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 

Kraken Robotics' stock already prices in a lot after its Covelya acquisition, even though the deal strengthens the business. Kraken bought six subsea firms at 10x EBITDA, adding exposure to areas with durable pricing power, but the market values the combined company near three times that multiple. To earn it, Kraken must integrate them, hold about 24% EBITDA margins, convert a record order book and diversify from a customer near 45% of sales. The first consolidated quarter comes in November. … Show more

Covelya could substantially lift Kraken Robotics' revenue, with projected combined gross margins of 60%. The attached slide shows $305M in estimated 2026 revenue versus $102M in 2025. That makes the stock very compelling under $3, around a $1B market cap, and a potential long-term winner, though stronger revenue growth must be demonstrated to jumpstart it; this call could be wrong. x.com 

Kraken Robotics looks expensive at 11x sales, or 2x next year's, when the industry usually gets 1x. At 1x next year's sales, give or take 12%, fair value is about $1.86-$2.37, leaving the $2.91 US-listed price 23% above the high end. The estimate leans on forecast sales 128% above trailing. This is a valuation-level read only, not fundamental work. 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 

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 

Ondas Holdings' valuation is hard to justify, and its long-term risk/reward looks less favorable than AeroVironment or Kratos. Per @rzayev7895's read of the earnings, growth comes from acquisitions rather than organically, share count rose 200-300%, market cap roughly quadrupled, cash comes from stock sales, and most backlog arrived with acquired companies. Ondas is more than drones, with critical private networks, but that does not change the valuation view. x.com  x.com  x.com 

Theon International is a European defense company with excellent management, executing a roll-up strategy with huge tailwinds from European defense spending. Focused on night vision, it just bought a counter-drone company. Fundamentals improved in the latest quarter, yet the stock is down big on broad defense-market bearishness and sits within 10% of its trailing lows. x.com 

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 

Red Cat Holdings looks near the end of a two-year consolidation, with upside to the 1.272 Fibonacci extension at $30. Its long-term chart forms a massive inverse head and shoulders and a large ascending triangle with higher lows, while holding a rising 100-week EMA and the 0.887 Fibonacci level at $8.17. It is tied to big defense themes such as drone automation and autonomous warfare, and small caps sit at all-time highs. It is extremely volatile, with 20% daily swings possible. x.com  x.com