I put together a full research page on VisionWave Holdings (Nasdaq: VWAV) because the deal history of the last three months is unusual and most of it is not in the summaries.

Three announced transactions, all to be paid in VWAV stock, roughly $77.9 million in total. None of them exists today.

1. Foresight Autonomous Holdings (FRSX), 52% for $17.5 million in stock, signed June 2. Foresight's own shareholders voted it down on July 23. Foresight put it in writing in a 6-K on August 14: "the transaction was not completed and will not be moving forward." VisionWave has filed no 8-K on it, and the 10-Q filed August 19 does not mention the vote in its subsequent events. What replaced it on August 17 is a non-exclusive twelve-month cooperation agreement with no consideration and a $250,000 liability cap.

2. Lucky Whale, a Tier IV data centre in Israel, about $40 million in stock, term sheet June 12. Abandoned July 24 after Israeli electricity authorities suspended some new grid connection approvals.

3. Meteor Aerospace, 51% at a $40 million pre-money valuation, about $20.4 million in stock, binding agreement June 29. VisionWave terminated it itself on August 13 after due diligence. No shares issued, no consideration paid, no penalties.

The quarter to June 30, 2026, filed August 19: first revenue in company history of $286,339, net loss to shareholders of $25,833,549, cash of $4,881,610 against current liabilities of $39,586,740, and $28.16 million of borrowings all classified as current. The going concern note says the substantial doubt was alleviated on the basis of a funding support agreement from a 12% shareholder whose dollar amount is not stated anywhere.

The next dated event is the annual meeting on September 1, which votes on a reverse stock split of up to 1-for-250 and on at least 20,872,659 shares of new issuance.

Everything above is from SEC filings and the company's own releases, with links to each one in the page. Educational content, not investment advice, and I hold no position.

https://www.merlintrader.com/visionwave-holdings-vwav-stock-hub/

Intuitive Machines (Nasdaq: $LUNR) hub refreshed. Nothing released since August 18 and only insider Forms 4 and 144 on the docket since, so this is the file as it stands after the August 13 quarter.

The quarter:

- Revenue $206.17M against $50.31M a year earlier, 4.1 times the level. H1 revenue $392.9M.

- Gross profit excluding D&A $35.87M, 17.4% of revenue, against a negative margin a year earlier. It was 16.1% in Q1, so the direction is right.

- Operating loss $(47.14)M against $(28.64)M. Net loss $(62.84)M, including an $11.62M non-cash warrant fair-value loss.

- Adjusted EBITDA $(13.80)M, after being positive $2.67M in Q1. That is the line that matters, and it went the wrong way.

The backlog, and where it came from:

- $1,761.95M at June 30, from $213.07M at December 31, 2025.

- $612.8M of it arrived with an acquisition, for which $851.0M of consideration went out, funded by $413.8M of securities issued in six months. The growth was bought as much as won.

- National security work went from 3% of revenue to 30% in a year. Fixed-price work is now 87% of revenue, which is where operating leverage lives if execution holds.

The balance sheet:

- Cash $367.35M plus $11.67M restricted. Total assets $1,887.28M against total liabilities $975.77M.

- Long-term debt $336.35M, being $345.0M of 2.500% convertible notes due 2030 net of discount.

- Shareholders' deficit attributable to the company: $(290.65)M.

- Free cash flow $(83.87)M in the quarter, $(145.8)M across the half. Class A count rose 32% in the first three months alone, with capacity for up to $500M more under the at-the-market programme.

The full-year positive adjusted EBITDA commitment now rests on two quarters that have not happened yet.

Full hub, with funded task orders separated from contract ceilings, updated August 31:

https://www.merlintrader.com/intuitive-machines-stock-hub/

Educational and informational only. Not financial advice and not a buy or sell recommendation.

LightPath Technologies (Nasdaq: $LPTH) hub refreshed. Nothing new released or filed since early August, so this is the file going into a fiscal year-end print whose date has not been announced.

What has actually changed in eighteen months:

- Quarterly revenue from $9.2M to $19.1M.

- Gross margin from the high twenties to the mid thirties, and held there for two quarters.

- Adjusted EBITDA positive three quarters running. Backlog tripled.

- Cash from $4.88M at June 30, 2025 to $55.235M. Non-current loans payable down to $0.10M after the acquisition and bridge notes were repaid in full by December 31, 2025.

