The Observer

Nothing on this account is financial advice

[The Observer @TheObserverCap]

Decided to size up a bit on my #1 favourite stock last week.

After enjoying the gains in photonics and memory earlier this year with $SOI (entered at €48), $AAOI (entered at $47) and $MU (entered at $338), I've moved on to just $EOS.AX. ($GP6 is the European ticker of $EOS.AX, for diversification purposes)

EOS is becoming a full stack air defense prime. They offer sensors, AI command and control (MARSS NiDAR), kinetic effectors (RWS, interceptor drones, rocket and missile systems), and directed-energy lasers (Apollo 100 kW today, 300 kW C-RAM in development). The kill chain is combat proven in Ukraine and Iran, the order book is at an inflection point. The market still treats it like a niche Australian small cap rather than the global defense prime it's turning into.

AI / Photonics / Memory is starting to feel a little hot after a huge run, where the reward doesn't justify the risk for me personally. Defense stocks are still beaten down, even after their jump following the Trump investment news.

Especially C-UAS focused stocks, after the Iran conflict exposed how unprepared the West still is, are structurally underappreciated. The US has spent billions on million-dollar Patriot and SM-2 interceptors trying to shoot down $20-50K Shahed drones, a cost equation that simply cannot scale.

The Australian market has lagged the S&P 500 too, and if a deal with Iran is actually close it should benefit Australia a lot. I also believe that the next 6-12 months should bring the contract conversions that force a rerate in the stock: massive Apollo lasers, MARSS and RWS orders worth multiple billions of dollars. I expect Europe and the Middle East to be major customers in the near future.

[The Observer @TheObserverCap]

@fit_ideas 👀

[The Observer @TheObserverCap]

This meeting becomes much more interesting when you realize what Boswijk is responsible for.
His official title is literally Minister for Arms Procurement and Personnel, meaning he signs off on Dutch MoD materiel purchases including the Apollo HELW program.

With EOS already on the €71.4M Apollo prototype contract and Schwer publicly guiding to a follow on order and a €3b Dutch laser budget, it becomes hard to think of a clearer signal of where the next orders flow from.

[OptimusDelta @OptimusDelta]

Oh my ...

[The Observer @TheObserverCap]

@MaikemiC @PhotonBull Big if true

[The Observer @TheObserverCap]

@BlackScholesMan Only got impact footage from kuwait because they have no MARSS

[The Observer @TheObserverCap]

$EOS.AX
Time for MARSS to shoot down some drones

[The Observer @TheObserverCap]

@BlackScholesMan Waiting for that Locust contract

[The Observer @TheObserverCap]

@wolfgangkasper Inject it

[The Observer @TheObserverCap]

$KRKNF
Glad i picked up some 2KQ this morning

[The Observer @TheObserverCap]

Two big pieces of news that are very bullish for Kraken Robotics ( $KRKNF $PNG.V) dropped last month. Both about Anduril's Dive-XL.

Kraken supplies Anduril's Dive-XL and makes more than CAD $10M from every single one.

1) Today: AUKUS announced its first signature Pillar 2 project, focused on underwater drones. UK alone committed >£150M. Anduril publicly confirmed it's involved.

2) Military Times Dive-XL feature (May 11). Anduril Maritime's Head of Growth on the US Navy CAMP program: "in partnership with the US Navy, hopefully move into high rate production here by the end of calendar year." DIU and the US Navy picked Dive-XL for CAMP in March. High-rate production targeted end of CY 2026.

Demand stack:
→ A$1.7B Royal Australian Navy contract
→ US Navy CAMP, high-rate production targeted end of CY 2026
→ AUKUS Pillar 2 underwater drones project, Anduril publicly involved

Anduril is private at ~US$30B+. Kraken is the public way to own the supplier base.

[The Observer @TheObserverCap]

@YungAds_ Much higher soon

[The Observer @TheObserverCap]

Two big pieces of news that are very bullish for Kraken Robotics ( $KRKNF $PNG.V) dropped last month. Both about Anduril's Dive-XL.

Kraken supplies Anduril's Dive-XL and makes more than CAD $10M from every single one.

1) Today: AUKUS announced its first signature Pillar 2 project, focused on underwater drones. UK alone committed >£150M. Anduril publicly confirmed it's involved.

2) Military Times Dive-XL feature (May 11). Anduril Maritime's Head of Growth on the US Navy CAMP program: "in partnership with the US Navy, hopefully move into high rate production here by the end of calendar year." DIU and the US Navy picked Dive-XL for CAMP in March. High-rate production targeted end of CY 2026.

Demand stack:
→ A$1.7B Royal Australian Navy contract
→ US Navy CAMP, high-rate production targeted end of CY 2026
→ AUKUS Pillar 2 underwater drones project, Anduril publicly involved

Anduril is private at ~US$30B+. Kraken is the public way to own the supplier base.

[Anduril Industries @anduriltech]

AUKUS Pillar 2 is an important step toward accelerating the capabilities our nations need.

Dive-XL was built from day one so that the U.S., Australia, and the U.K. militaries can rapidly integrate and deploy advanced autonomous undersea capabilities and developing payloads. Right now, we are doing just that in all three AUKUS countries.

[The Observer @TheObserverCap]

$EOS.AX had another great day and went up 6.3% reaching a new ATH of A$11.83

Congratulations to all Beamheads🎉

[The Observer @TheObserverCap]

Decided to size up a bit on my #1 favourite stock last week.

