JB

$ALMU just secured $4M+ in US government contracts for quantum dot lasers and quantum nonlinear materials with $TSEM Tower Semiconductor as a manufacturing partner. $ALMU is up almost 30% in pre market and is now is giving me serious $LWLG flashback energy. Remember when $LWLG was sitting at a small market cap, pre-revenue, with Tower Semi as a manufacturing partner and government validation of its technology? That Tower partnership sent the stock up 41% in a single day and kicked off a 138% run in a month. $ALMU is now sitting in almost the exact same setup. Government contracts validating the technology. Tower Semiconductor as a manufacturing partner. Quantum dot lasers targeting high speed datacom applications, the same AI data center buildout that sent $LWLG, $LITE, $AAOI, and $COHR on some of the greatest runs in the sector. The difference is $ALMU is even earlier stage. Pre revenue. Tiny market cap. Which means the upside if this technology converts is significantly larger than where $LWLG started. Quantum dot lasers are the next frontier in photonics. Lower power consumption. Higher efficiency. Better thermal performance than conventional laser sources. The same AI infrastructure buildout that made photonics the greatest sector trade of the last year needs this technology as speeds push toward 3.2T and beyond. High risk. Very early stage. But the setup looks remarkably familiar.

"I expect a euphoric rally" Up 120% since. I was one of the first people to ever post about $ALMU. The recent rally basically blew up the entire bear case - They have no foundry, no backing and need to dilute hard for RnD and its too speculative. > $TSEM deal > Supplied by Sumitomo (biggest InPu supplier on the planet, dodges all geo-political risk) > Nasa funding 4mil contract (their expected 26' rev was 4-6mil) > Light / Glass becoming more mainstream > RnD phase coming online So they now have a direct foundry partner, a direct material supplier and a governmental arm backing their product after years of collaberation. The shift is happening.

$SIVE $SOI $IQE $M7U $MEMS EU Photonics. Let the games begin.

$AVEX (~$3.6B) did $432.9M in 2025 revenue. $ONDS (~$5B) did $50.7M. Let that sink in. > Revenue. $AVEX $432.9M in 2025. ONDS $50.7M. $AVEX is nearly 9x the revenue at 72% of the market cap. > Backlog. $AVEX $503M funded, converting at 96.6% into an $800M 2026 guide. $ONDS has no comparable funded backlog disclosed and raised guidance from $110M to $375M in 5 months on the back of 12 acquisitions in 9 months. > Manufacturing. $AVEX runs 10 drones per 1,000 sq ft of factory every month out of 100,000 sq ft in Tampa. $ONDS has no US drone factory. Entire drone manufacturing footprint is ~23,000 sq ft in Petah Tikva, Israel. > Customer concentration. $AVEX has $1.2B in sole-sourced Pentagon contracts, 10,000 drones delivered to Ukraine, and won the Army's Launched Effects Short Range program over Anduril. $ONDS had 93% of Q3 revenue come from one Israeli customer cohort. > Capital structure. $AVEX IPO'd 5 days ago with 112.5M shares and 79% insider lockup until October. ONDS share count went from 49M to 482M in 3 years and insiders sold $12M into the ramp. >Valuation. $AVEX trades at 4.5x forward sales on 85% growth. $ONDS trades at 28x forward on a guide backed by acquisition math. One company prints drones. The other prints shares.😂 Still can't figure out why anyone is long $ONDS when $AVEX exists.

$KRKNF $PNG.V - Kraken Robotics Announces $28 Million in SeaPower Battery and Kraken SAS Orders Kraken Robotics Inc. announces approximately $28 million in new orders to five clients including two new customers for its SeaPower™ batteries and Synthetic Aperture Sonar (SAS). “These orders include battery contracts from three large international defence companies and a SAS order from a new commercial uncrewed underwater vehicle (UUV) manufacturer,” said Greg Reid, President and CEO of Kraken Robotics. “Our products are now integrated or being integrated into more than 30 different UUV platform types worldwide.”

It doesn't need to be detailed with $ALRIB? > Riber effective, profitable duopoly with $VECO on MBE equipment, that traded at low fwd multiples. > $MSFT Quantum as core hyperscaler buyer of Riber from public information discovery > $IQE, QD Laser (Quantum dot), IntelliEPI and others using it. Thought process: What other companies under $1B supply directly to hyperscalers like $GOOGL to $MSFT for their frontier programs? And are critical suppliers that can't be replaced? Can't really name any aside from $AEHR, but that's now $2.3B from $600m... So thought $ALRIB was compelling for Quantum/Silicon Photonics exposure. If a profitable ~300m company is powering a hyperscaler's quantum frontier program… Probably going to get re-rated triple digits over time.

Not exactly! I'm just a tad more familiar with photonic supply chains than I am with energy so I like picking potential winners. Just wanted to introduce $IQE into the equation like i did with $AXTI, so I could do a "Did you Listen Anon?" post 3 months later if it turns out well.