Mergers & Acquisitions · Oct 23, 2026

Unusual Machines completes acquisition of Upgrade Energy for up to $52M in stock and cash

UMACUnusual Machines, Inc.

On October 19, 2026, Unusual Machines completed its merger with DroneNX LLC d/b/a Upgrade Energy. The company issued 1,792,012 shares valued at approximately $25 million and paid $1 million in cash to Matthew Barnard, who became CEO of the subsidiary. An earn-out of up to $26 million is contingent on revenue exceeding $10 million. Unusual Machines manufactures NDAA-compliant drone components.