This is a pre-revenue R&D milestone with no near-term revenue catalyst. Monitor for future contract awards or program-of-record designations to validate the thesis; without them, this remains a speculative cash burn for a micro-cap.
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Executive Summary
Eva Live's subsidiary Eva Defense signed a $1.2 million, 12-month development agreement with Boumarang Inc. to design and build a jam-resistant, sub-55-pound drone for military use in GPS/communications-denied environments. The program is early-stage with no customer or contract award, and the company has generated no defense revenue to date, making this a speculative, pre-revenue R&D commitment for a $61M market cap company.
Key Facts
- Eva Defense committed $1.2 million to Boumarang for a 12-month drone development program.
- The program targets 10-20 field-tested prototypes and a low-rate initial production plan.
- The company has generated no revenue from the defense market to date.
- The program has no customer, contract award, or program of record.
- The $1.2 million commitment represents ~2% of the company's $61M market cap.
Financial Impact
$1.2 million committed over 12 months ($100k/month), representing ~2% of market cap
Risk Factors
- No customer or contract award for the drone program
- No defense revenue generated to date
- Early-stage development with technical and commercialization risk
- Cash burn of $1.2M for a $61M market cap company
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-037184 |
| Exhibit: ex99-1.htm | 0001493152-26-037184 |
| Document: 0001493152-26-037184-index-headers.html | 0001493152-26-037184 |
| Document: 0001493152-26-037184-index.html | 0001493152-26-037184 |
| Document: 0001493152-26-037184.txt | 0001493152-26-037184 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 8-K | $1.02 | awaiting T+5 | — | $1.00 (+1.75%) |
Oct 23, 2026 5d ago | EFFECT | $1.36 | awaiting T+5 | — | $1.00 (+26.47%) |
Oct 19, 2026 8d ago | 8-K | $1.44 $0.9900 | ▲ +31.25% | ▲ +31.28% | $1.00 (+30.56%) |
Oct 19, 2026 8d ago | 424B5 | $1.44 $0.9900 | ▲ +31.25% | ▲ +31.28% | $1.00 (+30.56%) |
Oct 16, 2026 11d ago | S-3 | $1.50 $1.07 | ▼ −28.79% | ▼ −28.64% | $1.00 (−33.33%) |
Oct 7, 2026 20d ago | 8-K | $1.73 $1.68 | ▲ +2.89% | ▲ +2.61% | $1.00 (+42.20%) |
Sep 29, 2026 28d ago | Press Release | $1.88 $1.80 | ▼ −4.26% | ▼ −6.20% | $1.00 (−46.81%) |
Aug 20, 2026 9w ago | 8-K | $2.23 $2.07 | ▲ +7.17% | ▲ +7.65% | $1.00 (+55.16%) |
Aug 11, 2026 11w ago | 8-K | $1.68 $1.76 | ▲ +4.76% | ▲ +5.21% | $1.00 (−40.48%) |
Jul 20, 2026 14w ago | Press Release | $2.36 $1.91 | ▼ −19.07% | ▼ −18.64% | $1.00 (−57.63%) |
US Market Status
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