PHILADELPHIA, PA — Exyn Technologies (NASDAQ: EXYN, EXYNW) reported a wider second-quarter loss as revenue fell 32% from a year earlier, even as higher margins and an expansion into U.S. defense applications offered the newly public autonomous-mapping company potential avenues for growth.
Revenue declined to $950,000 for the quarter ended June 30 from $1.4 million a year earlier, which Exyn attributed to the timing of customer deployments and project revenue recognition.
Gross profit fell to $445,000 from $552,000. Gross margin, however, expanded to 46.9% from 40.6%, a 630-basis-point increase that the company attributed to project mix and lower costs relative to revenue.
Cost of revenue declined 37.4% to $504,000 from $806,000.
Exyn posted a net loss of $6.9 million, compared with a $2.9 million loss in the year-earlier quarter. The loss per basic and diluted share was $1.55, compared with $2.22 a year earlier.
Cash and cash equivalents stood at approximately $7.8 million as of June 30, up from $812,000 at the end of 2025. Exyn completed its initial public offering in May.
Against the weaker quarterly revenue, Exyn is pushing further into defense and government work while seeking to increase the share of its business generated by software and subscriptions.
The company rebranded its government subsidiary as Exyn Defense and began the Green UAS certification process for Nexys, its autonomous mapping platform. Exyn is positioning the system for additional deployments across the U.S. Department of War, federal agencies and allied organizations.
Exyn also entered the defense sustainment market through an agreement supporting autonomous aircraft inspection and digital-twin initiatives at the U.S. Air Force’s Warner Robins Air Logistics Complex.
Nexys was separately selected by a U.S. government research and engineering organization following a competitive evaluation against commercial LiDAR systems, according to the company.
During the first half of 2026, Exyn secured contracts across the mining, infrastructure and U.S. government markets on three continents. Customers included the U.S. Army Corps of Engineers.
The company’s technology is designed to allow robots to map and navigate environments where GPS or communications are unavailable or unreliable. Its ExynAI autonomy platform powers Nexys and can also be licensed to third-party manufacturers through a software development kit and application programming interface.
That licensing model is central to Exyn’s effort to develop higher-margin recurring revenue rather than depend primarily on individual hardware and project deployments.
“We continued to increase the contribution of higher-margin software and subscription revenue, driving gross margin expansion,” Chief Operating Officer Ben Williams stated.
Exyn expects commercial deployments, increased software and subscription revenue and its defense initiatives to support revenue growth during the second half of 2026 while improving its revenue mix.
“As governments increasingly prioritize autonomous capabilities, we believe the same technology proven in mining, infrastructure, and industrial environments is uniquely suited for defense and national security missions,” Williams stated.
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