Drone Sector Fundamentals Screen
Drone Sector Fundamentals Screen
| Field | Value |
|---|---|
| Date | 2026-03-09 |
| Analyst | Market Analyst (Claude Sonnet 4.6) |
| Scope | Single-name drone/UAV/space equities -- fundamentals elimination screen |
| Purpose | Identify AVOID verdicts on fundamental grounds; remainder passes to await technical setups |
| Tickers | ONDS, JOBY, UAVS, AVAV, KTOS, RKLB |
| Quant Context | analysis/quant-research/drone-sector-etf-vs-singles-research-2026-03-09.md |
Purpose and Method
The quant research identified the vehicle landscape for drone/UAV exposure. This screen applies a fundamentals filter to the six single-name stocks. The goal is elimination: names that fail fundamental muster are marked AVOID and removed from the watchlist. Remaining names pass the filter and are eligible for technical entry signals.
This is a screening report, not a full 11-module analysis. Each ticker receives: 1. Business viability and revenue trajectory assessment 2. Balance sheet health (cash, debt, burn rate) 3. Competitive moat and differentiation 4. Red flags 5. A screening verdict: AVOID or PASS
Scores are computed on four dimensions (0-10 each), averaged to a composite out of 100.
Score computation delegated to Python (make run-script). No mental arithmetic.
Scoring Summary
Computed via Python:
| Ticker | Biz Viability | Revenue Trajectory | Balance Sheet | Moat | Composite (/100) | Verdict |
|---|---|---|---|---|---|---|
| UAVS | 1 | 1 | 2 | 1 | 12.5 | AVOID |
| ONDS | 3 | 4 | 5 | 5 | 42.5 | AVOID |
| JOBY | 4 | 3 | 6 | 5 | 45.0 | AVOID |
| AVAV | 7 | 8 | 6 | 8 | 72.5 | PASS |
| KTOS | 8 | 8 | 7 | 8 | 77.5 | PASS |
| RKLB | 6 | 8 | 7 | 7 | 70.0 | PASS (conditional) |
Three tickers eliminated (UAVS, ONDS, JOBY). Three pass to the technical watchlist. RKLB carries a conditional flag on valuation.
Ticker Assessments
UAVS -- AgEagle Aerial Systems (EagleNXT)
Screening Verdict: AVOID
Composite Score: 12.5 / 100
Business Viability
UAVS is effectively a zero for investment purposes. The quant research documented a 100% max drawdown and $3M daily dollar volume. The fundamental picture confirms this: revenue has declined to sub-$2M per quarter (Q3 2025 revenue: $1.97M with a $3.15M operating loss). The company received a NYSE non-compliance notice in 2025 for a $5.7M stockholders' deficit and had a going concern audit qualification. It technically regained NYSE compliance as of January 2026, but this was achieved through financial engineering, not operational improvement.
The reported "positive net income" for the first nine months of 2025 ($3.16M) is a non-cash accounting artifact: an $8.51M gain from revaluing warrant liabilities. Core operations generated an operating loss every quarter.
Revenue Trajectory
Revenue is declining. Q3 2025 revenue of $1.97M is at micro-cap territory. There is no credible path to meaningful revenue scale. The company rebranded to EagleNXT in early 2026 and announced a "strategic sale" of assets in March 2026, suggesting restructuring rather than growth.
Balance Sheet
Cash improved to $16.63M by September 2025 (up from ~$3.6M at year-end 2024). This is the only positive data point. However, with a $3M+ quarterly operating burn and declining revenue, the cash runway is limited to approximately 4-6 quarters at current burn rates.
Moat
None. AgEagle operates in the commercial drone hardware space (fixed-wing surveying drones) with no defensible differentiation. It is not a defense contractor. It has no platform, no certification moat, no government relationships of substance, and competes against better-capitalized commercial drone makers.
