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Mobix Labs Inc ( $MOBX )

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Mobix Labs, a tiny defense and connectivity component supplier, just caught a massive bid after announcing a new production order for its high-reliability filtering component inside the U.S. Navy Tomahawk cruise missile program. Behind the headline, the story is a mix of real programs (Tomahawk, M-1 Abrams, drone platform), aggressive M&A, heavy dilution and a very tight liquidity position.

Another war in the “Gulf”

Another War

A few days after the first wave of attacks, the war is no longer just a story of missiles over Tehran. It now stretches from southern Lebanon to the Strait of Hormuz, from Syrian and Iraqi corridors to the LNG hubs of Qatar and Saudi Arabia, with oil and gas prices repricing risk in real time.

Intuitive Machines Inc ( $LUNR )

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L3Harris selects Intuitive Machines to provide satellite platforms for the Tracking Layer of the Space Development Agency’s Proliferated Warfighter Space Architecture (PWSA): a key step in LUNR’s transition from “lunar lander pure play” to integrated space-infrastructure and defense supplier, with rapidly changing fundamentals and a capital-intensive profile.

Red Cat Holdings Inc ( $RCAT )

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Red Cat has announced that Allen Control Systems (ACS), a specialist in autonomous precision weapon systems, is joining the Red Cat Futures Initiative – the company’s consortium aimed at accelerating advanced robotics and autonomy for modern warfare. The core of the deal is the integration of ACS’s Bullfrog system, an AI-driven robotic weapon station designed for counter-drone and precision engagement roles.

AST SpaceMobile Inc ( $ASTS )

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Revenue $54.3M in Q4 · $70.9M in FY 2025
First year as a revenue-generating company: gateway deliveries and initial U.S. government contracts pushed 2025 sales to $70.9M, with Q4 alone at $54.3M. The model is still loss-making: FY 2025 net loss attributable to common stockholders was about $342M, with Q4 loss around $74M and EPS of –$0.26 per share.

Plug Power Inc ( $PLUG ) Hydrogen Turnaround or Capital-Intensive Value Trap?

PLUG

Plug Power wants to be more than a meme hydrogen stock. In its filings and official presentations, the company describes itself as a provider of comprehensive hydrogen solutions that cover:

– Electrolyzers for green-hydrogen production,
– Production plants and liquefaction/purification infrastructure,
– Distribution and logistics (trailers, storage, on-site equipment), and
– End-use systems for material handling, stationary power and mobility.

Intellia Therapeutics Inc ( $NTLA )

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The FDA has lifted the clinical hold on MAGNITUDE, the Phase 3 trial of nexiguran ziclumeran (nex-z, ex NTLA-2001) in transthyretin cardiomyopathy. After months of uncertainty following a severe liver event and a patient death, Intellia and Regeneron can enrol again. This update revisits the thesis we outlined in the previous Merlintrader deep dive and asks what this decision really changes for the risk/reward profile of Intellia's in vivo CRISPR platform.

US Energy Corp ( $USEG )

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With oil back in focus after U.S.–Israeli strikes on Iran and renewed risk around the Strait of Hormuz, U.S. Energy Corp. (USEG) offers a very different angle from the majors: a small, vertically integrated platform trying to combine legacy oil and gas production with a large industrial gas and carbon management project at Kevin Dome in Montana. This is a deep dive into what USEG really is, how Kevin Dome fits into the 2026 energy landscape, and which catalysts matter from here.