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$HAWK Part 2: What a Cluster Costs, What It Earns, and Where the Profit Starts
A cluster costs about $12 million and earns about $14 million a year. We rebuilt the unit economics from the balance sheet, priced Kestrel, and found…
Oct 30
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Shawarma Capital
5
$MRLN (Merlin Labs): The King Air, the T-44 and the Page Merlin Has Not Published
Merlin flew a 1976 King Air on its own, then reserved an unlaunched product page called Redtail. What the record supports on the Navy, the C-130J and…
Oct 25
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Shawarma Capital
10
$HAWK Has the Demand Curve. The Stock Has Not Noticed Yet.
NRO demand for commercial RF data rose six-fold in a year, HawkEye holds the NRO's RF production contract, and two new clusters launch this month. The…
Oct 16
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Shawarma Capital
4
$MRLN: Merlin's Clock After the Pivot: What Moved, What Didn't, What We're Watching
A timelines update on Merlin as of October 2, 2026. The C-130J date keeps walking, the flight-test fleet just had its busiest month, and the next eight…
Oct 2
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Shawarma Capital
4
6
$PL: The Quarter That Borrowed From Next Year
Planet Labs just printed the best quarter in its history and added about $25 million of net new contract value doing it. Who actually pays for the…
Oct 2
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Shawarma Capital
2
1
1
September 2026
$SHMD Part 1: Weighing the Machines
Part 1 on SCHMID Group. We followed the equipment through customs manifests, export statistics, land auctions, patent offices and court dockets. The…
Sep 24
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Shawarma Capital
5
1
$SHAZ Analysis - The Underwriter Bought at Six (Part 1)
A short report said SharonAI was built on phantom contracts. We pulled the customer's prospectus, the bankruptcy docket and the underwriter's Form D.
Sep 15
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Shawarma Capital
4
What We Are Waiting For
The nearest Merlin catalysts, an honest estimate of timing on each, and why the tape has felt quiet
Sep 12
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Shawarma Capital
16
1
$BRUN The Ramp Nobody Has Financed
Boost Run needs to nearly triple its run-rate in five months, buy hardware it has not funded, and rely on counterparties it will not name. Part 2 reads…
Sep 4
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Shawarma Capital
4
August 2026
$BRUN: The Ninety Percent Illusion
The gap between Boost Run's 94.5 percent reported margin and its real economics, and why the de-SPAC discount already closed.
Aug 31
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Shawarma Capital
8
2
1
The Voice on the Frequency - My Flight Demo
I flew with Merlin Pilot at Quonset. The airplane did everything. Field notes from inside the hangar, the cabin, and the headset.
Aug 28
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Shawarma Capital
22
5
August Portfolio Update: The Book Is One Name Now
Tuesday morning I sold every position I owned and put the entire book into one stock. Nine exits, six of them green, and the reasoning behind a decision…
Aug 21
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Shawarma Capital
6
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