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$OPTX (~$350M) is North America's largest polymer optics manufacturer. Every step under one roof. Raw polymer in, finished electro-optic assembly out, without touching a foreign subcontractor.

China controls the majority of global polymer optics production. Anduril has an internal policy against sourcing from China. NDAA Section 834 bans adversary-nation optics by 2030. Those constraints together eliminate most of the field. Syntec is one of the only domestic companies that qualifies.

$OPTX is not just an Anduril supplier. That framing captures maybe one chapter of what this company actually is.

Six revenue streams either ramping or already in production:

1. Missile guidance optics with multiyear agreements signed
2. Night vision goggle eyepieces since 2018, $5.2M in NVG orders in 2025 alone
3. Military scopes on a program expected to run over a decade
4. LEO satellite optics expected to nearly triple in 2026
5. Microlens arrays for AI datacenter interconnects entering production this year
6. New defense product lines management guided to add revenue in Q2 and beyond, program undisclosed due to NDAs

That last one is the line worth sitting with. The language used to describe it in December was "the most significant opportunity in the company's 25-year history."

The bear case: Revenue flat at $28M for three years. Gross margin jumped from 12% to 24% in Q4, which is real, but...