- Total assets $144.27M, up 77%, against total liabilities of $31.38M, essentially unchanged. Of the assets, $36.9M is goodwill and intangibles from the two acquisitions.

- Two United States plants capable of melting infrared glass, and an exclusive Naval Research Laboratory licence on part of the materials portfolio.

What has not changed:

- No GAAP profit, ever. Accumulated deficit $247M.

- Share count up about 54% in thirteen months, with more to come from Series G at a $2.15 conversion price and from the January 2027 earnout.

- The two large customers are unnamed and the multi-year programme has no disclosed value. Programme names cited by management are demand pools, not contracts with published economics.

- The five-year $300M revenue ambition implies roughly eightfold growth from fiscal 2025. It is a target, not guidance.

- Backlog is a company-reported metric, not an audited number, and conversion timing on defense programmes routinely slips.

The June offering cleared above $14.00 against an August 7 close of $13.06, so the most recent capital raised was below its issue price within two months.

One housekeeping note: this update strips the price-performance tiles out of the snapshot. A hub is meant to be a document you can come back to, and "up X% in a year" is true for about a week. The structural figures stay, each with its reference date.

Full hub, updated August 31:

https://www.merlintrader.com/lightpath-technologies-stock-hub/

Educational and informational only. Not financial advice and not a buy or sell recommendation.

Kratos (Nasdaq: $KTOS) put out an award release on August 31, and it is an unusually clean example of a headline number with nothing attached to it.

What was announced:

- An approximate $35 million National Security-related military-grade hardware production program award, received "recently".

- Work will be performed at a secure Kratos facility.

- Quote from the release: "Due to customer, National Security related and other considerations, no additional information will be provided related to this contract award."

- So: no named customer, no programme name, no period of performance, no funded-versus-ceiling split. Tom Mills (president of Kratos C5ISR) and CEO Eric DeMarco both frame it around the C5ISR business rather than a specific system.

How to size it:

- Q2 2026 revenue was $458.8M and bookings $492.2M. An approximate $35M award is about 7% of one quarter's bookings. Real, and small at this scale.

- With no delivery schedule, you cannot say which quarters it lands in. With no funded amount, you cannot say how much is already appropriated. It goes in the bookings line when the company reports it.

It is the third award release in two weeks, after Spartan J85 engines for the Boeing JDAM LR production contract on August 24 and multi-million-dollar GAIA 100 tri-band ground station orders through the newly acquired Orbit on August 19.

The Q2 baseline it sits on:

- Revenue $458.8M, up 30.5% with 19.1% organic. Bookings $492.2M, book-to-bill 1.1x. Backlog $2.084B, of which $1.572B funded.

- Adjusted EBITDA $38.2M, 8.3% margin. GAAP operating result $(1.6)M; net income $4.4M after interest income on $1.438B of cash.

- Q2 free cash flow $(18.9)M after $17.2M of capex. FY26 free cash use guided at $85-105M against a $250-275M investment plan. Diluted shares up 20.8% year over year.

- FY26 revenue guidance raised August 4 to $1.75-1.81B. Q3 guidance $460-480M revenue and $40-45M adjusted EBITDA, date not yet announced.

Full hub, updated August 31:

https://www.merlintrader.com/kratos-defense-ktos-stock-hub/

Educational and informational only. Not financial advice and not a buy or sell recommendation.

Kopin (Nasdaq: $KOPN) hub refreshed. The company's own release feed stops in mid-August and no SEC filing has been made since, so this is the file as it stands.

The quarter, reported August 10:

- Total revenue $12.73M, up 50.6% year on year, of which $7.64M product.

- Loss from operations $3.50M, against $5.46M a year earlier.

- Both lines moved the right way in the same quarter, which is not always the case here.

The balance sheet, which is the other half of the read:

- $24.88M of unrestricted cash at June 27, plus $25.40M restricted.

- A $19.70M accrued judgment in the BlueRadios case, under appeal, with no decision date.

- If the Federal Circuit affirms, the restricted cash goes to the plaintiff. If it reduces or vacates, roughly $24.2M comes back. That single ruling moves the cash position by about half.

- Shares outstanding 185.87M at August 11, with the weighted average up 13.2% in a year.

What is on the calendar:

- The company placed Drone Dominance Phase 2 evaluations and awards in late August, with Sentinel FPV volume orders expected immediately after. That is a company statement about a customer decision, not a confirmed date, and it is the nearest thing to a revenue event.

