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14 Feb 25. MTI Wireless Edge (MWE:54.5p) growing its financial armoury.
• Significant orders for military antenna
• Potential for earnings upgrades
• Rated on cash-adjusted price/earnings (PE) ratio of 12.8 (2024)
• Prospective dividend yield of 4.8 per cent (2024)
Israel-based technology group MTI Wireless Edge (MWE:54.5p) has won a significant repeat order worth $4m (£3.2m) from a system house in Israel to manufacture military antenna.
Chief executive Moni Borovitz notes that it is “one of the largest orders we have ever received and demonstrates our ability to deliver high-quality innovative solutions to meet our clients’ needs”. The state-of-the-art antennas are designed to deliver unmatched accuracy and robust communication, and are integral to “one of the most advanced systems of its kind in the world”.
Last month, the group received three orders from a system house in Israel to develop and manufacture military antennas worth a total of $1mn. The contract awards highlight a growing trend of local system houses outsourcing their antenna manufacturing, and include a development order for a new technology, too. It’s significant as it moves MTI up to a sub-system level, meaning it will provide further capabilities in addition to antennas within the customer’s solutions.
Analyst Rob Sanders at house broker Shore Capital has left pre-tax profit estimates unchanged at $5.2m (2025) and $5.6m (2026), but he notes that “if further significant orders are secured then there is upside potential to estimates”. That seems highly likely and not just from military customers as Sanders expects the roll-out of 5G, such as in India, to lead to further contract wins in due course. India is a substantial market for MTI’s 5G antennas with 900mn cellular phones currently in use across the country. Having high-speed 5G backhaul solutions in place is essential for transferring data from mobile towers to the core network. The antenna business accounts for around a third of group operating profit.
It’s worth noting that analysts see potential for stronger demand than forecast from MTI’s water control business, too. Accounting for half of group operating profit, the unit provides wireless control systems to manage irrigation and water distribution for agriculture, municipal authorities and commercial entities.
Potential for earnings upgrades underrated
Although analysts expect last year’s results to be relatively flat, pencilling in slightly higher pre-tax profit of $4.9m and earnings per share of 4.5¢ (3.6p), the highly cash-generative business should increase net cash by 15 per cent to $9.3m (£7.4m) to support a 6 per cent hike in the dividend per share to 3.3¢ (2.6p).
On this basis, the shares trade on a cash-adjusted price/earnings (PE) ratio of 12.7 and offer a dividend yield of 4.8 per cent. That’s an attractive entry point given that pre-tax profit is expected to grow by 15 per cent over the 2025-26 forecast period even without likely earnings upgrades. Furthermore, MTI’s cash pile could hit $11.1m (£8.9m) by the end of 2026, a sum equating to almost a fifth of the market capitalisation of £47mn.
Interestingly, from a technical perspective, MTI’s share price is on the cusp of making a bullish chart break-out above the 55p resistance level. So, having last suggested buying the shares at 42p (‘Analysts were right to expect more from this defence stock’, 2 September 2024), I feel the share price is likely to continue trending higher ahead of the annual results on 17 March 2025, and well beyond. Buy. (Source: Investors Chronicle)
13 Feb 25. LightPath Technologies, Inc. (NASDAQ: LPTH) (“LightPath,” the “Company,” or “we”), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced financial results for its fiscal 2025 second quarter ended December 31, 2024.
FSecond Quarter Fiscal 2025 & Subsequent Highlights:
• Announced the acquisition of G5 Infrared (“G5”), a leading high-end infrared camera systems manufacturer, part of LightPath’s strategic vision to become a leading vertically integrated infrared (“IR”) imaging solutions provider, and financing related to the transaction
• Began sustained delivery of infrared assemblies to a European defense customer for active-duty use in First-Person View (“FPV”) drone applications
• Launched new optical gas imaging (“OGI”) cameras, including:
• OGI cameras for ammonia and sulfur hexafluoride (“SF6”) detection at industrial and manufacturing facilities
• OGI cameras for detecting fugitive gas emissions for Oil & Gas applications, launched at the CH4 Connections Conference
• Awarded Phase 2 funding in U.S. Defense Department partnership to qualify additional BlackDiamond glasses as germanium substitutes
• Participated in leading investor conferences including the LD Micro Main Event, the 27th Annual Needham Growth Conference and the Sequire Investor Summit Puerto Rico
Management Commentary
Sam Rubin, President and Chief Executive Officer of LightPath, said: “The second quarter of fiscal 2025 was highlighted by the acquisition of G5 Infrared, marking a significant step forward as part of our evolution towards becoming a leading vertically integrated, global solutions provider for infrared imaging technologies for defense and commercial applications. G5 achieved preliminary unaudited calendar year 2024 revenues of more than $15m and we believe there is significant room for near-term growth on the back of multiple programs of record and that we will benefit from G5’s higher-average selling price (“ASP”) and high-margin cooled infrared camera offering.
“G5 provides a highly incremental offering to LightPath, providing a broad range of cooled infrared camera solutions and assemblies, ranging from high performance mid wave zoom thermal imaging camera systems to thin film deposition services on a variety of infrared substrates, all of which are complimentary to our line of uncooled infrared cameras, infrared optics and infrared materials. The company has a significant pipeline of new business opportunities, with multiple program awards expected to begin production in the next two years. We believe that this will drive a robust growth profile and margins that will aid us as we pursue our long-term goal of 15% EBITDA margins at the corporate level. We expect to add significant value beyond the immediately accretive revenue stream and believe the acquisition will continue to drive future growth with its higher ASPs, incremental products and notable operational synergies – such as integrating their offerings with our proprietary BlackDiamond™ glass and in-house optics manufacturing capabilities.
“In the European market, during the quarter we received an initial development contract from a new European defense customer for the use of BlackDiamond glass in optical systems. We also began sustained delivery of infrared lens assemblies per the terms of the October 2024 Letter of Intent from a European defense customer for active duty use in FPV drone applications. This order highlights two exciting opportunities for LightPath, making the most of our European Defense license acquired last year, which positions us to supply products to one of the largest defense markets in the world. The order also highlights the growing use of drones and unmanned aerial vehicles for a variety of defense applications, giving our proprietary BlackDiamond™ chalcogenide-based glass materials an opportunity to become an important material for thermal cameras in these vehicles.
“We continued to expand our product portfolio and market potential with the launch of our OGI camera platform, a specialized technology utilizing IR cameras to detect and visualize emissions. Our first variation for oil and gas applications is useful for detecting methane, volatile organic compounds, hydrocarbons, and other industrial gases that can be harmful to the environment or human health. A second version was launched to detect fugitive ammonia and SF6 emissions for industrial and manufacturing applications. Not only are these cameras cost effective, highly sensitive, and operational without proprietary software, but they are also built with a non-germanium lens. This feature is becoming increasingly important to customers looking for insulation from the geopolitical supply chain issues plaguing competing Germanium based solutions – such as China’s recent ban on the export of Germanium to the United States. On December 4, 2024, China announced further restrictions on export of Germanium to the U.S. altogether, as well as for dual-use applications in other countries as well. LightPath has been preparing for this day with the introduction of our BlackDiamond materials, qualification of those materials through our partnership with the U.S. Department of Defense – Defense Logistics Agency, and working with customers to redesign their systems to replace Germanium optics. Since China’s announcement we have seen a growing interest and demand in our BlackDiamond materials and are encouraged to see customers begin the process to switch over to those materials.
“As we move into calendar year 2025, we look forward to integrating G5 into the LightPath family and benefiting from its strong pipeline of new business opportunities in the government and defense sectors. We also expect to move forward with key defense programs, including our bid to produce a design of a major missile program for the U.S. Army with Lockheed Martin. We are now starting to deliver flightworthy hardware for implementation into Lockheed Martin’s initial live test units for this program, from which we believe the U.S. Army could make a decision as early as later this year. Taken together, we believe 2025 will build additional momentum toward our vision of becoming a vertically integrated, next-generation optics and imaging solutions provider,” concluded Rubin.
Second Quarter Fiscal 2025 Financial Results
Revenue for the second quarter of fiscal 2025 increased 1.5% to $7.4m, as compared to $7.3m in the same quarter of the prior fiscal year. Revenue was split amongst the Company’s product groups in the second quarter of fiscal 2025 as follows:
Gross profit decreased 11% to $1.9m, or 26% of total revenues, in the second quarter of 2025, as compared to $2.2m, or 30% of total revenues, in the same quarter of the prior fiscal year. The decrease in gross margin as a percentage of revenue is primarily due to differences in the product mix, coupled with some manufacturing yield issues in infrared components.
Operating expenses increased 12% to $4.4m for the second quarter of fiscal 2025, as compared to $4.0m in the same quarter of the prior fiscal year. The increase was primarily due to higher legal and consulting fees related to business development initiatives, including expenses associated with the G5 acquisition announced today, as well as increased sales and marketing spend to promote new products and an increase in materials spend for internally funded new product development projects.
Net loss in the second quarter of fiscal 2025 totaled $2.6m, or $0.07 per basic and diluted share, as compared to $1.7m, or $0.05 per basic and diluted share, in the same quarter of the prior fiscal year. The increase in net loss was primarily attributable to lower gross profit coupled with increased SG&A and new product development costs, as well as higher interest expense.
