In June, this stock traded over $20. Today it closed under $8. Many investors will see a chart like that and assume the business broke, this couldn’t be further from the truth. Pull up the revenue line and you’ll see sales grew 70% in Q4 2025, 55% in Q1, and 62% in Q2. Orders hit $15.1 million last quarter, the most in company history, and management raised full-year guidance on the same call. Very competitive raises when you look at the company’s market cap.
The company builds AI computers for places a data center can’t go: Navy hulls, patrol aircraft, combat vehicles, and autonomous mining rigs. Since June, a Department of Defense intelligence program and a Missile Defense Agency contractor have both placed orders, and the Navy signed on as a new customer. One of those programs carries about $44 million of potential over four years. The whole company did $32.2 million in revenue last year.
You can buy the entire business for about $198 million. It holds $31.4 million in cash and zero debt, so you pay about 4x this year’s guided revenue. Buyers in June paid three times that multiple for a slower-growing version of the same company. Sellers reacted to a one-time legal charge, a margin dip, and a shelf filing. I think they skipped past the order book on the way out. Lets get into pick and why I’m buying now.
