Leatherback Jack

[Rocket Lab @RocketLab]

Electron has been selected by @nasa for three launches in 2027 to deploy its PolSIR and TSIS-2 Sun and Earth sciences missions.

We've been delivering reliability, precise orbital accuracy, and on-demand launch for NASA missions for almost a decade - and we're ready to deliver that once again for PolSIR and TSIS-2 from Launch Complex 1 early next year.

[Michael Sikand @michaelsikand]

Kraken Robotics ($KRKNF / $PNG.V) just dropped its Q1 earnings report.

This is the subsea drone stock supplying Anduril's maritime products division, that launched out of obscurity into a retail cult following from a junior stock exchange in Canada.

These numbers are just for Kraken Robotics. Not the other profitable underwater intelligence pioneer Covelya they're about to close their acq. of for 2.3x sales.

Revenue: C$21.7M, +35% YoY.

Standalone Kraken business is scaling fast with 50% growth in their product revenue. This is the meat and potatoes of the growth story - with each battery that powers an autonomous submarine drone costs many millions of dollars. 60% revenue growth guided for 2026.

Adjusted EBITDA was positive at C$3.0M, up 7%. The C$3.3M net loss is almost entirely C$2.8M of one-time restructuring and acquisition costs for the Covelya purchase. Strip those out and Kraken posted positive adjusted net income.

Gross margin came in at 56% vs 63%, with the dip from mix. The number swings quarter to quarter on the product and service blend. Services are higher margin and were lighter this quarter (underwater imaging for defense and energy clients), but I care more about product revenue for the bull case with orders over $97M so far this year, more than $KRKNF's entire 2026 revenue.

The order book after all the Strait of Hormuz mine countermeasures narrative is where conviction builds. Kraken product orders in 2026: ~C$97M, up from C$87M last month. Covelya orders in 2026: ~C$165M, up from C$135M last month.

What happened in Iran is generating record breaking demand for $KRKNF's near monopoly position in many of these products.

Guidance reiterated for standalone.

Revenue C$165M to C$175M. Adjusted EBITDA C$40M to C$50M. At the midpoint that is 65%+ revenue growth and 80% EBITDA growth, with implied EBITDA margin above 26%. What other drone adjacent stock is putting up EBITDA margins like this?

Another interesting note?

Asia Pacific revenue more than doubled to C$12.2M, +126% YoY and is now over half of total revenue. That is where the subsea demand signal is loudest.

China sits on an estimated 50,000 to 100,000 naval mines, and a Taiwan contingency is the scenario driving mine countermeasures and seabed-warfare spend across the US, Japan, South Korea and Australia.

The setup is clean.

Covelya closes end of Q2. Next earnings we'll have both on the books and the monster will be clear. Combined guidance follows.

The catalysts: TSX uplisting, Covelya closing, Q2 earnings call in the summer, a U.S. facility, an Anduril US navy deal?

LONG $KRKNF $PNG

[Warhorse Studios @WarhorseStudios]

You might have heard the rumours, it's time to reveal what we are working on.

🗺️ An open world Middle-earth RPG.
⚔️ A new Kingdom Come adventure.

We’re excited to tell you more when the time is right.

#WarhorseStudios #Annoucement #lotr #KingdomComeDeliverance

[Leatherback Jack @jacarrrr]

@GigaCryptMaster @TheShortBear

[Peter Beck @Peter_J_Beck]

for your enjoyment

[NASA @NASA]

1972 ➡️2026
Apollo 17 ➡️ Artemis II

[Rocket Lab @RocketLab]

Our largest launch contract yet: 20x new HASTE launches for @DeptofWar to accelerate hypersonics for America.

We're delivering reliable, modern hypersonic capabilities to the nation with speed and affordability - and the first mission in this block of launches is just months away🚀

[Leatherback Jack @jacarrrr]

@Kor3yEmm @kyledxniel @yourbuddyash Good luck have fun don’t die!

[DUNE @dunemovie]

Are you ready? #DuneMovie

Be the first to see the teaser, live on TikTok. Tomorrow at 9:00am PT / 12:00pm ET

[Leatherback Jack @jacarrrr]

@movie_tvshows_ NPCs in the replies

[Grey @guo_lin99725]

$RKLB Rocket Lab’s 7 Acquisitions: Building the "Amazon of Space" ♟️🚀

I’ve spent the last few days dissecting the history of Rocket Lab ($RKLB), and the realization is staggering. Peter Beck isn’t just building rockets; he is following the Jeff Bezos Playbook: use strategic acquisitions to own the entire infrastructure of an industry.

