Jon Quast

There are times when companies will engineer, let's say, financial results in such a way that it gets this maximum excitement going.

It's right before IPO.

It just makes little tweaks here and there to the business that makes it look way better than it is.

Then shortly after going public, the results go back to the normal trend line.

I can't remember which company it was anymore,

But I did see this one time where there was a company with just net losses, losses, losses, losses, suddenly profitable right before IPO, and then after IPO, back to the losses.

So if I can get my hands on the longer-term financial results, that's what I look for.

If I see that just recent, all of a sudden, everything is massively improved, I'm going to take a step back, wait a year or two, and see if this is actually a trend.

For me, I'll be looking to see if Enduro goes public in 2026.

This is a defense company.

It doesn't really see itself as a defense contractor per se.

The contractor model, it's basically, the government decides what it wants its roadmap to be, and then the

defense contractor goes out there and makes it happen.

Enduro, on the other hand, has its own roadmap, developing its own technology and software and hoping to sell that to the government.

The basic premise of the roadmap is autonomy.

It has AI software, it calls Lattice.

This is controlling

All this autonomous defense hardware, whether that be underwater or in the air or on land.

I think that there's a chance that investors will view this more like an Apple than a Lockheed Martin, if that makes sense what I'm saying.

About a year ago, it was valued at $30 billion.