Kraken Robotics is the subsystem prime for underwater drones, putting $3-5 million of content per hull in reach as Anduril and navies scale uncrewed fleets. Its offering spans batteries, sonar and navigation via Covelya/Sonardyne. Funds that bought near CAD $2 two years ago have spent four months clearing their positions, and that selling is mostly past. x.com  x.com  x.com 

Kraken Robotics offers one of the best risk-reward setups in defense, giving exposure to Anduril's autonomy trend at a fraction of the valuation. It supplies SeaPower subsea batteries for Anduril's underwater drone programs, has 2026 product orders of $327-355M and guides to $290-320M revenue and $65-75M adjusted EBITDA, yet sits near a sub-$1B market cap after a 60%+ drop. It plans a full TSX listing in late 2026 or early 2027, and $10 is the target. x.com 

Kraken Robotics is stuck in a trap as its key catalyst, the Anduril subsea ramp, is delayed by at least a year. That ramp likely needs a US battery facility and a Navy order to confirm, and the defense budget showed no large FY27 subsea-drone order. The market has also turned on drone and defense stocks after they ran ahead of a multi-year buildout, and without an uplisting from its junior exchange institutional ownership and volume stay thin. Second-half earnings may bring some support. x.com 

Recent US Navy unmanned-vehicle contracts are a big deal for Kraken Robotics that the market is ignoring. HII, a confirmed Kraken sonar customer, won a medium unmanned vessel award of 10 vessels at $40M each, and three of four finalists for the CAMP large underwater vehicle, including Anduril, have strong ties to Kraken. With revenue above $300M after the Covelya deal, smaller contracts move the needle less, and at 15x NTM EBITDA the stock may bottom near $4. x.com  x.com  x.com  x.com 

Kraken Robotics is evolving from a small sonar supplier into a global subsea defense platform and should do well heading into Anduril's eventual IPO. Catalysts over the next 6-12 months include closing the $615M Covelya acquisition with updated guidance, Anduril's July Navy CAMP Dive-XL demonstration, possible NATO subsea spending pledges, new battery capacity and contracts in H2 2026, and EU cable-security funding in Q4. Integration, dilution, debt and back-half revenue are the risks. x.com 

Kraken Robotics is not yet a buy despite falling almost 60% from its high. It should first report combined results with Covelya that preserve a credible growth and margin path, and the stock should form a base; the defence factor remains deeply out of favor. @DeepSailCapital argues it is near a bottom, expecting CAD 0.20 of 2028 EPS, mid-20s to 30s revenue growth and product ramps with Anduril. x.com  x.com 

Kraken Robotics' organic results are strong, and adding Covelya should make the picture even better. Per Kraken Robotics, Q1 2026 revenue grew 35% year over year and 2026 guidance was reiterated. x.com 

Kraken Robotics' possible Nasdaq uplisting would force institutional discovery, since its OTCQB listing is invisible to most institutional funds. Q4 earnings on April 16 may bring clarity, with H1 2026 the window, though nothing is officially confirmed. Q3 2025 product revenue rose 46% and services 85%, it booked $24M of new defense orders in March, and as a core Anduril supplier of sonar and subsea batteries it is tied to US underwater drones being deployed to clear IRGC mines. x.com 

Kraken Robotics and Ondas Holdings face weak demand prospects: it is hard to see how many battery-powered submarines Taiwan or Europe will actually order. x.com 

These five defense autonomy companies can each 10x on fast-growing drone, unmanned and counter-drone businesses. Kraken Robotics makes subsea drones, batteries and sonar for autonomous underwater warfare. Ondas grew TTM revenue 979% to $174M and guides 2026 to $525M-$550M. Kratos has a $2B backlog in unmanned systems, hypersonics and missile defense. AeroVironment grew TTM revenue 84% to $2.0B on military drones, and Red Cat grew 867% with a 2026 target of $150M-$180M. x.com