Defence and defence-related markets and equities. Not investment advice. Do your own due diligence.
Joined January 2025
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I picked up some $SIF on Friday.
I've written a short piece why 👇
challengingdefencemarkets.su…
Great write up on sensing in the evolving battlefield, and the companies providing capabilities at the different layers of the stack.
Give it a read.
The listening war
Every radio on the battlefield is now a beacon, and the drones hunting them are getting smaller, cheaper and harder to hide from.
I've spent most of my career in the ISR domain, and have put my thoughts into this thorough (long) deep dive piece>
* How a 500g payload on a quadcopter can find a drone crew that a 10m mast never would
* Why fibre optic drones are pushing the fight out of the radio spectrum and into passive infrared
* The private players behind it (Aaronia, Sky Spy, NxGenComm, Orqa) and the listed companies working every layer of the stack, from orbit to the dugout
* Where I think the value sits
$HAWK $DRO.AX $LPTH $OWL.AX $ECT.AX $CDA.AX $ECTHF
Link in the first comment, disclosures in the piece.
Challenging Defence Markets retweeted
$LPTH Retail price of Ge up another ~1.8k since I last checked in October, for those who care:
nitter.gq/BussinBiotech/status/2…
$LPTH Retail price of Ge up another ~1.3k since I a last checked this year, for those who care:
nitter.gq/BussinBiotech/status/2…
$AVAV today announced a multiyear IDIQ contract with a ceiling of $940 million with a U. customer, including an approximately $315 million initial award for product deliveries and support.
avinc.com/2026/11/09/av-secu…
Challenging Defence Markets retweeted
$AVAV
The award is expected to support continued delivery of advanced capabilities through AV's AxS segment, turther advancing established product lines to meet complex customer requirements.
"This award reflects the trust our customers place in AV to move advanced capabilities beyond developmentỊisaid Trace Stevenson, president of AxS at AV. "We are not preparing to manufacture at scale. We are doing it. We are delivering mission-ready capabilities against some of our customers' most demanding requirementsiẠạ
XTEND AI Robotics Receives $8.3 Million Defense Order for Systems in Asia-Pacific.
Every system comes with a first-year XOS software update package, designed to keep them getting better after delivery.
Full release: [xtend.me/xtend-ai-robotics-i…]
#XTEND #XOS #PhysicalAI
Challenging Defence Markets retweeted
$UMAC shareholders and anyone following the drone industry—tune in tomorrow! These interviews with @RADHardTech and CEO @evansall are always worth listening to, with retail investors asking questions at the end. A great opportunity to hear directly from management. Don’t miss it!
Tune in Tomorrow for Post earnings coverage on $UMAC with @evansall
nitter.gq/i/spaces/1EmrAkdrBjdkk…
Challenging Defence Markets retweeted
Last week, we showcased our pathway to commercial operations.
In Florida, our electric air taxi flew the state’s Aerial Highway Network and became the first eVTOL aircraft to use the purpose-built vertiport at @MCO.
Across our entire Florida campaign, we flew 362 miles over 14 flights in 12 days, generating critical data for airspace integration and future air taxi operations.
Back in California, SN101, our FAA-conforming aircraft for TIA, has expanded its flight envelope to include full transition flight as we prepare for FAA pilots to fly it.
✅ Leading the way in electric vertical flight.
✅ Leading the way toward TIA and commercial air taxi service.
Seems apt given everything going on with #JensenHuang.
However, no-one drinks anymore more, so maybe it's just ladies and leverage.
#Nvidia $NVDA
Challenging Defence Markets retweeted
Defence investment and AI forecast to lift UK economy thetimes.com/business/econom…
The Nyan system, designed & built by $BA.L entity Callen-Lenz completed four separate launches from the aircraft carrier in the North Atlantic, as part of the RN’s Exercise Neptune Reach B.
All four drones successfully hit their designated strike points.
baesystems.com/en-uk/article…
Challenging Defence Markets retweeted
Rocket Factory Augsburg has confirmed that the inaugural launch of its RFA ONE rocket from SaxaVord has slipped to 2027.
europeanspaceflight.com/rfa-…
Canada considering a firm order for 8 Type 212CD submarines from German shipbuilder $TKMS.DE - $KOG.OL supplies the combat management system - with options for another 4.
Buying 12 subs would cost an estimated C$20 billion to C$24 billion + C$100 billion to operate them for 20 years.
defence-industry.eu/canada-w…
$CSG.AS has delivered a system to Air Navigation Services of the Czech Republic (ANS CR) that will provide the digital backbone for drone operations in Czech airspace.
The system will support the implementation of U-space.
csg.com/en/news/csg-delivers…
$KOG.OL & @NavantiaOficial seek collaboration to develop undersea solutions.
Agreement covers:
• integration of @kongsbergasa's HUGIN UUV into conventional submarines
• development & implementation of advanced sonar technologies
• joint innovation initiatives
kongsberg.com/news/news-arch…
$SAAB receives ~SEK 2 billion order from French company Naval Group to deliver and integrate weapon control systems and sensors for four FDI frigates to Sweden.
saab.com/newsroom/press-rele…
$RHM.DE has secured a contract with Belgium to supply 20 Skyranger 30 systems.
The contract value for the procurement package, which includes not only the systems but also the associated logistics is in the mid three-digit million-euro range.
rheinmetall.com/en/media/new…
#Rheinmetall
Challenging Defence Markets retweeted
Read this article over the weekend on drone based ISR.
A lot of my work over the last ~10 years has been in this specific sector.
Preparing a long form piece which I will publish early next week.
In short, the market has been predominately served by space based assets (eg @hawkeye360) - but we are starting to see a surge of UAS capability.
I'll map out private and public companies, and what this means for the future of the modern battlefield.
