Anduril just acquired Popoto Modem, and if you are the holder of $PNG, this is something to watch out for 👀 Popoto makes underwater acoustic modems, essentially the "wifi" that allows underwater drones to talk with each other and with ships. Anduril worked with them for over a year before just devouring the company in its entirety. Its first step is to equip the whole Copperhead drone family with their modems. No word on the acquisition price was released. 🌊 Why does this matter to Kraken Robotics? Because Kraken's batteries are what powers Anduril's Dive-LD, which is buried inside Anduril's underwater supply chain. This is not a major threat, as Popoto is focused on modems and not batteries or sonars. So, this acquisition does not seem to be aimed at Kraken directly. 🤝 It, however, shows a pattern. Anduril keeps buying pieces of the underwater stack from different firms and bringing them in-house. My personal view is that batteries are one of the few components that it still buys from outsiders, and that is the part that worries me. 🔋 But let's switch sides. Kraken is forecasted to guide C$290-320M in revenue for 2026, up from C$102M in 2025, with large contributions coming from the Covelya deal and not only Anduril. This is the best insurance possible against a customer deciding to vertically integrate and produce the product themselves. 🛡️ The next data point will come in the form of Q3 results in late November. I am personally quite interested in seeing what percentage of revenues is derived from one customer. Would you say that Anduril represents Kraken's largest advantage or threat? This is a reflection of my own research, and it is not a financial recommendation.