EBITDA* loss for the second quarter of fiscal 2025 was $1.5m, compared to a loss of $0.5m for the same period of the prior fiscal year. The decrease in EBITDA in the second quarter of fiscal 2025 was primarily attributable to lower gross profit coupled with increased SG&A, including legal and consulting expenses related to business development initiatives, and new product development costs. (Source: PR Newswire)
13 Feb 25. Tel-Instrument Electronics Corp. (“Tel-Instrument,” “TIC,” or the “Company”) (OTCQB: TIKK), a leading designer and manufacturer of avionics test and measurement solutions, today reported a net loss of $456K ($0.17) per basic and per diluted share, on revenues of $2.97m for the third quarter of 2025 fiscal year, ended December 31, 2024.
Notes On Third Quarter:
• Revenues for the third quarter were $2.97m, as compared to $2.4m in the year-ago quarter. Nine-month revenues of $7.6m versus $6.8m in the year-ago period.
• The gross margin percentage decreased to 21% versus 40% the year-ago period primarily attributable to higher CRAFT component costs and accounting adjustments to reflect excess labor hours on the CRAFT ECP program.
• Operating expenses increased by $488K or 68% versus the year ago level as a result of SDR-OMNI sales headcount additions and well as the CRAFT engineering funding being fully utilized and not available to offset employee costs.
• Net loss was $456K or $(0.17) per share, compared to net income of $134K or $0.01 per share in the year-ago quarter.
• Bookings backlog increased to $8.4m at the end of the third quarter including $900k for the new SDR-OMNI/MIL.
• CRAFT AIMSPO testing successfully completed.
Mr. Jeffrey O’Hara, Tel-Instrument’s President and CEO commented, “The third quarter showed improved revenues, but the gross margins were negatively impacted by poor margins on our CRAFT test set deliveries and CRAFT ECP engineering expenses running well over budgeted levels. The engineering for the CRAFT ECP has been completed and we are expecting AIMSPO certification in March. The CRAFT ECP is currently in Navy platform testing and we are requesting a limited rate initial production (“LRIP”) contract starting in the first quarter of the next fiscal year. Once full-rate production commences, this is expected to increase revenues by around $5m per year. With the updated PCB’s, production cost for the CRAFT test sets should drop substantially which will help improve margins. The $1.55m MADL contract will commence full-rate production in the fourth quarter of this fiscal year.
We are making a significant investment in our SDR-OMNI marketing program with the hiring of two dedicated sales professionals. We are making solid headway in both the commercial and military markets with SDR-OMNI and SDR-OMNI/MIL backlog of $1.8 m. We began shipping the initial Airbus units late last quarter as well as SDR-OMNI/MIL units to both domestic and overseas customers. The SDR-OMNI/MIL is the only multi-purpose avionic test set in the market that meets Class 1 military environmental specifications. While DOD procurement for new test sets is normally an extended process, the SDR-OMNI/MIL has the potential to generate ms of dollars of annual revenues as it has been designed to replace thousands of obsolete test sets currently in use by the U.S. military and our NATO allies. We are also looking to add Mode 5 IFF to the SDR-OMNI/MIL which could create another attractive high margin revenue stream.” (Source: BUSINESS WIRE)
14 Feb 25. France’s Safran raises 2025 outlook after air traffic lifts profit.
• Summary
• Companies
• Air traffic pushes up demand for engine, equipment services
• Supply chain risks remain, Safran says
PARIS, Feb 14 (Reuters) – French jet engine maker Safran raised its profit and cash forecasts for 2025 on Friday, after posting a 30% jump in annual core income led by increased air traffic.
Safran reported 4.119bn euros ($4.31bn) in recurring operating income for the 12 months ended December 31, as sales rose 18% to 27.317bn euros in 2024. It forecast 4.8bn-4.9bn euros of comparable profit for this year, with revenue still projected up around 10%.
Analysts were on average expecting 4.132bn euros in recurring operating income on revenues of 27.157bn for 2024, according to a company compiled consensus. They are also forecasting 4.814bn euros of core profit for 2025.
Together with GE Aerospace, Safran co-produces the best-selling LEAP engine for all Boeing and most Airbus narrow-body jets through their CFM International joint venture. (Source: Reuters)
13 Feb 25. Karman Holdings valued at nearly $4bn as shares jump in NYSE debut. Karman Holdings was valued at nearly $4bn after its shares surged 36% in their NYSE debut on Thursday, signaling investor appetite for defense and space firms as expectations grow for market expansion under the new Trump administration.
The IPO market is on the road to recovery following a cold stretch spanning more than two years, as investors expect rising corporate profits on potential deregulation and tax-cuts under the presidency of Donald Trump. The defense and space systems maker’s stock opened at $30 apiece, compared with the initial public offering price of $22. It was last up 31%. Karman’s robust debut presents a change of pace after lukewarm first-day performances from some high-profile listings such as Venture Global and Smithfield Foods in the last few weeks.
The Huntington Beach, California-based company — backed by Trive Capital — and some of its existing shareholders raised $506m in an upsized IPO. They sold 23m shares above the marketed range of $18 to $20 each. (Source: Reuters)
13 Feb 25. INVISIO updates estimate of addressable market size.
INVISIO estimates that the addressable market for the company’s products and systems has a total annual value of about SEK 25 bn. This is an increase of almost 80 percent from the previous assessment of SEK 14 bn. The increase is primarily driven by a maturing market and INVISIO’s extensive product development.
• A more mature market means more potential users. A growing number of countries and organizations are implementing modernization programs, driven by factors including increased digitalization and equipment obsolescence. Tactical communication systems with hearing protection are receiving higher priority than in the past because they increase both operational efficiency and user safety. Heightened geopolitical uncertainty has also contributed to the market’s growth.
• Extensive product development has justified increased average prices per user and system. INVISIO’s extensive product development is constantly improving the scope, capacity and technology content of the company’s systems. This has led to higher average prices per user and system. In addition, inflation has contributed to general price increases since our last market estimate.
Our calculation model
We calculated the market’s total annual value using the number of potential users, the average price of INVISIO’s solutions, the estimated prices of competitor solutions, and the intervals at which customers purchase our products. We did this for each market segment.
The addressable market refers to INVISIO’s current geographical markets and user groups, as well as to existing product offerings.
Review of different segments and product categories
INVISIO’s customers primarily consist of defense, emergency service and security companies and organizations. These are located primarily in the US, Europe and selected countries in Asia.
The estimated value for the company’s segments and product categories is shown in the table below:
Lars Højgård Hansen, INVISIO CEO, commented: “The updated estimate of the size of our market provides a good illustration of the growth opportunities we see. We are in constant touch with customers and observe strong demand for advanced tactical communication and hearing protection solutions that increase user efficiency and safety.
“This demand is driven by extensive customer modernization programs and the ongoing digitalization of the defense and public security sectors. At the same time, awareness of the costs and consequences of hearing loss is increasing.
“In the long run, increased defense and security spending is also expected to contribute to higher demand. The company expects this higher level of investment to continue over the next 10-15 years.
“Despite the growing adoption of advanced tactical communication solutions with hearing protection, market penetration remains relatively low. This presents a significant future growth opportunity for INVISIO.
“In response, we have made strategic investments in recent years, expanding our product portfolio and customer base while further strengthening our expertise.
“As a result, INVISIO is well-positioned to capitalize on the opportunities of a larger and increasingly dynamic market and to play a central role in the integration of modern body-worn soldier systems.”
The personal system market
The defense market
The number of potential users in technologically mature countries in Europe and North America is estimated at around 2.3m. The previous estimate was 2.0m.
Based on the number of potential users, price levels and customers’ procurement intervals, INVISIO estimates that the total annual value of the market for the company’s personnel systems, including the Ultra Lynx™ product line, is approximately SEK 9.0bn. The previous estimate was around SEK 5.0bn.
This increase can be mainly ascribed to more potential users and a wider product range, with an increasing average price per user.
The public safety market
The market for emergency service organizations – police, fire and coastguard services – is a relatively new target group for INVISIO. Here, the company focuses on serving customers in the US, Europe and selected countries in Asia.
INVISIO estimates that there are around 1 m police officers and firefighters in defense-related organizations that are relevant to INVISIO’s offering.
Based on the number of potential users, INVISIO’s average prices and customer procurement intervals, INVISIO estimates the annual value of the company’s personnel system for the emergency-service market to be about SEK 2.0 bn. The previous estimate was around SEK 1.5 bn.
This increase mainly reflects an expanded number of user groups compared to previous estimates.
The market for in-vehicle communication systems
The company offers communication headsets and hearing protection for users in environments characterized by constant and often extremely loud noise, such as inside large military vehicles.
According to the company’s estimate, the total addressable market is around 1 m users, consisting of vehicle crews in heavy military vehicles.
Based on military vehicle crew capacities, the company’s average prices and customer procurement intervals, INVISIO estimates the annual market value for equipment in this market to be worth approximately SEK 1.5 bn. The previous estimate was around SEK 0.5 bn.
This increase is mainly attributable to a higher average price per user and solution compared to previous estimates. The increase is significant, despite INVISIO limiting the user category to only crew members. Previously, the seats intended for passengers were also included.
The market for the Intercom system
INVISIO’s Intercom system meets the communication needs that arise during transportation in a vehicle and in its immediate vicinity. The system enables communication within a group and with a vehicle’s crew, as well as access to the vehicle’s fixed radios.
The Intercom system is marketed both as a portable solution and for fixed installation in vehicles. The product category also includes the new products INVISIO Link (which facilitates wireless communication within and around a vehicle) and INVISIO Control (an app that simplifies system management when using multiple devices).
The Intercom system often also includes a number of personal communication solutions over and above those included in the personnel system market.
