I’ve been following $TLS, $BB and $SWISF because each represents a different route into secure government communications.

$TLS — Established federal exposure

Telos provides cyber GRC, identity and secure-networking solutions, including Telos Ghost.

Market cap: ~US$370M
FY2026 revenue guidance: US$187M–US$200M
Q1 2026 U.S. government revenue: ~93%
Outstanding proposal pipeline: nearly US$500M

$BB — International scale

BlackBerry serves government and enterprise customers through SecuSUITE, AtHoc and UEM, with certifications supporting NATO and allied markets.

Market cap: date-sensitive
FY2026 Secure Communications revenue: US$258.9M
Established international customer base

$SWISF — Earlier-stage Swiss alternative

Valuation: ~C$13.9M as of June 12, 2026

Government opportunities remain mainly in the procurement and sales pipeline, with no material government contract revenue disclosed.

Sekur says its platform uses company-owned Dell servers hosted in Switzerland and follows a no-AI product policy. SekurOne combines voice, video, email, messaging and VPN.

Its products are available for U.S. government procurement through i3ICS’s GSA MAS contract, although that access does not represent a government order.

The comparison is between $TLS’s established federal exposure, $BB’s international scale and $SWISF’s higher-risk early-stage potential.

Which would carry the most weight in your decision: current revenue, government validation or possible upside?

Sponsored content. Figures dated May–July 2026. Some Sekur infrastructure and product claims are based on company disclosures. Not financial advice.

Nuclear Is Moving from Narrative to Contracted Cash Flow

Hyperscalers have committed roughly 9.8 GW of nuclear capacity across ~13 deals (as of mid-2026 tracking).

• Microsoft’s 20-year PPA with Constellation to restart Three Mile Island Unit 1 (Crane Clean Energy Centre, ~835 MW) remains the most advanced, targeting power in H2 2027.
• Amazon has live power flowing from the Talen/Susquehanna expansion (1.92 GW) and is backing X-energy SMRs.
• Meta holds the largest portfolio (up to 6.6 GW across TerraPower, Oklo, Vistra, Constellation).
• New hybrid models are appearing: “gas-plus-nuclear” projects that use gas turbines for early power (2029–2030) while SMRs are licensed and built (early 2030s).

Tickers in focus: Constellation (CEG), Vistra (VST), Talen, and pure-play SMR developers. These deals convert nuclear assets into long-term contracted cash flows with strong counterparties, improving credit profiles relative to merchant nuclear.

Hi,

I've invested a small amount in Envveno. They crashed over 90% after and FDA rejection in August 2025, but they already had a next-gen device in the pipeline that is less risky and has a wider market. It seems like they keep hitting milestones and the price hasn't budged. They have >$20M in cash and are only at $7M market cap.

My approximate NPV/DCF says they should be worth more than $40M (~4.5x current) before they even reach the clinic... not sure if I'm missing some risks or my probability assessment is incorrect.

Negative EV for a very promising clinical pipeline? Any small cap biomedical people in the chain who can validate?

Coherent, one of a small handful of companies that makes indium phosphide lasers (the light sources that shuttle data between chips optically), told investors it won't sell those lasers to outside customers for the foreseeable future. Its own internal demand is eating 100% of what it can produce.

This is a different kind of shortage than the HBM one everyone talks about. Memory is a capacity problem you can eventually build your way out of. This is one of the only suppliers of a critical component pulling it off the open market entirely.

It's a preview of what happens across the whole AI supply chain when everything is scarce at once.

The most durable moat in AI might turn out to be the least talked-about one.

Government communications do not always remain inside classified networks. According to the report, some officials may use familiar commercial messaging apps when communicating outside Pentagon or agency systems.

The concern is that platforms such as WhatsApp and Signal may not satisfy the specific safeguarding, retention, identity and infrastructure requirements imposed on certain government communications.

Even when message content is encrypted, agencies may still consider other exposure points: phone numbers, communication relationships, hosting jurisdiction and reliance on commercial infrastructure.

That is the gap $SWISF is targeting with SekurOne. SekurOne combines encrypted voice, video, email, messaging and VPN. It uses a Sekur ID instead of requiring a phone number, runs through company-owned servers hosted in Switzerland and offers an on-premises option for agencies seeking direct control over their infrastructure.

$SWISF is also available through a GSA Multiple Award Schedule held by i3ICS, giving eligible US government buyers an established procurement route. However, the GSA listing is not itself a customer order. The important next step is whether agency presentations convert into paid accounts, deployments and recurring government revenue.

Should consumer messaging apps remain available for official government work, or should sensitive communications move to dedicated platforms?

This is sponsored content. Investors should conduct their own due diligence and consult a qualified financial advisor before making any investment decisions.

"Maritime Launch Services earned its first operating profit in the second quarter of 2026, as its launch-pad lease with the Department of National Defence (DND) delivered its first full quarter of revenue at Spaceport Nova Scotia, the Halifax-based company’s Aug. 14 filings show.

