 m ≈
2025
1.8 m ≈

SEC (XBRL)· 12 Mar 2026derived

Interest expense
2023
11.0 k
2024
15.0 k
2025
—

SEC (XBRL)· 20 Mar 2025verified

Pre-tax income
2023
—
2024
-985.0 k
2025
—

SEC (XBRL)· 12 Mar 2026verified

Net income
2023
-726.0 k
2024
-985.0 k
2025
-1.2 m

SEC (XBRL)· 12 Mar 2026verified

Diluted EPS
2023
-0.02
2024
-0.45
2025
-0.57

SEC (XBRL)· 12 Mar 2026verified

Weighted average diluted shares
2023
54.5 m
2024
2.2 m
2025
2.2 m

SEC (XBRL)· 12 Mar 2026verified

Balance sheet · USD

Cash
2023
2.3 m
2024
1.3 m
2025
750.0 k

SEC (XBRL)· 12 Mar 2026verified

Receivables
2023
—
2024
37.0 k
2025
41.0 k

SEC (XBRL)· 12 Mar 2026verified

Current assets
2023
2.3 m
2024
1.4 m
2025
907.0 k

SEC (XBRL)· 12 Mar 2026verified

Property, plant & equipment, net
2023
40.0 k
2024
88.0 k
2025
215.0 k

SEC (XBRL)· 12 Mar 2026verified

Total assets
2023
2.5 m
2024
1.6 m
2025
1.2 m

SEC (XBRL)· 12 Mar 2026verified

Accounts payable
2023
98.0 k
2024
92.0 k
2025
129.0 k

SEC (XBRL)· 12 Mar 2026verified

Current liabilities
2023
311.0 k
2024
345.0 k
2025
756.0 k

SEC (XBRL)· 12 Mar 2026verified

Total liabilities
2023
671.0 k
2024
776.0 k
2025
1.1 m

SEC (XBRL)· 12 Mar 2026verified

Equity
2023
1.8 m †
2024
851.0 k †
2025
100.0 k †

SEC (XBRL)· 12 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-548.0 k
2024
-918.0 k
2025
-811.0 k

SEC (XBRL)· 12 Mar 2026verified

Capex
2023
18.0 k
2024
77.0 k
2025
205.0 k

SEC (XBRL)· 12 Mar 2026verified

Free cash flow
2023
-566.0 k ≈
2024
-995.0 k ≈
2025
-1.0 m ≈

SEC (XBRL)· 12 Mar 2026derived

Investing cash flow
2023
-18.0 k
2024
-77.0 k
2025
-205.0 k

SEC (XBRL)· 12 Mar 2026verified

Financing cash flow
2023
—
2024
—
2025
475.0 k

SEC (XBRL)· 12 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
249.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
32.4%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
232.6%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-550.7%
computed by olivLawTTM to 30 Jun 2026
Net margin
-611.0%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-449.3%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-66.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-54.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-30.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
14.5x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
13.9x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-1.5 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
205.0 k USD
computed by olivLawFY 2025
Free cash flow
-1.7 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
-170.1%
computed by olivLawTTM to 30 Jun 2026

Efficiency

Days sales outstanding
146 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
221 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
11.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-21.0%
computed by olivLawTTM to 30 Jun 2026
P/B
1.7x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
29.2x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-15.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
4.58
computed by olivLawbalance sheet at 30 Jun 2026

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 18.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

3.26 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 11.2 m USD

Key indicators

Market capitalisation
11.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.7x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-66.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-611.0%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
249.1%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 13 Aug 2026
Source: SEC (XBRL)published 13 Aug 2026
verified 993derived 70

Score by group

19% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Aircraft (SIC 3721)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-611.0%44 (vs peers)33%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet14.5x100 (on a fixed band)22%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-15.4%0 (on a fixed band)44%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial44/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

DUKE Robotics Corp. (DUKR). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 377.0 k USD in 2025; YoY growth 249.1%; net margin -611.0%; ROE -66.6%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 14.5x

What contradicts it

  • FCF yield: -15.4%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Aircraft (SIC 3721) · same industry (4-digit SIC) · compared with 10 companies

