• Volatus Aerospace has a 53,000-sq-ft facility but generated only CA$14M in H1 revenue.
• The company's EBITDA loss widened, and guidance was cut due to supply chain issues.
• Defense milestones offer upside potential, including the Gauntlet II drone program.
• Supply chain risks and dependency on Southeast Asian suppliers are major concerns.

Volatus Aerospace's capacity build-out may be running ahead of its order intake, which could indicate a deliberate bet by management on big defense programs. This strategy may suggest that the company is positioning itself for future growth, but it also carries real financial consequences in the interim, which could impact its competitive positioning and market share.