Red Flags
| Flag | Severity |
|---|---|
| 100% max drawdown in quant data -- stock effectively went to zero | CRITICAL |
| Going concern audit qualification (most recent audited financials) | CRITICAL |
| NYSE non-compliance notice (stockholders deficit) | HIGH |
| Revenue declining to sub-$2M quarterly -- non-viable business scale | HIGH |
| "Profitability" entirely from non-cash warrant revaluation, not operations | HIGH |
| $3M daily dollar volume -- insufficient liquidity for meaningful position sizing | HIGH |
Elimination rationale: Multiple CRITICAL flags. Business is not viable at current scale. No moat. No growth trajectory. Quant data already confirmed this (100% drawdown). Do not revisit until a material restructuring event occurs and is verified.
ONDS -- Ondas Holdings
Screening Verdict: AVOID
Composite Score: 42.5 / 100 (existing synthesis: 41.5 / 100)
Note: A full 11-module analysis was completed on 2026-03-01 (see analysis/fundamentals/ONDS-synthesis.md). That analysis assigned AVOID with a formal score of 41.5/100. The synthesis is 8 days old -- within the 30-day cache window for quantitative data, though catalysts should be refreshed. The verdict stands without a full refresh.
The key triggers from the March 1 synthesis:
Business Viability
Pre-profit defense technology company. Revenue is growing but entirely through six acquisitions in twelve months. FY2024 revenue declined 54% under the same management team. Operating margin was -153% in Q3 2025. Net losses every quarter with FCF burning -$35 to -$45M per year. EBITDA profitability target is guided for H2 2026 but has not been demonstrated.
Revenue Trajectory
TTM revenue approximately $27M. FY2025 preliminary revenue $47.6-49.6M (unaudited as of the March 1 synthesis; official results were due March 18, 2026). FY2026 guidance is $170-180M -- a 3.5x revenue increase in one year, predicated on simultaneously integrating six acquisitions and achieving new contract wins. The quant research correctly characterized this as a lottery-ticket return profile.
Balance Sheet
Paradoxically strong: $1.5B+ pro-forma cash from equity offerings. Minimal debt. However, this cash was raised through extreme shareholder dilution (share count +400%+ in twelve months, ~$1.85B raised). This is not earnings-derived capital strength -- it is a dilution event. Fully diluted share count is approximately 450M+.
Moat
The FAA Type Certification for autonomous BVLOS operations and the Safer Skies Act tailwind are real differentiators if execution follows. However, the moat is unproven at commercial scale, and large defense primes (AVAV, KTOS, Lockheed Martin) are entering the same market with deeper relationships and more capital.
Red Flags (summary from 2026-03-01 synthesis)
| Flag | Severity | Context |
|---|---|---|
| Valuation extreme: TTM P/S ~181x; forward P/S ~26x on unproven guidance | HIGH | Structural/Disclosed |
| Short interest 33.2% of float (4.7x peer average), rising rapidly | HIGH | Structural/Disclosed |
| Inorganic revenue only: all FY2025 acceleration is M&A-driven | HIGH | Structural/Disclosed |
| Share count +400%+ in 12 months; 73.9M warrants outstanding at $20 | HIGH | Structural/Disclosed |
| Valuation component 15/100 -- triggers spec's hard AVOID floor | -- | AVOID override |
Elimination rationale: Formal AVOID from full synthesis dated March 1, 2026. Valuation component (15/100) triggers the hard AVOID floor independent of all other factors. The quant research's "lottery ticket" characterization is validated: negative median monthly return, 27% frequency of >16% monthly losses, 97.8% max drawdown. The cash raised via dilution means existing stockholders are already significantly impaired. Do not revisit until valuation normalizes (estimated fair value ~$8.21, stock trading above that as of March 1) and organic revenue growth is demonstrated.
JOBY -- Joby Aviation
Screening Verdict: AVOID
Composite Score: 45.0 / 100
Business Viability
Joby is a pre-revenue eVTOL (electric vertical takeoff and landing) aircraft developer. The company has never generated meaningful product revenue. FY2025 revenue of $53M is largely attributable to the acquisition of Blade Air Mobility, a helicopter booking platform -- not eVTOL flights. The core Joby air taxi product is not yet commercially certified.
