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25 Mar 26. NUBURU, Inc. (NYSE American: BURU), a dual-use Defense & Security platform company focused on non-kinetic effects, directed-energy technologies, electronic warfare and software-orchestrated defense systems, today announced the activation of Phase I execution under its previously announced joint venture between its wholly owned subsidiary Nuburu Defense LLC and Maddox Defense Incorporated, marking a key step in the Company’s strategic expansion into U.S.-based defense manufacturing and operational infrastructure.
This milestone marks NUBURU’s transition into an operational U.S.-based defense manufacturing participant, with active infrastructure now being deployed to support current and future government and allied demand.
This Phase I activation represents the transition from engineering and planning into active operational deployment, with teams currently on-site in Houston, Texas initiating system integration, infrastructure deployment, and manufacturing readiness.
EXECUTION UNDERWAY: FROM CONCEPT TO OPERATIONAL DEPLOYMENT
The program has progressed from planning and engineering into active execution, with personnel engaged in procurement coordination, system integration planning, and facility readiness activities.
The initiative includes the deployment of a climate-controlled mobile additive manufacturing container platform designed to enable rapid, decentralized production capabilities in support of defense, infrastructure, and mission-critical applications.
This solution is expected to support both domestic and international deployment scenarios, enabling manufacturing at or near the point of need—significantly reducing reliance on traditional supply chains and accelerating operational timelines.
ESTABLISHING A U.S. DEFENSE MANUFACTURING PRESENCE
Through this initiative, NUBURU has established a U.S.-based manufacturing and operational footprint, positioning the Company and its subsidiaries to pursue a broad range of U.S. government, defense, and allied contract opportunities.
Execution is being conducted at Maddox Defense’s Houston-based manufacturing facility, a high-capacity industrial site purpose-built for scalable production. The facility is supported by approximately 90,000 square feet of manufacturing space and 12,000 square feet of office infrastructure, 2,000 kilowatts of power capacity.
Houston’s position as the United States’ leading deep-water port city and a global hub for energy and industrial infrastructure further enhances the strategic importance of this deployment, providing direct access to domestic and international supply chains.
ALIGNED WITH GLOBAL DEFENSE PRIORITIES AND DEMAND
Counter-drone and tactical unmanned systems have become a critical priority for defense agencies worldwide as modern conflict dynamics continue to evolve. The rapid proliferation of low-cost unmanned aerial systems across global theaters has driven significant demand for scalable, rapidly deployable manufacturing and response capabilities.
Global demand for counter-UAS systems, tactical drones, and related mission-critical defense technologies is increasing materially as governments prioritize force protection, supply-chain resilience, and rapid deployment capabilities.
NUBURU’s joint venture with Maddox Defense is strategically aligned with these macro trends, positioning the Company to participate in a rapidly expanding market driven by defense modernization, supply chain resilience, and national security priorities.
STRATEGIC ADVANTAGE: SCALABLE ADDITIVE MANUFACTURING SYSTEM
At the core of the initiative is an advanced additive manufacturing system designed to enable rapid prototyping and production, flexible and modular deployment, efficient scaling without linear cost increases, and reduced logistical dependency.
This approach represents a fundamental shift in manufacturing strategy, enabling production capabilities to be deployed closer to operational environments where speed, adaptability, and reliability are critical.
LEADERSHIP COMMENTARY
Dario Barisoni, Co-Executive Chairman of NUBURU and CEO of Nuburu Defense LLC, stated: “The activation of Phase I marks an important step in NUBURU’s evolution from strategic positioning into operational execution in the United States. Through our joint venture with Maddox Defense, we are now advancing infrastructure deployment, system integration, and manufacturing readiness to support evolving defense and mission-critical requirements.”
Elgin Tracy, Chief Operating Officer of Maddox Defense, added: “We are actively supporting the launch of Phase I activities at our Houston facility, where joint teams are engaged in infrastructure setup, system integration, and manufacturing readiness. This collaboration reflects a practical, execution-driven approach to building scalable capabilities in support of evolving defense requirements.”
NEXT PHASE OF DEVELOPMENT
Following Phase I activation, the program is expected to advance into full system integration, infrastructure deployment, and initial production readiness, with additional updates to be provided as key milestones are achieved.
About Nuburu, Inc
Founded in 2015, Nuburu is executing a strategic transformation from a laser-technology company into a dual-use Defense & Security platform provider. Through a combination of proprietary directed-energy technologies, non-kinetic defense capabilities, mission-critical software, and targeted industrial partnerships and acquisitions, Nuburu addresses high-value defense, security, and operational-resilience markets. (Source: BUSINESS WIRE)
25 Mar 26. NUBURU, Inc. (NYSE American: BURU), a dual-use Defense & Security platform company focused on non-kinetic effects, directed-energy technologies, electronic warfare and software-orchestrated defense systems, today announced that it has signed a new binding letter of agreement (“Agreement”) with the shareholders of Tekne S.p.A. (“Tekne”) to acquire a controlling 70% ownership stake in the company, restoring the strategic acquisition framework originally announced in 2025.
Tekne is a specialized defense engineering company with longstanding relationships supporting military mobility platforms, electronic warfare integration and mission-critical defense systems for government and security customers.
The Agreement follows institutional interactions conducted with Italian Government representatives, enabling the parties to proceed with the transaction framework, subject to final authorization under Italy’s Golden Power regulatory process governing strategic national-interest industries and expected to be initiated in April 2026.
The renewed acquisition framework represents a critical milestone in NUBURU’s transformation into an integrated Defense & Security platform, combining Tekne’s advanced defense mobility platforms and electronic warfare integration capabilities with NUBURU’s laser technologies and AI-enabled software.
Management believes this milestone represents a strategic turning point in NUBURU’s transformation into a scalable Defense & Security platform, anchored by Tekne’s defense engineering capabilities and growing global demand for advanced defense technologies.
Tekne is targeting approximately €50 million in revenue in 2026 and more than €100 million in 2027, and upon completion of the transaction NUBURU would hold a 70% ownership stake, enabling consolidation of Tekne’s operations within NUBURU’s Defense & Security platform.
The Agreement restores NUBURU’s original plan to acquire a controlling stake in Tekne and positions the Company to build a rapidly scaling global defense platform, reflecting growing demand for military mobility platforms, counter-drone systems and dual-use specialized vehicles across U.S., European, Middle Eastern and Asia-Pacific markets as defense agencies prioritize operational resilience.
Strategic Context
In 2025, NUBURU and the shareholders of Tekne entered into an agreement under which NUBURU would acquire a controlling 70% ownership stake in the Italian defense engineering company.
During the subsequent Golden Power review process, the Italian Government exercised its authority to suspend the transaction given the strategic nature of the defense sector.
Following that process, NUBURU and Tekne implemented a staged strategic cooperation framework, including:
- acquisition of a 2.9% equity participation in Tekne;
- provision of shareholder financing supporting Tekne’s industrial development;
- execution of an industrial network contract supporting joint defense initiatives; and
- development of a long-term Italian industrial development plan.
Over the past twelve months, NUBURU, Tekne and its shareholders have worked closely with specialized advisors and Italian Government representatives to structure a framework aligned with Italy’s strategic defense priorities.
Following these constructive discussions and the progress achieved in the industrial collaboration between the parties, Tekne’s shareholders expressed their willingness to proceed with a renewed transaction framework and formally invited NUBURU to advance the process toward the acquisition of a controlling stake.
The newly signed Agreement now re-establishes the path for NUBURU to acquire majority ownership of Tekne, subject to a new Golden Power authorization request expected to be filed in April 2026 following execution of long-form transaction agreements.
Transaction Structure
The Agreement establishes a structured transaction through which NUBURU will progressively reach a 70% ownership stake in Tekne, based on a reference valuation of €52 million for Tekne.
This structure replaces the original 2025 transaction framework, which contemplated the issuance of approximately $42 million of NUBURU shares to Tekne sellers as acquisition consideration together with a €10.5 million capital increase in Tekne.
