Born from a user call during the 2026-08-14 EOW session: "write the perspectives on drone" — resolving the decision the 2026-05-25 military drone supply-chain blind-test verdict left explicitly deferred ("build dedicated perspective vs stay watchlist-only"). The watchlist-only period is over; the theme gets a thesis tracker.

Same-day context that forced the timing:

• UMAC closed $34.06, +25.0% on the day (prior close $27.24, 2026-08-13 → 2026-08-14 settled bars; code-computed) — capping a multi-month run. The user had queued a UMAC deep dive that morning, before the move.
• AVAV deep dive queued the same morning: fiscal Q4 (reported late June) was a record on the BlueHalo merger — revenue $641.6M +133% y/y, adjusted EPS $1.84 — against a GAAP FY2026 net loss of $265.1M (EDGAR XBRL, fetched today), a −55%-from-high derate, and a securities class action tied to the January BADGER/SCAR stop-work order.
• UMAC balance sheet (EDGAR XBRL, fetched today): cash $5.0M (2025-03-31) → $222.9M (2026-03-31); inventories $3.1M → $21.9M over the same arc; operating cash flow still negative — a dilution-funded scale-up ahead of revenue.

Pre-history: 2026-03-04 @CoffeeStocksGuy drone-economy thesis seeded the watchlist; 2026-05-25 blind trace validated the 6-layer chain and broadened coverage to 22 names; 2026-05-19 R14 added AXON via the Dedrone/World Cup angle.

Deliverables in flight this session: UMAC deep dive, AVAV deep dive, drone-defense sector writeup (industry report → the feed).