$DFSC a Canadian U.S. Defense microcap

$DFSC Canada's going all-in on defense lately, with that fresh $9+ billion injection for 2025-26 to finally hit the NATO 2% GDP mark early, plus way more coming down the pipe. Throw in the growing tensions up in the Arctic over resources and borders, and it's clear the military needs to modernize. DEFSEC Technologies ($DFSC) is a small Ottawa-based company that's already deep in battlefield digitization tech, the exact stuff the Canadian government is pouring money into and rolling out through big programs. Government contracts are ramping hard: They've got multi-year deals with the DND, including work with Thales, potentially up to $75M through 2028/2029. Billings from these services are projected to hit an $8.8M annualized run-rate by February—huge jump from last year. Product side heating up too: Just shipped prototypes for their Battlefield Laser Detection System to a big North American armored vehicle program—lots of chatter it's tied to the US Army's OMFV (the Bradley replacement), which could open more doors. Balance sheet is pretty clean for a microcap: About $6.7M in cash at the end of FY2025, enough to carry them well into 2026. Market cap's sitting around $3.5-4M these days, so you're looking at a setup where cash alone covers most of the valuation. On the dilution front— the latest raise in mid-December was a registered direct for roughly 566k shares at $2.65 USD each (CAD$3.64), bringing in about $1.5M USD gross. With the current float around 2 million shares (based on recent market cap and price data), that added roughly 28% more shares. They also tossed in warrants for another 566k at $4.27, which are well out of the money right now and would only kick in if the stock runs up a lot. Not brutal dilution, especially since it was done above where the stock was trading then, and it keeps the lights on without heavier hits. All in, with Canada favoring homegrown companies for this spending wave, $DFSC feels like they will be producing very useful military gear for the long run.