Big tech earnings are coming up and I think this could be the catalyst we need to start another run. What stocks are you looking at that have been way oversold on this decline? Personally I'm interested in APLD and NVTS. Curious to hear your thoughts.

Data centers in space may not be that far away

Interview from yesterday

Anything important said?

Ladies and gentlemen, I usually post fairly in-depth analyses, such as the ones on $FLY or $KOPN, but this time I don’t think it’s necessary, and you'll understand this as soon as you see the data.

Some context

I started this past weekend by trying to put together a list of stocks to watch for when everything crashes (I'll post it here on Reddit in a few days), but I noticed that $ZENA (a small Canadian drone company) had plummeted in recent weeks, so I started looking into why.

That’s when the magic happened: it turns out I found a huge amount of open interest in calls ranging from $1.50 to $5.00.

Open interest in $ZENA, as of May 26, 2026

So I thought, “okay, well, someone clearly has a bullish stance,” and then I logged into Fintel to check how the institutions were behaving, and... surprise, they've significantly increased their exposure over the past few months.

Institutional ownership of $ZENA according to Fintel, as of May 26, 2026

>But Mr. Kraken, I don't understand, why has the stock price plummeted?

The short version is that they diluted on May 15, 2026, which explains the recent sharp decline.

The long version

This one, well, is much more interesting: in July 2025, the company issued a press release stating that it planned to acquire a total of 25 companies by “mid-2026” and that, as of that point, they had already acquired 7.

$ZENA press release, published on July 5, 2025

Since I don’t want to delve too deeply into the subject, I’ll just highlight slide 26 from their latest investor presentation (published in May 2026), precisely because it confirms that their plan is to complete those 25 acquisitions by June 2026; however, as always, I recommend reading the entire document to better understand what the company does.

Slide 26 of $ZENA’s investor presentation published in May 2026

And of course, to keep track of things and since it’s been a very long weekend, I’ve made a numbered and dated list of all the companies that have been acquired so far to confirm this.

1. Weddle Surveying, Inc → January 16, 2025.
2. KJM Land Surveying, Inc → January 23, 2025.
3. Wallace Surveying Corporation → April 3, 2025.
4. Miller Land Surveying Corporation → April 10, 2025.
5. Laventure & Associates Inc → May 22, 2025.
6. Empire Land Surveying Inc → July 1, 2025.
7. Morgan Surveying Inc → July 5, 2025.
8. Cardinal Civil Resources → August 7, 2025.
   1. This is one of the most interesting ones, since it already counts the US Department of Transportation among their clients.)
9. UK Telecom Sector 3D Design & Modeling Company → August 26, 2025.
10. Lescure Engineers Inc → September 11, 2025.
11. A&J Land Surveyor, Inc → September 23, 2025.
12. Putt Land Surveying, Inc → October 9, 2025.
13. Rampart Surveys, LLC → November 18, 2025.
14. Smith Surveying Group, LLC → December 2, 2025.
15. Casado Design Ltd (UK) → December 9, 2025.
16. Vara 3D, Inc → December 23, 2025.
17. Holt Surveying & Mapping, Inc → December 30, 2025.
18. Andrew Spiewak Land Surveyor, Inc → December 30, 2025.
19. Sunrise Window Cleaners → December 30, 2025.
20. L.D. King, Inc → January 8, 2026.
21. Andy Paris & Associates → April 9, 2026.
22. NOW Solutions Inc → April 14, 2026.
23. Australian Land Surveying and Spatial Services Company → May 7, 2026.
24. Alberta, Canada-based Land Surveying Company → May 21, 2026.

These are the acquisitions listed as “drone-as-a-service” (DaaS) on their website, but there have been others as well, though I don't think they're as relevant because I understand they aren't included in these 25 (I believe they fall into a separate category).

In other words: there should only be one more company left to acquire, and I think that's why the institutions have been loading the boat.

>Mr. Kraken, does that mean they won't be diluting any more?

Unless they have some crazy idea in mind, I’d say no, mainly because in the shareholder letter they published on May 5, 2026, they mentioned that they closed the 2025 fiscal year with $15.1 million in cash reserves and $18.3 million in working capital, so I think that with this latest dilution, they have more than enough to acquire that last company.

Shareholder letter published on May 5, 2026

The real catalyst is government contracts

And here, ladies and gentlemen, is where the real action begins: Linda Montgomery (VP of Corporate Development and Investor Relations at ZenaTech) hinted on May 20, 2026, during her presentation at the 16th Annual LD Micro Invitational Conference, that $ZENA could be on track to secure contracts with the US Department of War.

An excerpt from the conference in question

But that's not all: one of the analysts attending the conference did his homework and asked whether $ZENA has the necessary licenses to qualify for those military contracts, to which the wonderful Ms. Montgomeri replied: “yes, we are compliant with all those rules,” adding that they were “manufacturing and testing in Ukraine.”

A second excerpt from the conference in question

By the way, do you know who’s buying toys that have been tested in Ukraine? (though not exactly the ones from $ZENA, at least not yet)

News from May 25, 2026

And since I'm a relatively simple guy, when I see an RSI in the 30 range, totally oversold and with catalysts while smart money is flowing in, I don't think twice: I just buy.

It looks like it found a bottom last Friday and is starting an uptrend from there, so I personally think the momentum is very strong as long as it continues over the next few days.

The conference I mentioned earlier took place on May 20, and it was precisely on that same day that the chart hit bottom and began to turn around... quite a coincidence.

On a personal level, I'm most interested in seeing it fill the gap it left around the $1.95 level, but if the catalyst materializes, I think it could go much higher (short interest rate is currently around 26%), given that all those acquisitions will lead to a relatively large increase in revenue.

Annual chart for $ZENA, as of May 26, 2026

As always, my position is in the pinned comment.

Take care, the Kraken from Reddit.

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