Podcast
Delta Investments Podcast
Hosted by Delta Investments · EN
Deep dives into companies, pulling gems from published filings and Reports, sharing insights on publicly traded stocks. None of this information is Financial Advice. By listening you agree that you use the contents of this podcast at your own risk and that you are solely responsible for any investment decisions you make
deltainvestments.substack.com
deltainvestments.substack.com
10episodes
Episodes
Newest firstAll episodes
SpaceX IPO & Impact on the Space Industry
May 2900:17:43Tap to summarizeThe wait is finally over. SpaceX has officially filed its S-1 registration statement with the SEC, targeting a historic June 12, 2026, debut on the Nasdaq under the ticker SPCX. With a projected valuation between $1.75 trillion and $2 trillion, this listing is poised to become the largest initial public offering in corporate history, dwarfing the previous record held by Saudi Aramco.But as the curtain is pulled back on Elon Musk’s private empire, the financials reveal a complex, high-stakes paradox that every investor needs to understand before listing day.In this episode, we break down:The "Three-Engine" Business Model: Discover how SpaceX has evolved from a simple rocket launcher into a "vertically integrated technological conglomerate" spanning orbital transport, global communications (Starlink), and frontier AI (xAI).The xAI Factor: Why is a space company spending billions on GPUs? We analyze the xAI merger, the Colossus supercomputer in Memphis, and the massive $15 billion-a-year compute deal with Anthropic.Starlink: The Internal Cash Machine: Starlink generated $11.4 billion in 2025 revenue, acting as the primary engine funding Musk's more speculative bets. However, we also look at the worrying 33% decline in Average Revenue Per User (ARPU).The Sector Re-Rating: How the SpaceX IPO is acting as a "rising tide" for peers like Rocket Lab (RKLB) and AST SpaceMobile (ASTS).Key Data Points from the S-1 Filing:2025 Consolidated Revenue: $18.7 Billion.2025 GAAP Net Loss: $4.94 Billion.AI Segment Capex (2025): $12.7 Billion. Get full access to Delta Investments at deltainvestments.substack.com/subscribe
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Let's Talk about Blackberry's ($BB) Transformation
May 1400:18:07Tap to summarizeYou thought they were gone. You thought the "Crackberry" era ended when the keyboards fell silent. You were wrong.BlackBerry ($BB) has just completed one of the most radical architectural shifts in tech history. No longer a phone company, they have transformed into a high-margin, structurally profitable software titan, serving as the hidden "nervous system" for the world's most mission-critical operations.In this deep dive, we unpack the BlackBerry Renaissance:🚀 The QNX Royalty Engine: While the world looked away, BlackBerry’s QNX software became the industry standard for safety-certified embedded systems. It is now embedded in more than 275 million vehicles worldwide, powering everything from digital cockpits to advanced autonomous driving systems for the top global automakers.🤖 The "Brainstem" of Physical AI: Beyond the road, BlackBerry is moving into the "Physical AI" space. Through a deepening partnership with NVIDIA, BlackBerry is integrating its QNX OS for Safety with the NVIDIA IGX Thor platform. This isn't just about cars anymore—it’s about the software layer governing autonomous surgical robots, smart manufacturing, and medical imaging where failure is not an option. 🛡️ Digital Sovereignty: As global tensions rise, BlackBerry’s Secure Communications division is seeing an accelerating "digital sovereignty" tailwind. Trusted by 17 of the G20 governments, they provide the military-grade encryption and critical event management that nations rely on when security is a matter of national defense.💰 The Financial Inflection Point: For the first time in years, the "company in transition" narrative is dead. BlackBerry has reported its eighth consecutive quarter of improving GAAP profitability as of April 2026. With a massive $950 million royalty backlog providing multi-year visibility, the "royalty engine" is just starting to compound. Is BlackBerry the most undervalued AI play in the market today? We explore the $950M "coiled spring" backlog, the NVIDIA partnership, and the roadmap to 2027.For more deep dives into the technologies redefining our world, subscribe and hit the bell icon. Get full access to Delta Investments at (https://deltainvestments.substack.com)#BB #ai #PhysicalAI #nvidia #Earnings #Autonomy #SmartInfrastructure #ai Get full access to Delta Investments at deltainvestments.substack.com/subscribe
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Can Oscar Health Transform the way we look at Healthcare?