INVISIO estimates that there are around 500,000 vehicles in its addressed markets that are relevant to the company’s offer.
Based on the number of potential users and vehicles, the average price of the system and customer procurement intervals, the company estimates the annual addressable market for the Intercom system to be around SEK 12.5 bn, an increase from the previous estimate of approximately SEK 7.0 bn.
The prior estimate was cautious and conservative due to the solution’s novelty to customers and the new way of managing internal communication in vehicles. The new estimate is based on several years of sales experience and on the company’s expansion of the Intercom’s system’s field of application through the launch of complementary products.
Characteristics of INVISIO’s market
INVISIO operates in markets with high barriers to entry associated with multi-year procurement processes and long framework agreements. A long framework contract is preceded by extensive and time-consuming sales processes involving a variety of equipment tests. It is not unusual for several years to pass between an initial contact and a first major order. This challenging sales process can make new entrants hesitant to enter the market.
The defense market is largely characterized by strong and long-term business relationships that are formalized in long contracts and framework agreements. This is due to the logistical challenges faced by customers, resource-intensive and time-consuming procurement processes, and the exhaustive testing that is required to bring a new product to market. Procurement programs and framework agreements also pose relatively high barriers to entry because they make it practically impossible for other suppliers to sell to the customer while an agreement is in force.
A new defense product undergoes extensive testing to ensure it meets customers’ high requirements and standards. The customer evaluates the product both in real-world environments and in its test laboratories. In addition, testing by independent institutes is also required prior to product approval. The process is both resource-intensive and costly, which can discourage businesses from entering the defense market.
All of the above contributes to a market preference for proven and approved solutions that have been demonstrated to work under critical conditions. This is something that benefits an incumbent and makes it difficult for new entrants to enter the market.
The market is also subject to increased digitalization, with more and more soldiers and police officers being equipped with body-worn devices that are intended to interact in real time. The system integration of such a product is challenging and requires significant resources and expertise on the part of the supplier.
Market expectations and user demands are constantly increasing. As solutions become increasingly complex and digital, suppliers need to invest heavily and possess specialist skills to offer competitive solutions. To meet this trend, INVISIO allocates significant resources to product development, corresponding to an average of 15 percent of annual revenue.
The market is also characterized by some volatility in orders and sales. This requires a business model that can handle such fluctuations, which can present a challenge to market participants.
12 Feb 25. Quantum Corporation (Nasdaq: QMCO) (“Quantum” or the “Company”), a leader in solutions for AI and unstructured data, announced today financial results for its fiscal third quarter 2025 ended December 31, 2024.
Fiscal Third Quarter 2025 Financial Summary
• Revenue increased to $72.6m
• Subscription ARR was up 29% year-over-year at $21.3m
• GAAP gross profit increased to $31.8m, or gross margin of 43.8%
• GAAP net loss was $71.4m, or ($14.56) per share, which included a non-cash adjustment of $61.6m to the fair market value of warrant liabilities
• Adjusted non-GAAP net loss was $4.0m, or ($0.81) per share
• Adjusted EBITDA was $4.7m, a $5m improvement sequentially
“Third quarter revenue increased sequentially and was above the midpoint of guidance, as recent bookings momentum and customer wins were converted into realized sales,” commented Jamie Lerner, Chairman and CEO of Quantum. “As clear evidence of the benefits from our self-help actions, this quarter we achieved positive adjusted EBITDA of $4.7m, well above our expectations, and generated improving free cash flow. Contributing to these results was gross margin expanding 230 basis points sequentially to almost 44%, combined with a significant reduction in operating expenses.
“A fundamental component of our overall business transformation has been significantly reducing the company’s outstanding debt toward achieving financial independence and eliminating the associated costly burdens of interest and fees. Consistent with this objective, we recently entered into a standby equity purchase agreement with a new financial partner that solidifies access to additional capital and liquidity. We believe this strategic transaction will facilitate both a stronger balance sheet and lower cost structure through a staged reduction of the company’s outstanding debt, while also providing increased flexibility to execute on and accelerate our ongoing growth initiatives.
”Also during the quarter, we continued to gain traction with the success of our new DXi data protection appliances, which provide one of the most competitive solutions in their market. Recent notable wins included a multi-m dollar installed base refresh at a top European retailer as well as new business at a multinational technology manufacturing company. Additionally, we extended the momentum with our ActiveScale solution at new and existing customers, including a 7-figure win with a Japanese research institute and a prominent cloud service provider during the quarter. Our Myriad product also continues to be at the forefront of innovation as we collaborated with a leader in the advancement of AI currently fusing quantum computing-inspired algorithms and AI/ML to tackle problems once deemed unsolvable.
“In summary, this quarter represented tangible evidence of improved financial performance from our ongoing business transformation and operational efficiency initiatives over the past year. Although there is still additional work to be done in order to deliver consistently improving results, we believe we are on the right path toward achieving this goal. As we take additional steps to drive higher quality revenue and reduce the company’s debt, we believe Quantum is well positioned to deliver increasing profitability and cash flow in the coming years.”
Fiscal Third Quarter 2025 vs. Prior Fiscal Year Quarter
Revenue for the fiscal third quarter of 2025 was $72.6m, compared to $71.9m in the fiscal third quarter of 2024. GAAP gross profit in the third quarter of 2025 was $31.8m, or 43.8% of revenue, compared to $29.2m, or 40.6% of revenue, in the prior fiscal year quarter.
Total GAAP operating expenses in the fiscal third quarter of 2025 were $35.6m, or 49.1% of revenue, compared to $35.4m, or 49.2% of revenue, in the fiscal third quarter of 2024. Selling, general and administrative expenses were $26.6m, compared to $26.1m in the prior fiscal year quarter. Research and development expenses in the fiscal third quarter of 2025 were $7.7m, compared to $8.8m in the prior fiscal year quarter. Non-GAAP operating expenses in the third quarter of 2025 were $30.1m, compared to $32.0 m in the fiscal third quarter of 2024.
GAAP net loss in the third quarter of fiscal 2025 was $71.4m, or ($14.56) per share, which included a $61.6m loss related to the adjustment to the fair market value of warrants liabilities and a positive $2.3 m non-cash intercompany foreign currency adjustment, compared to a GAAP net loss of $9.9m, or ($2.08) per share, in the prior fiscal year quarter. Excluding the income statement impact of the warrants, stock compensation, restructuring charges, and other non-recurring costs, non-GAAP adjusted net loss in the quarter was $4.0m, or ($0.81) per share, compared to an adjusted net loss of $8.5m, or ($1.79) per share, in the fiscal third quarter of 2024.
Adjusted EBITDA in fiscal third quarter 2025 was $4.7m, compared to ($2.6) m in the third quarter of fiscal year 2024, and an approximately $5.0 m improvement sequentially.
For a reconciliation of GAAP to non-GAAP financial results, please see the financial reconciliation tables below.
Liquidity and Debt (as of December 31, 2024)
• Cash, cash equivalents and restricted cash were $20.6m, compared to $24.5m as of December 31, 2023.
• Total interest expense for the third quarter was $6.8m, compared to $3.9m for the same period a year ago.
• Outstanding term loan debt, excluding debt issuance costs, was $105.9m, compared to $87.3m as of December 31, 2023. Outstanding borrowings on revolving credit facility were $37.5m, compared to $32.0m as of December 31, 2023.
Purchase Agreement
The Company has been exploring several strategic and financial initiatives to pay down and eliminate its current outstanding debt, which would also help to lower the cost structure, including lowering interest expense and other fees the Company has incurred.
On February 11, 2025, the Company’s registration statement on Form S-1 registering up to approximately 2.3m shares for resale of shares issued or to be issued and sold to YA II PN, Ltd. (a fund managed by Yorkville Advisors Global, LP.) pursuant to the standby equity purchase agreement (the “Purchase Agreement”) was declared effective by the Securities and Exchange Commission. The Purchase Agreement provides Quantum with the flexibility to support ongoing operations and accelerate growth initiatives with no more than approximately 1.15 m shares of common stock of the Company issuable under the Purchase Agreement until shareholder approval is obtained. There is no obligation for Quantum to sell any shares under the Purchase Agreement, and the Company retains control over both timing and volume of any future issuances.
Guidance
For the fiscal fourth quarter of 2025, the Company expects the following guidance:
• Revenue of $66m, plus or minus $2.0m
• Non-GAAP adjusted basic net loss per share of ($1.16), plus or minus $0.05
• Adjusted EBITDA of approximately $1.7m
This assumes an effective annual tax rate of negative 3%; non-GAAP adjusted net loss per share assumes an average basic share count of approximately 5.8m in the fiscal fourth quarter of 2025. (Source: BUSINESS WIRE)
12 Feb 25. Inaugural Dealroom and NATO Innovation Fund Report Reveals Record-Breaking Investing in Startups in European Defence, Security, and Resilience Sector
• The Defence, Security and Resilience sector reached $5.2bn in 2024, an all-time high.
• The sector has outperformed the overall VC (Venture Capital) sector, marking a 30 percent increase over the past two years.
• Munich has emerged as the top VC hub in Europe for this segment in 2024.
• To help support the integration of the growing number of emerging technologies in this segment by governments and businesses, the NATO Innovation Fund is announcing the hiring of John Ridge as Chief Adoption Officer.
Dealroom.co and the NATO Innovation Fund – a €1bn VC (Venture Capital) backed by 24 NATO countries – published today their inaugural report on the state of Defence, Security and Resilience in Europe, revealing a record-breaking year for investing in this segment. This highlights the critical role that the sector is playing in maintaining Europe’s technological edge and sovereignty amidst a broader market downturn.