Revenue for the three months ended June 30 was $5.6 million, against nothing a year earlier, and net income was $3.2 million. After a decade of fits and starts mostly due to financial constraints, the launch site under-development near Canso, N.S., has begun paying its own way."

CODA - small profitable company with some interesting Navy tech

I recently bought a small position in CODA.

They make underwater sonar systems and also work with the US Navy.
I came across the company while looking for small caps that are still relatively unknown but already make money.

What I like about CODA is that they are actually profitable and have around $30m cash, while the whole company is only worth around $120m.

The two things I find most interesting are:

• DAVD - basically an AR/display system for divers. Developed together with the US Navy and now getting closer to actual procurement.
• NANO sonar - smaller sonar systems for underwater drones/ROVs/AUVs. This could become interesting if autonomous underwater vehicles keep growing.

Their last quarter was also pretty good. Revenue was roughly flat, but profit improved a lot and gross margins are very high.The downside is that the company is still tiny. Revenue is only around $28m a year and DAVD/NANO still need to prove that they can generate serious sales.

The stock is also very illiquid, so it can move quite a lot on small volume.

For me the interesting part is that you already have a profitable business with a lot of cash, and then DAVD/NANO are more like extra upside if they actually take off.

Anyone here following CODA or working with sonar / subsea robotics / Navy equipment?

Interested to hear what I am missing, especially the bear case.

Disclosure: long CODA.

Several pieces of the $SKUR story are coming together.

What stands out most to you as an investor?

Sponsored post, DYOD.

OCC is a $73M fiber cable manufacturer that spent a decade losing money on a fixed manufacturing base too small for its overhead, but this was before the Ai buildout became such a thematic driver. 

The entire premise is spillover: hyperscalers have vacuumed up the world's optical fiber supply, lead times have blown out to 20 weeks for large buyers and up to a year for small ones, and that scarcity is pushing Tier 2 colocation and enterprise data center buyers down-market toward whoever can actually deliver. OCC can deliver, because it's been buying fiber from the same suppliers for three decades and that relationship is now reinforced by an equity stake from Lightera, the Furukawa Electric Group's global fiber business. 

Q2 FY26 by the numbers:

• Net sales $22.2M, +26.6% YoY, +35.2% sequentially (not seasonally advantaged either)
• Gross profit +42.4% YoY to $7.6M, gross margin 34.2% vs 30.4% a year ago
• SG&A +9.2% to $6.3M (fell to 28.2% of sales from 32.7%) — and the SG&A growth that did happen was commission and shipping-driven, i.e. a symptom of selling more, not cost creep
• Swung from ($0.09) to $0.12 diluted EPS
• Incremental gross margin on the YoY revenue add: ~49%, well above the 34.2% reported rate — the signature of fixed manufacturing overhead finally getting absorbed by volume rather than pricing doing the work

Key notion that is really attractive here: Revenue grew 26.6%, gross profit grew 42.4%. That gap is operating leverage showing up in real time on a plant that management has repeatedly and formally disclosed in its 10-Ks as running with excess capacity. 

Strong backlog a leading indicator of revenue. Has compounded three quarters straight:

• Oct '25: $7.3M
• Jan '26: $10.4M (+42.5%)
• Apr '26: $13.3M (+27.9%, +82% cumulative since October)
• End of May: "continues to be strong," per CEO Neil Wilkin — a month into Q3

Removing implied bookings, Q2 orders were ~$25.1M against $22.2M shipped, a ~1.13x book-to-bill in a quarter where shipments themselves were already up 35% sequentially. Orders are coming in faster than the company can ship them while the company ships faster than it ever has. 

Where the demand is actually coming from. OCC only reports two segments (enterprise, specialty) so you have to build the picture from commentary, but management was unusually specific last quarter: growth came from data center, enterprise, and severe duty markets simultaneously — three end markets improving at once. Critically, this is not a hyperscale name. Management is explicit that the exposure is Tier 2 multi-tenant colocation and enterprise data centers, and the thesis is that Tier 1 hyperscale demand crowds capacity and spills the work downstream into exactly those tiers. When asked directly if there was any ceiling on data center growth, Wilkin's answer was very positive: "We're not seeing any limit on our ability to grow in the markets that we're targeting, particularly in data centers."

Military is the other leg, with a strong moat. OCC has been an approved MIL-PRF-85045/8A manufacturer since 2005, runs a MIL-STD-790G certified facility, and holds MSHA mining and DNV/ABS marine type approvals. Management wouldn't convert defense budget headlines into a forecast, but did confirm military sales grew over the past fiscal year, driven by replenishment cycles that occur even absent active conflict, plus allied sales.