Under the newly agreed framework, no issuance of NUBURU shares to the Tekne sellers is contemplated, and capital deployed by NUBURU is expected to be primarily directed toward supporting Tekne’s industrial development and the expansion of NUBURU’s integrated Defense & Security platform.
The ownership structure would be achieved through the following steps:
Existing ownership
NUBURU currently holds 2.9% of Tekne’s share capital.
Conversion of shareholder financing
NUBURU has already provided €13 million in shareholder financing to Tekne and, upon acceptance of the Agreement, will provide an additional €3.692 million, bringing the total shareholder financing to €16.692 million.
Upon conversion at the agreed €52 million valuation, this financing would correspond to approximately 32.1% of Tekne’s share capital.
Capital increase following Golden Power authorization
Upon approval of the transaction under the Golden Power procedure, NUBURU will subscribe to a €13 million capital increase in Tekne, corresponding to approximately 25% of Tekne’s share capital based on the same valuation.
Purchase of additional shares from sellers
NUBURU will also acquire an additional 10% stake from Tekne’s sellers for €6 million (approximately $7 million).
Upon completion of these steps, NUBURU would hold approximately 70% of Tekne’s share capital.
Strategic Importance for NUBURU
The acquisition of Tekne represents a cornerstone initiative in NUBURU’s transformation into an integrated Defense & Security platform.
Upon completion, the combination of NUBURU and Tekne is expected to support the development of a rapidly scaling €100+ million revenue-generating global defense technology platform integrating:
- defense mobility systems;
- electronic warfare technologies;
- counter-drone and counter-UAS solutions;
- directed-energy and non-kinetic technologies; and
- AI-driven operational & mission resilience software orchestration.
Growing global demand for advanced defense systems — including counter-drone technologies, mobility platforms and electronic warfare capabilities — continues to accelerate as defense agencies modernize operational capabilities in response to evolving geopolitical security environments.
Operational Validation in Modern Conflict Environments
Recent operational developments underscore the relevance of Tekne’s capabilities in today’s rapidly evolving security environment. Tekne’s specialized defense mobility platforms, electronic warfare integration systems and counter-drone technologies are designed to address the growing challenges posed by low-cost unmanned aerial systems and hybrid warfare tactics increasingly observed across modern conflict zones.
NUBURU and Tekne have already begun advancing joint operational initiatives, including the previously announced deployment of Tekne mobility platforms supporting defense and security activities in Ukraine. Management believes the combination of Tekne’s field-proven vehicle platforms with NUBURU’s directed-energy, sensor-denial and AI-enabled mission technologies positions the combined platform to address expanding demand from defense agencies across Europe, NATO markets and allied security partners.
Industrial Development and Production Expansion
The industrial collaboration also contemplates the development of additional manufacturing capabilities at Tekne’s industrial facilities in Abruzzo, including potential expansion at the Ortona industrial site, where the parties are evaluating the integration of mobile modular production systems for dual-use drone manufacturing and related technologies.
These systems are expected to leverage the recently established joint initiative between NUBURU and Maddox Defense Incorporated focused on containerized additive manufacturing solutions for drones and mission systems, enabling flexible and rapidly deployable industrial production capabilities.
The capital committed by NUBURU is also expected to support Tekne’s industrial development and restructuring plan, including the strengthening of production capacity and relationships with key suppliers and financial partners.
Management Commentary
Alessandro Zamboni, Executive Chairman and Co-CEO of NUBURU, said:
“This Agreement represents a critical milestone for NUBURU and confirms the strategic path we adopted following the initial Golden Power review. Over the past year we have worked closely with Tekne and specialized advisors to develop an industrial framework aligned with Italy’s national interests while enabling NUBURU to build a strong defense technology platform anchored in the country.”
Dario Barisoni, Co-CEO of NUBURU and CEO of NUBURU Defense LLC, added: “Tekne is a highly capable defense engineering company with proven expertise in military mobility and electronic warfare integration. Combining Tekne’s platforms with NUBURU’s non-kinetic technologies and software orchestration capabilities creates a powerful integrated defense offering with significant growth potential across Europe, NATO markets and the United States.”
Forward Strategy
NUBURU believes the potential acquisition of Tekne represents a cornerstone of its Defense & Security platform strategy, enabling the Company to build a scalable defense technology ecosystem capable of addressing rapidly evolving security challenges across NATO and allied markets. (Source: BUSINESS WIRE
25 Mar 26. Karman Space & Defense (“Karman”, “Karman Holdings, Inc.” or “the Company”) (NYSE: KRMN), a leader in the rapid design, development and production of critical, next-generation system solutions that align with the U.S. Department of War’s core mission priorities and the nation’s accelerating demand for access to space, today reported fourth quarter and full fiscal year 2025 financial results.
Fourth Quarter Fiscal Year 2025 Highlights
- Produced record quarterly revenue of $134.5 million, up 47.4% year over year
- Generated record quarterly net income of $7.7 million, a 358% year over year increase, and earnings per fully diluted share of $0.06
- Delivered record quarterly non-GAAP adjusted EBITDA of $42.0 million, a 59% year over year increase, and non-GAAP adjusted earnings per fully diluted share of $0.11, more than triple that of the prior year
- Achieved record backlog of $801.1 million at the end of the fourth quarter of 2025, up 38.2% compared to the end of the fourth quarter of 2024
Full Fiscal Year 2025 and subsequent highlights
- Produced record annual revenue of $471.5 million, up 36.6% year over year
- Generated record annual net income of $17.4 million, up 36.7% year over year, and earnings per fully diluted share of $0.13
- Delivered record annual non-GAAP adjusted EBITDA of $145.3 million, a 36.9% year over year increase, and non-GAAP adjusted earnings per fully diluted share of $0.37, nearly triple that of the prior year
- Completed initial public offering raising $581 million
- Completed $1.2 billion non-dilutive secondary equity offering
- Completed three accretive acquisitions to expand capabilities and enhance customer value
- Acquired Seemann Composites and MSC in January 2026 to expand maritime defense market access and deepen capabilities in composites and resin systems
- Upsized the revolving credit facility from $50 million to $150 million in March 2026
- Raising 2026 outlook to $715 to $730 million in revenue and $207 to $218 million in adjusted EBITDA
“Our team delivered outstanding results in 2025, with 37 percent revenue growth, 37 percent adjusted EBITDA growth and strategic investments designed to satisfy accelerating customer demand for our solutions,” said Jon Rambeau, chief executive officer of Karman Space & Defense. “Our recent acquisition of Seemann Composites and MSC positions us as an all-domain provider, from deep sea to deep space, in support of national defense and the growing space economy.
“With strong market conditions and the Seemann and MSC acquisition complete, our total backlog is now more than $1 billion as of March 20, 2026, and supports our increased 2026 financial outlook. This represents annual growth of 53 percent in revenue and 46 percent in adjusted EBITDA, to the midpoints of those ranges.
“The generational increase in demand for the missile and munitions programs that Karman supports, combined with the U.S. government’s efforts to establish multi-year prime procurement contracts and the continued expansion of the space economy give us high confidence in the sustainability of demand and our high-growth trajectory. Our continued, effective execution and strategic capital allocation position us to translate these trends into long-term customer and shareholder value,” Rambeau added. (Source: BUSINESS WIRE)
26 Mar 26. IMCO Group (TASE: IMCO), a leading developer and manufacturer of defense and industrial systems, reports continued growth in its operations during 2025, alongside the expansion of its global activities and ongoing investments in enhancing manufacturing capabilities and operational efficiency.
- Revenues in 2025 amounted to approximately NIS 355 million, an increase of approximately 17% year-over-year.
- Gross profit in 2025 increased by approximately 21% year-over-year to approximately NIS 86 million (~24.3% gross margin).
- Operating profit in 2025 increased by approximately 13% year-over-year to approximately NIS 40.3 million (~11.3% operating margin).