After enjoying the gains in photonics and memory earlier this year with $SOI (entered at €48), $AAOI (entered at $47) and $MU (entered at $338), I've moved on to just $EOS.AX. ($GP6 is the European ticker of $EOS.AX, for diversification purposes)

EOS is becoming a full stack air defense prime. They offer sensors, AI command and control (MARSS NiDAR), kinetic effectors (RWS, interceptor drones, rocket and missile systems), and directed-energy lasers (Apollo 100 kW today, 300 kW C-RAM in development). The kill chain is combat proven in Ukraine and Iran, the order book is at an inflection point. The market still treats it like a niche Australian small cap rather than the global defense prime it's turning into.

AI / Photonics / Memory is starting to feel a little hot after a huge run, where the reward doesn't justify the risk for me personally. Defense stocks are still beaten down, even after their jump following the Trump investment news.

Especially C-UAS focused stocks, after the Iran conflict exposed how unprepared the West still is, are structurally underappreciated. The US has spent billions on million-dollar Patriot and SM-2 interceptors trying to shoot down $20-50K Shahed drones, a cost equation that simply cannot scale.

The Australian market has lagged the S&P 500 too, and if a deal with Iran is actually close it should benefit Australia a lot. I also believe that the next 6-12 months should bring the contract conversions that force a rerate in the stock: massive Apollo lasers, MARSS and RWS orders worth multiple billions of dollars. I expect Europe and the Middle East to be major customers in the near future.

[The Observer @TheObserverCap]

@CKCapitalxx BANG

[The Observer @TheObserverCap]

@ardninja Not the biggest fan of soft kill C-UAS

[The Observer @TheObserverCap]

Decided to size up a bit on my #1 favourite stock last week.

After enjoying the gains in photonics and memory earlier this year with $SOI (entered at €48), $AAOI (entered at $47) and $MU (entered at $338), I've moved on to just $EOS.AX. ($GP6 is the European ticker of $EOS.AX, for diversification purposes)

EOS is becoming a full stack air defense prime. They offer sensors, AI command and control (MARSS NiDAR), kinetic effectors (RWS, interceptor drones, rocket and missile systems), and directed-energy lasers (Apollo 100 kW today, 300 kW C-RAM in development). The kill chain is combat proven in Ukraine and Iran, the order book is at an inflection point. The market still treats it like a niche Australian small cap rather than the global defense prime it's turning into.

AI / Photonics / Memory is starting to feel a little hot after a huge run, where the reward doesn't justify the risk for me personally. Defense stocks are still beaten down, even after their jump following the Trump investment news.

Especially C-UAS focused stocks, after the Iran conflict exposed how unprepared the West still is, are structurally underappreciated. The US has spent billions on million-dollar Patriot and SM-2 interceptors trying to shoot down $20-50K Shahed drones, a cost equation that simply cannot scale.

The Australian market has lagged the S&P 500 too, and if a deal with Iran is actually close it should benefit Australia a lot. I also believe that the next 6-12 months should bring the contract conversions that force a rerate in the stock: massive Apollo lasers, MARSS and RWS orders worth multiple billions of dollars. I expect Europe and the Middle East to be major customers in the near future.

[The Observer @TheObserverCap]

@EhrmantrautCap_ BANG

[The Observer @TheObserverCap]

@YahuCapital @wolfgangkasper I‘m a Beamtard

[The Observer @TheObserverCap]

@gahhhbor Yes, its only EOS now

[The Observer @TheObserverCap]

@OptimusDelta Hoping that it ages even better tonight

[The Observer @TheObserverCap]

@laserwarsHQ @OptimusDelta

[OptimusDelta @OptimusDelta]

$EOS.AX and the Netherlands

The Dutch Ministry of Defence published their official project overview last week - Defensie Projectenoverzicht 2026. 162 pages of government procurement and EOS is in there, named explicitly.

Translated directly:

"The development of a prototype High Energy Laser has been expanded with the development and testing of a low-cost C-UAS self-defence system for integration on various Remote Controlled Weapon Systems.

The development of both systems was commissioned in 2025 and 2026 from the Australian EOS. The laser factory where the product is manufactured has opened in Singapore."

Three things confirmed in that paragraph;

1 - The Apollo contract has expanded in scope; now includes a low-cost C-UAS system for integration across multiple Dutch RWS platforms.

New work, not previously announced.

2 - The Singapore production facility is open and manufacturing.

3 - South Korea, with the help of Dutch industry, is acquiring an identical prototype; language that sits alongside EOS's conditional US$80M Goldrone contract in Korea.

Now here's where I'm joining dots rather than stating fact.

A separate article this week shows the Netherlands upgrading its Boxer armoured vehicles with RWS counter drone capability.

https://t.co/ggoewMuB2W

Neither document names EOS as the specific Boxer contractor.

However - EOS's own website shows their RWS was live-fire tested on Dutch Boxer APCs back in 2021 by the 13th Lichte Brigade.

https://t.co/RsRs3Q671n

The Dutch government document then confirms EOS was commissioned in 2025 and 2026 to build C-UAS integration for Dutch RWS platforms.

And the Boxer upgrade article describes exactly that; RWS counter-drone integration on Boxers.

Three separate sources, pointing in the same direction. Could be coincidence but worth watching.

What isn't dot joining is a government primary source document explicitly naming EOS, confirming expanded contract scope, an open production facility, and a Korean technology transfer pathway.

Shout out to @TheObserverCap for bringing this to my attention, well worth a follow!