Swedish unmanned aerial vehicle (UAV) manufacturer CybAero announced on 19 June that it had filed for bankruptcy.
Further details of the bankruptcy are expected to be revealed at the company’s annual general meeting on 30 June.
CybAero manufactured the APID family of rotary-wing UAVs. Since its formation in 2003, CybAero established a number of collaborations with organisations including former Airbus business unit Cassidian, Saab, and the US Navy’s Naval Research Laboratory, with interest being received from countries including China, Pakistan, Spain, and the United Arab Emirates.
Filings with the Nasdaq’s First North Sweden stock exchange show that the company had experienced significant declines in revenues and a worsening cash flow situation.
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