Key findings from the report reveal:
1. VC funding in the DSR (defence, security and resilience) sector is at an all-time high, reaching $5.2bn in 2024. Overall, investing is up nearly 5x in the last six years. With companies in early and breakout stages driving this growth, a strong pipeline to scaling is expected in the coming years.
2. DSR investing has increased by 30 percent over the past two years – the strongest growth among all VC deep tech segments. The segment has significantly outperformed the overall VC market, which witnessed a 45 percent decline in the same period of time.
3. Defence startups have been leading in the segment’s growth. Companies developing technologies for Awareness, Understanding, and Decision Making – this includes technologies that help track risks and threats to enable faster and better decisions – have seen VC funding soar to a record $1bn in 2024, up 4x since 2020 and nearly 2x since last year.
“Appetite for defence, security and resilience startup investment is unrecognisable in Europe from just a few years ago,” said Yoram Wijngaarde, Founder and CEO of Dealroom. “While overall VC funding contracted by 45 percent in the past two years, defence and security tech investment has grown by 30 percent to reach $5.2bn last year. It follows an ongoing trend of putting capital and innovation to work on Europe’s core strategic needs, via deep technologies. Despite recent growth, defence, security and resilience tech remains a relatively nascent sector, but the data shows an active pipeline of early-stage companies looking to change that.”
“Europe has the talent and resources to become a global leader in technologies for Defence, Security and Resilience,” said Kelly Chen, Partner at the NATO Innovation Fund. “We’re excited to see this sector drive the momentum in Deep Tech this year and are committed to investing in technologies that can secure the region’s future.”
Germany and the UK are emerging as regional leaders
1. Munich emerged as Europe’s top hub for DSR investment, followed by Oxford in the UK and Paris in France.
2. The UK has attracted the most VC funding in DSR since 2019. However, Germany claimed the top spot in 2024, followed by the UK and France.
3. Since 2019, Switzerland and the Netherlands have invested 7 percent of their total national VC funding in DSR companies. That marks the largest share of national funding invested in this segment.
4. The UK boasts five of the top ten DSR hubs (Oxford, London, Cambridge, Bristol, and Reading), while Germany follows with two (Munich, Berlin).
“The Munich metropolitan region is becoming a hub for next-generation defence companies, offering industrial and testing facilities, top talent, a regional industrial supply chain, and connections to German defence customers and traditional primes,” said Marc Wietfeld, Co-Founder & CEO, ARX. “With ARX, we aim to bridge the gap between emerging players, new defence primes, and established contractors.”
Laying the foundation for technological adoption in Europe
The report’s findings indicate that Europe’s emerging tech landscape is undergoing a significant transformation in the defence, security and resilience space, driven by geopolitical developments and a growing demand for emerging technologies that can secure the region’s future. In a recently released paper, the NATO Innovation Fund called for the creation of adoption pathways for the integration of emerging technologies in the defence and security infrastructure of European ministries of defence.
To help support with the creation of these pathways, as well as in order to connect large European businesses with startup founders who have developed deep tech solutions that can help the region maintain its technological edge for generations to come, the NATO Innovation Fund is announcing today the hiring of John Ridge as Chief Adoption Officer.
John joins the NATO Innovation Fund after spending nearly three decades in the UK’s Armed Forces and Civil Service. He is also a Commissioner on the Atlantic Council’s current Commission on Software-Defined Warfare.
“I am extremely proud to be joining the NATO Innovation Fund to help get the cutting-edge capabilities of our portfolio companies into the hands of users across the Alliance,” said John Ridge, Chief Adoption Officer, NATO Innovation Fund. “I look forward to working hand-in-hand with NATO, national governments and defence industry leaders to help the technologies that we are backing make a difference to the Alliance’s ability to deter further aggression by our adversaries.”
About the NATO Innovation Fund:
The NATO Innovation Fund is a €1bn venture capital fund, backed by 24 NATO Allies, that invests in deep tech to address challenges in defence, security, and resilience. The fund invests independently, with 24 nations supporting its portfolio’s success and helping provide deep tech entrepreneurs with access to both commercial and government markets.
Participating NATO Allies are: Belgium; Bulgaria; Czechia; Denmark; Estonia; Finland; Germany; Greece; Hungary; Iceland; Italy; Latvia; Lithuania; Luxembourg; Netherlands; Norway; Poland; Portugal; Romania; Slovakia; Spain; Sweden; Türkiye; United Kingdom.
About Dealroom.co:
Dealroom.co is a global intelligence platform for discovering and tracking the most promising companies, technologies and ecosystems. Clients include many of the world’s foremost organizations such as Sequoia, Accel, Index Ventures, NATO Innovation Fund, Nato Diana, ESA, McKinsey, BCG, Deloitte, Google, AWS, Microsoft, Stripe. (Source: BUSINESS WIRE)
12 Feb 25. Curtiss-Wright Corporation (NYSE: CW) reports financial results for the fourth quarter and full-year ended December 31, 2024.
Fourth Quarter 2024 Highlights:
• Reported sales of $824m, up 5%, operating income of $155m, operating margin of 18.8%, and diluted earnings per share (EPS) of $3.09;
• Adjusted operating income of $163m;
• Adjusted operating margin of 19.8%;
• Adjusted diluted EPS of $3.27, up 3%;
• Free cash flow (FCF) of $278m, generating 223% Adjusted FCF conversion;
• Total share repurchases of $112 m; and
• New orders of $939m, up 37%, generating a book-to-bill of 1.1x.
Full-Year 2024 Highlights:
• Reported sales of $3.1bn, up 10%, operating income of $529 m, operating margin of 16.9%, and diluted EPS of $10.55;
• Adjusted operating income of $546m, up 11%;
• Adjusted operating margin of 17.5%, up 10 basis points;
• Adjusted diluted EPS of $10.90, up 16%;
• FCF of $483 m, generating 116% Adjusted FCF conversion;
• Total share repurchases of $250m;
• New orders of $3.7bn, up 20%, reflecting strong demand in our Aerospace & Defense (A&D) markets, and book-to-bill of 1.2x; and
• Backlog of $3.4bn, up 20%.
“Curtiss-Wright concluded the year with a strong, fourth quarter financial performance that reflected better-than-expected sales growth, record quarterly Adjusted diluted EPS of $3.27, strong free cash flow and robust order activity,” said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation.
“We achieved numerous financial records in 2024, while maintaining our commitment to invest in innovative technologies, capacity expansion, talent and systems to support our future growth. Our performance was highlighted by double-digit growth in sales, operating income and diluted EPS, along with record free cash flow of $483m, as we delivered profitable growth while reducing working capital. We also experienced strong demand across our Defense and Commercial Aerospace markets, driving record new orders of $3.7bn. Our results this past year are a testament to our teams’ strong execution and the momentum we are building in our Pivot to Growth strategy.”
“Looking ahead, our strong backlog at the start of the year, combined with the alignment of our technologies to favorable secular growth trends in our end markets, reinforces our confidence in delivering another strong performance in 2025. We anticipate total sales growth of 7% to 8%, driven by strong organic growth in our A&D and Commercial Nuclear markets, and the contribution from our recently completed acquisition of Ultra Energy. We also expect to deliver operating margin expansion of 40 to 60 basis points while increasing our R&D investments, as well as double-digit EPS growth and strong free cash flow generation. As a result, we maintain line of sight to the three-year financial targets that we communicated at our 2024 Investor Day and remain well-positioned to drive long-term shareholder value.”
Fourth Quarter 2024 Operating Results
• Sales of $824m increased 5% compared with the prior year period;
• Total A&D market sales increased 6%, while total Commercial market sales increased 3%;
• In our A&D markets, we experienced solid growth in the defense markets principally driven by increased submarine revenues in naval defense, as well as higher OEM sales in the commercial aerospace market;
• In our Commercial markets, we experienced solid growth in the power & process market, principally driven by higher sales of commercial nuclear products that were partially offset by lower industrial valve sales in the process market, in addition to lower sales in the general industrial market; and
• Adjusted operating income was $163m, essentially flat compared with the prior year period, while Adjusted operating margin decreased 100 basis points to 19.8%, as favorable overhead absorption on overall higher revenues was partially offset by higher investments in research and development in all three segments, as well as unfavorable mix in both the Defense Electronics and Naval & Power segments.
Fourth Quarter 2024 Segment Performance
Aerospace & Industrial
• Sales of $251m, up $13m, or 5%;
• Higher revenue in the aerospace defense market reflected higher sales for our actuation equipment principally on the F-35 and other fighter jet programs;
• Commercial aerospace market revenue increases reflected increased demand and higher OEM sales of sensors products and surface treatment services on narrowbody and widebody platforms;
• Lower general industrial market revenue was principally driven by reduced sales of industrial vehicle products serving off-highway and specialty vehicle platforms; and
• Adjusted operating income was $54m, up 22%, reflecting a strong Adjusted operating margin up 280 basis points to 21.3%, as favorable absorption on higher revenues and the benefits of our restructuring and cost containment initiatives were partially offset by higher investment in research and development.