Multiples and returns vs the median

P/E
—
vertical median —
EV/EBITDA
—
vertical median —
P/S
29.2x
vertical median 7.5x
above median (+289.4%)
P/B
1.7x
vertical median 1.7x
at median
ROE
-66.6%
vertical median -45.8%
below median
Net margin
-611.0%
vertical median -276.5%
below median
EBIT margin
-550.7%
vertical median -133.6%
below median
Revenue YoY
249.1%
vertical median 34.5%
above median (+622.0%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
BAThe Boeing Company140.3 bn18.6—8.1%+34.5%−6% / −24%
EMBJEmbraer S.A.56.8 bn163.610.8%4.6%+18.5%+25% / +349%
AVAVAerovironment, Inc.5.8 bn—-4.6%-10.1%+140.9%−59% / −18%
JOBYJoby Aviation, Inc.5.0 bn—-65.9%-755.1%+39,183.1%−65% / −15%
ACHRArcher Aviation Inc.3.2 bn—-44.8%-11,589.9%unavailable−47% / −31%
BETABETA Technologies, Inc.951.1 m—-46.8%-1,007.8%+136.0%−7% / unavailable
AIROAIRO Group Holdings, Inc.171.0 m—-3.6%-23.9%+4.6%−37% / unavailable
MOBMobilicom Limited36.5 m—-369.2%-705.4%+5.8%−58% / +115%
UAVSAgEagle Aerial Systems Inc.21.8 m—-106.1%-276.5%−4.3%−74% / −100%
DUKRDUKE Robotics Corp.11.2 m—-66.6%-611.0%+249.1%+1,514% / +3,828%
EVTLVertical Aerospace Ltd.————+51.7%−91% / −94%

1- and 3-year price returns: for DUKR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    DUKE Robotics develops robotic and drone systems along two lines: stabilized light-weapon systems for defense, marketed through its Elbit collaboration, and a drone that cleans high-voltage utility insulators. The company recently moved to the Nasdaq Capital Market after an offering of about 9.2 million USD, and its fiscal 2025 revenue rose to 377,000 USD 123.

    SWOT

    Strengths

    • The company holds a stabilization technology patent allowance in the United States and an IC Drone system already used in commercial operations.
    • The Elbit partnership gives access to a defense distribution channel, with royalties and a commission expected 1.
    • The recent public offering added liquidity and a Nasdaq listing, which may ease access to capital 23.

    Weaknesses

    • Revenue is very small compared with losses, and general expenses are growing much faster than sales.
    • Revenue depends heavily on one civilian customer and one defense distribution partner.
    • The company has previously carried going-concern doubt, and reliance on repeated financings remains a risk.

    Opportunities

    • Extending IC Drone services to other power grids, including in Greece, could diversify the customer base.
    • A new Bird of Prey order with deliveries in 2026 could raise royalties if deliveries proceed as planned 2.
    • The AEROTRACE platform and integration on a larger commercial airframe could widen the offer to infrastructure operators.

    Threats

    • Israeli export approvals can be delayed or revoked, which could block defense sales.
    • Competition in defense and AI monitoring could pressure prices and market share.
    • Regional conflicts can disrupt operations and the supply chain, as the third quarter of 2025 showed 1.

    Risks

    • Going concernhigh

      Management has stated substantial doubt about the ability to operate without additional funding, although the position improved after the offering.

    • Dependence on one civilian customerhigh

      Civilian revenue comes from a single contract with a state utility, and a reduction or non-renewal would directly hit sales 1.

    • Export approvalsmedium

      Bird of Prey sales depend on Israeli approvals and on Elbit's ability to obtain them on time 1.

    • Dilution from future financingsmedium

      Warrants and share offerings can dilute existing holders, and the share price could fall if such issuances multiply 1.

    • Product liabilitylow

      Use in high-risk environments can lead to claims over failures or damage, with costs and reputational effects 1.

    Investment thesis

    What would need to be true (bull case)

    • If the expanded Israel Electric Corporation season and the new Bird of Prey order materialize, revenue could grow visibly from its very small base 23.
    • The Nasdaq listing and newly raised liquidity could reduce reliance on emergency financing and attract institutional investors.
    • The IC Drone offers a cheaper and safer alternative to traditional methods, which could support adoption by other grid operators 1.

    What would break the thesis

    • Revenue remains very small relative to expenses, and losses grew in 2025 and in the first half of 2026 12.
    • Current liquidity comes largely from a recent offering, and the need for more capital could return if revenue does not grow enough.
    • Defense revenue depends on export approvals and on a partner's timing, which makes forecasting difficult.