Net loss widened from $608M in FY2024 to $929.8M in FY2025. Adjusted EBITDA loss was $154.1M in Q4 2025 alone. R&D spend was $581M in 2025. This is a company in a multi-year capital-intensive development phase with no near-term path to profitability.
Revenue Trajectory
FY2025: $53M (Blade-driven). FY2026 guidance: $105-115M, representing 2x growth -- but this growth comes from Blade helicopter operations, not eVTOL commercialization. The market Joby is building toward (commercial air taxi) does not exist yet for this company.
The FAA certification timeline is the critical constraint. Joby has completed Stage 3 of 5 in the FAA type certification process. FAA pilot test flights were expected to start in 2026, but full certification is more likely in 2027. Commercial eVTOL service is therefore a 2027-2028 story at the earliest for the U.S. market. Dubai commercial service was targeted for early 2026.
Balance Sheet
Cash position of $1.41B is the single strongest data point for JOBY. This is genuine liquidity (not acquired via extreme dilution at the same rate as ONDS). However, the burn rate is severe: Q4 2025 adjusted EBITDA loss of $154.1M, and full-year 2025 net loss of $929.8M implies quarterly cash burn in the $150-200M range. At this burn rate, the $1.41B cash position provides approximately 6-9 quarters of runway -- meaning cash could become a concern by 2027-2028 absent additional capital raises.
Moat
The moat argument for JOBY is legitimate but distant: - First mover in FAA-certified eVTOL (if certification is achieved) - Vertically integrated model (manufacturer + operator via Blade) - Defense partnerships (Army contract for air taxi feasibility) - Global expansion (Dubai vertiport, Japan partnership)
The problem is that "first mover in a market that does not yet exist" is not a near-term moat. Archer Aviation, Lilium (now restructured), Wisk (Boeing-backed), and others are competing for the same certification window. If Joby achieves certification in 2027, the moat window is real but speculative.
Red Flags
| Flag | Severity | Context |
|---|---|---|
| $929.8M net loss in FY2025, accelerating from $608M in FY2024 | HIGH | Structural/Disclosed |
| No product revenue -- $53M FY2025 revenue is Blade helicopter bookings, not eVTOL | HIGH | Structural/Disclosed |
| Cash burn ~$150-200M/quarter; runway ~6-9 quarters at current rate | HIGH | Structural/Disclosed |
| FAA certification likely 2027 at earliest -- commercial launch is a multi-year story | MEDIUM | Structural/Disclosed |
| Quant data: -79.7% max drawdown, -43.5% 3-month return, deeply negative bear-regime Sharpe (-0.33) | MEDIUM | Structural/Disclosed |
| No validated differentiation -- multiple well-funded eVTOL competitors in same certification race | MEDIUM | Structural/Disclosed |
Elimination rationale: Joby is a compelling long-term story but a poor near-term equity trade for a setup-based approach. There is no product revenue, a multi-year certification runway, and accelerating cash burn. The stock has declined 43.5% over the past 3 months while the drone/defense sector is in a strong momentum regime -- this relative weakness signals the market is pricing in the certification delay risk. JOBY requires a 2-3 year horizon for the thesis to materialize. Pass only if investment horizon aligns with that -- for a technical setup trade, it is a distraction.
Revisit trigger: FAA issues Type Inspection Authorization (TIA) for flight testing, signaling certification timeline has firmed. Do not revisit based on momentum alone.
AVAV -- AeroVironment
Screening Verdict: PASS
Composite Score: 72.5 / 100
Business Viability
AeroVironment is a genuine, profitable defense contractor with a 50-year operational history. It is the dominant supplier of tactical unmanned aircraft systems (UAS) and loitering munitions to the U.S. military and allies. The Switchblade 300 and 600 product lines are battlefield-proven. The company reported record Q2 FY2026 revenue of $472.5M, up 151% year-over-year (partially acquisition-driven via BlueHalo on May 1, 2025).