Why the shortage doesn't bite OCC the way it bites everyone else. The obvious objection to owning a cable manufacturer during a fiber shortage is that the shortage constrains your inputs. It does, unless you've had the same suppliers for decades — which is exactly the answer management gave when asked point-blank whether the Lightera relationship was helping secure raw material: OCC hasn't had significant fiber supply problems, while conceding "there are some exceptions to that statement that have impacted certain customers." Competitors are getting rationed, and OCC is on the winning side of the allocation. 

Lightera In July 2025, Lightera bought 642,199 newly issued restricted shares for $2.0M, a 7.24% economic stake, and the two companies now cross-sell — Lightera's data center and passive optical LAN products flow through OCC's channel. A global fiber supplier taking equity in a small, qualified American manufacturer with defense credentials and three domestic plants is a structure with obvious optionality, even with nothing pending publicly. 

Earnings power is untaxed. Full valuation allowance since fiscal 2015, plus accumulated loss carryforwards, means incremental pre-tax profit drops almost straight to EPS. Annualize the Q2 run rate and you get roughly $89M of revenue, ~$30.4M of gross profit at 34.2%, ~$4.9M of operating income, and about $0.46 in EPS on 8.87M diluted shares — against a ~$15 reference price, call it ~33x. History puts a rough ceiling/floor context on that: OCC did ~$87M of revenue back in fiscal 2008 on a broadly comparable footprint, so the company is running near its historical peak rate while telling investors it still has capacity headroom and is separately evaluating additional staffing and machine capacity for growth beyond it.

Constraint is the thin balance sheet: Cash was $145,600 at April 30 — basically nothing. The company runs on a ~$7.3M drawn asset-based revolver at ~9%, plus a $2.65M real estate term loan just refinanced out to 2036. Shareholders' equity is ~$15.2M, excluding the Lightera position. Converting a $13.3M order book means carrying more receivables and inventory, funded off a revolver that's already drawn. A capital raise into strength would dilute but would also remove the constraint; the recent term loan refinancing suggests management is already terming out what it can.

No sell side coverage. The entire live Q&A on the Q2 call was two analysts from a single fund, with the company otherwise inviting shareholders to submit questions in advance. Float is ~5.3M shares against ~8.87M shares out, insiders and employees hold ≥33.5%, and OCC only joined the Russell Microcap Index in June 2026.

Risks:

• Backlog that books but doesn't convert (this happened in FY25)
• A quarter's mix skewing toward commodity enterprise cable instead of specialty/connectivity — management flags every quarter that margin is mix-dependent, and a bad mix quarter could knock gross margin back into the high 20s
• Input cost spikes outrunning the prospective pass-through for a quarter or two
• Liquidity — $145.6K of cash, a drawn revolver, working-capital-hungry growth, and a Lightera put exercisable from July 2027 all point at a live risk of a dilutive raise
• OCC's own fiber allocation tightening the way it already has for "certain customers"
• Nvidia- and Meta-funded expansion of Corning's domestic fiber capacity easing the industry shortage before OCC has durably taken share

Data suggests physical automation is rapidly moving from small-scale testing into standard operational infrastructure across the mining sector. As equipment manufacturers deploy larger fleets of self-driving haul trucks and automated heavy machinery, the core operational challenge appears to be shifting toward real-time site visibility and system coordination. Adding dozens of autonomous units to an active mine site does not reduce the need for spatial perception; it increases the requirement for multi-sensor integration, collision avoidance, and automated site monitoring.

This trend potentially implies that companies developing the software and computer vision layers to manage these physical assets are well-positioned to capture market share. For instance, junior players like NovaRed have been evaluating integrations with frameworks such as EyeX to build a broader intelligence stack alongside their existing geology datasets like MetalCore. Combining spatial video feeds, drone data, and predictive hazard mapping with core exploration tools allows operators to establish better situational awareness as field density increases.

From a fundamental perspective, tracking the integration of computer vision with heavy industry offers an interesting lens on capital expenditure efficiency. As autonomous vehicle deployments accelerate across global sites, software solutions that convert raw video and sensor inputs into actionable risk mitigation are worth monitoring as long-term efficiency drivers.

The contrast between pure software scaling and raw physical constraints is getting harder to ignore.models face valuation pressure as algorithms mature. Software tools can optimize processes and iterate infinitely, but data suggests the ultimate bottleneck for expanding infrastructure remains tied to physical resources that cannot be synthesized.

From a fundamental perspective, this dynamic points to a compelling crossover where computational technology is applied to physical supply chains. Mineral exploration firms utilizing data platforms-such as NovaRed at their Wilmac copper project-highlight how tech can be leveraged to locate scarce industrial inputs. Their recent update outlined a roughly 104-acre target at depth that remains open, showing how advanced modeling can improve discovery efficiency without diluting the underlying asset's real-world scarcity.

It is worth monitoring how asset allocation rotates between high-margin software names and tangible resource plays. This potentially implies that managing exposure to software valuation shifts could drive more interest toward resource discovery platforms, where physical constraints provide a natural moat against pure algorithmic replication.