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' customer base is broadening, and on its earnings call it said it just landed one of the largest US defense companies as a customer, unnamed. It announced $28 million of SeaPower battery and SAS orders, including battery contracts from three large international defense companies and a SAS order from a new commercial UUV maker. CEO Greg Reid said its products are integrated, or being integrated, into more than 30 UUV platform types worldwide. x.com  x.com  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 

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 

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 

Coda Octopus offers real exposure to Iran mining the Strait of Hormuz because its Echoscope sonar maps mines in pitch-black water, unlike names bought merely for being in the news. It beat expectations, with EPS of $0.08 versus $0.06 and revenue of $6.71 million versus $6.23 million, and every business unit grew. It is a profitable micro-cap with 66.5% gross margins and zero debt. 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 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