- Adjusted EBITDA in 2025 totalled approximately NIS 43.6 million, an increase of approximately 14.5% year-over-year, while adjusted net profit in 2025 totalled approximately NIS 25 million.
- The company’s order backlog as of December 31, 2025, stood at approximately NIS 614 million.
During the year, IMCO successfully increased the execution rate of its order backlog. This growth was driven, among other factors, by the Group’s investments in expanding manufacturing capabilities and implementing advanced operational efficiency processes, enabling higher production volumes and improved delivery times for customers worldwide.
At the same time, the Group expanded its global workforce by approximately 130 employees in the roles of management, engineering, manufacturing, R&D, and project management, in order to be able to support continued growth and expended operations.
During the year, IMCO established a new company in Romania, designed to provide additional answers to the growing European market demands. This move is yet an additional execution of IMCO’s strategy to increase its international presence and expand its activities into key European markets.
In addition, cooperation agreements were signed with strategic customers, in parallel to new sector-leading customers joined the industrial division. These developments further strengthen the Group’s customer base to support continued expansion in both the defense and industrial markets.
Ariel Kandel, CEO of IMCO Group, said: “The past year reflects both continued and significant multi-year-double-digit growth. The increase in the execution rate of our orders and the expansion of our customer base demonstrate the demand for our solutions and the strong trust of our customers in Israel and worldwide. At the same time, we continue to invest in research and development to sustain our technological leadership, as well as in infrastructure, processes and manufacturing capabilities, in order to deliver a broader and more efficient response to the evolving needs of our customers and to support further expansion into new markets.”
12 Mar 26. Ondas Acquires BIRD Aerosystems to Expand Airborne Missile Protection and C-UAS Capabilities.. Ondas Inc., a provider of autonomous aerial and ground robotic intelligence through its Ondas Autonomous Systems (OAS) business unit and private wireless solutions through Ondas Networks, has acquired BIRD Aerosystems, a global developer of Airborne Missile Protection Systems (AMPS) and airborne intelligence, surveillance and reconnaissance (ISR) solutions for military, government and homeland security customers.
The acquisition marks Ondas’ entry into the airborne missile protection and unmanned aerial systems (UAS) defence market, adding new technologies to its portfolio and strengthening its focus on defence and security applications. The move complements the company’s growing capabilities in autonomous systems architecture, including counter-UAS and mission intelligence solutions.
“BIRD Aerosystems adds a highly differentiated capability to the Ondas defence technology platform,” said Eric Brock, Chairman and CEO of Ondas. “Their globally deployed aircraft protection systems and advanced airborne ISR technologies expand our footprint in airborne defence markets while strengthening our ability to deliver integrated multi-domain mission solutions.”
Founded in Israel in 2001, BIRD Aerosystems develops airborne defence technologies designed to protect aircraft and deliver mission intelligence capabilities. Its aircraft protection systems are installed on more than 700 airborne platforms across over 40 aircraft types. These systems support defence, government and special-mission aviation operators including the U.S. Army, NATO forces, leading Asia-Pacific air forces and United Nations aviation fleets, and have been deployed in numerous conflict zones and high-risk environments.
BIRD operates across two primary technology areas: Airborne Missile Protection Systems (AMPS) and Airborne Surveillance, Intelligence and Observation (ASIO) mission systems. The AMPS platform integrates advanced missile-warning sensors with Directional Infrared Countermeasure (DIRCM) technology to detect, confirm and neutralize incoming threats such as MANPADS.
BIRD’s ASIO systems provide ISR and mission-management capabilities by combining radar, electro-optical sensors, communications intelligence and data-fusion technologies. These platforms support border protection, maritime patrol, infrastructure monitoring and airspace security missions, delivering real-time intelligence to command-and-control centers.
Following integration with Ondas, BIRD plans to expand its technologies into the rapidly growing market for unmanned aircraft protection, supporting next-generation autonomous platforms operating in contested environments.
The acquisition continues Ondas’ strategy of expanding its global defence technology platform through targeted acquisitions that strengthen ISR, airspace defence, counter-UAS operations and autonomous security systems across NATO and allied markets. (Source: UAS VISION)
11 Mar 26 Havoc, the all-domain collaborative autonomy company, today announced it has closed the acquisitions of Mavrik, a Long Beach, Calif.-based award-winning drone technology company and Teleo, a Palo Alto, Calif.-based category leader in supervised autonomy for heavy machinery. With these acquisitions, Havoc expands decisively into the air and land domains, reinforcing its leadership in collaborative autonomy and accelerating its mission to deliver fully integrated, all-domain autonomous systems.
All-Domain Collaborative Autonomy
By bringing aerial, ground, and maritime platforms under a single operational architecture — and enabling them to collaborate in real time — Havoc is directly addressing growing demand for unified, all-domain autonomy.
“These acquisitions were driven by listening to our customers,” said Paul Lwin, Co-founder and CEO of Havoc. “Across global military markets, we consistently hear the need for a single, unified system to command autonomous assets in every domain, and for those systems to operate together as a coordinated force rather than isolated platforms. With the addition of Mavrik and Teleo, we are advancing decisively toward that vision, delivering integrated collaborative autonomy across sea, air, and land while expanding Havoc’s reach into new commercial markets.”
Expanding the Air Domain with Mavrik
Mavrik brings Group 1 and Group 3 unmanned aerial systems (UAS) into the Havoc ecosystem, expanding the company’s aerial domain capabilities. Mavrik’s aerial systems will operate in coordination with Havoc’s surface vessels through shared tasking, shared data, and shared mission context. This enables air and maritime assets to function as a unified force with greater operational effectiveness than standalone platforms operating independently.
“Mavrik builds heavy-lift drone systems for missions where scale, coordination, and reliability matter most, from logistics and disaster response to critical field operations,” said Max Owens, Founder and CEO of Mavrik. “Havoc’s collaborative autonomy platform is a natural complement to our work. Together, we’re expanding how autonomous systems can support essential industries.”
Leading the Land Domain with Teleo
Teleo enables fleet-scale autonomous operations of large vehicles in logistics, construction, mining, and distributed mobility missions. By enabling a single operator to supervise multiple machines simultaneously, Teleo’s model enhances safety, productivity, and operational flexibility while enabling customers to upgrade existing assets rather than replace them. Their scalable supervision architecture has direct applicability to defense logistics, convoy operations, and forward operating environments where distributed ground autonomy is mission critical.
“Teleo has demonstrated supervised autonomy in some of the world’s most demanding industrial environments,” said Vinay Shet, Co-founder and CEO of Teleo. “By combining Teleo’s proven land-domain platform with Havoc’s collaborative autonomy architecture, we can extend fleet-scale supervision across sea, air, and land, accelerating deployment of real-world autonomous systems across both commercial and national security markets.”
Both Mavrik and Teleo share Havoc’s core philosophy: amplifying human oversight rather than replacing operators. Integrated into HavocOS and Havoc Control, the products extend Havoc’s proven scalable supervision model, enabling a single operator to oversee multiple autonomous assets, from the maritime domain into the air and on the ground.
Clear Street Praises Havoc’s All-Domain Autonomy Transactions
“Defense technology is entering a new era where venture-backed innovation, advanced AI, and national security priorities are converging at unprecedented speed,” said Nicholas Hemmerly, Co-Head of Investment Banking at Clear Street LLC, the financial infrastructure technology firm that worked with Havoc on these transactions. “Havoc’s acquisitions of Mavrik and Teleo reflect a broader market shift toward integrated, all-domain autonomy delivered by companies that can move fast and scale quickly. These transactions are a clear example of how next-generation defense tech firms are reshaping the industrial base and defining the future of modern warfare.”
Dedicated Havoc leaders have been assigned to oversee integration and technical alignment, ensuring continuity for customers while accelerating capability development.