    What to watch

    • Delivery of the Bird of Prey order and royalties recognized2026
    • Revenue from the Israel Electric Corporation IC Drone seasonQ3 2026
    • New chief executive starts and defense strategy is set outSeptember 2026
    • General and administrative costs and net loss trend after listingnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    The company describes itself as a robotics company developing advanced robotic and drone-based systems, focused on a stabilization system for firing small arms and light weapons remotely, and on civilian drone solutions for infrastructure maintenance 1. Its business was reoriented after the 2020 share exchange, when it adopted the business plan of Duke Inc. 1. It renamed itself DUKE Robotics Corp. in November 2024 and listed on the Nasdaq Capital Market in May 2026 12.

    Revenue in fiscal 2025 came mainly from IC Drone services for Israel Electric Corporation, with a small initial contribution from royalties on Bird of Prey sales 1. General and administrative expenses rose sharply and the net loss reached 1,241,000 USD in fiscal 2025 1. Working capital was 151,000 USD at December 31, 2025, and the filing states substantial doubt about the company's ability to continue as a going concern 1.

    After the May 2026 offering, the company reported cash and restricted cash of 6,989,000 USD at June 30, 2026, and believes its resources support operations into 2028, a substantial change in liquidity compared with year-end 2025 23. Management has announced a new chief executive who is expected to start by September 2026 2.

    Segments

    Civilian infrastructure maintenance (IC Drone)

    The IC Drone cleans insulators on high-voltage power lines, replacing helicopter and crane-truck methods that the company considers dangerous 1. Revenue in 2026 comes from the expanded contract with Israel Electric Corporation, running through the summer 2026 cleaning season 3.

    Defense (Bird of Prey stabilized systems)

    The stabilized weapons system, marketed by Elbit as Bird of Prey, generates royalties for DUKE Robotics, recognized when the systems are delivered and proceeds received 13. Revenue from this segment depends on Israeli export approvals 1.

    Aerial monitoring (AEROTRACE)

    AEROTRACE is an AI-assisted monitoring and analytics platform introduced in February 2026 for infrastructure operators 1. No separate revenue contribution is reported in the sources reviewed 2.

    Market context

    The market for high-voltage insulators is described as very large, with high cleaning costs and grid operators failing to meet their maintenance plans, according to the company's filing 1. In defense, demand for unmanned systems able to fire light weapons has grown, per the company's own account 1.

    Civilian customers are concentrated among utilities and quasi-governmental entities, and their budgets can be delayed or reduced for political reasons 1. The defense market depends on export policy and government approvals, which makes the timing of orders hard to anticipate 1.

    Trends

    • Expanded IC Drone maintenance seasontailwind

      The 2026 season with Israel Electric Corporation is broader than prior seasons, with more field crews; if the expansion becomes stable contracts, revenue could rise meaningfully 3.

    • Rising demand for armed drone systemstailwind

      Recent conflicts have stimulated interest in unmanned systems that fire light weapons, which could open markets for Bird of Prey through Elbit 1.

    • Defense export restrictionsheadwind

      Bird of Prey sales require Israeli approvals that can be delayed, conditioned or revoked, which could limit royalty revenue 1.

    • Administrative and listing costsmixed

      General and administrative expenses rose sharply in 2025 and 2026, partly due to the listing and public offering, which could pressure operating margins 23.

    Competitive position

    The sources reviewed do not explicitly name direct competitors. Elbit Systems, the distribution partner for Bird of Prey, is more a commercial ally than a competitor 1.

    In utility-line maintenance, the standard competing method is fleets of helicopters and crane trucks, which the company considers costlier and more dangerous 1. The sources do not name other drone-based insulator cleaning providers.

    • Elbit Systems Land Ltd.

      Collaboration partner marketing the Bird of Prey system, and potentially an indirect competitor in defense applications 1.

    • Helicopter and crane-truck service operators

      Providers of traditional insulator cleaning methods, described in the company's filing as costlier and more dangerous 1.

    • Armed unmanned aircraft system makers

      Companies developing armed aerial platforms that could compete for the same military contracts, not named in the sources 1.

    • AI monitoring platform providers for infrastructure

      Firms offering image analytics and monitoring to utilities, a space AEROTRACE enters, though none are named in the sources 1.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / DUKE Robotics Corp. · 12 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / DUKE Robotics Corp. · 13 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / DUKE Robotics Corp. · 13 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.