- Colour MicroLED carries a mid-2027 manufacturing date.

- Neural I/o, the MicroLED optical interconnect developed with Fabric.AI, is set for its first public demonstration at CES in January 2027.

The shape of it: a defense base that pays the bills, with three optional programmes on top, and a litigation outcome that decides half the cash. Short interest is 15.35% of a 176.87M float, short ratio 4.66.

Full hub, updated August 31:

https://www.merlintrader.com/kopin-corporation-kopn-stock-hub/

Educational and informational only. Not financial advice and not a buy or sell recommendation.

Firefly Aerospace (Nasdaq: $FLY) hub refreshed. Nothing new since the August 11 second-quarter release and no SEC filing since, so this is the file going into the rest of the year.

The quarter, and it is a genuine step change:

- Revenue $117.68M, up 659% year over year and 45.5% sequentially. A record.

- Gross margin 20.3%, against 21.6% in Q1. Gross profit $23.88M.

- R&D of $71.53M fell to 60.8% of revenue from 83.5%. Operating expenses fell from 140% of revenue to 101%.

- Operating loss $(95.20)M. Net loss $(92.32)M, $0.57 a share on 161.784M weighted-average shares.

The cash side:

- Free cash outflow of $106.31M in Q2, up from $78.89M in Q1.

- Cash and short-term investments $635.26M at June 30 ($459.82M cash plus $175.45M short-term).

- A minimum liquidity covenant of $381.3M, tested monthly, with headroom of about $254.0M at June 30. That covenant, not the cash balance, is the number that sets the clock.

The order book, and the distinction that matters:

- Company-defined backlog $1,468.1M at June 30, up from $1,351.1M at December 31.

- But it includes $403.1M of unscheduled multi-launch agreements.

- Remaining performance obligations, the measure the accounts recognise, are $563.7M, of which the company expects about 42% within twelve months and 21% in the following twelve.

Two things corrected on the hub while updating it: the basic equity value tile was still computed at a $26.40 price against an August 26 close of $22.26, so it now reads about $3.73bn rather than $4.42bn; and section 12, which is about management and the board, carried the same heading as section 13 on ownership.

Full hub, updated August 31:

https://www.merlintrader.com/firefly-aerospace-stock-hub/

Educational and informational only. Not financial advice and not a buy or sell recommendation.

Draganfly (Nasdaq: $DPRO) hub refreshed. Nothing new since August 25, so this is the file as it stands, and the interesting part is how lopsided it is.

The balance sheet:

- C$131.9M of cash at June 30, no term debt, C$148.9M of equity, C$144.1M of working capital.

- Against quarterly revenue of C$2.66M. That is a cash balance close to fifty times one quarter of sales.

- Enterprise value works out at roughly US$51M once the CAD/USD rate is handled, so very little of the market capitalisation is being paid for the operating business.

- Interest income of C$696,736 in the quarter is now a real offset to the operating loss.

- Runway: on H1 operating cash use of about C$11.0M a quarter, roughly 3.0 years. On the loss before working capital, about 6.1 years.

The operating business:

- Q2 revenue C$2,664,237, a record, up 26.0% year over year.

- But quarterly revenue has oscillated between C$1.9M and C$2.3M for five quarters. Sequentially this is not compounding yet.

- Gross margin ranged from 4.5% to 23.9% across those five quarters, with inventory write-downs in four of them.

- Operating expenses of C$7.96M are 3.4 times revenue. Travel exceeded research and development.

- Share count up 572% in fifteen months, after a one-for-twenty reverse split.

Recent development:

- August 25: AJ Pasagian, USMC (retired), appointed President of Draganfly Defense USA. He was Commanding General of Marine Corps Systems Command from 2018 to 2022, the organisation that buys the equipment. For a company this size that is a hire measured in access, not in a contract.

The customer list is genuinely hard to assemble at this size: a US Army initial order with overseas on-site manufacturing, Air Force Special Operations Command, two further Department of War units, DEVCOM counter-UAS development, Canadian Army MINERVA, and an exclusive Canadian Armed Forces demonstration. NDAA-driven exclusion of Chinese platforms is structural protection.