May 100:24:01Tap to summarizeGet full access to Delta Investments at deltainvestments.substack.com/subscribe
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Polymer Power: Lightwave Logic's AI Play
Apr 2600:15:15Tap to summarizeIn this episode, we dive into the massive momentum building behind Lightwave Logic (LWLG). Following a fresh 52-week stock high and a major update to their capital strategy, we explore why electro-optic polymers are moving from "experimental tech" to the backbone of the AI data center. We break down the technical breakthroughs of the Perkinamine® platform and what investors should watch for as we head toward the May shareholder meeting.Key Discussion Points:Breaking the 1-Volt Barrier: Why the industry is buzzing about Lightwave’s ability to run high-speed modulators at ultra-low voltage and how this solves the "power wall" in AI infrastructure.Foundry Milestones: A look at the strategic integration with Tower Semiconductor and GlobalFoundries. We discuss how these partnerships move the tech from the lab to the fab.The Road to 1.6T: How Lightwave’s polymers are positioning the company to dominate the transition to 1.6 Terabit networking speeds required by next-gen AI clusters.Featured Headlines“Lightwave Logic Sets New 52-Week High as AI Demand Surges”“Silicon Photonics Integration: The Tower Semiconductor Deal Explained” Get full access to Delta Investments at deltainvestments.substack.com/subscribe
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From Seabed Mapping to Mine Countermeasures: Kraken Robotics ($KRKNF) Is Changing the Game!
Apr 2000:18:38Tap to summarizeIn this episode, recorded on April 1st, 2026, we dive into how Kraken Robotics is evolving from a specialized component manufacturer into a dominant tier-one subsea technology prime following its transformative $615 million acquisition of the Covelya Group. We explore the strategic impact of this deal, which integrates Kraken’s industry-leading sensors and power systems with Covelya’s world-class navigation, positioning, and underwater communication technologies.The discussion covers the powerful macro drivers fueling Kraken's growth, including geopolitical tensions accelerating naval modernization and the urgent need to protect critical underwater infrastructure like pipelines and fiber-optic cables. We also take a close look at Kraken's core technological innovations, such as the KATFISH™ high-speed towed vehicle for ultra-high-resolution seabed mapping and SeaPower™ pressure-tolerant batteries that enable deep-sea operations up to 6,000 meters.Finally, we analyze Kraken’s record-breaking financial trajectory, highlighted by 60% revenue growth in Q3 2025 and an expected combined 2025 revenue of approximately $365 million. With a robust sales pipeline exceeding $2 billion, we examine whether Kraken can successfully integrate its global operations to capitalize on the multi-year "Seabed Warfare" cycle.For more deep dives into the technologies redefining our world, subscribe and hit the bell icon. Get full access to Delta Investments at (https://deltainvestments.substack.com)#kraken #Lidar #PhysicalAI #KRKNF #Earnings #Autonomy #Robotics #SmartInfrastructure #ai Get full access to Delta Investments at deltainvestments.substack.com/subscribe
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Ericsson's ($ERIC) AI-Native Pivot - A Risky Gamble?