About Havoc
Havoc is the leader in all-domain collaborative autonomy. Its software-defined hardware approach powers military and commercial-grade autonomous systems across sea, air, and land to sense, decide, and act together in complex and contested environments. Havoc connects assets, enabling them to share information, adapt in real time, and continue operating even when communications are disrupted or denied. Havoc was founded in 2024 and headquartered in Providence, Rhode Island. (Source: PR Newswire)
26 Mar 26. Uvision, a global leader in smart integrated systems and loitering munitions, announced today the establishment of a new European subsidiary in Munich, Germany (leading defense & Aerospace hubs) marking a significant step in strengthening its long-term commitment to customers across Europe in response to growing demand.
The new entity will serve as an anchor for Uvision’s activities in Europe. It builds on the company’s growing activity in the region and the momentum generated through its strategic partnership with Rheinmetall, which has helped expand the company’s footprint in Europe and reinforced the value of a stronger local presence.
Uvision Europe will provide comprehensive capabilities including customer support, local sourcing and manufacturing, engineering, training, and Integrated Logistics Support (ILS). This local presence will enable faster response times, improved customer proximity, and enhanced supply chain resilience as a 100% European product portfolio.
The subsidiary will also support localized development projects tailored to specific European operational requirements, including the alignment of future developments with evolving needs, as part of its roadmap to establish local assembly and production capabilities.
All systems and solutions delivered through the European subsidiary will be fully aligned with European regulations, standards, and certification requirements, ensuring seamless integration into local defense frameworks.
“As European armed forces accelerate procurement and modernization efforts, the need for trusted, responsive, and locally anchored defense partners has become increasingly important. Uvision Europe is established to address that need, bringing the company closer to its customers and creating the foundations for a progressively independent European operation.” said Roman Didenco, the appointed CEO of Uvision Europe GmbH. “This step reflects our long-term commitment to supporting European allies, by deepening our presence in Europe as a committed industrial partner, delivering local capabilities and long-term operational confidence.”
Uvision’s family of loitering munition systems is already fielded by NATO and allied customers, and integrated into procurement frameworks, with assigned NATO Stock Numbers (NSNs) underscoring the maturity, credibility, and operational advantage of its systems. The establishment of Uvision Europe builds on that foundation, extending Uvision’s commitment to European customers.
23 Mar 26. Airbus has entered into a definitive agreement with the Cobham Ultra group, a portfolio company of Advent, for the acquisition of Ultra Cyber Ltd. This strategic move reinforces Airbus’ position as a trusted, sovereign partner for the UK and a key supplier to its allies, while strengthening its presence in the European cybersecurity landscape. The acquisition allows Airbus to enhance its end-to-end cyber portfolio, complementing the existing UK sovereign capabilities of its cyber business based in Newport, Wales.
With more than 200 employees in Ultra Cyber Ltd, primarily based in its state-of-the-art cyber centre of excellence in Maidenhead, Airbus is reinforcing its commitment to the UK as a core home nation of Airbus and its active role in maintaining the UK’s digital security. This acquisition will join the growing Cyber activities within Airbus Defence and Space’s Connected Intelligence business unit and creates a scale UK sovereign cyber champion.
This investment is a cornerstone of Airbus’ strategy to become a leading European multi-sovereign cyber player and a key pillar of a European digital shield. This approach helps ensure that nations across the continent, as well as Five-Eyes and NATO partners, can rely on access to best-in-class technologies that are trusted and endorsed by the governments of the group’s home nations.
This move follows the successful acquisition of infodas in 2024, which strengthened Airbus’ cybersecurity leadership in Germany and the EU for cross-domain solutions. Today, Airbus operates a truly pan-European cyber activity with employees across the UK, France, Germany, Spain and Finland.
The acquisition also includes a specialised airborne datalinks capability that complements Airbus’ military aircraft portfolio. This addition helps strengthen Airbus’ ability to protect sensitive data seamlessly across both ground and airborne environments.
“This acquisition testifies to our long-term commitment to the UK as a core home market,” said Mike Schoellhorn, CEO of Airbus Defence and Space. “By joining our expertise with Ultra Cyber’s unique capabilities, we are acting as a long-term, trusted partner to the UK Ministry of Defence. We are building the resilient, sovereign infrastructure required to help keep the UK and its allies ahead in the cyber domain.”
Shonnel Malani, Managing Partner at Advent and Chair of the Board at Ultra Electronics, said: “During what has been a time of major geopolitical tension and uncertainty, we are proud that the investments made in Ultra Cyber, under Advent’s ownership, have supported efforts to help protect the country and its allies from electronic warfare, and contributed to strengthening the UK’s sovereign capabilities.”
Juliette Wilcox CMG, President of Ultra I&C UK Cyber, added: “This agreement marks an exciting next chapter for Ultra Cyber and a major step forward for the UK’s sovereign cyber capability. Together, we will combine complementary strengths to help accelerate innovation, deepen R&D, and expand delivery of advanced cyber solutions in the UK and internationally.”
Closing of the transaction is subject to customary regulatory approvals and is expected in the second half of 2026.
23 Mar 26. European venture capital firm, FNX Ventures, has invested in Sentinel Photonics, a UK defence technology company specialising in laser detection, prevention and intelligence. The investment comes as laser systems are increasingly used in modern conflicts, presenting new challenges for defence forces and security agencies. The funding represents a significant vote of confidence in Sentinel’s technology and will support the company’s expansion across Europe. It will enable Sentinel to scale production, strengthen its European partner network and accelerate the deployment of its systems across allied defence platforms.
As directed-energy capabilities, like lasers, become more widely used, the ability to detect and counter hostile laser activity is expected to play an increasingly important role in Europe’s defence posture. This investment will help strengthen Europe’s capacity to monitor and respond to emerging laser threats, supporting the protection of critical infrastructure and frontline assets. =
Dr Chris Burgess, Chief Executive and Co-Founder of Sentinel Photonics, said the investment marked an important milestone for the company.
“This investment is a strong endorsement of the technology our team has developed and the role it can play in protecting coalition forces,” he said. “Laser threats are becoming a prominent feature of modern conflict. With the support of FNX Ventures, we will be able to expand our presence across Europe and work more closely with partners to help protect the forward line of European defence.”
FNX General Manager, Thibaut Claes, comments, “We were particularly impressed by the quality of the Sentinel Photonics team, combining deep technical expertise with a clear focus on real-world operational impact. In a rapidly growing and mission-critical market across defence and civilian use cases, Sentinel embodies exactly what we look for: an internationally active company, built on outstanding technology and led by ambitious yet pragmatic founders.”
Sentinel Photonics was established as a UK Ministry of Defence and DSTL spin-out to design systems that protect vehicles, ISR platforms, critical infrastructure, and personnel from laser threats and is already deployed in operational environments.
12 Mar 26. FLARE Group launches European Aerospace & Defence Investment Firm.. Rising defence spending across Europe is attracting growing interest from international investors in the EU’s Aerospace and Defence sector. Against this backdrop, new Belgian-based investment holding FLARE Group is focused on innovative companies in Aerospace, Defence Manufacturing and related Dual-use Technologies.
The new European Aerospace & Defence investment firm was presented today at the Brussels European Defence Exhibition (BEDEX) 2026. Backed by private investors and family offices from the United States and Europe, the firm will focus on acquiring and supporting high-value companies across Europe’s aerospace and defence supply chain.
“With our new fund, FLARE Group will focus on opportunities within European aerospace, defence manufacturing and related technologies,” said Bert Buyle, co-founder of FLARE Group and CEO of cockpit simulator specialists EURAMEC. “Our strategy is to strengthen the growth of our existing companies while pursuing targeted acquisitions that fit our technological and industrial focus.”
Across Europe, investment in defence technology and AI-driven security solutions has surged in recent years, sectors widely viewed as critical to the continent’s economic competitiveness and strategic autonomy. For international investors, Europe’s financial environment also offers distinct advantages, according to Bill Minkoff, Co-Founder of FLARE Group. “Europe provides diversification benefits for US investors because its economic cycles and market dynamics differ from those in the United States,” Minkoff says. “At the same time, relatively favourable interest-rate conditions can reduce the cost of leveraged buyout financing and improve return potential.”
