Innovative Aerospace Summit: Dronamics Dual-Use UAV Targeting Defense First

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Innovative Aerospace Summit: Dronamics Dual-Use UAV Targeting Defense First

USA | Aerospace & Defense Electronics EquityJuneResearch11, 2026

Innovative Aerospace Summit: Dronamics Dual-

Use UAV Targeting Defense First

We hosted Stephen Cugliari, VP of Corporate Development at Dronamics at our

4th Annual Jefferies Innovative Aerospace Summit. Key takes include: 1) Black

Swan offers 770 lbs of payload and 1,550 miles of range; 2) Europe defense

is the near-term priority; 3) Commercial logistics remains sizable with $840BB

TAM / $26BB SOM by 2035; 4) Vertical integration supports control, feedback,

and value capture.

Dronamics Background. Dronamics designs and develops multipurpose UAV platforms for civilian

logistics and defense applications. The flagship Black Swan is a NATO Class III UAS with ~770 lbs

of payload capacity and up to 1,550 miles of range. The aircraft is payload agnostic, supporting

cargo, sensors, and mission payloads, and is positioned as ~20x more cost-efficient per aircraft /

~22x per operating hour versus traditional mid-altitude long-endurance UAS platforms.

Defense Opportunity Is The Near-Term Priority. The near-term focus has shifted meaningfully

toward European defense given rearmament, sovereign capability requirements, and demand

for made-in-Europe solutions. Dronamics views Europe as the most compelling near-term

opportunity, supported by the EU’s Readiness 2030 initiative, including ~€800BB of committed

defense spending and ~€150BB of debt instruments for defense projects. Minimum local

content requirements are expected to favor European-built platforms, while the company sees its

commercial cargo architecture as directly extendable into defense use cases including detection,

defense, delivery, surveillance, and drone-carrier missions.