Apr 1200:20:24Tap to summarizeIn this episode we dive deep into Ericsson's ($ERIC) 2025 performance and its strategic roadmap for an AI-powered future. Following a transformative period of restructuring, Ericsson reports a significant surge in profitability and a clear shift from being a hardware vendor to a software-defined platform company.Key Highlights from 2025:Financial Surge: Ericsson delivered 6% organic sales growth in Q4 2025, with adjusted EBITA margins expanding for the ninth consecutive quarter to reach 18.3%.Fortress Balance Sheet: The company ended the year with a robust net cash position of SEK 61.2 billion, a 62% increase year-over-year.Record Shareholder Returns: Reflecting management's confidence, the Board has proposed a SEK 15 billion share buyback program and an increased dividend of SEK 3.00 per share, totaling a distribution of approximately SEK 25 billion.AI-Native Leadership: Ericsson is leading the industry's transition to AI-native, autonomous mobile networks, with its technology now carrying roughly 50% of all mobile 5G traffic outside of China.Strategic Growth Areas for 2026 and Beyond:Network APIs: Through its $6.2 billion acquisition of Vonage and the Aduna joint venture, Ericsson is monetizing network capabilities by exposing them to global developers.Mission-Critical & Defense: While the global RAN market is expected to remain "flattish," Ericsson is increasing R&D investments in defense and mission-critical networks to capture new high-growth sectors.Operational Efficiency: To maintain margins in a flat market, the company continues to optimize its cost base, including a proposed reduction of 1,600 positions in Sweden following a global headcount reduction of 5,000 in 2025.Join us as we analyze how this 150-year-old pioneer is positioning itself at the center of the hyper-connectivity era, leveraging a portfolio of over 60,000 patents to drive the next wave of 5G and 6G innovation. Get full access to Delta Investments at deltainvestments.substack.com/subscribe
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The Dramatic Transformation of Ondas ($ONDS)
Apr 100:42:14Tap to summarizeIn this episode, we dive into the remarkable evolution of Ondas Holdings Inc. (Nasdaq: ONDS), tracing its journey from its 2018 reverse acquisition to its current status as a vertically integrated powerhouse in autonomous intelligence and mission-critical connectivity.We explore the company’s strategic shift into a "System of Systems" architecture, which fuses terrestrial robotics, low-altitude aerial systems, and high-altitude stratospheric persistence into a unified operational framework. Our discussion covers how recent transformational acquisitions—including World View, Mistral, Sentrycs, and BIRD Aerosystems—have expanded Ondas' capabilities across air, ground, and sea domains.Key topics include:The 2025 Financial Inflection: A breakdown of the "step-change" in performance, highlighted by a huge year-over-year revenue surge in Q4 2025.The Palantir Partnership: How the integration of Palantir’s AI and data platforms acts as a force multiplier for Ondas' multi-domain ISR (Intelligence, Surveillance, and Reconnaissance) platform."Capital as a Weapon": Analyzing the impact of Ondas’ massive capital formation, including a 1 billion raise in January2026 that resulted in approximately 1.5 billion in pro forma cash to fund global expansion.The "Internet of Trains": An update on Ondas Networks and the formal adoption of its dot16 technology by the Association of American Railroads (AAR) as a foundational standard for North American rail communications.Defense & Global Scaling: Insights into the company’s role as a prime contractor for national-level programs like Project Hives and its alignment with the U.S. government’s Drone Dominance Program.Whether you are an investor following the "drone revolution" or a tech enthusiast interested in the future of autonomous defense, this episode provides a comprehensive look at how Ondas is reshaping the landscape of sovereign intelligence. Get full access to Delta Investments at deltainvestments.substack.com/subscribe
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POET Technologies: A "Pure Play" AI Hardware Company Redefining Connectivity
Mar 2400:19:29Tap to summarizeIn this episode, we dive deep into POET Technologies (NASDAQ: POET), a leader in the design and implementation of highly integrated optical engines and light sources for Artificial Intelligence (AI) networks.As AI models expand toward trillions of parameters, the industry is hitting the "Interconnect Wall," where the energy required to move data between chips exceeds the energy required to process it. POET Technologies has positioned itself not just as a component maker, but as an architectural disruptor to solve this crisis.The "Pure Play" AI Edge: Why POET is one of the few suppliers globally focused exclusively on AI Connectivity for next-generation data centers.The POET Optical Interposer™: Discover the novel platform that allows the seamless integration of electronic and photonic devices onto a single chip using advanced wafer-level semiconductor manufacturing.Breaking the Copper Barrier: How POET's technology eliminates costly components like lenses and wire bonds, replacing labor-intensive manual assembly with automated passive alignment to drastically reduce power consumption and cost.A Product Roadmap to 3.2T: From 800G engines currently being incorporated by Tier 1 customers to the "moonshot" 1.6T and 3.2T data transfer speeds enabled by partnerships with industry leaders like Semtech and Quantum Computing Inc..POET is currently transitioning from a research-heavy phase into a high-volume commercial entity, supported by a $250 million "war chest" and a strategic move to high-volume manufacturing facilities in Malaysia. Get full access to Delta Investments at deltainvestments.substack.com/subscribe
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Robinhood ($HOOD) Act II: Why the next phase could be more transformational.