Just as Amazon acquired Kiva Systems for robotics and Whole Foods for physical reach, Rocket Lab has executed 7 strategic moves to control the Bill of Materials (BOM) for the entire space economy.

🧐 The 7 Pieces of the Empire: A Portfolio of Dominance

The "Eyes & Balance" (2020) - Sinclair Interplanetary:
Acquired the world leader in reaction wheels and star trackers. Every satellite needs these to point and navigate.

The "Brain" (2021) - Advanced Solutions, Inc. (ASI):
Acquired the masters of off-the-shelf space software and GNC (Guidance, Navigation, and Control). They provided the "Operating System" for the Photon platform.

The "Ejection Seat" (2021) - Planetary Systems Corp (PSC):
Acquired the gold standard in satellite separation systems. They have a 100% success record across 100+ missions.

The "Heart/Power" (2022) - SolAero Technologies:
The biggest move yet. Acquired one of the world's leading producers of high-efficiency space solar cells. Absolute energy independence for every RKLB mission.

The "Infrastructure" (2023) - Virgin Orbit Factory:
Not a company acquisition, but a genius asset buyout. Beck secured 144,000 sq ft of world-class manufacturing space and machinery for pennies on the dollar to accelerate the Neutron rocket.

The "Senses" (2025) - Geost:
A massive $275M deal for elite EO/IR (Electro-Optical/Infrared) sensor capabilities. RKLB can now build the "cameras" for missile tracking and reconnaissance.

The "Nervous System" (2025 - Pending Approval) - Mynaric:
The final piece of the puzzle. Laser communication terminals for inter-satellite links. Note: Currently clearing German regulatory hurdles (BMWK). Once complete, RKLB owns the space-based internet mesh.

The Strategic Result: The End-to-End PowerhouseRocket Lab now controls ~90% of its own supply chain. While competitors wait 18 months for parts, Peter Beck simply walks downstairs to his own factories.

With BlueBird 6 successfully in orbit for ASTS today (featuring that game-changing ASIC chip), we are seeing the dawn of new technology. But for Rocket Lab, the "Amazon Era" of space—where one company owns the truck, the cargo, and the delivery route—is already here.

If you resonate with the long-term value of this "one-stop" vertical integration strategy, please Like and Retweet😊😊.Thanks for your support! 🙏

#RKLB #RocketLab #PeterBeck #AmazonOfSpace #VerticalIntegration #SpaceEconomy #Investing #Neutron #Photon #Geost #Mynaric

[Peter Beck @Peter_J_Beck]

@daveginvesting Congratulations Dave, 100% mission success!

[Surajit @surajit_ghosh2]

Hawaii’s Kilauea volcano just unleashed a massive wing shaped eruption with lava fountains soaring 1,500+ feet high

[dennis hegstad @dennishegstad]

“Good morning. Your payment has been declined”

[Jim Liu @jiahanjimliu]

$KRKNF: Odes to the iPhone Suppliers Trades

In the early generations of the iPhone, some investors carefully tracked the suppliers and made a fortune. One of them $SWKS supplied key RF chips and derived 56% of it's revenue from Apple (1), and the stock did a 12x from 2007 to 2015.

Enter: Anduril
In the present day, Anduril is going to revolutionize military equipment for the West. It's no secret that Lockheed, Raytheon, and the whole legacy military complex run ridiculous bloated operations and have delays to incremental improvement programs. Anyone with friends who work there understand that this field is ripe for disruption. Anduril will be the king of drones for the West. The big name startups for software engineers nowadays are the AI Labs, SpaceX, Databricks and Anduril.

Anduril started out with aerial drones and land towers, and got to $1B ARR in 2024 with 138% (!) YoY revenue growth (2). It acquired Dive Technologies to start it's autonomous underwater vehicle in 2022 (3) but it's first truly large-scale underwater program will be the Ghost Sharks with a $1.13B contract with the Australian Navy for 2026 production (4).

Autonomous Underwater Vehicle (AUV)
Unlike the aerial drone industry, the AUV industry is much more consolidated as it's much more expensive to produce an AUV. Two core components for AUVs are sonar and pressure tolerant batteries. Radar doesn't work underwater, so sonar is both the eyes and ears of an AUV. Pressure tolerant batteries are the energy source because diesel engines are loud which makes it easily detected by sonar and it's exhaust is very trackable. Meanwhile, nuclear propulsion is too expensive for an AUV.

