Deep Dive Into Anduril's Lattice Software Post Leadership Meetings

Goldman Sachs provides a deep dive into Anduril's Lattice software platform following meetings with company leadership, highlighting its technical advantages and high-margin potential.

Key Takeaways

• 1.Anduril utilizes a centralized R&D model where Lattice software features are shared across domains, allowing for both platform fees and program-specific revenue.
• 2.Lattice Mesh, introduced in 2024, provides a decentralized networking solution that solves for 'statefulness' across intermittent data connections.
• 3.The company’s unit economics potentially mirror high-margin software models while maintaining a structural moat superior to typical software providers due to domain integration.

Table of Contents

• Our key takeaways:
• Disclosure Appendix
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Regulatory disclosures
• Disclosures required by United States laws and regulations
• Additional disclosures required under the laws and regulations of jurisdictions other than the United States
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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