Defense Electronics
• Sales of $227m, down $12m, or 5%;
• Higher revenue in the aerospace defense market was principally driven by increased sales of flight test instrumentation equipment;
• Ground defense market revenue declines principally reflected the timing of sales of embedded computing equipment on the Stryker ground combat vehicle;
• Lower revenue in the naval defense market reflected the timing of sales of embedded computing equipment supporting various domestic and international programs; and
• Adjusted operating income was $55m, down 20% from the prior year period, while Adjusted operating margin decreased 450 basis points to 24.3%, primarily due to unfavorable absorption on lower defense revenues, unfavorable mix of products, and higher investment in research and development.
Naval & Power
• Sales of $346m, up $38m, or 12%;
• Revenue growth in the naval defense market was stronger than anticipated principally driven by higher demand and timing of revenues on the Virginia-class and Columbia-class submarine programs, in addition to higher growth for aircraft handling systems to international customers;
• Lower revenue in the aerospace defense market principally reflected the timing of sales of arresting systems equipment supporting various international customers;
• Higher power & process market revenues mainly reflected increased commercial nuclear aftermarket sales supporting the maintenance of U.S. operating reactors. Those increases were partially offset by lower industrial valve sales in the process market; and
• Adjusted operating income was $66m, up 11% from the prior year period, while Adjusted operating margin decreased 20 basis points to 19.1%, as favorable absorption on higher revenues was partially offset by unfavorable mix of products and higher investment in research and development.
Free Cash Flow
• Reported free cash flow of $278m increased $8m, primarily due to the timing of customer advances driving improved working capital partially offset by higher capital investments;
• Adjusted free cash flow of $278m increased $8m; and
• Capital expenditures increased approximately $11m compared with the prior year period, primarily due to higher growth investments within the Naval & Power segment.
New Orders and Backlog
• New orders of $939 m increased 37% in the fourth quarter, principally reflecting strong demand across our A&D markets;
• Full-year 2024 new orders of $3.7 bn increased 20% and generated an overall book-to-bill of approximately 1.2x, reflecting strong growth within our A&D markets as well as solid demand for commercial nuclear products within our Commercial markets; and
• Backlog of $3.4bn, up 20% from December 31, 2023.
Share Repurchase and Dividends
• During the fourth quarter, the Company repurchased approximately 311,000 shares of its common stock for approximately $112m;
• During full-year 2024, the Company repurchased approximately 766,000 shares for $250m; and
• The Company also declared a quarterly dividend of $0.21 a share.
12 Feb 25. Embraer (NYSE: ERJ / B3: EMBR3), a global leader in the aerospace industry, announced today its plans to invest approximately US$ 3.5bn by 2030 during the ceremony for “Mission 6 of the New Industry Brazil (Nova Indústria Brasil/NIB) – Technologies of interest for national sovereignty and defense,” held in Brasília. The event was attended by Brazil’s President, Luiz Inácio Lula da Silva, Vice President Geraldo Alckmin, and other authorities.
The investment forecast aligns with the company’s recent practices and Embraer’s growth plan for the next five years, which includes increased aircraft production, business expansion in international markets, and the development of sustainable technologies, with the goal of a low-carbon economy in the aerospace industry. One highlight is the eVTOL (electric vertical takeoff and landing vehicle) manufactured by EVE, backed by Embraer S.A.
“The New Industry Brazil program plays an essential role in the resumption of the country’s competitiveness. The partnership with Embraer, and with the entire Defense Industrial Base, will continue to be fundamental to encouraging exports of Brazilian products, as well as the generation of qualified jobs and income, also guaranteeing the mastery of critical technologies aimed at national sovereignty,” said Francisco Gomes Neto, President and CEO of Embraer.
The successful history of cooperation between government, universities, and industry strongly contributes to Brazil remaining at the forefront of innovation, especially in a highly technological and competitive environment such as the aerospace and defense sector.
The partnership has been equally important for talent retention and development. With 23,500 employees worldwide, of which 18,000 are in Brazil, Embraer’s current workforce already exceeds pre-pandemic levels. The company has generated more than 2,500 jobs in the last two years and maintains continuous investment in training and professional qualification programs.
12 Feb 25. TASKING has announced the acquisition of 100% of LDRA, a provider of software tools for code analysis and software testing for safety-, mission , security- and business-critical markets.
LDRA has been a privately owned company with a team of more than 100 employees distributed across the United Kingdom (headquarters), United States, India and Germany. LDRA’s tools achieve early error identification and elimination by enabling bi-directional requirements traceability, static and dynamic code analysis, and unit- and system-level verification on a wide variety of hardware and software platforms. LDRA’s extensive reporting capabilities help critical application development teams to mitigate risk and demonstrate compliance to functional safety and security standards. LDRA’s certification services complement the LDRA tool suite offering with industry-specific subject matter expertise.
The integration of LDRA technologies further
enhances TASKING’s safety- and security-oriented
software ecosystem and broadens its capabilities
as a trusted partner for embedded software
development tools and services.
The integration of LDRA technologies further enhances TASKING’s safety- and security-oriented software ecosystem and broadens its capabilities as a trusted partner for embedded software development tools and services. LDRA’s impressive portfolio of software tools that automate code analysis and software testing for safety-, mission-, security , and business-critical markets is highly complementary to TASKING’s existing high-quality, functional safety-certified embedded software development tools and compilers.
“TASKING and LDRA have worked together in a trustful partnership for many years,” said Ian Hennell, Operations Director, LDRA. “We look forward to taking this collaboration to the next level. With the combination of our product portfolios, we enhance the customer experience. Together, we speed development and verification of critical embedded applications using industry best practices even on the most complex applications that leverage multicore processors.”
“With the acquisition of LDRA, we offer our customers a comprehensive portfolio to support the software development for safety-critical applications in a wide range of markets, including aerospace and automotive,” confirmed Gregor Zink, CEO, TASKING.
About LDRA
In its 50 years of existence, LDRA has developed and driven the market for software that automates code analysis and software testing for safety-, mission-, security- and business-critical markets. Working with clients to achieve early error identification and elimination and full compliance with industry standards, LDRA traces requirements through static and dynamic analysis to unit testing and verification for a wide variety of hardware and software platforms. For more information on the LDRA tool suite, please visit www.ldra.com.
About TASKING
TASKING is a leading provider of embedded software development tools, primarily serving safety-critical applications. Founded in 1977, the Company has a rich history of developing performance-driven compilers and integrated development environments (IDEs) that enable manufacturers and Tier-1 suppliers to create safety-critical applications that are innovative, reliable, and high performance. Today, TASKING continues to expand its portfolio and capabilities through acquisitions that broaden its offerings to include advanced debugger, software trace, and analysis tools. This constant strategic growth makes TASKING a trusted partner for embedded software development tools and services. TASKING has a strong position in safety-critical markets with applications, such as automotive, industrial and aerospace among others. Focusing on trust, customer orientation, expertise and a strong commitment to sustainability, TASKING empowers embedded software engineers to develop reliable, high-performance applications for a safer future.
For more information, visit www.tasking.com or follow us on www.linkedin.com/company/tasking-inc
12 Feb 25. Palantir’s exorbitant valuation mixes mystery and mayhem on facebook. Palantir’s exorbitant valuation mixes mystery and mayhem on linkedin If 2024 was the year Nvidia ate the world, 2025 belongs to Palantir. The defence-focused data-crunching company was the best-performing stock in the S&P 500 last year, overtaking the giant chipmaker after November’s US election. In the last week alone, its shares have risen by one-third, to give it a market capitalisation of nearly $260bn. The company’s mission: “making America more lethal”. Explosive share price rises and bombastic rhetoric are easy fodder for meme stock-weary investors. Palantir certainly has many of the hallmarks. Chief executive Alex Karp describes his products as “powerful as fuck”. A valuation of 50 times next year’s forecast sales is twice the highest multiple ever afforded Tesla, Alphabet or Nvidia as listed companies. Even so, Palantir could live up to the hype. Underneath the brimstone and vengeance, Palantir has worked out how to corral companies’ sprawling data troves to make them more efficient. To commercial customers, Palantir is something valuable if prosaic: a consultant that sells software, or what UBS analysts call a “McKinsey-meets-Databricks”. Strip away the braggadocio, and it’s easier to have a sane conversation about Palantir’s worth. Analysts at Morningstar think it could one day capture 3 per cent of a total market worth $1.6tn, implying revenue of nearly $50bn. On a multiple of 10 times sales, in line with software giant Microsoft, Palantir should — eventually — be worth $500bn. The question for investors is how long it takes to get there. Today, Palantir’s annual revenue is just $2.9bn. That’s the same size Salesforce, another software revolutionary, was in 2013. Marc Benioff’s company managed to sustain a growth rate above 20 per cent for almost a decade, something few companies have matched. Yet even at this rapid clip, Palantir would fall short. Indeed, using a 10 per cent cost of capital to discount future cash flows, it’s as if investors are saying Palantir can hit that revenue of $50bn in six years — a staggering 60 per cent annual growth rate. (Source: FT.com)
11 Feb 25. Genasys Inc. (NASDAQ: GNSS), the leader in Protective Communications, today announced financial results for the Company’s fiscal first quarter ended December 31, 2024.
Richard S. Danforth, Chief Executive Officer of Genasys, Inc., commented, “Fiscal 2025 is rapidly shaping up to be a year of dramatic improvement. Not only are we progressing on schedule with the implementation of the Early Warning System (EWS) in Puerto Rico, but also our software solutions, particularly EVAC and CONNECT are gaining significant awareness and traction.”
