Unusual Machines, Inc. (UMAC)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Substance is not the problem here: no financial debt, $283.6 million of cash and securities against $8.066 million of liabilities, no going-concern warning, and arithmetically more than twelve quarters of runway. What is open is the core operating question, and it carries weight: the drone business has never made money, the operating loss has widened in absolute terms (−$16.992 million in 2024, −$25.152 million in 2025, −$29.143 million over the twelve months to March 31, 2026), the only profit came from investment gains, and scaling four product lines at once — including inventory orders of roughly $75.0 million against $17.253 million of trailing revenue — remains unproven. Add concentration risk (two customers at 16.7 percent and 15.9 percent of 2025 revenue) and a compensation structure that contemplates a further 18.8 percent of instruments. Separately, and expressly not the basis of this rating: at roughly 54 times trailing revenue the stock is expensive — that is a price argument, not a quality argument, and whether it is worth paying is not what this rating decides. The decision is yours.
symbol.quality_note
Unusual Machines builds motors, headsets and flight controllers for small drones in Orlando, Florida — exactly what Washington has been pushing to have made on American soil. Revenue nearly quadrupled in the first quarter of 2026 to $8.1 million, and for the first time the bottom line was black: $10.3 million. The quarterly report filed with the U.S. securities regulator, the SEC, shows where that money came from: $16.8 million in gains on the company’s own securities portfolio. The drone business itself lost $7.3 million over the same three months and burned $17.4 million in operating cash. Not investment advice — just the question of which register actually rang.
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Stock Watch
This analysis is as of July 28, 2026. Stock Watch will tell you what's changed at UMAC since then.
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Appears in These Scanners
This stock currently matches 17 of our scanner strategies — each hit links to the scanner.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 21.20 $ — 52% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralUnusual Machines fertigt Hardware-Komponenten für kleine Drohnen (Motoren, FPV-Headsets, Flugregler) und verkauft, nutzt oder bewirbt in seinen SEC-Berichten keinerlei KI-Technologie: In den fünf ausgewerteten Periodenberichten (10-K 2025 und 2024, 10-Q zum 31.03.2026, 30.09.2025 und 30.06.2025) kommt „artificial intelligence“ genau zweimal vor — einmal als Bestandteil des Wettbewerbernamens Modal AI und einmal in einer Standard-Aufzählung fremder Branchen in einem Patentrechts-Risikofaktor; das Wettbewerbs-, Produkt- und Strategiekapitel nennt ausschließlich Hardware, heimische Fertigung und NDAA-/Blue-UAS-Konformität als Differenzierungsmerkmale.
View the full file — quotes, sources, reviewed filings
„Unusual Machines differentiates itself by offering price-competitive, domestically manufactured and assembled drone components designed to meet NDAA requirements and align with Department of Defense procurement frameworks, including the Blue UAS ecosystem, while focusing on supply chain control and execution reliability."
Unusual Machines differenziert sich durch preislich wettbewerbsfähige, im Inland gefertigte und montierte Drohnen-Komponenten, die die NDAA-Anforderungen erfüllen und zu den Beschaffungsrahmen des Verteidigungsministeriums einschließlich des Blue-UAS-Ökosystems passen, bei gleichzeitigem Schwerpunkt auf Lieferkettenkontrolle und Ausführungssicherheit.
„Companies in the consumer electronics, wireless communications, semiconductor, artificial intelligence, information technology, and display industries steadfastly pursue and protect intellectual property rights, often times resulting in considerable and costly litigation to determine the validity of patents and claims by third parties of infringement of patents or other intellectual property rights."
Unternehmen der Unterhaltungselektronik-, Mobilfunk-, Halbleiter-, KI-, Informationstechnologie- und Display-Branchen verfolgen und schützen ihre Schutzrechte konsequent, was häufig zu erheblichen und kostspieligen Rechtsstreitigkeiten über die Gültigkeit von Patenten und über Verletzungsvorwürfe Dritter führt.
Filings Reviewed: 10-K 2026-03-12 · 10-Q 2026-05-14 · 8-K 2026-07-28 · 10-Q 2025-11-06 · 10-Q 2025-08-14 · 10-K 2025-03-27
Rated on July 28, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 64.4% above the current price.
- Consensus
- Strong Sell
- Analyst Ratings
- 3
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.35 | -0.35 – -0.35 | 36 | -128.3% | 1 |
| 12/31/2027 | -0.20 | -0.20 – -0.20 | 52 | 42.9% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- -0.20 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.15 | – | 1 | – | -114.30 | -1 | -1 |
| 2024: Q3 | -0.30 | – | 2 | – | -140.00 | -3 | -4 |
| 2024: Q4 | -3.26 | – | 2 | 148.70 | -1,353.20 | -1 | -1 |
| 2025: Q1 | -0.21 | -15.20 | 2 | 230.00 | -159.90 | -1 | -1 |
| 2025: Q2 | -0.04 | 74.20 | 2 | 50.50 | -327.90 | -3 | -3 |
| 2025: Q3 | -0.14 | 53.30 | 2 | 39.40 | 75.10 | -8 | -9 |
| 2025: Q4 | -0.02 | 99.50 | 5 | 144.40 | -215.70 | -10 | -10 |
| 2026: Q1 | -0.13 | 38.10 | 8 | 296.40 | 127.00 | -17 | -18 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2021 | 0 | 0 | 0 | -0.02 | 0 | 4 | 4 |
| 2022 | 0 | -1 | -1 | -0.16 | -1 | 3 | 3 |
| 2023 | 158 | -2 | -2 | -0.31 | -2 | 1 | 2 |
| 2024 | 6 | -17 | -32 | -3.84 | -4 | 15 | 16 |
| 2025 | 11 | -25 | -19 | -0.74 | -21 | 175 | 183 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Revenue rose from $5.565 million (2024) through $11.199 million (2025) to $8.096 million in the first quarter of 2026 alone — up 296 percent on the year-ago quarter. Business-to-business revenue jumped from $34,030 to $7.318 million and gross margin from 24.3 percent to 32.8 percent. Regulation (the FCC rule of December 23, 2025 requiring at least 65 percent domestic components by value) and the Department of War’s $1.0 billion procurement program push demand into precisely this niche.