This is not a pre-revenue story. AVAV has positive EBITDA ($45M non-GAAP in Q2), a real order book, and demonstrated execution. It recently received a $186M Switchblade delivery order from the U.S. Army under an existing $990M IDIQ contract.
Revenue Trajectory
FY2026 guidance: $1.95-2.0B revenue, $300-320M non-GAAP adjusted EBITDA. This represents dramatic scale-up from the legacy AVAV base, driven by the BlueHalo acquisition. Legacy revenue grew 21% YoY. Funded backlog stands at $1.1B as of November 2025.
Important caveat -- SCAR program risk: The U.S. Space Force reopened bidding on the $1.4B SCAR contract that had been awarded to AVAV's BlueHalo subsidiary. This caused the stock to drop approximately 20% in early March 2026. Analysts estimate SCAR currently contributes approximately 6% of annual revenue (consistent with $120M on a $2B base). Raymond James triple-downgraded the stock to Underperform. However, AVAV has not lost the contract -- it is in re-competition, which AVAV can win again. The contract was originally awarded to BlueHalo and AVAV has institutional knowledge advantage.
Balance Sheet
Funded backlog $1.1B (up from $726.6M at April 30, 2025). Gross margin compression to 22% (from 39%) is a concern -- driven by BlueHalo's service-heavy mix and acquisition amortization. The company carries acquisition-related intangibles and debt from BlueHalo but has demonstrated cash generation ability at the operating level. EBITDA trajectory ($300-320M for FY2026) is positive. More detail on the balance sheet requires the full Module 3 analysis.
Moat
AVAV's moat is strong and multi-layered: - Switchblade dominant position: Only loitering munition system with IVAS integration and field-proven Ukraine combat record. 14,400 units/year production capacity being built. - Pentagon relationships: 50-year defense contractor with classified program access and existing IDIQ vehicles. - BlueHalo (post-acquisition): Directed energy, space, and cybersecurity capabilities expand the addressable market. - Scale barrier: Small UAS and loitering munition programs require security clearances, government audit relationships, and certifications that are multi-year barriers to entry.
Red Flags
| Flag | Severity | Context |
|---|---|---|
| SCAR contract ($1.4B total value) reopened for re-competition; stock -20% in early March 2026 | HIGH | Structural/Disclosed |
| Gross margin compressed to 22% from 39% -- BlueHalo service mix dilutive to legacy margins | MEDIUM | Structural/Disclosed |
| 3-month return -5.9% (underperforming SPY -1.3%) -- sector momentum not carrying AVAV | MEDIUM | Structural/Disclosed |
| BlueHalo acquisition integration risk: simultaneous SCAR re-competition adds execution complexity | MEDIUM | Structural/Disclosed |
Pass rationale: AVAV is the highest-quality business in this drone/defense screen. Real revenue, real EBITDA, real backlog, dominant product line. The SCAR re-competition is a meaningful disclosed risk that is clearly priced in (stock -20% in March 2026, triple-downgrade). The bear-regime Sharpe of 1.27 from the quant data confirms AVAV's countercyclical defense characteristics. However, the technical weakness (3-month underperformance vs. SPY) means this is not an active setup today -- it passes the fundamental screen and sits on the watchlist awaiting technical confirmation.
Specific risk to monitor: SCAR re-competition outcome (expected mid-2026). A loss would remove ~$120M annual revenue and cause another selloff. A re-award to AVAV would be a strong catalyst.
KTOS -- Kratos Defense and Security Solutions
Screening Verdict: PASS
Composite Score: 77.5 / 100
Business Viability
Kratos is the highest-conviction name in this screen from a fundamentals standpoint. It is the only company in the group that is both (1) a genuine drone manufacturer and (2) actually profitable at the net income level. Q4 2025 net income was $5.9M -- small, but real. This is not adjusted EBITDA or non-GAAP; it is GAAP profitability.