Mr. Danforth continued, “Last month’s devastating fires in Los Angeles captured local, national and even international attention. The scale and scope of the numerous fires fueled by near hurricane force winds threatened multiple dense population centers surrounding the media capital of the world. The LA County Office of Emergency Management (OEM) with the support of both fire and law enforcement first responders utilized Genasys Protect to affect the timely evacuations of hundreds of thousands of residents across multiple cities. Though the tragic structural and financial damage was record breaking, the loss of life statistics remain dramatically below any other major fire event that didn’t have the evacuation capabilities provided by Genasys Protect. Throughout the incident, Genasys experienced an unprecedented level of inbound inquiry for both our software and hardware solutions that we expect to convert into new bookings over the next several months.”
Fiscal 1Q 2025 Financial Summary
• Revenue of $6.9m, versus $4.4m in 1Q 2024
• GAAP operating loss of ($5.9)m, versus ($7.2)m in 1Q 2024.
• GAAP net loss of ($4.1)m versus ($6.7)m in 1Q 2024. GAAP net loss per share ($0.09) versus ($0.15) in 1Q 2024.
• Adjusted EBITDA of ($4.8)m, versus ($6.1)m in 1Q 2024.
Business Highlights
• Received over $10m in cash deposits for the first two approved groups of Puerto Rico dams
• Recorded initial ACOUSTICS orders for Riverside County in conjunction with previously awarded Mass Notification win intended to enhance emergency warning coverage beyond existing Genasys Protect software implementation of EVAC and Alert
Business Outlook
With record backlog entering fiscal 2025, Genasys is poised to deliver substantial growth to the top and bottom line, compared to the prior fiscal year. Most of the $40m starting backlog is tied to the Puerto Rico project, which will primarily impact our P&L in the second half of the fiscal year, though cash receipts have already been meaningful. Long lead-time materials have been ordered and their delivery will be the primary determinant of when installation and implementation of the system can begin. Efforts are being made to accelerate deliveries, but timing remains uncertain. We continue to expect sequential improvement throughout fiscal 2025 in both our software revenues and ARR, though not at the rates of fiscal 2024.
Fiscal 1Q 2025 Financial Review
Fiscal first quarter revenue was $6.9m, an increase of 59.1% from $4.4m in the prior year’s quarter. Software revenue increased 63.5% while hardware revenue increased 57.1%, compared with the fiscal 2024 first quarter. Within software, quarterly recurring revenue increased 68.7% year over year.
Gross profit margin was 45.8%, compared with 33.9% and 40.8% in the first and fourth quarters of fiscal 2024, respectively. The year-over-year improvement in gross profit is primarily attributable to higher hardware revenue in this year’s quarter and the related improvement in overhead absorption. Additionally, software gross margins improved approximately 9 percentage points year over year. Sequentially, the difference is primarily attributable to software costs of sales in the fourth quarter of fiscal 2024 that were not incurred in the December quarter.
Operating expenses of $9.1m increased from $8.7m in fiscal 1Q 2024 and decreased from $9.9m in fiscal 4Q 2024. Selling, general and administrative expenses of $6.8m compares to $6.5m and $7.5m for in 1Q and 4Q fiscal 2024. Research and development expenses of $2.3m increased 4.3% year over year and declined 5.8% sequentially.
GAAP net loss in the quarter was ($4.1)m, or ($0.09) per share, compared with a GAAP net loss of ($6.7)m, or ($0.15) per share, in the first quarter of fiscal 2024. The December 2024 quarter benefitted from a $2.5m non-cash positive change in the fair value adjustment to outstanding warrants.
Excluding other income and expense, net income tax expense (benefit), depreciation, stock-based compensation and amortization of intangibles, adjusted EBITDA was ($4.8) m for the first quarter of fiscal 2025, compared with ($6.1)m and ($6.0)m for the first and fourth fiscal quarters of 2024.
Cash, cash equivalents and marketable securities totaled $13.9m as of December 31, 2024, compared with $13.1m as of September 30, 2024, reflecting the operational results, changes in working capital, and the receipt of approximately $8.3m for the deposit on the first group of dams in Puerto Rico. Since quarter end, the Company has received an additional $2.2 m in deposits associated with the second group of dams for the Puerto Rico project.
We include in this press release the non-GAAP operational metrics of adjusted EBITDA, which we believe provide helpful information to investors with respect to evaluating the Company’s performance. Adjusted EBITDA represents our net loss before other income and expense, net, income tax expense (benefit), depreciation and amortization expense and stock-based compensation. We do not consider these items to be indicative of our core operating performance. The items that are non-cash include depreciation and amortization expense and stock-based compensation. Adjusted EBITDA is a measure used by management to understand and evaluate our core operating performance and trends and to generate future operating plans, make strategic decisions regarding allocation of capital and invest in initiatives that are focused on cultivating new markets for our solutions. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates comparisons of our operating performance on a period-to-period basis.
About Genasys Inc.
Genasys Inc. (NASDAQ: GNSS) is the global leader in Protective Communications Solutions and Systems, designed around one premise: ensuring organizations and public safety agencies are “Ready when it matters™”. The Company provides the Genasys Protect platform, the most comprehensive portfolio of preparedness, response, and analytics software and systems, as well as Genasys Long Range Acoustic Devices® (LRAD®) that deliver directed, audible voice messages with exceptional vocal clarity from close range to 5,500 meters. Genasys serves state and local governmental agencies, and education (SLED); enterprise organizations in critical sectors such as oil and gas, utilities, manufacturing, and automotive; and federal governments and the military. Genasys Protective Communications Solutions have diverse applications, including emergency warning and mass notification for public safety, critical event management for enterprise companies, de-escalation for defense and law enforcement, and automated detection of real-time threats like active shooters and severe weather. Protecting people and saving lives for over 40 years, Genasys covers more than 155m people in all 50 states and in over 100 countries worldwide. For more information, visit genasys.com. (Source: BUSINESS WIRE)
11 Feb 25. Leidos Posts Strong Fourth Quarter and Fiscal Year 2024 Results.
Revenues: $4.4bn for fourth quarter (up 10% year-over-year); $16.7bn for the year (up 8% year-over-year)
u Diluted Earnings per Share: $2.12 for fourth quarter (up 28% year-over-year); $9.22 for the year (up 540% year-over-year)
u Non-GAAP Diluted Earnings per Share: $2.37 for fourth quarter (up 19% year-over-year); $10.21 for the year (up 40% year-over-year)
• Cash Flows from Operations: $299 m for fourth quarter; $1.4bn for the year
• Backlog: $43.6bn, up 18% year-over-year based on 2024 book-to-bill ratio of 1.4
Holdings, Inc. (NYSE: LDOS) today reported financial results for the fourth quarter and fiscal year 2024, highlighted by double-digit earnings growth, accelerating revenue growth, and excellent business development results. In addition, Leidos established guidance for 2025 that forecasts continued growth in revenues, non-GAAP diluted earnings per share, and cash flows provided by operating activities.
“2024 was a fantastic year for Leidos, as we delivered robust results at or above the high end of our guidance range across all metrics,” said Leidos Chief Executive Officer Tom Bell. “The fourth quarter was especially strong in revenue growth and business development, driven by our focus on the enduring, mission critical needs of our customers. In addition, our 2024 performance propelled us beyond the three-year targets established at our 2021 Investor Day.”
“Our outlook for the future remains decidedly positive, as we have a clearly defined strategy and technology-enabled team that is poised to navigate this dynamic environment from a position of strength,” Bell said.
For the quarter, net income was $282m, or $2.12 per diluted share, up 23% and 28%, respectively, compared to the fourth quarter of fiscal year 2023. Net income margin was 6.5%, up 70 basis points year-over-year. Adjusted EBITDA was $508m (11.6% margin), up 12% over the fourth quarter of 2023. Non-GAAP net income was $316m, which generated non-GAAP diluted EPS of $2.37. Non-GAAP net income was up 14%, and non-GAAP diluted EPS was up 19% compared to the fourth quarter of fiscal year 2023.
For the year, net income was $1,251m, or $9.22 per diluted share. Net income and diluted EPS were up 501% and 540%, respectively, compared to fiscal year 2023. Net income margin for the year increased to 7.5% from 1.3% in fiscal year 2023, which included pre-tax impairment and restructuring charges associated with the Security Enterprise Solutions (SES) reporting unit. Adjusted EBITDA was $2.15bn (12.9% margin), up 29% over fiscal year 2023. Non-GAAP net income was $1.39bn, which generated non-GAAP diluted EPS of $10.21. Non-GAAP net income was up 36%, and non-GAAP diluted EPS was up 40% compared to fiscal year 2023.
The primary drivers of increased earnings for the quarter and the year were increased volumes on managed health services programs and improved program execution and cost control across the company.
CASH FLOW SUMMARY
In the fourth quarter, Leidos generated $299m of net cash provided by operating activities and used $86m in investing activities and $440 m in financing activities. Net cash provided by operating activities benefited from strong EBITDA performance, collections, and working capital management. Days Sales Outstanding (DSO) for the quarter was 59, unchanged from the from the third quarter of 2024.
Investing activities consisted exclusively of property, equipment and software payments, which resulted in quarterly free cash flow of $213m. Financing activities were driven by $459m returned to shareholders, including $406m in share repurchases and $53m as part of a regular quarterly cash dividend program.
For the year, net cash provided by operating activities was $1.39bn and free cash flow was $1.24bn. For the year Leidos used $142m in investing activities and $1,084m in financing activities. As of January 3, 2025, the Company had $943m in cash and cash equivalents and $4.7bn in debt.
On February 7, 2025, the Leidos Board of Directors declared that Leidos will pay a cash dividend of $0.40 per share on March 28, 2025, to stockholders of record at the close of business on March 14, 2025.