The only meaningful profit in company history did not come from the business: the first quarter of 2026 showed a $7.259 million operating loss and +$10.283 million of net income — the difference being $16.757 million of gains on an owned securities portfolio plus $0.792 million of interest income. Operating cash burn in the same quarter was $17.413 million. The company describes this mechanism itself in its 2025 annual report.
As of March 31, 2026 the company held $222.940 million of cash and $60.657 million of securities against total liabilities of only $8.066 million; equity stands at $331.637 million, or $6.94 per share. There is no financial debt, no going-concern warning and no refinancing coming due. At $17.413 million of quarterly operating cash burn, cash alone covers more than twelve quarters.
Share count rose from 15,122,018 (December 31, 2024) to 47,793,923 (May 13, 2026). On July 24, 2026 another 6,275,000 instruments were added — 5,000,000 warrants for the chief executive at $25.00 with price targets to $100.00, and 1,275,000 options at $19.36 for three other officers; together 13.1 percent of shares outstanding. In total 8,980,846 instruments, or 18.8 percent, are approved, and the incentive plan tops itself up by as much as 5 percent annually through 2032.
An investment committee comprising the chief executive and two independent directors receives 1 percent per member of the prior quarter’s realized investment gains ($43,474 on December 31, 2025 and $217,943 on April 1, 2026) — a fund-style fee inside an industrial company. At the same time a board member is the chief executive of Red Cat, whose subsidiary Teal Drones placed a $2.1 million order in January 2026. In 2025 two customers accounted for 16.7 percent and 15.9 percent of revenue.
Motors, headsets, cameras and batteries are being built out simultaneously: the Upgrade Energy acquisition at roughly $52.0 million (agreement dated May 7, 2026), a lease for roughly 14,000 square feet of battery space (June 25, 2026) and inventory orders of roughly $75.0 million in May 2026 — against $17.253 million of trailing twelve-month revenue. It is funded; it is not proven. The company names rapid-expansion and inventory-obsolescence risks itself.
Unusual Machines sits in exactly the right spot of an industry into which Washington is currently pushing both money and rules, and it is growing accordingly: revenue up 296 percent in the first quarter of 2026, gross margin improved from 24.3 percent to 32.8 percent, headcount at 141 against 18 a year earlier. The first reported quarterly profit in company history ($10.283 million), however, came entirely from the company’s own securities portfolio — the drone business lost $7.259 million over the same three months and burned $17.413 million of operating cash. The balance sheet, with $283.6 million of cash and securities against $8.066 million of liabilities, is unusually robust and buys the company years of time; it was paid for by tripling the share count since the end of 2024, with a further 18.8 percent of instruments already approved. Buying in here means buying a documented growth curve, a very strong cash position — and the open question of whether drone motors can ever be sold at a profit. Not investment advice.
- Unusual Machines reached our research list through the daily review of the most-discussed U.S. stocks on Reddit (as of July 28, 2026), not through a hit from our in-house stock scanner — as of July 28, 2026 the stock appeared in none of our scanner lists. Those lists are recalculated every day.
- Recency gate: the most recent periodic report is the quarterly report 10-Q as of March 31, 2026 (filed May 14, 2026). Every document filed after it was reviewed; the ones that change the picture are the current report 8-K of June 25, 2026 (battery facility lease) and the 8-K of July 28, 2026 (compensation decision of July 24, 2026). The share count of 47,793,923 comes from the quarterly report cover page (as of May 13, 2026); no later document states a different figure.
- The valuation anchor is deliberately a filing value rather than a daily price: $19.36 is the exercise price of the executive options approved on July 24, 2026, documented in the 8-K filed July 28, 2026. Every valuation figure in this analysis refers to it.
- Not to be confused: Unusual Machines supplies components but does not build complete drones. Red Cat (ticker RCAT) is a separate listed company and owned Fat Shark and Rotor Riot until February 2024; today the two are linked by a shared board member and a supply relationship.
About the Company
Unusual Machines, Inc. engages in the commercial drone industry. The company offers small drones and essential components. It distributes their products through B2B sale, e-commerce site, and retail channel. The company has a strategic collaboration with Lantronix Inc. for the development of autonomous drone components integrating edge AI compute with flight control systems. The company was formerly known as AerocarveUS Corporation and changed its name to Unusual Machines, Inc. in July 2022. Unusual Machines, Inc. was incorporated in 2019 and is headquartered in Orlando, Florida.
| Employees | 141 |
|---|---|
| Headquarters | Orlando, FL |
| Address | 5728 Major Blvd., 32811 Orlando, United States |
| Phone | 720 383 8983 |
| Website | unusualmachines.com |
| IPO Date | 14. Feb 2024 |
| ISIN | US91532F1021 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Allan Thomas Evans Ph.D. | CEO & Chairman | 1984 |
| Andrew Camden | President & COO | 1992 |
| Brian Hoff CPA | Chief Financial Officer | 1987 |
| Stacy Wright | Chief Revenue Officer | – |
| Tim Manton CPA | Corporate Controller | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.