Belgium is emerging as an attractive market within the sector, meaning several Belgian tech players are on the firm’s radar. Flanders, accounting for 71% of industrial value added compared to Wallonia’s 26%, hosts a dense ecosystem of specialised engineering companies active in advanced manufacturing, maintenance, repair and overhaul (MRO) services and aerospace technology innovation.
According to Max Mariens, Industry Leader for Defence, Aerospace & Security at consulting firm BDO, Belgium’s position in the European Aerospace industry further strengthens the investment case.
“When considering the Defence and Aerospace industry, Flanders is somewhat under-reported. This perception is largely shaped by the traditional presence of large defence players and system builders in other regions of the country. However, this limited visibility is more a matter of awareness than of capability. Flanders hosts a strong ecosystem of highly specialized companies, research centres, and technology providers that deliver advanced capabilities across the defence value chain. As a hub for defence innovation and high-end technology development, the region is well positioned to play an important role in the next generation of defence and aerospace solutions.”
“Belgium has one of the highest space budgets per capita in the world,” Mariens explains. “Roughly two-thirds of the sector’s annual revenue of around €600 million is linked to projects with the European Space Agency. At the same time, significant investment is flowing into military aviation programmes such as the F-35, as well as armoured vehicles and cybersecurity.”
Spotlight on BMT Aerospace: largest A&D OEM in Flanders
Belgium’s aerospace ecosystem features specialised manufacturers embedded in global supply chains. One example is BMT Aerospace, a family-owned company and the largest Aerospace and Defence OEM in Flanders. The company produces high-precision components and complex assemblies used in turbine engines, helicopter drive systems and auxiliary power units for both commercial aviation and defence programmes. “We are involved in almost every aerospace programme worldwide,” says Benoit Reynders, CEO of BMT Aerospace. “The global aerospace industry is reconnecting with Flanders, and we are seeing strong expansion driven by growing investment in aerospace and defence innovation.”
FLARE Group, EURAMEC and BMT Aerospace are exhibiting at BEDEX, the Brussels European Defence Exhibition, where industry leaders, investors and policymakers are meeting to discuss the future of Europe’s defence and aerospace capabilities.
11 Mar 26. NextVision Stabilized Systems Ltd. (TASE: NXSN), a leading global provider of stabilized day- and night-vision imaging solutions for aerial and ground platforms such as micro and mini UAVs and drones, today announced its financial results for the full year ended December 31, 2025, reflecting continued strong growth and record performance.
Financial Highlights for 2025
NextVision’s annual revenues (US$ m) between 2021 and 2026 target
Revenue for 2025 increased by 46% to $168.4 million, compared to $114.9 million in 2024. Revenue for the fourth quarter of 2025 totaled $47.8 million, representing growth of 56% compared to $30.5 million in the fourth quarter of 2024.
Gross Profit in 2025 increased by 42% to $117.5 million, representing 69.8% of total revenue. Gross profit in the fourth quarter of 2025 totaled $32 million, representing growth of 41.3% compared to $22.6 million in the fourth quarter of 2024.
Operating Income in 2025 totaled $101.5 million, representing 60.3% of revenue, compared to $73 million in 2024 (63.5% of revenue), reflecting growth of 39%. Operating income in the fourth quarter of 2025 totaled approximately $28 million, representing growth of 38.6% compared to $20.2 million in the fourth quarter of 2024.
Net Income in 2025 increased to $103.6 million (62% of revenue), representing growth of 56% compared to $66.4 million in 2024 (57.8% of revenue). Net income in the fourth quarter of 2025 totaled $31.7 million, representing growth of 76.6% compared to $18 million in the fourth quarter of 2024.
Order Backlog: As of the publication date of these financial statements, the Company’s order backlog totaled approximately $288 million, including repeat orders from existing customers, new project wins and orders from new customers.
Customer Base: During 2025, the Company had 204 active customers, compared to 195 customers in 2024.
Cash Flow: The Company generated approximately $63.6 million in cash from operating activities during 2025.
Shareholders’ Equity: As of December 31, 2025, shareholders’ equity totaled approximately $616 million, representing approximately 95% of the Company’s balance sheet.
Dividend: The Company’s Board of Directors approved a dividend distribution of approximately $51.8 million from 2025 profits, in accordance with the Company’s dividend policy of distributing up to 50% of net income.
Management Comment
Chen Golan, Chairman of NextVision, commented: “This marks the fifth consecutive year in which NextVision has delivered significant growth above the targets set by the Board of Directors, despite a challenging and uncertain global environment. During the year we continued to invest in research and development while significantly expanding our production capacity and manufacturing facilities, in order to address the strong demand we are seeing from customers worldwide. NextVision continues to strengthen its position as a leading company in the field thanks to our advanced technology, operational experience, ability to deliver at scale and strong financial position. These capabilities enable us to effectively address supply chain challenges arising from geopolitical tensions and the exceptional demand environment in the market. This year, we already received additional orders totaling tens of millions of dollars, reflecting the broader global trend of increasing defense budgets and procurement activity.
“As part of our preparations for continued strong growth, we plan to expand our production capacity from approximately 2,000 cameras per month as of the end of 2025 to more than 4,000 cameras per month by the end of 2026. At the same time, we continue to invest in the development of new products and adapt them to the evolving needs of our customers.
“Alongside our organic growth strategy, we continue to evaluate strategic acquisition opportunities in Israel and internationally and we have increased the resources allocated to this effort, with the objective of identifying complementary companies and technologies that will support the expansion of our operations and accelerate our long-term growth.”
12 Mar 26. Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), a global technology company that delivers mission-critical processing to the edge, today announced the acquisition of SolderMask, Inc., a provider of specialized manufacturing processes that support key Mercury programs that are ramping into production.
SolderMask has unique expertise in dry film solder mask applications that are leveraged across more than 20 Mercury programs, including the U.S. Army’s Lower Tier Air and Missile Defense Sensor (LTAMDS) program, and a number of Common Processing Architecture programs. SolderMask has been a critical part of Mercury’s supply chain for over a decade, applying their specialized processes to more than 50,000 components, with an extremely high standard of quality.
With the closure of the transaction on March 3, 2026, Mercury has acquired SolderMask’s assets, intellectual property, and its five-person workforce. Mercury will continue SolderMask’s operations from its existing facility in Huntington Beach, Calif., while a parallel manufacturing process line is established at Mercury’s Phoenix facility to enable greater throughput.
“Mercury is entering a critical phase where many programs are ramping into higher-rate production, and we are taking a number of proactive actions to increase capacity and efficiency in our operations,” said Bill Ballhaus, Mercury’s Chairman and CEO. “The acquisition of SolderMask will further differentiate our processing capabilities and allow us to accelerate deliveries to our customers and the warfighter.”
Mercury Systems – Innovation that matters®
Mercury Systems is a global technology company that delivers mission-critical processing to the edge, making advanced technologies profoundly more accessible for today’s most challenging aerospace and defense missions. The Mercury Processing Platform allows customers to tap into innovative capabilities from silicon to system scale, turning data into decisions on timelines that matter. Mercury’s products and solutions are deployed in more than 300 programs and across 35 countries, enabling a broad range of applications in mission computing, sensor processing, command and control, and communications. Mercury is headquartered in Andover, Massachusetts, and has more than 20 locations worldwide. To learn more, visit mrcy.com. (Nasdaq: MRCY)
Reports on Form 10-Q and Current Reports on Form 8-K. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.
26 Mar 26. Saab strengthens its naval offer with new organisation. Saab is developing its naval offering and consolidating its naval operations into one business area. In doing so, Saab increases the value it delivers to customers by creating synergies, improving efficiency and strengthening innovation. The new business area will be named Naval.
The organisational change takes effect from 1 April 2026. This means that the operations of business area Kockums will be merged with the majority of the Naval Combat Systems unit, which currently forms part of business area Surveillance. The new business area Naval will be led by Mats Wicksell who is currently head of business area Kockums.