FY2025 revenue was $1.35B (up from $1.14B in 2024), representing approximately 18% organic growth. The book-to-bill ratio of 1.3x means the company is winning more business than it is recognizing as revenue -- the pipeline is building.
The Valkyrie XQ-58 program achieved "program of record" status with both the U.S. Air Force and U.S. Marines in 2025-2026. This is a significant milestone: it means predictable, multi-year funding with congressional appropriations protection, not just single-year contracts.
Revenue Trajectory
FY2026 guidance: $1.595-1.675B revenue, $157-167M adjusted EBITDA (9.9-10.0% margin). This is 15-20% organic growth above FY2025. Operating income is expected to grow from $25.6M in 2025 to $55-60M in 2026 -- roughly 2x improvement. Q1 2026 guidance of $335-345M is in-line with the full-year trajectory.
The cost-attritable drone model ($2-4M per Valkyrie vs. $100M for an F-35) is a structural tailwind as the DoD shifts toward autonomous systems. Kratos is the early mover with a deployed, tested platform.
Balance Sheet
Solid. Book-to-bill 1.3x, EBITDA growing toward $160M annually, GAAP profitability achieved. The company does not appear to be in financial distress and is not burning cash at pre-revenue rates. The balance sheet requires a full Module 3 analysis for precise debt/leverage figures, but the operating characteristics are healthy.
Moat
Kratos has arguably the strongest moat of any company in this screen: - Valkyrie XQ-58: Purpose-built autonomous combat drone, "program of record" status with multiple services. Cost-attritable design ($2-4M per unit) makes it a volume play that expensive competitors cannot match. - Hypersonics: Kratos is one of only two or three companies in the U.S. capable of producing hypersonic test vehicles and targets. This is a near-monopoly in a growing segment. - Speed-to-deployment philosophy: Kratos's design-for-affordability model has government buy-in that larger primes struggle to match. - Tactical drone ecosystem: Beyond Valkyrie, Kratos operates in electronic warfare, satellite communications, and defense systems -- a diversified revenue base.
Red Flags
| Flag | Severity | Context |
|---|---|---|
| Multiple insider sales in Feb-March 2026 (CFO, Director, EVP) -- though context suggests tax-related | MEDIUM | Structural/Disclosed |
| Valuation now elevated after +26.5% 3-month run; forward P/E expansion may limit upside | MEDIUM | Structural/Disclosed |
| Single-program concentration risk: Valkyrie program of record could shift with administration priorities | MEDIUM | Structural/Disclosed |
Pass rationale: KTOS is the cleanest fundamental story in the drone single-name universe. Profitable, growing organically at 15-20%, dominant platform with government program-of-record protection, realistic EBITDA expansion trajectory. The quant research confirmed this: best all-weather Sharpe among singles (0.76), positive Sharpe in both bull (0.77) and bear (0.36) regimes, lowest stop-loss frequency (1.2/year) among the single names. No elimination triggers. This is the primary watchlist candidate for technical setups.
RKLB -- Rocket Lab USA
Screening Verdict: PASS (conditional -- valuation flag)
Composite Score: 70.0 / 100
Business Viability
Rocket Lab is a real business with real revenue, real backlog, and a credible growth trajectory. FY2025 revenue was a record $602M, up 38% year-over-year. Q4 2025 revenue was $180M (record). The company has a $1.85B backlog with 37% expected to convert within 12 months. GAAP gross margin improved to 38% (44% non-GAAP) in Q4 -- these are genuine margin improvements, not accounting adjustments.
However, Rocket Lab is not a drone company in the traditional sense. It is a launch services and space systems company. The "drone/UAV" connection is via its space systems segment (satellite components, photon satellite buses) and its role in defense-oriented space infrastructure. The thesis for holding RKLB in a drone context is the broader defense/space theme, not tactical UAS specifically.
