U.S. Air Force, U.S. Army Corps of Engineers and U.S. government research engagements anchor growth in defense and national security
ExynAI deployment at Eldorado Gold’s Tüprag mine cut survey capture times from approximately 40 minutes to 5 minutes per scan
Gross margin expanded to 46.9% in the second quarter of 2026, driven by a higher contribution from software and subscription revenue
Actions taken to reduce annualized operating expenses
PHILADELPHIA, PA, Sept. 28, 2026 (GLOBE NEWSWIRE) -- Exyn Technologies (“Exyn” or the “Company”) (NASDAQ: EXYN, EXYNW), a leader in physical AI for autonomous mapping and perception-driven navigation in complex, GPS-denied environments, today issued the following letter to shareholders from Interim Chief Executive Officer and Chief Operating Officer Ben Williams.
Dear Fellow Shareholders,
Since stepping into the role of Interim Chief Executive Officer in August, I have spent much of my time with our customers, partners, engineers, and board. I have been with Exyn since 2019, and I want to share with you where the Company stands, what we have accomplished since our initial public offering in May, and what you can expect from us in the months ahead.
I am pleased to be working alongside Dr. Gregory McNeal, who became Chairman of our Board in August, and he also chairs our Nominating and Governance Committee and serves on our Audit and Compensation Committees. Dr. McNeal is a U.S. Army veteran who served as a Signal Corps officer responsible for secure military communications networks. He co-founded AirMap, an aerospace and defense software company that Fast Company recognized as one of the World’s Most Innovative Companies and that was later acquired, and he has advised the White House, the Department of Defense, the Department of State, and multiple Federal Aviation Administration rulemaking committees on unmanned aircraft systems. He also served as Executive Chairman of SailPlan, a maritime artificial intelligence company, through its growth and acquisition. His experience across defense, autonomous systems policy, and building technology companies aligns closely with where Exyn is headed, and his guidance will be valuable as we execute our strategy.
ExynAI and the Physical AI Opportunity
Artificial intelligence is moving beyond the digital world and into machines that can perceive their surroundings, make decisions, and act on their own. This shift is often called Physical AI, and I see a significant opportunity in what I think of as continuous, ubiquitous digitalization, where fleets of autonomous systems keep an up-to-date digital model of the physical world, whether that is a mine, a factory, a tunnel network or bunker, an aircraft, or a military installation.
ExynAI® was built for the places where that is hardest to do. Our autonomy has been fielded since 2016 and has completed thousands of autonomous missions in underground mines, tunnels, industrial facilities, and other GPS-denied environments worldwide. It has achieved Level 4B autonomy and is designed to navigate, map, and operate in GPS-denied, communications-denied, and unknown environments without prior maps or continuous human control. Using onboard artificial intelligence, it enables aerial and ground robots to perceive their surroundings, localize in real time, build maps as they move, and reason about changing conditions with minimal or no operator input. We see significant opportunity in commercial and government, and the same capabilities that transformed how our early customers operated in the mining industry are now being utilized to great effect across government, industrial, and geospatial industries.
Momentum in Government and Defense
Our government and defense strategy has gained significant momentum across U.S. and allied government programs in recent months. We secured an agreement supporting autonomous aircraft inspection and digital twin initiatives at the U.S. Air Force’s Warner Robins Air Logistics Complex, our entry into defense sustainment, where operating and support costs account for roughly 70% of a weapon system’s lifecycle cost according to the U.S. Government Accountability Office. A leading U.S. government research and engineering organization selected our Nexys platform after a head-to-head technical evaluation against other commercial LiDAR systems, and we initiated the Green UAS certification process to support broader adoption of Nexys across defense and federal programs. We also secured new work with the U.S. Army Corps of Engineers.
This progress is reflected in growing engagement with new and existing defense, government, OEM and commercial customers. Several of these opportunities are at an advanced stage, and our team is focused on converting them into signed contracts and longer-term customer relationships.
Commercial Results and a Growing Platform
Our commercial customers continue to show what ExynAI can deliver. At Tüprag, Eldorado Gold’s mining operation in Turkey, Exyn Nexys reduced survey capture times from approximately 40 minutes per scan to approximately 5 minutes and delivered approximately 300% greater survey coverage. According to Tüprag, the investment paid for itself when Nexys scanned previously inaccessible sections of the mine and identified additional recoverable ore.