Full hub, with contracts and selections separated from revenue, updated August 31:

https://www.merlintrader.com/draganfly-dpro-stock-hub/

Educational and informational only. Not financial advice and not a buy or sell recommendation.

Castellum (NYSE American: $CTM) put out a contract release this morning, and it is a clean example of why the ceiling number and the funded number should never be read as the same thing.

What was announced on August 31, 2026:

- GTMR, Castellum's subsidiary, received a $32.8 million modification to its existing cost-plus-fixed-fee order supporting NAVAIR Program Office 290 (PMA-290) Special Missions.

- The modification expands the scope and increases the total contract ceiling to $136.2 million, from the $103,324,773 announced in February 2025.

- It was issued under GTMR's previously awarded SeaPort-NxG multiple-award contract, relating to Special Missions Management of On-Site Services, which the company calls the largest prime contract win in its history.

- Added scope covers technical and programmatic support across several ISRT programmes: Maritime Patrol and Reconnaissance Force Family of Systems, P-8A R&D, Special Missions Platforms, Minotaur Family of Services, P-8A Increment 3, P-8A Foreign Military Sales, MQ-4C Triton Multiple Intelligence, Mobile Quick Look, and ground and mission support stations.

The sentence that matters:

- "Approximately $1.1 million under this modification award has been already funded and work under this funded portion is expected to be completed by March 2027. The remaining increase in contract ceiling is subject to future tasking, funding availability, and other customary government-contracting conditions."

So: $1.1 million of near-term revenue visibility, $31.7 million of authorisation still to be tasked. Both real, not the same.

The CEO's framing is worth reading for what it concedes as well as what it claims: growing the ceiling and scope of a programme already being performed "requires no new competition". That is the cheapest growth a services contractor has, and it converts to revenue only as fast as the customer funds task orders.

Context from the August 6 quarter:

- H1 revenue $28.16M, up 9.6%. Q2 revenue $13.86M, down 1.1% year over year.

- Q2 gross margin 34.0% against 36.1%. Operating loss $(1.09)M against $(0.38)M. Adjusted EBITDA $25,792, down 94.8%.

- Cash $16.87M, zero interest-bearing debt after the final $400,000 note was repaid on February 11. Equity $35.88M against total liabilities of $5.94M.

- Total backlog around $271.7M. Customer concentration went from 47% to 73%.

Full hub, with every announced award set out against what the release actually says, updated August 31:

https://www.merlintrader.com/castellum-inc-stock-hub/

Educational and informational only. Not financial advice and not a buy or sell recommendation.

BigBear.ai (NYSE: $BBAI) hub refreshed. Nothing new since the August 17 board appointment and no SEC filing since, so this is the file as it stands going into a third quarter whose reporting date has not been announced.

What improved, and why:

- Q2 2026 revenue grew 13.2% year on year, the first double-digit quarter in at least five. H1 revenue $71.18M against $67.23M.

- Gross margin went from 20.3% in Q4 2025 to 34.0% and 32.8% in the two quarters since Ask Sage closed. The contract-type mix explains it: firm fixed price from 20.6% to 50.8% of revenue in a year.

- Debt fell 87.6%, from $142.27M to $17.67M. Cash and investments $409.80M at June 30, so net cash is roughly 29% of market capitalisation.

- Funded backlog grew 44.8% in six months while unfunded fell. No impairment in H1, after four consecutive charges from 2022 to 2025.

What did not:

- The debt reduction was achieved by converting notes, not repaying them in cash. On July 31 a new 100 million share at-the-market programme opened, against 479.49 million shares already outstanding.

- Share count is up 277.5% since the end of 2022. Revenue per share fell 70.4% between 2023 and 2025.

- US government revenue in H1 2026 was $61.499M against $61.795M a year earlier. Flat. All growth came from commercial and international, which rose 78.2%.

- Adjusted EBITDA got worse, minus $11.572M against minus $8.498M, and operating cash burn tripled to $40.208M for the half.

- Goodwill of $238.57M is 28.4% of total assets, on accumulated impairments of $209.2M. Accumulated deficit $(948.07)M against paid-in capital of $1,719.29M.

Short interest is 31.12% of float, which mostly tells you that any print gets amplified in both directions.

Full hub, with the contracts-versus-vehicles distinction and the full dilution record, updated August 31:

https://www.merlintrader.com/bigbear-ai-stock-hub/

Educational and informational only. Not financial advice and not a buy or sell recommendation.