1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
DUKR
Listed on
2026-05-15
Sector
Industrials
Subsector
Aerospace & Defense
Offer Price
$8.20
Shares Offered
1.13M
3.41M
$27.9M
33.0%
Implied Upside vs Midpoint
Description
We are a robotics company developing advanced robotic and drone-based systems. Our technologies include an advanced robotic stabilization system that enables remote, real-time, pinpoint-accurate firing of small arms and light weapons, as well as civilian drone-based solutions focused on infrastructure maintenance, which is a drone technology for conducting routine maintenance of critical infrastructure for electric utility insulator cleaning. Although our stabilization technology was initially designed for use on unmanned aerial systems (“UAS”), our robotic solutions are adaptable to other military platforms and civilian applications. On January 29, 2021, we, through Duke Airborne Systems Ltd. (“Duke Israel”), and Elbit Systems Land Ltd., an Israeli corporation (“Elbit”), entered into a collaboration agreement (the “Collaboration Agreement”) for the global marketing and sales, and the production and further development by Elbit of our developed advanced robotic system mounted on an unmanned aerial system, or UAS, armed with lightweight firearms, which we then marketed under the commercial name “TIKAD.” On April 2, 2025, we and Elbit executed a supplement letter (the “Supplement Letter”) to the Collaboration Agreement relating to the stabilized weapons drone system technology that Elbit has been marketing and deploying under the brand name “Bird of Prey”. Pursuant to the Supplement Letter, we and Elbit have agreed to expand our collaboration to allow us to market the system to military, defense, home-land security and para-military customers, in coordination with Elbit. We will be entitled to a commission fee, in the mid-single figure percentage range, from any proceeds resulting from our marketing activities, in addition to the royalties we will receive as part of the Collaboration Agreement. On August 15, 2022, Duke Israel introduced the Insulator Cleaning (“IC”) Drone, a drone technology for conducting routine maintenance of critical infrastructure, and has signed an agreement with Israel Electric Corporation Ltd. (the “IEC”) to provide drone-enabled systems for cleaning electric utility cable insulators. During October 2023, we completed our obligations under the agreement with the IEC. This was followed in August 2024, by a new agreement with the IEC to utilize our innovative IC Drone system for cleaning electric utility cable insulators. On May 12, 2025, we announced the successful commencement of our 2025 insulator cleaning activity in Israel with the IEC under our previously announced service agreement. On June 10, 2025, we announced the launch of our next-generation IC Drone System - the ICDS2 - representing a significant technological advancement in our innovative utility maintenance drone solution. The ICDS2 features several key technological advancements over its predecessor, featuring extended flight time, higher payload capacity, enhanced stability, advanced radar and improved cleaning durability. It has been successfully deployed at the start of the insulator cleaning season in May 2025, marking a full-season operational timeline compared to 2024’s mid-season commencement. We were founded in 2014 as Unlimited Aerial Systems, LLP (“UAS LLP”). Prior to 2020, we operated as a developer and manufacturer of commercial unmanned aerial systems, with a focus on providing quadrotor aerial platforms for law enforcement and first responder markets. Duke Robotics Inc. (“Duke Inc.”) was formed in April 2016 and has a wholly owned Israeli subsidiary, Duke Israel, incorporated under the laws of the State of Israel. Duke Israel’s principal offices are located at 10 HaRimon Street, Mevo Carmel Science and Industrial Park, Israel 2069203, and our telephone number is +972-054-5707050. Our website address is https://dukeroboticsys.com.
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | 72.0x | 7.0x | ||
Revenue growth | 249% | 24.0% | ||
Gross margin | 47.5% | 37.6% | ||
Operating margin | -320% | 6.5% | ||
Net margin | -329% | -1.5% | ||
Free cash flow margin | -269% | 0.3% | ||
Rule of 40 | 725% | 27.2% | ||
Net cash / market cap | 2.7% | -0.1% | ||
Debt / equity | 0.00 | 0.35 | ||
Current ratio | 1.20 | 2.00 | ||
Stock comp / revenue | 59.4% | 0.8% | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2015-08-25 | S-1 | — | $1.50 | 3,000,000 | $4.5M |
| 2015-09-16 | 424B4 | — | $1.50 | 3,000,000 | $4.5M |
| 2015-10-16 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2015-10-27 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2015-11-05 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2016-01-28 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2016-03-30 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2016-05-13 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2016-08-15 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2016-11-14 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2017-03-28 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2017-05-12 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2017-08-11 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2017-11-14 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2018-03-29 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2018-05-15 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2018-08-14 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2018-11-14 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2019-03-29 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2019-05-10 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2019-08-06 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2019-11-14 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2020-04-13 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2020-04-30 | S-1 | — | $15.00 | 9,623,621 | $144.4M |
| 2020-05-20 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2020-06-05 | S-1/A | — | $15.00 | 9,623,621 | $144.4M |
| 2020-06-25 | 424B3 | — | $15.00 | 18,264,448 | $274.0M |
| 2020-08-12 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2020-08-12 | 424B3 | — | — | 63,856 | — |
| 2020-11-12 | 424B3 | — | $1.50 | 3,000,000 | $4.5M |
| 2020-11-12 | 424B3 | — | — | 63,856 | — |
| 2021-05-24 | 424B3 | — | — | 63,856 | — |
| 2026-04-01 | S-1 | — | $7.86 | 375,190 | $2.9M |
| 2026-04-27 | S-1/A | — | $12.34 | 648,298 | $8.0M |
| 2026-05-12 | S-1/A | — | $11.55 | 761,905 | $8.8M |
| 2026-05-18 | 424B4 | — | — | 170,954 | — |
| 2026-05-18 | 424B4 | — | $8.20 | 1,125,000 | $9.2M |
DUKE Robotics Corp. income statement and balance sheet, FY Dec 2024 to FY Dec 2025, as reported in SEC filings.
| Metric | FY Dec 2024 | FY Dec 2025 |
|---|---|---|
| Revenue | $108K | $377K |
| Gross profit | $37.0K | $179K |
| Operating income | ($1.0M) | ($1.2M) |
| Net income | ($985K) | ($1.2M) |
| Revenue growth | — | 249% |
| Gross margin | 34.3% | 47.5% |
| Operating margin | −949% | −320% |
| Net margin | −912% | −329% |
| Metric | FY Dec 2024 | FY Dec 2025 |
|---|---|---|
| Total assets | $1.6M | $1.2M |
| Total liabilities | $776K | $1.1M |
| Total equity | $851K | $100K |
| Cash & equivalents | $1.3M | $750K |