We are also bringing ExynAI to more platforms. We recently extended it to CHCNAV’s X500 drone and are integrating it with UP Caeli Via’s ARGOS drone, and through our APIs and software development kit, manufacturers can add our autonomy to their own aerial and ground systems without building it themselves. Each integration extends our reach without requiring Exyn to build the hardware and supports our shift toward recurring, higher-margin software revenue. A growing contribution from software and subscription revenue helped lift our gross margin to 46.9% in the second quarter of 2026 from 40.6% a year earlier.
Disciplined Execution and Rigorous Governance
Over the past several weeks, I have reviewed every line item of our expense base to make sure our resources go to the customers, programs and engineering work most likely to generate revenue. As a result, we have taken actions, including a strategic and targeted reduction in our workforce, that we expect to meaningfully lower annualized operating expenses. These were difficult decisions that affect talented colleagues, and I am grateful for everything they contributed to Exyn.
We are also moving forward with the plan described in our most recent quarterly report to strengthen our internal controls and financial oversight, including a full review of our compliance and governance policies. To support this work, we are engaging an experienced outside financial advisory firm to work alongside our finance team. Strong financial controls matter to our shareholders and to our customers, particularly in defense, and I take personal responsibility for getting this right.
What to Expect
In the months ahead, we expect to conduct the initial demonstration at Warner Robins in October, with operational activities planned to begin in January 2027. We will also report on our progress in converting our pipeline into contracts, expanding OEM and platform integrations, advancing Green UAS certification, and strengthening our controls. I believe Exyn has the technology, the field experience, and the team to build a larger and more valuable business, and I look forward to reporting to you on each of these milestones.
Thank you for your continued support.
Sincerely,
Ben Williams
Interim Chief Executive Officer & Chief Operating Officer
Exyn Technologies, Inc.
About Exyn Technologies
Exyn Technologies (NASDAQ: EXYN, EXYNW) is a leader in physical AI for autonomous mapping and perception-driven navigation in complex, GPS-denied environments. The Company’s technology enables teams to capture accurate 3D data in environments that are dark, disconnected, hazardous, or difficult to access. Exyn’s solutions support customers across mining, construction, infrastructure, geospatial, industrial, government, and defense applications. For more information, visit www.exyn.com.
© 2026. Exyn Technologies, Inc. All rights reserved. Exyn Technologies and ExynAI are registered trademarks of Exyn Technologies, Inc. All other trademarks are the property of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements regarding the Company’s sales pipeline and its ability to convert pipeline opportunities into contracts, deployments and revenue; the timing, terms and completion of potential contract awards; the anticipated annualized cost savings from the Company’s cost reduction actions and the effect of those actions on its operations; the engagement of an outside financial advisory firm and the Company’s efforts to remediate material weaknesses in its internal control over financial reporting; the timing and outcome of the Company’s work at the Warner Robins Air Logistics Complex and of the Green UAS certification process; the Company’s defense strategy and expansion into defense and national security markets; the Company’s ability to expand ExynAI across additional third-party aerial and ground robotic platforms; the potential market for Physical AI and autonomous systems; customer and partner adoption of ExynAI; and the Company’s strategy to expand software, SDK, API and OEM integration opportunities and grow recurring software licensing revenue.
These forward-looking statements are based on current expectations, estimates, projections, assumptions and beliefs of the Company’s management. Forward-looking statements are inherently subject to known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. These risks and uncertainties include, among others, the Company’s ability to continue as a going concern and to raise substantial additional funds in the future; the Company’s ability to convert its sales pipeline into contracts and revenue; defense priorities, budgets, procurement processes and contract timing; the Company’s ability to realize anticipated cost savings without disrupting its operations; the outcome of matters disclosed in the Company’s Quarterly Report on Form 10-Q, as amended, including matters arising from the Audit Committee’s internal investigation and the Company’s remediation of identified material weaknesses in internal control over financial reporting; Exyn’s ability to successfully integrate, commercialize and deploy ExynAI, Nexys and other autonomy solutions across third-party platforms; customer and partner adoption of autonomous robotics and 3D mapping solutions; the Company’s ability to develop and expand software, SDK, API and OEM relationships; industrial, government and defense customer purchasing decisions; competition, technological change, supply chain, manufacturing, regulatory, export-control and government-contracting risks; and the other risks and uncertainties described in the Company’s filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Investor Contact
Crescendo Communications, LLC
exyn@crescendo-ir.com
(212) 671-1020