“We are consolidating and developing Saab’s naval offer to deliver greater value to our customers. By driving higher efficiency and accelerating innovation we are further strengthening our market position,” says Micael Johansson, President and CEO of Saab.
Saab’s naval operations are currently spread across several organisational units. Business area Kockums develops and produces surface vessels, submarines and autonomous underwater vehicles. Business unit Naval Combat Systems develops and produces combat management systems, fire control systems and secure communications solutions, as well as providing integration of these. The new business area Naval now brings these operations together under one organisation.
To facilitate year-on-year comparisons, Saab will publish restated historical financial information well in advance of the interim report for January–June 2026. The restatement will not affect the Group’s previously reported total revenues or results.
12 Mar 26. Saab signs new agreements with Polish PGZ and WB Group. Saab deepens its collaboration with Poland’s defence industry and has today signed further collaboration agreements with Polska Grupa Zbrojeniowa (PGZ) and WB Group.
“Signing these new agreements with both PGZ Group and WB Group marks important new milestones in strengthening collaboration between the Polish and Swedish defence industries. By sharing expertise and scaling up innovation together, we can ensure the development of advanced solutions and capabilities that will contribute to security and stability in Europe and the Baltic Sea region,” says Micael Johansson, President and CEO of Saab.
Saab’s new agreement with PGZ sets out the intention for collaboration relating to in-country submarine maintenance, repair and overhaul capabilities within Poland’s Orka submarine programme.
The new agreement with WB Group includes the intention to collaborate on autonomous naval systems and unmanned aerial systems Gladius and Future Task Force.
Saab previously signed collaboration agreements both with PGZ and WB Group in September 2025. The agreements signed today represent a further progression from these initial partnerships.
17 Mar 26. Elbit Systems Ltd. (“Elbit Systems” or the “Company”) (NASDAQ and TASE: ESLT), the international high technology defense company, reported today its consolidated results for the fourth quarter and full year ended December 31, 2025.
In this release, the Company is providing US-GAAP results as well as additional non-GAAP financial data, which are intended to provide investors a more comprehensive view of the Company’s business results and trends. For a description of the Company’s non-GAAP definitions see page 15 below, “Non-GAAP financial data”. Unless otherwise stated, all financial data presented is US-GAAP financial data.
Management Comment:
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented: “The Company is reporting excellent financial results. In 2025, revenues grew by 16%, profit margins expanded significantly, GAAP net EPS increased by 59%, non-GAAP net EPS increased by 46% and backlog grew by $5.5 billion surpassing the $28 billion mark. We also generated record Free Cash Flow of more than $550 million, representing a 100% cash conversion rate.
During 2025, Elbit Systems achieved significant milestones, most notably securing a contract from the IMOD for an Airborne High‑Power Laser (HPL) combat jet fighter Pod and for a High‑Power Laser (HPL) system for helicopters.
The Company continues to meet its commitments to an expanding global customer base while strengthening its presence across Europe, the United States, and Asia.
We continued to invest heavily in disruptive R&D programs, including AI enhancements across multiple platforms for a total sum of over $500 million. In addition, we are making significant strategic CAPEX investments to address growing global capacity constraints, recognizing that capacity is a critical element of our long‑term strategy.
Elbit Systems and its employees are playing a key role in providing the IMOD and the IDF capabilities during the Operation Roaring Lion and will continue to serve as a strategic partner to its global customers, maintaining the highest standards and remaining at the forefront of global defense innovation.”
11 Mar 26. IAI Annual Financial Results for 2025.
Breaking Business Performance Record with a current Order Backlog in excess of USD 30 billion
Net income in 2025 soared by about 45% to USD 712 million, record-breaking EBITDA, gross profit and sales turnover
- Increase in sales to about USD 7,384 million in 2025 compared with about USD 6,112 million in 2024.
- 45% growth in net income in 2025 to about USD 712 million compared with net income of about USD 493 million in 2024.
- 37% growth in annual EBITDA to about USD 1,082 million compared with about USD 792 million last year.
- Gross profit in 2025 rose by USD 292 million to about USD 1,433 million compared with about USD 1,141 million in 2024.
- 51% rise in annual operating margin to about USD 751 million compared with about USD 498 million last year.
- The Company’s order backlog leaped to about USD 29 billion as of December 31, 2025, representing some 4 years of operations, up from USD 25 billion at the end of 2024.
- The Company has some USD 4 billion in free cash flow.
Boaz Levy, IAI’s CEO: “A highly complex security reality marked the year 2025 for the State of Israel—a reality that continues to compel us. Even today, as the country remains engaged in security operations across various fronts, IAI is proud to stand at the forefront, supporting the defense establishment and strengthening Israel’s position as a technological powerhouse on the international stage.
The financial statements we are presenting today, summarizing the year 2025, reflect an exceptional year in IAI’s history: a year of significant growth, rising demand for our diverse advanced systems, and sustained confidence from our customers around the world, who account for approximately 70% of our total orders.
These excellent results are a direct testament to IAI’s engineering and technological capabilities and to the dedication of the thousands of employees who work with professionalism, responsibility, and a deep sense of mission—day and night, even during these turbulent times. Thanks to their commitment and excellence, IAI continues to develop, manufacture, and deliver advanced systems that enhance the security of the State of Israel and the safety of our customers worldwide. I would like to thank them for their meaningful contribution to the company’s success. My thanks also extend to the Company’s Board of Directors and to the defense establishment for their partnership, guidance, productive cooperation, and high level of achievement. Our deep, longstanding strategic partnership with the defense establishment and the IDF enables us to continue developing advanced technological solutions that provide Israel with a competitive advantage on the battlefield and ensure the protection of the country’s citizens.
IAI will continue to invest in innovation, lead technological breakthroughs, and strengthen Israel’s capabilities in the face of future security challenges, while upholding professional excellence and national responsibility.”
Israel Aerospace Industries Ltd., a leader in the Israeli military and commercial homeland defense and aerospace markets, issues its annual consolidated financial statements for the year ended December 31, 2025.
The Company’s revenues in 2025 amounted to about USD 7,384 million compared with about USD 6,112 million in 2024, an increase of about USD 1,272 million (about 21%), deriving from increased sales in all of the Company’s groups and divisions, mainly in the Systems Missiles & Space Group and the ELTA Group.
The sales of the Military Groups (*) in 2025 increased by about 23% to about USD 6,402 million, up from about USD 5,187 million in 2024, an increase of USD 1,215 million. The sales of the Aviation Group (*) in 2025 increased by 9% to about USD 1,608 million, up from about USD 1,476 million last year, an increase of USD 132 million.
Sales for exports in 2025 amounted to about USD 4,880 million (66%) and to the local market reached about USD 2,504 million (34%), compared with USD 4,029 million (66%) and USD 2,083 million (34%) in 2024, respectively.
Net income in 2025 grew by 45% to about USD 712 million (about 9.6% of sales), compared to about USD 493 million in 2024, the highest grossing year in the Company’s history. Net income of the Military Groups (*) in 2025 rose by 49% to about USD 818 million, up from about USD 549 million in 2024, an increase of USD 269 million. Net income of the Aviation Group (*) in 2025 amounted to about USD 42 million compared with net income of about USD 22 million last year.
EBITDA in 2025 amounted to about USD 1,082 million, up from about USD 792 million in 2024, representing a 36.6% increase.
Gross profit in 2025 amounted to about USD 1,433 million (about 19% of sales), compared with about USD 1,141 million (about 19% of sales) in 2024, an increase of USD 292 million largely driven by improved sales and profit margins across the Company’s entire Groups and Divisions. The gross profit of the Military Groups (*) in 2025 increased by about 29% to about USD 1,286 million, up from about USD 997 million in 2024, an increase of USD 289 million. The gross profit of the Aviation Group (*) in 2025 grew to about USD 152 million (about 9.5% of sales) compared with about USD 116 million (about 8% of sales) in 2024.
