Denmark would now need Jean-Pierre Kusela to bring a story to the matter.
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If one had to come up with a concrete example for ‘hype’ and ‘hand-waving’, it would be Summa “Defence”. Where did these gentlemen think they would conjure up those drones?
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It seems to have been an Airbus & Kratos consortium, at least these companies have been indirectly referred to.
And similarly, Ukraine and the USA made a really big trade deal on weapon deliveries if it goes this way.
So, nothing was really gained for the sum from these deals.
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Here’s also the participant list for those Danish fairs, as that participation has been heavily hyped, e.g., on Shareville, and even seen as some great achievement indicating significance in the defense industry:
Quickly counted, 35 Finnish companies are included. Among them, for example, Sukkamestarit, which sells socks online 
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“Summa Defence develops cutting-edge technology for defence and dual-use purposes. By focusing on mobility, protection, and situational awareness, we enhance security and promote innovation globally.”
Summa’s exhibition message.
It’s great that Finnish companies are involved on a broad front. Since Sukkamestarit was highlighted from the list, they certainly have a product worth showcasing at the fair. Even a small textile can be an essential part of functional battle gear, and those service socks (SA-M05) are excellent, which was recently confirmed even in Denmark.
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Of course, socks are needed. But even there, we are operating in a very competitive sector, where there is plenty of quality supply, and where price plays a significant role in contracts. And where, in such a tender, making a reasonable profit margin with the cost of Finnish labor is its own challenge. That is probably true even for Sukkamestarit, which made a loss last year.
From this, we can naturally move on to consider what the strengths of Summa’s products are in those tenders. While cutting prices can certainly generate additional sales, does it make sense?
P.S. This company also showcased its expertise to the defense industry at a fair, and its product range certainly includes many items, starting from lifebuoys, that the defense forces procure:
Certainly a fine company as well. But in this world, one can be peddling products to the defense forces, starting from selling ballpoint pens, and based on that, tell stories about dual-use products.
And there’s nothing wrong with that; participating in such fairs is great, and part of companies’ basic operations. In Summa’s case, it’s just surprising to see some investors’ hype about the matter, and seeing a fair stand as a sign that some serious defense products have now been developed.
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It seems Sock Masters has more turnover in the defense industry than Summa Defense 
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Drones bought from an online store and equipped with Summa stickers cost 25% more when they are not VAT registered 
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The company’s website still promises that large-scale drone production will begin in early 2025: Summa Drones – Summa Defence
It is now reported that the production of test batches has been initiated. But it’s better than nothing. Under which subsidiary is that activity taking place, as Summa Drones appears to be a dormant shell company.
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Summa Defence aloitti droonituotannon koe-erillä Suomessa | Kauppalehti Such great news from Kauppalehti again😂. Retail investors will probably flock to buy at the opening because of this…. Shouldn’t this already be illegal?
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Yep yep. In the morning call, the stock went for 4.9 cents and then immediately dipped 20%.
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The balance sheet contains ‘air’. The financial situation is currently good and the equity ratio is high. However, the equity ratio is a bubble because it is almost entirely based on goodwill generated in the balance sheet from corporate acquisitions. This could easily lead to a situation where authorization for a directed share issue is deemed necessary when bank financing is unavailable, and in such a case, small investors are once again taken for a ride.
Summa Defence opens its drone production – CEO: “We are under scrutiny” Summa Defence avaa droonituotantoaan – Toimitusjohtaja: ”Olemme luupin alla” | Kauppalehti
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A phenomenon of its time..
I wasted a quarter of an hour on this company’s report and I’m quite dumbfounded. The market cap hovers over 200 million and the company’s balance sheet has practically nothing, if we forget the 235 million euro! goodwill. There isn’t much bank debt either, as banks don’t give loans to such a setup without real collateral. The 74.9 million euro additional purchase price liabilities from corporate arrangements recorded on the balance sheet can again be settled with new shares.
The real price level for this could be around 1/10th of the current one.
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Today, Tekniikan Maailma has a multi-page article about drones and their manufacturers. Patria has already developed three different military drone models to completion and manufactures them. According to TM, there are hundreds of drone manufacturers in Ukraine. However, they are less effective for military use. Drones for military use are developed and manufactured by, among others, Saab, the British BAE Systems, Airbus, Rheinmetall, the Turkish Baykar, the German Helsing, and Eurodrone, a joint venture of major EU countries. If Summa is only now developing them, then we are severely behind schedule. There should already be plenty of orders. Furthermore, technology is constantly evolving at a rapid pace. It is difficult for a small, obscure company like Summa to sell any drones, let alone other goods. In my opinion, the focus cannot be on drone production, nor really on anything else right now.
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Here is Jussi Halme’s video on Summa Defence.
The defense industry has become the hottest topic among investors. Russia’s war of aggression, Europe’s growing defense budgets, and the new NATO-Finland have created space for new players. Summa Defence, listed on the Helsinki Stock Exchange, is the first domestic defense technology company in history to combine shipyards, drones, and optics technology under one roof.
Is this a true growth story benefiting from the geopolitical situation – or a risky conglomerate that relies more on promises than results?
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While browsing the owner list, I noticed that Kankaala managed to lighten its ownership by 30M shares in June; the buyer is most likely Saga Care, which appears to operate nursing homes. Sometimes it’s sickening to follow this activity, and one can only hope that the care expertise is in better order than the investment management.
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It’s wild. I’ve been following it too and I wonder why the authorities aren’t investigating the matter. The amount is really screwing investors over in a very brazen way.
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