Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,600+ insights published on Smartkarma.</li>
<li>In this cut, we examine the global naval reinvestment cycle, survey stocks benefitting from nuclear power's comeback, and review the case for a couple of confirmed corporate spin-offs.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,600+ insights published on Smartkarma.
In this cut, we examine the global naval reinvestment cycle, survey stocks benefitting from nuclear power's comeback, and review the case for a couple of confirmed corporate spin-offs.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Naval Navigations, Nuclear Renaissance & Spin-Off Situations

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Threod Systems generated $44 million in revenue in 2024, up 87% from the previous year.</li><li>Operating cash flow turned negative at -€1.28M in 2024 versus +€7.76M in 2023, reflecting working capital investments as the company scaled from 121 to 161 employees and expanded manufacturing capacity.</li><li>The company&#39;s revenue target of reaching $110 million within the next few years suggests management expects this defense spending boom to continue.</li></ul>

Sacra estimates that Threod Systems generated $44 million in revenue in 2024, up 87% from the previous year.Operating cash flow turned negative at -€1.28M in 2024 versus +€7.76M in 2023, reflecting working capital investments as the company scaled from 121 to 161 employees and expanded manufacturing capacity.The company&#39;s revenue target of reaching $110 million within the next few years suggests management expects this defense spending boom to continue.

<ul><li>Sacra estimates that KrattWorks generated $22.2M in revenue in 2025, up 2,953% year-over-year from $728K in 2024.</li><li>The company&#39;s revenue trajectory shows a steep acceleration.</li><li>KrattWorks builds tactical drones that operate when GPS signals are jammed and radio links are severed.</li></ul>

Sacra estimates that KrattWorks generated $22.2M in revenue in 2025, up 2,953% year-over-year from $728K in 2024.The company&#39;s revenue trajectory shows a steep acceleration.KrattWorks builds tactical drones that operate when GPS signals are jammed and radio links are severed.

<ul><li>As drones dominate the Russo-Ukrainian War (responsible for 70% of casualties on both sides), former Eastern Bloc countries have coalesced to counter Russian aggression.</li><li>Mass-scale drone warfare has given rise to counter-drone electronic warfare where GPS denial bubbles hundreds of kilometers wide cause commercial drones to drift uncontrollably and crash.</li><li>Sacra estimates that KrattWorks generated $22m in revenue in 2025, up 2,953% year-over-year from $730K in 2024, selling drones both domestically to Estonia and to Ukraine.</li></ul>

As drones dominate the Russo-Ukrainian War (responsible for 70% of casualties on both sides), former Eastern Bloc countries have coalesced to counter Russian aggression.Mass-scale drone warfare has given rise to counter-drone electronic warfare where GPS denial bubbles hundreds of kilometers wide cause commercial drones to drift uncontrollably and crash.Sacra estimates that KrattWorks generated $22m in revenue in 2025, up 2,953% year-over-year from $730K in 2024, selling drones both domestically to Estonia and to Ukraine.

<ul><li>Sacra estimates that Govini hit $100M in annual recurring revenue (ARR) in October 2025, up from $58M at the end of 2024.</li><li>The company secured a $919 million, 10-year SCRIPTS blanket purchase agreement from the General Services Administration in April 2025, giving any Department of Defense component the ability to procure Govini&#39;s Ark platform without recompete.</li><li>Govini closed a $150 million growth investment from Bain Capital in October 2025, though the company has not disclosed its current valuation.</li></ul>

Sacra estimates that Govini hit $100M in annual recurring revenue (ARR) in October 2025, up from $58M at the end of 2024.The company secured a $919 million, 10-year SCRIPTS blanket purchase agreement from the General Services Administration in April 2025, giving any Department of Defense component the ability to procure Govini&#39;s Ark platform without recompete.Govini closed a $150 million growth investment from Bain Capital in October 2025, though the company has not disclosed its current valuation.

United States

Hardware-software defense systems for autonomous drones, surveillance towers, and counter-drone warfare

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Anduril (ANDURIL US)

Curator's Cut: Naval Navigations, Nuclear Renaissance & Spin-Off Situations

This Curator's Cut issue highlights global naval reinvestment, nuclear power stocks, and corporate spin-offs from Smartkarma's insights. Comment...

Pranav Rao

Primer: Threod Systems - 10 Mar 2026

Developer and producer of unmanned aircraft systems (UAS) for intelligence, surveillance, target acquisition, and reconnaissance operations

Sacra

Primer: KrattWorks - 10 Mar 2026

Developer of jamming-resistant tactical ISR drones with thermal and visual cameras for rapid situational awareness in critical scenarios

Sacra

$22M/year DJI Of Estonia

TL;DR: With drones responsible for 70% of casualties in the Russo-Ukrainian war, Estonia's KrattWorks shifted focus from firefighting drones to...

Sacra

Primer: Govini - 15 Oct 2025

Software dashboard for defense agencies to manage acquisition, logistics, and modernization decisions

Sacra

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Curator's Cut: Naval Navigations, Nuclear Renaissance & Spin-Off Situations

​This Curator's Cut issue highlights global naval reinvestment, nuclear power stocks, and corporate spin-offs from Smartkarma's insights. Comment...

Pranav Rao

Primer: Threod Systems - 10 Mar 2026

Developer and producer of unmanned aircraft systems (UAS) for intelligence, surveillance, target acquisition, and reconnaissance operations

Sacra

Primer: KrattWorks - 10 Mar 2026

Developer of jamming-resistant tactical ISR drones with thermal and visual cameras for rapid situational awareness in critical scenarios

Sacra

$22M/year DJI Of Estonia

TL;DR: With drones responsible for 70% of casualties in the Russo-Ukrainian war, Estonia's KrattWorks shifted focus from firefighting drones to...

Sacra

Primer: Govini - 15 Oct 2025

Software dashboard for defense agencies to manage acquisition, logistics, and modernization decisions

Sacra

This Curator's Cut issue highlights global naval reinvestment, nuclear power stocks, and corporate spin-offs from Smartkarma's insights. Comment...