NEW BUSINESS AWARDS
Net bookings totaled $7.6bn in the fourth quarter and $23.4bn for fiscal year 2024, representing book-to-bill ratios of 1.7 and 1.4, respectively. As a result, backlog at the end of fiscal year 2024 was $43.6bn, of which $8.4bn was funded. Included in the quarterly bookings were several notable awards:
• Veterans Benefits Administration (VBA) Medical Disability Examinations (MDE) Regions 1-4 Follow-On. The VBA MDE Office awarded Leidos an indefinite delivery, indefinite quantity (IDIQ), firm-fixed price contract with a period of performance of one year and one optional year. Leidos QTC Health Services will continue to provide MDE to meet Department of Veterans Affairs (VA) and Department of Defense (DOD) requirements for separating and retired service members.
• Indirect Fires Protection Capability (IFPC) Increment 2 Program. Leidos was awarded a five-year, $4.1bn IDIQ contract by the U.S. Army’s Program Executive Office Missile and Space for the IFPC Increment 2 Program. The initial order under the contract includes 18 launchers for the Guam Defense Systems.
• Transportation Security Administration (TSA) Integrated Logistics Support Follow-On. The TSA’s Deployment and Security Division awarded Leidos a checkpoint sustainment contract to maintain 12,000 units of Transportation Security Equipment deployed at more than 430 airport locations in the U.S. and its territories. To support TSA’s mission, Leidos maintains a dedicated system to support field service technicians, capture metrics, perform predictive analytics, and leverage the capabilities of Leidos Trusted Mission AI to support screening system availability. The contract has an eight-year period of performance with a maximum value of $2.6bn.
• F-16 Foreign Military Sales (FMS). The Air Force Life Cycle Management Center awarded Leidos a 10-year, single award IDIQ contract with a maximum value of $987m to provide critical engineering and sustainment services for FMS customers of the U.S. Air Force’s F-16 Fighting Falcon. Leidos will provide post-production support using technology designed to enhance the customer’s repair and return process, improve engineering and technical support resolution, and help reduce diminishing manufacturing sources and material shortages. The F-16 has been procured by over 25 nations around the world, supporting a global fleet size of approximately 2,200 active aircraft.
• Common Hypersonic Glide Body (C-HGB) and Thermal Protection System (TPS). Leidos was awarded a five-year, $670m cost-plus-fixed-fee contract for the C-HGB and TPS.
11 Feb 25. Porvair delivers record profits.
There were positives to take from these results for the incoming chief executive
• Flat operating margin
• Constant currency revenue growth of 13 per cent
Industrials group Porvair (PRV) delivered record annual revenue and profit, despite an anticipated mixed trading environment across its markets, and increased its full-year dividend by 5 per cent.
While the specialist filtration, laboratory and environmental technology business raised guidance in December, in terms of market backdrop it was much the same story as at the interim results release last summer. The annual performance was driven by strength in aerospace and petrochemical markets, where sales were up 21 per cent and 37 per cent, respectively. Robust air travel demand and tighter emissions standards aided the respective divisions.
This offset softness in destocking-hit laboratory and industrial consumables markets. But evidence of momentum emerged here, with suggestions of a US industrial markets recovery and better laboratory order patterns later in the year. Strong demand for turbine blade filters should provide a boost to the metal melt quality unit this year.
That sets things up nicely for the incoming new boss. Last month, former Hill & Smith (HILS) chief operating officer Hooman Caman Javvi joined the group as chief executive officer designate. He will take the reins from the retiring Ben Stocks in April.
Operating profit came in 8 per cent higher at £22.8mn, while the margin was basically flat at 12 per cent. Porvair took a £900,000 damage remediation charge relating to Hurricane Helene in North Carolina.
The small net debt position was driven by increased lease liabilities. The company generated £25.7mn of cash from operations and spent £20mn on acquisitions in the year.
Porvair trades on 17 times forward consensus earnings. With momentum building, there is still upside to be had. Buy.
Last IC view: Buy, 676p, 1 Jul 2024. (Source: Investors Chronicle)
10 Feb 25. FILTRONIC: The County Durham-based designer and manufacturer of wireless communications parts lifted profit forecasts for the next two years after landing a $20.9m contract with Elon Musk’s aerospace company SpaceX. Shares in Filtronic have almost trebled in the past 12 months, and added another 12.5 per cent to an all-time high of 107p on Aim this morning. (Source: The Times)
09 Feb 25. Europe’s anti-Elon Musk space challenger is doomed to fail.
Brussels’ state-backed bloat can’t compete with America’s ruthless free market. It has been dubbed Project Bromo. According to reports this week, Airbus is leading efforts to put together a European “national champion” to take on Elon Musk’s SpaceX and carve out a chunk of the emerging stellar economy for Europe.
Goldman Sachs and Bank of America have already been hired to help make it happen. Sure, we can see what Europe wants to do. As in every other form of advanced technology, we are falling badly behind the US. But seriously? Yet another state-led conglomerate?
In reality, space already looks like a two-horse competition between Elon Musk and Jeff Bezos, and a European “national champion” is not going to be able to change that.
We could soon be seeing the Airbus of the galaxies. The European aircraft consortium was this week reported to have hired Goldman Sachs to lead efforts to put together a pan-national group to challenge the rising dominance of the American space giants.
France’s Thales and Italy’s Leonardo are both also involved in the talks, and other European companies may well join very soon.
It is still at a very early stage, but something is clearly going on. Leonardo’s chief executive Roberto Cingolani revealed back in January that he met with Airbus counterpart Guillaume Faury. They discussed European collaboration, as well as a space and satellite alliance, while Faury said in September last year that Europe’s defence and space companies needed consolidation to match their rivals around the world.
It might take a few more months. But it would no longer be any great surprise to see a European space consortium emerge by the end of the year.
When it happens, we can expect the European Union to lavish spending on it, dishing out hundreds of millions in cheap loans and grants. France’s President Macron will hail it as a symbol of Europe’s industrial sovereignty, and whoever is in charge of Germany after the elections next month will promise unlimited backing.
Here in the UK, Rachel Reeves, the Chancellor, will no doubt see it as part of her “growth, growth, growth” mission, and open her chequebook even as she is forced to make cuts elsewhere. There will be lots of overblown rhetoric about standing up to Musk, usually with the far-Right tag attached, and carving out a European alternative.
But hold on. Even by the dismal standards of European industrial strategy this is a genuinely terrible idea.
Sure, no one questions that something needs to be done. On this side of the Atlantic we are, as in so many other industries, falling painfully behind the United States when it comes to space.
Last year, SpaceX launched 134 orbital missions. And Europe? A grand total of three. SpaceX now has 7,000 satellites delivering broadband around the world, while Europe will only have a more modest capability online by 2030 even at a cost of $11bn (£9bn).
Indeed, Musk’s company is now valued at $350bn, while Eutelsat, its European rival, which took over the UK’s OneWeb, has seen its shares slump to a five-year low and is now valued at less than €1bn (£830m).
The contrast is painful. The American industry, led not just by SpaceX but also by Amazon founder Jeff Bezos’s Blue Origin, is booming. Of course, China is also working hard to keep up, with plans for a manned mission to the moon before 2030. Meanwhile, Europe is going backwards, and at an accelerating rate.
Clearly, then, something must be done. Even so, can anyone seriously imagine that a “national champion” is the right way to try and fix the imbalance?
As so often, the EU, along with national governments across the Continent, is fundamentally misunderstanding what has made the American space industry so successful. It has competition, with a whole series of different companies and contractors emerging over the last decade to battle furiously for every piece of business.
It has entrepreneurs, most notably Musk and Bezos, who bring the energy and vision to innovate, as well as the determination to bulldoze any obstacles and make things happen.
And while no one would deny that the emerging giants of the American-led space industry have benefitted from some huge government contracts, their success is rooted in the private sector.
Companies like SpaceX have thrived thanks to the values of thrift and enterprise that are typically absent from state-led projects. We can see that in the determination to drive down the costs of every space launch, as well as the vision to create new demand and customers by, for example, using satellites to deliver reliable broadband connections to places where it was previously impossible to connect to the internet.
It is private enterprise that is making space viable, and profitable, not the government.
Here on this side of the Atlantic we need to stop thinking that a state-led “national champion” is the answer to every problem.
Sure, there are occasional success stories, most notably Airbus itself, which managed to create a genuine competitor to Boeing against the odds and take half the market for commercial jets (although of course, it was started half a century ago).
Yet there are many more failures, with badly designed consortia burning through bns in subsidies while squabbling amongst the different partners and failing to make any impact on the global market.
If Europe genuinely wants to catch up in the space industry, it should take a different path. We could offer tax breaks, such as exempting entrepreneurs from capital gains tax and investors from income taxes on any money they make from a space business.
We could create an investment zone where rockets could be built and launched free of environmental regulations. And we could limit taxes and rules to the Earth’s atmosphere, beyond which free enterprise could be allowed to flourish. All that would be far more effective than yet another bloated and inefficient state-backed European consortium backed up with subsidies and protectionism. That model has been tried and failed too many times in the past. (Source: Daily Telegraph)
07 Feb 25. Saab, Kongsberg again post record years on European defense splurge. Saab and Kongsberg kicked off the European defense industry earnings season Friday, posting another year of record sales growth and orders in 2024, as governments across the continent continue to ramp up military spending in the face of Russian aggression. Sweden’s Saab, the maker of the Gripen fighter jet and the Carl-Gustaf recoilless rifle, reported orders jumped 24% to 96.8 bn Swedish kronor (US$8.9bn) last year, raising the backlog to a record 187 bn kronor. Orders included Gripens for Hungary, radar systems, air defense, GlobalEye surveillance planes and a record order from Poland for the Carl-Gustaf.