Mar 1900:40:01Tap to summarizeFundamental Analysis: The Robinhood "Act II" TransformationRobinhood Markets, Inc. (HOOD), the transition from a disruptive retail brokerage to a comprehensive "Financial SuperApp" marks the beginning of a structurally superior growth phase. This "Act II" is characterized by high operating leverage, multi-asset diversification, and the aggressive capture of generational wealth transfers.1. Revenue Diversification and Financial Strength In fiscal year 2025, Robinhood achieved record total net revenues of $4.5 billion, representing a 52% year-over-year increase. The firm’s earnings profile has matured significantly, with diluted EPS reaching $2.05 in 2025 compared to $1.56 in 2024. Crucially, the business has successfully diversified its income streams; as of early 2026, the company operates eleven distinct business lines generating over $100 million in annualized revenue each, including options trading, crypto trading, Gold subscriptions, and prediction markets.2. Domination of the Active Trader Market A primary pillar of the "Act II" strategy is winning the high-value active trader segment. The 2024-2025 period saw a rapid increase in product velocity, specifically the launch of Robinhood Legend—a professional-grade desktop platform—and the introduction of index options and futures. These innovations drove equity notional trading volumes to a record $710 billion in Q4 2025, a 68% increase year-over-year. By providing institutional-grade tools like advanced charting and low-latency execution to retail users, Robinhood is systematically eroding the market share of legacy incumbents.3. Capturing the "Sticky" Wealth Transfer The most transformational aspect of the next phase is Robinhood’s success in moving from speculative trading toward long-term asset custody. Robinhood is the primary beneficiary of the $100 trillion-plus wealth transfer from older generations to millennials and Gen Z, a demographic where Robinhood already holds dominant mobile market share. This is evidenced by the explosive growth of Robinhood Retirement; assets under custody (AUC) for retirement accounts surged from $1.7 billion in late 2023 to $26.5 billion by the end of 2025.4. The Subscription Flywheel: Robinhood Gold The "Act II" business model is anchored by Robinhood Gold, which reached a record 4.2 million subscribers in 2025. Gold subscribers represent a premium cohort that is seven times more valuable than the average user, characterized by higher deposit growth and higher adoption rates for products like the Gold Card. The Gold Card has further deepened ecosystem integration, with cardholders depositing $300 million into the banking platform within its initial rollout period.5. Vertical Integration and Global Expansion Robinhood's vertical integration through self-clearing and its expansion into institutional crypto infrastructure via the Bitstamp acquisition provides a significant economic moat. The company now operates as its own clearing broker, an introducing broker, and a registered futures commission merchant, allowing it to retain more revenue per transaction while rapidly shipping new asset classes like event contracts. Looking forward, the planned launch of the "Robinhood Chain" and expansion into Asia-Pacific via a Singapore headquarters suggest a global scale that could eventually exceed its domestic operations.6. Operating Leverage and Risks The institutional bull case is predicated on Robinhood’s 90% fixed cost base, which ensures that incremental revenue drives substantial margin expansion. In 2025, the firm achieved an Adjusted EBITDA margin of 56%. However, risks remain, including potential regulatory changes to payment for order flow (PFOF) and credit risk associated with the record $18.4 billion margin book. Despite these risks, Robinhood enters 2026 as a highly profitable financial powerhouse positioned at the center of a historic shift in global finance. Get full access to Delta Investments at deltainvestments.substack.com/subscribe
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Navitas ($NVTS): The Bold Strategic Pivot to High-Power Semiconductors
Mar 1500:28:25Tap to summarizeIn this episode, we take a deep dive into the fundamental transformation of Navitas Semiconductor (Nasdaq: NVTS). Historically known as a pioneer in mobile fast-charging GaN technology, Navitas is executing a high-stakes transition dubbed "Navitas 2.0". We explore why the company is deliberately "walking away" from the commoditized mobile and consumer markets in China to focus on four high-power, high-margin pillars: AI Data Centers, Energy & Grid Infrastructure, Performance Computing, and Industrial Electrification.We examine the technological moats provided by GaNSafe and high-voltage GeneSiC materials, the strategic partnership with NVIDIA to power next-generation AI factories, and the financial narrative of a company navigating its "structural bottom" in revenue to prepare for a multi-decade growth cycle. Get full access to Delta Investments at deltainvestments.substack.com/subscribe
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