Great summary of our recent Sofwave site visit by @roncohen0547

$SMSH spotted again 👀👀👀 During a major military exercise held last week involving seven NATO countries Things are getting real in Europe…. 🇫🇮🇺🇸🇫🇷🇬🇧🇵🇱🇮🇹🇭🇺

An Israeli company sold its smart rifle scope to every branch of the U.S. military. The U.S. Navy is the latest to sign up, completing all four major services in under a year. defence-blog.com/u-s-navy-bu…

$ACP.WA solid growth higher-margin proprietary software public-sector wins stronger recurr biz backlog 14% cash flow proportionally better ex timing effect high cash balance (possibl div) learned a lot frm TSS on M&A & process discipline revise rejected bonus scheme $CSU $TOI.V

Global Drone Market Set to Reach US$147.8 Billion by 2036 (~8% CAGR), Driven by Commercial Expansion, Regulatory Maturity, and Sensor Proliferation idtechex.com/en/research-rep…

Lock & Track 🇮🇱 SMASH 3000 from Smartshooter (@smart_shooter_) is a combat-proven family of fire control systems which are designed to increase the Probability of Hit (POH) against small UAS. "Powered by advanced image processing and machine learning, SMASH provides precise target acquisition and tracking capabilities, that enable accurate engagement of static and moving targets across various operational scenarios-ground, C-sUAS, maritime, and more - day or night."

Drones now account for 80% of casualties in Ukraine-Russia war. army-technology.com/news/dro… #UAS #C-UAS

Drone Dominance: 8 Key Initiatives Advancing the Army’s UAS & Counter-UAS Capabilities executivegov.com/articles/ar…

Army Seeks Nearly $1B for Counter-Drone Procurement in FY27 executivegov.com/articles/ar…

$ACP.WA Asseco Poland reports strong preliminary Q1 2026 results: • Revenue 8.8% to PLN 4.40bn • EBITDA 21.9% to PLN 695m • Operating profit 32.9% to PLN 513m • Net profit attributable to shareholders 67.6% to PLN 228m

On the cheap.

Incredible how we’re reverting back to very old school anti aircraft techniques from the 1950s. 🦖

Here comes the swarm scenario and no one is asking the right C-UAS questions: weight, mobility, cost of kill, effectiveness and distribution /layering over large contact lines and critical infrastructure.

The Drone Corps

Missile Drones now, eh? Interesting stuff is cooking in drone warfare land.

$SMSH 🇫🇮

C-UAS SMASH linkedin.com/posts/israeli-d…

Drone warfare makes borders mean nothing. Drones now hit hundreds of miles deep into rival territory. Autonomous Hopper systems, and strong C2 systems are a must for a nations wishing to survive the modern war theater.

My $CSU.TO raw notes from this morning's AGM: - Opened with a video showing year-by-year acquisitions across operating groups. Seeing gross/recurring revenue alongside capital deployed was impressive with over 1,300 acquisitions during their 30 year run. - Core message remained consistent: - Decentralization - Decisions pushed to business units - Small teams - Buy-and-hold forever mindset - No PE-style flipping - Scale highlights: - 69K employees - 1,500 business units - 1,300 acquisitions - 100 countries - 150 vertical markets - Conventional org charts are NOT how CSI operates - HQ exists to coach, not control - Nyland (Lumine) mentioned speaking with their telecom customers about potential acquisition opportunities that improve service to end customers - Concentrating talent within verticals is a major edge. Deep knowledge in transportation with Bill Delaney (CEO of Modaxo, part of Volaris) runs transportation software services for 3,000 cities and governments - Mark Miller's AI comment: - “It’s about what you actually do, not what you say you’re going to do” - Short-term leaders focus on what they say, not execution - Vertical markets require deep industry expertise, even in the AI era - Founder who spoke on a panel sold to CSI in 2018 is now fully out of that business and running an academic vertical inside completely outside of the operating unit he sold to - Interesting pattern: founders often stay within Constellation in new leadership roles years later - Agentic coding is helping them build more software faster - Some companies are fully rebuilding and modernizing products from scratch — previously inconceivable pre-agentic coding - CSI is hosting many AI hackathons to: - Produce new products - Rebuild outdated systems - Modernize software untouched for decades - Potential upside: - Longer product life cycles - Lower churn - CSI increasingly investing in “PEMS” in other words taking stakes in other public software companies. Miller sees value in public markets and mentioned on the earnings call last week that private valuations haven't moved while publics get smoked. - PEMS = Permanent Engaged Minority Shareholders - Holding long term, not trading the equities - Brief mention of Mark Leonard at the start, then not referenced again... Company remains very private about his health - Mark Miller: - “We really haven’t seen any AI-related attrition of customers” - Software businesses are not just products, they are Companies: - Support matters - Sales matters - Services matter - Customers don’t ask for AI. Customers ask for solutions. If AI improves the solution, great

RWS and FCS solutions are likely key elements of solving the FPV class drone C-UAS on a soldier-distributed level with tactical discovery toold and C2. Given the tremendous challenge, all are expected to display tremendous growth.