Operating income in 2025 rose by 51% to about USD 751 million (about 10% of sales), compared with about USD 498 million (about 8% of sales) in 2024, an increase of about USD 253 million, mainly driven by higher gross profit. The operating income of the Military Groups (*) in 2025 totaled about USD 704 million, up from about USD 452 million in 2024, an increase of about USD 252 million. The operating income of the Aviation Group (*) in 2025 amounted to about USD 70 million compared with the operating income of about USD 37 million last year.
Net financial income in 2025 amounted to about USD 172 million, up from about USD 129 million in 2024, an increase of about USD 43 million.
Inhouse R&D expenses in 2025 totaled about USD 318 million, compared with USD 333 million in 2024 (about 4% and 5% of sales, respectively), a decrease of USD 15 million.
Net tax expense – in 2025, the Company recorded net tax expenses of about USD 204 million, compared with about USD 134 million in 2024. The Company’s income is subject to the ordinary corporate tax rate in Israel – 23%, and it is not entitled to any tax benefits under the Israeli Law for the Encouragement of Capital Investments, 1959 as it is a wholly-owned government company. The sale of any interests in the Company, even at a minuscule rate, to a non-government party will render the Company eligible for a reduced corporate income tax rate as per said Law.
Order backlog at the end of 2025 amounted to about USD 29 billion, compared with about USD 25 billion at the end of 2024. 71% of the order backlog is held for sale to foreign customers with wide geographical dispersal. The order backlog comprises a wide variety of projects and secures 4 years of operations given the current sales volumes.
Cash flows: in 2025, the Company continued to benefit from positive cash flows from operating activities totaling about USD 612 million and free cash flows of some USD 4 billion.
Financial highlights of Q4 2025:
The Company’s sales in Q4 2025 amounted to about USD 2,247 million, up from USD 1,719 million in Q4 2024, an increase of 31%.
Gross profit in Q4 2025 totaled USD 479 million (21% of sales), compared with USD 305 million (18% of sales) in Q4 2024.
Operating income in Q4 2025 totaled USD 262 million (11.7% of sales), compared with operating income of USD 67 million (4% of sales) in Q4 2024.
R&D expenses in Q4 2025 amounted to USD 110 million, compared with USD 121 million in Q4 2024.
Net financial income in Q4 2025 amounted to USD 30 million, compared with net financial income of USD 35 million in Q4 2024.
Net income in Q4 2025 rose to USD 228 million (10% of sales), compared with net income of USD 77 million (4.5% of sales) in Q4 2024.
11 Mar 26. York Space Systems (York) (NYSE: YSS), a leading, US-based national defense and commercial prime providing a comprehensive suite of mission-critical solutions, today announced it has acquired Orbion Space Technology (Orbion), a Michigan-based manufacturer of flight-proven electric propulsion systems. The acquisition strengthens York’s integrated space ecosystem and directly supports the strategy the company outlined at the time of its initial public offering: aligning its technology roadmap, investing in domestic production capacity, and delivering systems that work reliably and at scale.
Founded in 2016, Orbion designs and manufactures Hall-effect electric thrusters for constellation-scale satellite missions. Its Aurora propulsion systems are produced domestically and are already flying on York-built spacecraft supporting U.S. national security missions, including satellites operating as part of fielded military constellations.
“Orbion’s propulsion systems have already demonstrated reliable, repeatable performance on York spacecraft supporting operational missions,” said Michael Lajczok, CTO of York. “Integrating this capability allows us to more tightly align propulsion with spacecraft design and mission operations strengthening system-level performance while strengthening performance and long-term reliability as mission demands grow.”
“Orbion was built to deliver propulsion systems designed to perform reliably on orbit and to produce them in a factory that can meet the scale demands of prolific constellations,” said Brad King, co-founder and CEO of Orbion. “Our work with York has demonstrated what’s possible when propulsion is designed alongside the spacecraft and mission from the start. Joining York allows us to accelerate that approach and support the growing number of missions already being executed today.”
By aligning the technology roadmap, York’s Orbion acquisition reduces supply-chain risk of an historically scarce spacecraft subsystem, which improves schedule certainty and enhances its ability to deliver tightly integrated spacecraft platforms optimized for both current and next-generation mission requirements.
“This acquisition builds on an established, on-orbit relationship,” said Dirk Wallinger, founder and CEO of York. “Orbion propulsion is already operating successfully on York spacecraft today. This next step allows us to more closely align Orbion’s leading-edge technologies with the growing constellation-scale demands across the sector, expand production planning to meet strong market demand, and support customers across the full space ecosystem.”
Orbion will continue to operate as a wholly owned U.S. subsidiary of York, serving customers across the broader space industry. The combination provides a clear path to expanding Orbion’s production capacity in support of growing commercial and national security satellite demand.
The transaction follows York’s recent acquisition of ATLAS Space Operations, reinforcing a deliberate strategy to integrate critical mission capabilities across York’s space ecosystem, propulsion, ground operations, and end-to-end mission execution. Together, these acquisitions advance York’s long-term vision of delivering complete space mission solutions supported by a solid, secure, and robust U.S. supply chain.
“From propulsion to ground systems, we are deliberately strengthening the core capabilities that underpin mission success,” Wallinger added. “This is what we said we would do as a public company — invest in proven technologies, scale responsibly, and continue delivering operational capability on orbit.”
Today, York is executing at scale across national security and commercial missions, with more than 30 satellites currently on orbit, mission operations centers supporting five active missions, and two operational constellations. The company is preparing for its eighth launch overall, executing on its twelfth contract, and advancing work on its sixth constellation contract, underscoring York’s ability to deliver repeated, reliable performance across multiple programs while continuing to scale production and mission execution capacity. (Source: BUSINESS WIRE)
15 Mar 26. Hanwha Re-Enters KAI Shareholder Registry to Accelerate ‘Korean SpaceX’ Strategy.
In a strategic move signaling a potential end to years of industrial fragmentation, Hanwha Systems has acquired a 0.58% stake in Korea Aerospace Industries (KAI), marking the Hanwha Group’s first equity investment in the national aerospace champion since 2018.
The acquisition, disclosed in a business report on March 13 and confirmed by industry filings on Sunday, March 15, 2026, is widely viewed as the initial phase of a broader consolidation effort to create a vertically integrated space value chain capable of competing with global entities like SpaceX.
Rebuilding the Aerospace Value Chain
The purchase of 566,635 common shares for 59.9 billion KRW ($41.5 million) ends a seven-year hiatus that began when Hanwha Aerospace divested its 5.99% stake in KAI. While the current stake remains below the 5% mandatory disclosure threshold, analysts interpret the timing as critical. The South Korean government, which controls over 30% of KAI through the Korea Export-Import Bank (26.41%) and the National Pension Service (8.20%), has faced mounting pressure to privatize the entity to resolve a debt ratio exceeding 450% and a prolonged leadership vacuum.
The acquisition aligns with Hanwha’s “Space Hub” initiative launched in 2021. By bridging Hanwha Aerospace’s launch vehicle capabilities with KAI’s heritage in medium-to-large satellite systems, the Group aims to secure a domestic monopoly on the “launch-satellite-data” lifecycle.
A Competitive Partnership
Despite the equity tie, Hanwha and KAI remain locked in high-stakes competition for immediate government contracts. On January 18, 2026, both firms submitted bids for the Republic of Korea (ROK) military’s 1.2 trillion KRW ($850 million) 40-satellite Synthetic Aperture Radar (SAR) constellation.
“The strategic weight of this investment reflects the changing nature of modern warfare,” stated an industry official. “A ‘Korean SpaceX’ must be established to integrate design and operations before an industrial ecosystem can sustain significant overseas expansion.”
Technical Integration and Export Synergies
The potential synergy centers on complementary hardware portfolios:
- Hanwha Systems: Specializes in SAR payloads, electronic warfare, and small satellite “panel-type” buses.
- Hanwha Aerospace: Acts as the system integrator for the Nuri (KSLV-II) and next-generation KSLV-III launch vehicles.
