In the contested space where emerging technology meets national defense, Red Cat Holdings has deepened its maritime autonomy ambitions by weaving Havoc's command-and-control software into uncrewed surface vessels bound for U.S. and allied military use. The move is substantive — a real capability added to a real product — yet the market's response has been anything but settled, with a sharp weekly decline following a strong monthly run. This tension between genuine strategic progress and uncertain valuation is an old story in technology investing, where the future is often priced before it full