Revenue Trajectory
Record performance across all 2025 quarters. FY2026 guidance of approximately $885M implies approximately 47% growth. The backlog grew 73% year-over-year to $1.85B -- the forward visibility is genuine. This is the strongest revenue trajectory of any name in the screen.
Neutron risk: The medium-lift Neutron rocket -- which represents much of the valuation upside -- experienced a tank rupture during testing and its first launch was delayed to Q4 2026. Neutron is priced at $50-55M per launch vs. Electron's ~$7-8M. The margin expansion story depends heavily on Neutron's success.
Balance Sheet
$1.1B cash as of end of 2025. Net loss of $52.9M in Q4 2025. Annual net loss was approximately $197M for 2025. The cash burn is substantial but far more controlled than JOBY. At current burn rates, the cash position is adequate through Neutron's initial launch window without requiring emergency capital raises.
Path to profitability: Management projects positive free cash flow in 2026 and GAAP net income by 2027-2028.
Moat
Strong and defensible: - SpaceX alternative: RKLB is the only credible second-source for national security launches that SpaceX can't or won't take. This is a structural moat enforced by government desire for competitive alternatives. - Electron reliability: 55 launches to date, high reliability record -- difficult to build from scratch. - Vertical integration: Space systems (components, satellite buses) + launch services creates customer stickiness. - Classified defense contracts: Growing portion of backlog is defense/intelligence community work, which creates long-term revenue visibility.
Red Flags
| Flag | Severity | Context |
|---|---|---|
| Valuation extreme: P/S ratio approximately 38-50x vs. defense sector average of 2.9x; P/S vs. peer aerospace 11.3x | HIGH | Structural/Disclosed |
| Neutron tank rupture during testing; first launch delayed to Q4 2026 -- key catalyst at risk | HIGH | Structural/Disclosed |
| Quant data: -83.0% max drawdown; -0.87 bear-regime Sharpe -- amplifies losses in downturns | MEDIUM | Structural/Disclosed |
| Not a pure drone play -- space systems and launch services are the primary business | MEDIUM | Structural/Disclosed |
Pass (conditional) rationale: RKLB passes the fundamental screen on business quality: real revenue, real margins, real backlog, credible moat. However, two HIGH flags exist, both Structural/Disclosed, and the valuation is extreme (38-50x P/S). This earns a conditional pass rather than a clean pass. The conditions:
- Valuation must be accounted for in position sizing -- RKLB's high P/S means a guidance miss or Neutron delay will hit hard. Size accordingly.
- Not a core drone exposure -- if the thesis is specifically tactical UAV/drone, AVAV and KTOS are cleaner expressions. RKLB is a "defense/space momentum" play.
- Neutron milestone required before upgrading conviction -- the first Neutron launch (targeted Q4 2026) is a binary catalyst. The thesis requires it to succeed.