Defense and aerospace orders at Norway’s Kongsberg jumped 44% to 54.4bn Norwegian kroner ($4.85bn) in 2024, boosted by the company’s largest-ever missile order from the U.S. Navy, and a Dutch purchase of air-defense batteries. The order book in defense and aerospace jumped to 101bn kroner at the end of December, up 54% from a year earlier.
Finland’s Patria reported orders jumped 33% to €1.26bn in 2024, lifted by demand for the company’s 6-wheeled armored vehicles, for a backlog of €2.38bn by the end of December. Kongsberg owns 49.9% of the company, with the Finnish government owning the remainder.
Global military spending has been surging in a context of deteriorating peace and security, with spending in 2023 rising for a ninth year to $2.44trn, according to the latest annual data from the Stockholm International Peace Research Institute. Europe is one of the regions with the biggest increase in defense outlays, following Russia’s invasion of Ukraine in 2022.
“There are tensions and stuff like that, which makes it an unusually difficult time to predict what’s going to happen going forward, but we see a strong continued need for defense capabilities definitely, and a strong market going forward,” Saab CEO Micael Johansson said in a call Friday.
The Saab CEO sees defense spending in Europe rising regardless of decisions regarding the NATO alliance and joint European programs. The NATO summit in The Hague in June will be “very interesting to see where the ambition level will be put when it comes to targets,” Johansson said.
NATO alliance members including the U.S., U.K. and Poland say the alliance target to spend at least 2% of GDP on defense is not enough, and the summit is expected to set a higher threshold. Defense spending by European Union countries was expected to reach a record €326bn in 2024, from €279 bn a year earlier, the European Defence Agency reported in December.
International business now accounts for 72% of the backlog at Saab, from 64% a year earlier, according to CFO Anna Wijkander. At Kongsberg, the defense and aerospace order book was padded by deals with the U.S. Navy and the Netherlands, and air-defense systems for Lithuania.
“Given the current situation, it is likely that NATO countries and Norway’s allies will continue to invest in and strengthen their defense capabilities,” Kongsberg said. “There is a high demand for Kongsberg Defence & Aerospace’s core products such as air defense, missiles, and weapon stations.”
Kongsberg said it will start construction of missile factories in the U.S. and Australia in 2025, and position itself for Norway’s upcoming renewal of its frigate fleet.
Regarding future business at Saab, the company is negotiating a Gripen contract with Thailand, and has interest for the fighter from Colombia and Peru, according to Johansson, who also mentioned additional Gripens for Brazil.
The company is campaigning to sell its GlobalEye surveillance aircraft in the Nordic region, southern Europe, Asia and the Middle East, and is also trying to get NATO interested in the GlobalEye, as the Boeing E-3 is “more and more going into a difficult phase” regarding availability, according to the CEO. The fleet of E-3 aircraft operated by the U.S. Air Force failed to meet availability targets in any of the 11 years through to 2020, according to a report by the U.S. Government Accountability Office in November 2022.
Saab has a team of more than 100 people working on the future fighter concept, including unmanned capability, which Johansson said he expects to be the next step to complement the Gripen going forward. France in October kicked of development of an unmanned wingman drone for the competing Rafale fighter.
“Of course over time, in the 2050s, we need to have a new solution for a possible manned fighter,” the Saab CEO said. “We will fly a number of systems over the next few years, which will be unmanned to start with.”
Johansson said margins in Saab’s aeronautics business are being affected by delays to starting up the T-7 Red Hawk jet trainer program in the U.S., which he said will take “another couple of years before we sort of see that turning around.”
“We’re a bit dependent on when the U.S. Air Force will contract Boeing to really start ramping up production,” the CEO said. “There will be production ongoing, but on a rather low level, until the testing is done with Air Force, and Boeing gets the contracts.” (Source: Google/Defense News)
07 Feb 25. HII’s Q4 2024 revenue dips amid lower volumes across all segments. Huntington Ingalls Industries (HII) has reported a 5.23% decrease in revenues for the fourth quarter of 2024, with figures standing at $3.0bn compared to $3.17bn in the same period of 2023.
This downturn was attributed to lower volume across all segments.
The company’s operating income also saw a drop to $110m with an operating margin of 3.7%, a contrast to the $312m and 9.8% reported in the previous year’s quarter.
Basic and diluted earnings per share fell to $3.15 from $6.90.
In the quarter, segment operating income declined primarily due to reduced performance at Newport News Shipbuilding, as well as favourable one-time factors in the previous year, including the sale of a beneficial court judgment at Ingalls Shipbuilding and a favourable insurance claim settlement in Mission Technologies.
Ingalls Shipbuilding experienced a revenue decrease of 8.0% to $736m in Q4, mainly due to reduced volumes in amphibious assault ships, though this was slightly offset by increased surface combatant volumes.
Newport News Shipbuilding’s revenues declined by 4.6% to $1.6bn, influenced by lower aircraft carrier refuelling and overhaul volumes, adjustments in submarine programmes, and reduced naval nuclear support services, despite a rise in Columbia-class submarine construction.
Mission Technologies reported a 4.3% revenue decrease to $713m in the fourth quarter, because of lower volumes in C5ISR contracts.
HII president and CEO Chris Kastner said: “We continue to make progress on ships put under contract pre-Covid, and are working diligently with our customers to put over $50bn of new work under contract.
“Mission Technologies continued its strong track record of top line growth and margin expansion and secured an impressive $12bn in total future contract value during 2024. We enter 2025 focused on our mission to deliver the world’s most powerful ships and all domain solutions in service of the nation.”
HII’s full-year revenues saw a marginal increase to $11.5bn, due to higher volumes at Mission Technologies and Ingalls Shipbuilding, which nearly balanced out the lower volumes at Newport News Shipbuilding.
The full-year operating income for 2024 was $535m with an operating margin of 4.6%, down from $781m and 6.8% in 2023.
The annual diluted earnings per share also decreased to $13.96 from $17.07. In 2024, new contract awards totalled around $12.1bn, increasing the total backlog to approximately $48.7bn as of 31 December 2024.
(Source: naval-technology.com)
07 Feb 25. MilDef sees 89% jump in Q4 order intake and strong backlog. The company’s gross profit for the quarter was $18.2m, compared to $15.6m in Q4 2023. Swedish military IT specialists MilDef, experienced its highest levels of order intake and sales in the final quarter (Q4) of 2024, with 89% surge in orders, reaching Skr773m ($70.8m), compared with Skr408m in same quarter of 2023.
Concurrently, the backlog of orders expanded by 55%, culminating in an unprecedented Skr2bn at year-end.
MilDef Group president and CEO Daniel Ljunggren said: “2024 ended strongly for MilDef. The fourth quarter was MilDef’s strongest to date in terms of both order intake and sales. Order intake saw the most improvement, increasing by 89% to Skr773m.
“The order backlog grew by 55% for a record high of Skr2m at the end of the year. This increase confirms the fact that MilDef has a relevant offering, high customer confidence and that rearmament is now entering a new phase with growing demand for tactical IT solutions.”
Net sales in Q4 was Skr417.5m ($38.4m), an 18% rise from the Skr352.8m recorded in the same quarter of the previous year.
The company’s gross profit for the quarter was Skr197.8m, compared to Skr170m in Q4 2023.
For the quarter ending 31 December 2024, net loss amounted to Skr249.5m, a contrast to profit after tax of Skr25.7m a year previously.
Diluted loss per share was Skr5.78 in Q4 2024, compared to diluted earnings per share of Skr0.64 in Q4 2023.
MilDef’s adjusted earnings before interest, taxes, and amortisation (EBITDA) was Skr71m during the quarter, up from Skr52m in the same period the previous year.
Adjusted operating profit (EBIT) reached Skr62.8m, up from Skr41.4m, resulting in an operating margin of 15.0%, compared to 11.7% previously.
Among the orders received by MilDef were a Skr200m contract from BAE Systems for IT equipment in CV90 combat vehicles destined for Central Europe, a OneCIS software contract, and hardware orders worth Skr81m from the Swedish Defence Materiel Administration.
For the full year of 2024, MilDef’s sales increased to Skr1.2bn from Skr1.1bn in 2023, marking a 4.3% rise.
The gross profit for the year was Skr589m and gross margin was 49.0%.
“Also, MilDef started 2025 with the largest order backlog to date as well as important acquisitions in place. We are also well prepared to meet the growing demand in the market. All this makes me very optimistic about our progress in 2025,” added Ljunggren. (Source: army-technology.com)
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SPX CommTech, part of SPX Technologies Inc, innovates specialised technologies within the Radio Frequency (RF) spectrum to ensure a smarter, more secure future for all. Formed by TCI and ECS, SPX CommTech’s Battlespace portfolio enables defence and security teams to detect, defeat and exploit RF signals to enhance communications intelligence (COMINT) and counter unmanned aerial systems (Counter-UAS). Additionally, its Tactical Data Link portfolio allows intelligence gathering agencies, special forces, emergency response, and security teams to securely and reliably transfer video and data between enabled-aircraft and ground teams over long distances for airborne Intelligence, Surveillance, Reconnaissance (ISR).
For more information visit www.tcibr.com and www.enterprisecontrol.co.uk
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