- KAI: Maintains dominance in medium-to-large satellite buses (CAS500 series) and indigenous aircraft platforms like the KF-21 Boramae.
The two companies recently signed a Memorandum of Understanding (MOU) in February 2026 focused on advanced engine localization and joint development of export-grade drones, providing a roadmap for technical cooperation even as privatization talks loom.
Leadership Transition and Outlook
The stake acquisition coincides with a pivotal leadership change at KAI. Former Defense Acquisition Program Administration (DAPA) official Kim Jong-chul was nominated as KAI’s new CEO in late February, with a confirmation vote scheduled for March 18, 2026. Kim is expected to oversee the delivery of the Light Armed Helicopter (LAH) and the KF-21, while navigating the increasing gravitational pull of Hanwha’s “all-domain” defense portfolio.
As South Korea pivots toward the K-LEO defense constellation and 6G sovereign networks by 2030, industry observers expect Hanwha Systems or Hanwha Aerospace to increase their holdings in KAI, potentially positioning the conglomerate as the primary private-sector partner for the newly established Korea AeroSpace Administration (KASA). (Source: Satnews)
15 Mar 26. ICEYE Targets €1 billion Revenue Threshold as Defense Demand Drives Production Scaling.
Following a year of aggressive expansion in the sovereign intelligence market, Finnish Synthetic Aperture Radar (SAR) specialist ICEYE is projecting revenue to exceed €1 billion ($1.2 billion) in 2027. In a financial briefing on Friday, March 13, 2026, company leadership confirmed that 2025 revenue topped €250 million—more than doubling the previous year’s figures—supported by a contracted order backlog now valued at €1.5 billion.
Leveraging the Sovereign Intelligence Trend
The company’s growth is anchored in a series of high-value government contracts that reflect a broader shift toward “Proliferated Military Space Architectures.” Chief among these is the €1.7 billion “SPOCK 1” contract awarded by the German Armed Forces (Bundeswehr) in December 2025 to a joint venture between ICEYE and Rheinmetall.
This contract, along with dedicated satellite procurement deals for the Portuguese Air Force and Poland’s Ministry of National Defense, has transitioned ICEYE from a data provider to a key prime contractor for national security infrastructure.
Financial Performance and Production Expansion
ICEYE reported earnings before interest, tax, depreciation, and amortization (EBITDA) of more than €100 million for 2025, with operating cash flow exceeding €130 million. To meet the surge in orders, the company is fundamentally altering its manufacturing cadence at its Espoo, Finland, facility.
“It’s reasonable to expect that we will be able to deliver similar growth rates as in the previous years through 2026 and 2027,” stated Chief Financial Officer Magdalena Bartos. “This inflection point was part of the plan to scale as government demand for persistent monitoring intensified.”
The company currently maintains a build cycle of 10 to 11 weeks per satellite. It is on track to reach an annual production rate of 50 units by the end of April 2026, with a secondary target of 100 satellites per year. To remove external bottlenecks, ICEYE will bring mechanical vibration testing—a prerequisite for SpaceX Falcon 9 Transporter missions—in-house starting in June 2026.
Diversifying the SAR Portfolio
While defense remains the primary driver, ICEYE is expanding its commercial applications into environmental and insurance sectors. On March 3, 2026, the firm launched a near real-time deforestation monitoring solution designed to penetrate tropical cloud cover. This modular approach allows the company to reuse its high-revisit SAR constellation for diverse data streams, ranging from flood impact analysis to illegal mining detection.
Valuation and Market Position
In December 2025, ICEYE closed a €150 million funding round led by General Catalyst, bringing its total capital raised to over €600 million and its valuation to €2.4 billion. Despite the significant scale-up, CEO Rafal Modrzewski has moderated previous signals regarding a near-term initial public offering (IPO).
The company currently has “no immediate needs for funding,” according to CFO Bartos. Leadership maintains that while an IPO remains a potential path, the current focus is on executing the €1.5 billion backlog and fulfilling international constellation orders, including the 24-satellite Earth observation project recently formalized with Japan’s IHI Corporation. (Source: Satnews)
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Ultra-high precision, modularity and speed to defeat dynamic targets
OpenWorks is a provider of modular autonomous vision systems that deliver ultra-high performance real-time detection, identification and tracking of highly dynamic aerial threats at long range.
Our specialist capability lies in our dynamic positioners, EO/IR optical units, approach to sensor fusion and common interface that enables the integration of third-party detectors, classifiers, interceptors and effectors. Artificial intelligence modules work seamlessly with primary detectors and C2 to provide comprehensive detection, identification, tracking and slewing-to-cue against complex backgrounds and foregrounds.
OpenWorks is internationally and operationally proven across C-UAS and Air Defence.
Vision Pace
Designed to enhance dynamic multi-threat engagement, Vision Pace offers microradian precision targeting to kinetic defeat chains, marking a step-change for layered air defence. The development is intended to provide capability to expeditionary force protection, GBAD, SHORAD, M-SHORAD across land and naval domains.
Vision Flex
Vision Flex provides the highest performance surveillance, tracking and classification capability available, for use on static, mobile and un-crewed systems. Vision Flex cameras are highly configurable and can be used with built-in twin-AI modules of third Party classifiers and trackers.
Vision Flex is easy to integrate through standard interfaces and has a range of plug-and-play optical modules and upgrades to allow it to be configured easily to suit each mission or site.
Vision Guard
Vision Guard is a highly configurable, autonomous, portable and deployable platform that provides automated alerts with AI detection and classification.
It can be configured with combinations of active and/or passive sensors to suit the mission. Detections and alerts are streamed out to a handheld tablet or other systems via the standard interface, SAPIENT, Asterisk etc.
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d net proceeds of $582.6 million, net of underwriting discounts and commissions and offering costs, further bolstering our liquidity profile. Immediately after IPO, as of January 31, 2026, our total liquidity stood at $895.4 million, inclusive of our undrawn Revolving Facility.
Business outlook as of March 19, 2026
York Space Systems expects revenue for the full year 2026 to be in the range of $545 million to $595 million. Over 70% of this, at the midpoint, is expected to come from our existing backlog, giving us high confidence in achieving our goals, and the ability to focus on building our pipeline for beyond this year.
Business outlook is based on information as of today, March 19, 2026, and may be impacted by factors outside York’s control. See “Forward Looking Statements.”
(Source: BUSINESS WIRE
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Ultra-high precision, modularity and speed to defeat dynamic targets
OpenWorks is a provider of modular autonomous vision systems that deliver ultra-high performance real-time detection, identification and tracking of highly dynamic aerial threats at long range.
Our specialist capability lies in our dynamic positioners, EO/IR optical units, approach to sensor fusion and common interface that enables the integration of third-party detectors, classifiers, interceptors and effectors. Artificial intelligence modules work seamlessly with primary detectors and C2 to provide comprehensive detection, identification, tracking and slewing-to-cue against complex backgrounds and foregrounds.
OpenWorks is internationally and operationally proven across C-UAS and Air Defence.
Vision Pace
Designed to enhance dynamic multi-threat engagement, Vision Pace offers microradian precision targeting to kinetic defeat chains, marking a step-change for layered air defence. The development is intended to provide capability to expeditionary force protection, GBAD, SHORAD, M-SHORAD across land and naval domains.
Vision Flex
Vision Flex provides the highest performance surveillance, tracking and classification capability available, for use on static, mobile and un-crewed systems. Vision Flex cameras are highly configurable and can be used with built-in twin-AI modules of third Party classifiers and trackers.
Vision Flex is easy to integrate through standard interfaces and has a range of plug-and-play optical modules and upgrades to allow it to be configured easily to suit each mission or site.
Vision Guard
Vision Guard is a highly configurable, autonomous, portable and deployable platform that provides automated alerts with AI detection and classification.
It can be configured with combinations of active and/or passive sensors to suit the mission. Detections and alerts are streamed out to a handheld tablet or other systems via the standard interface, SAPIENT, Asterisk etc.
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