Elimination Summary
| Ticker | Verdict | Primary Elimination Reason |
|---|---|---|
| UAVS | AVOID | Business non-viable. 100% drawdown, going concern, sub-$2M quarterly revenue, no moat. |
| ONDS | AVOID | Valuation extreme (P/S ~181x TTM). All revenue inorganic. Verified AVOID via full synthesis 2026-03-01. |
| JOBY | AVOID | No product revenue. $929M net loss. FAA cert 2027+. Burn rate consumes cash in 6-9 quarters. |
| Ticker | Verdict | Watchlist Notes |
|---|---|---|
| KTOS | PASS | Highest conviction. Profitable, 15-20% organic growth, Valkyrie program of record. Await technical setup. |
| AVAV | PASS | Strong business, dominant moat. SCAR re-competition risk priced in (-20% March 2026). Await technical recovery. |
| RKLB | PASS (conditional) | Real growth (38% FY2025, 47% guided 2026). Valuation stretched at 38-50x P/S. Neutron delay is active risk. Size conservatively. |
Alignment with Quant Research
The quant research reached consistent conclusions through a different lens:
| Quant Finding | Fundamental Confirmation |
|---|---|
| UAVS: 100% drawdown, $3M daily vol | Confirmed: going concern, sub-$2M quarterly revenue, non-viable |
| ONDS: lottery-ticket, -6.44% median monthly | Confirmed: AVOID per full synthesis, valuation 181x P/S, inorganic revenue |
| JOBY: -43.5% 3M return, -0.33 bear Sharpe | Confirmed: no product revenue, $929M loss, certification 2027+ |
| KTOS: best all-weather Sharpe (0.76/0.36 bull/bear) | Confirmed: only profitable name, 15-20% organic growth, program of record |
| AVAV: remarkable 1.27 bear-regime Sharpe | Confirmed: countercyclical defense moat, dominant Switchblade position |
| RKLB: highest Sharpe (0.86) but -0.87 bear | Confirmed: real growth story but speculative valuation, Neutron binary risk |
The quant and fundamental analyses are in full agreement on all six names.
Watchlist Recommendations
Immediate watch (waiting for technical setup): - KTOS -- primary candidate, cleanest risk/reward - AVAV -- secondary candidate, await SCAR resolution or technical base formation
Monitor but size conservatively: - RKLB -- valid as a defense/space momentum play; reduce size vs. KTOS/AVAV given valuation
Do not trade: - JOBY -- revisit if FAA TIA issued (Stage 4 of 5 certification confirmation) - ONDS -- revisit if organic revenue demonstrated and valuation normalizes (<20x forward P/S) - UAVS -- remove from watchlist entirely; revisit only after verified business restructuring with positive operating cash flow for two consecutive quarters
Data Source Log
| Source | Query / Endpoint | Status | Notes |
|---|---|---|---|
| Existing synthesis | analysis/fundamentals/ONDS-synthesis.md |
OK (2026-03-01, 8 days old) | Within cache window; verdict unchanged |
| WebSearch | "JOBY Aviation financials 2025 2026 revenue cash burn balance sheet" | OK | AeroTime, ir.jobyaviation.com |
| WebSearch | "AVAV AeroVironment financials revenue earnings 2025 2026" | OK | BusinessWire Q2 FY2026 release, avinc.com |
| WebSearch | "AVAV AeroVironment SCAR contract rebid BlueHalo 2026" | OK | SimplyWallSt, TIKR, primaryignition.com |
| WebSearch | "KTOS Kratos Defense financials revenue earnings 2025 2026" | OK | kratosdefense.com Q4 2025 release |
| WebSearch | "KTOS Kratos Defense short interest insider ownership 2026" | OK | GuruFocus, DailyPolitical, stocktitan.net |
| WebSearch | "RKLB Rocket Lab financials revenue 2025 2026 cash balance sheet" | OK | GlobeNewswire Q4 2025 release |
| WebSearch | "RKLB Rocket Lab valuation 2026 P/S path to profitability Neutron" | OK | Yahoo Finance, sahmcapital.com |
| WebSearch | "UAVS AgEagle Aerial Systems financial status 2025 2026 going concern" | OK | dcfmodeling.com, ainvest.com, stocktitan.net |
| Python (make run-script) | Composite score computation (4 dimensions x 6 tickers) | OK | Scores verified; no mental arithmetic |
Data quality notes: - AVAV balance sheet (Module 3 equivalent) is incomplete -- debt/cash/leverage figures not sourced. The SCAR risk quantification (6% of revenue) is from analyst estimates, not company disclosure. - KTOS detailed balance sheet not sourced. Assessment based on operating metrics (book-to-bill, EBITDA trajectory, GAAP profitability). - RKLB P/S ratio range (38-50x) is from multiple analyst sources with varying methodologies; exact figure depends on market cap at time of analysis. - JOBY revenue mix (Blade vs. eVTOL) is reported in aggregate; segment breakdown from press releases.