Enter: Kraken Robotics
Kraken Robotics was founded in 2012 by imaging expert Karl Kenny (5). Karl stepped down in 2022 for Greg Ried a finance guy (6); however listening to more than ten interviews of Kraken engineers, I see the engineer culture that got it the best sonar and pressure tolerant batteries (7).

Today's sonar technology is Synthetic Aperture Sonar (SAS). Kraken has the best SAS with 3cm resolution and with post-processing, it's able to get 2cm resolution (8). Meanwhile Kongsberg has 4cm resolution (9), Exail has 6cm resolution (10), and Northrop Gruman has 5cm resolution (11).

For drones, pricing is also important. There is no public pricing but from an interview (12) with David Shea, their VP of Engineering, Kraken engineered their's with cost in mind as they were a startup at the beginning.

Meanwhile, their cracked batteries are rated for 6000m depth and have 200% energy density than standard subsea batteries (13).

Supply Chain Connection
Kraken has stated it "provides SAS and subsea batteries to Anduril Maritime" (14). Furthermore, Anduril's Dive-LD the precursor to Ghost Shark uses Kraken's SAS and batteries (15). Furthermore, Kraken is building it's new battery production facility in Nova Scotia, Canada for $200m annual revenue (16) which is double it's current revenue across all products. Meanwhile Anduril is building it's Ghost Shark factory in Rhode Island for 200 Ghost Sharks/Year (17). Both in with similar ramp schedules in 2026. If that's not enough, their CEO talked about the "one big customer for XLUV batteries" in the last earnings call (20).

The Moat
Kraken Robotics is clearly the best in class and cost for sonar and subsea batteries. Anyone with engineer friends in legacy defense companies will be doubtful that legacy defense will catch up, especially not in cost. Anduril and Kraken are like Tesla competing with GM/Ford/VW.

The Growth
With aerial drones revolutionizing combat in Ukraine, the west will need to rely on drones for naval supremacy. China dominates ship building and conventional naval warfare alone, China can switch it's commercial ship yards to naval to outproduce the west. The exact specs of the Ghost Shark are somewhat secretive but the leading competitor is Boeing's Orca (18). Yes, the Boeing that produced the infamous 737 Max. With military spend in the west increasing at the fastest rate since the cold war (19), and drones a key focus, Anduril and thereby Kraken are set to ride industry tailwinds.

Revenue 2026 and Beyond
Kraken has guided for 120-135m 2025 Revenue (20) with much of it H2 loaded.

While I have seen the forward calculations by @michaelsikand, @Karelw04, @allinkraken that project a ~700m 2026 run rate revenue, I want to provide more conservative but still bullish, working backward calculations for 2026. Their projections are based on the fact that each Ghost Shark is XL size and Kraken has revealed that XL AUV has ~10m of batteries and ~700k of sonar (21). I will provide conservative projections based on capacity.

Given that the Nova Scotia Facility will have 200m revenue at capacity, I suspect capacity will be easily filled as the Australia contract alone has multiple dozen of AUVs (22) and each with 10m of batteries . Using the battery to sonar cost ratio, 200m of batteries for Ghost Shark will have 14m of SAS (21). Additionally, this growth is outside of their 30% CAGR so I will apply 30% CAGR to their 135m 2025 Revenue to get 175m. 175m + 200m + 14m = 389m.

The bigger picture is whether Kraken 2026 run rate revenue is 390m or 700m, they are going to see explosive top line growth on the order of 3-5x next year and future growth riding on the tailwinds of Anduril, Western military spend, and drones.

Risks
1. The stock has already 2.7x YTD from $1.82 to $4.95.
2. Manufacturing and services ramp up risk. @MVanbrunsc47513 might able to speak more about this.

[Rocket Lab @RocketLab]

⚡ Meet Lightning ⚡Our powerhouse spacecraft platform built for high-power, long-life missions in low Earth orbit & beyond.

Right now, our Long Beach team is building Lightning satellites at scale to power two major constellations:
🔹 17 satellites for @Globalstar's next-gen constellation that will extend the life of their messaging and IoT services fleet.
🔹 18 satellites for the @SemperCitiusSDA Tranche 2 Transport Layer-Beta constellation to enable secure, low-latency comms for the warfighter.

When the mission calls for serious endurance, Lightning strikes. 🔗 https://t.co/EZdcIK6ZWC

[Rocket Lab @RocketLab]

It’s official — we’ve acquired Geost!

Adding space-based missile defense, space protection & space domain awareness sensors to our extensive portfolio of launch, spacecraft, and now payloads - securing the critical technology needed for next-generation defense initiatives and U.S. national security missions.

Learn more: https://t.co/cJiLqLe097