BATTLESPACE Updates

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14 May 25.  TurbineOne, the defense software company powering real-time threat detection and decision-making at the tactical edge, today announced a $36m Series B funding round. The round was led by The General Partnership with participation from Bessemer Venture Partners, XYZ Ventures, Stepstone Group, PROOF VC, and Artisanal Ventures, valuing the company at $300m. TurbineOne’s software performs where others can’t: directly on battlefield sensors, without requiring cloud access, custom hardware, or large compute footprints. Designed by veterans and built for austere conditions, its edge-first AI platform is now deployed across the U.S. Department of Defense for missions ranging from drone warfare and base security to targeting operations​. TurbineOne got its start with innovation organizations like the Defense Innovation Unit and AFWERX and is quickly transitioning to deliver operational capabilities for the Army, Navy, and Air Force.

“There is a widening gap between the exploding volumes of frontline data collection and the people that are trying to make sense of it,” said Ian Kalin, CEO of TurbineOne. “Our software has been tested and validated by America’s most demanding national security professionals in order to deliver Decision Advantage.”

Unlike generalist AI companies pivoting into defense, TurbineOne was purpose-built for national security from day one. Its flagship offering, the Frontline Perception System (FPS), brings AI to the sensor on the edge, helping warfighters detect, identify, and act on threats in real time, without technical training or cloud access. It runs on everyday military gear, from heads-up displays to autonomous drones, and is designed for speed, simplicity, and reliability in combat.

“The promise of dual-use AI hasn’t delivered for the battlefield,” said Matt Amacker, CTO of TurbineOne. “We built this company with warfighters, for warfighters—so they get software that works safely offline, under pressure, and on the gear they already have.”

The new funding will fuel the company’s next phase: global deployments, hardened self-service products, and scaling to meet demand across the national security community. The funding will also support continued hiring across engineering and operations.

“TurbineOne is transforming defense by doing what others can’t, which is putting AI directly on the edge where the mission happens,” said Dan Portillo, co-founder and Managing Partner at The General Partnership. “They’re solving the hardest operational problems with software that works at scale. This is the future of national security, and TurbineOne is leading it.”

About TurbineOne

TurbineOne delivers AI for the frontlines. Founded in 2021 and headquartered in San Francisco, TurbineOne’s Frontline Perception System (FPS) delivers real-time decision-making support to America’s warfighters. Trusted across the U.S. Department of Defense and deployed globally, TurbineOne delivers intuitive, mission-ready software that works in the harshest conditions. (Source: BUSINESS WIRE)

 

14 May 25. Sypris Solutions, Inc. (Nasdaq/GM: SYPR) today reported financial results for its first quarter ended March 30, 2025.

HIGHLIGHTS

  • Customer orders were robust during the period, while revenue was less than the prior-year quarter due to the cyclical decline in the commercial vehicle market, the conversion of certain shipments from our facility in Mexico to a value-add only sub-maquiladora basis and delays in customer delivery schedules for our Sypris Electronics group.
  • Gross profit for the Company increased 16.7% from the prior-year period, while gross margin expanded 330 basis points.
  • Gross profit for Sypris Electronics improved 51.1% from the prior year, reflecting a more favorable mix of programs as compared to the prior-year period and lower costs on two large programs that ramped during the prior year. Gross margin for Sypris Electronics grew 310 basis points from the first quarter of 2024.
  • Gross profit for Sypris Technologies was up slightly as compared to the prior-year comparable period, while gross margins increased by 430 basis points. Gross margins for the quarter were positively impacted by favorable foreign exchange rates for our Mexican subsidiary.
  • EPS for the quarter was a loss of $0.04 per share, an improvement of $0.06 per share from a loss of $0.10 per share for the prior-year period.
  • Orders for Sypris Technologies energy products remained at an elevated level during the first quarter of 2025, driving backlog up 32.8% from year end.

“The past few months have been insightful as we evaluate how tariffs might affect the economy and our customers, which may, in turn, affect our overall results,” commented Jeffrey T. Gill, President and Chief Executive Officer. “We are focused on operational excellence to drive the timely and efficient execution of our over $80 m backlog at Sypris Electronics, which represents more than a full year of sales for this segment. Customer funding has already been secured for a portion of the key programs, which enables us to procure inventory under multi-year purchase orders to mitigate future supply chain issues.

“The current outlook from Sypris Technologies customers serving the automotive, commercial vehicle, sport utility and off-highway markets is for a moderate decrease in production from the prior year. We believe that the market diversification Sypris Technologies has accomplished over recent years by adding new programs in the automotive, sport-utility and off-highway markets will help offset some of the anticipated cyclical decline for the commercial vehicle market.

“Orders for our energy products remained steady during the period, with open quotes still outstanding on several large projects. Additional opportunities for growth may exist with new global projects in support of increasing LNG demand including support for the steep increase in electricity demand from data centers to support AI. We are also actively pursuing applications for our products in adjacent markets including CO2 capture to further diversify our industry and customer portfolios.”

First Quarter Results

The Company reported revenue of $29.5 m for the first quarter of 2025, compared to $35.6 m for the prior-year comparable period. Additionally, the Company reported a net loss of $0.9m, or $0.04 per share, as compared to a net loss of $2.2m, or $0.10 per share, for the prior-year period.

Sypris Technologies

Revenue for Sypris Technologies was $13.6m in the first quarter of 2025 compared to $18.4m for the prior-year period, reflecting the anticipated cyclical decline in the commercial vehicle market in addition to a delay in shipments of energy product sales within the quarter. Furthermore, during the first quarter of 2025, Sypris Technologies began operating under a sub-maquiladora services agreement with one of its customers in Mexico, which resulted in a revenue decrease of $1.6m as compared to the prior-year comparable period. Gross profit for the first quarter of 2025 was $2.1m, or 15.5% of revenue, compared to $2.1m, or 11.2% of revenue, for the same period in 2024. Gross profit for the first quarter of 2025 was positively impacted by foreign currency exchange rates for our Mexican subsidiary, resulting in an increase of $0.4m, partially offset by a decrease in volumes.

Sypris Electronics

Revenue for Sypris Electronics was $15.9 m in the first quarter of 2025 compared to $17.2 m for the prior-year period as a result of changes in customer delivery schedules for the current year. Gross profit for the first quarter of 2025 was $1.3m, or 7.9% of revenue, compared to $0.8 m, or 4.8% of revenue, for the same period in 2024. The results for the first quarter of 2025 included the impact from a $0.6m request for equitable adjustment to offset certain additional costs for scope modifications in 2024 on a new contract that was approved and recognized during the first quarter of 2025.

Outlook

Commenting on the future, Mr. Gill added, “With a strong backlog, new program wins, and long-term contract extensions in place, we are confident that 2025 has the potential to be very positive for Sypris, despite the increased market uncertainty. We are closely monitoring customer demand and forward-looking signals and believe our long-standing track record of resilience will allow us to successfully navigate any headwinds. While we anticipate a modest decline in revenue due to the conversion of certain shipments from Mexico to the U.S. into a value-add only sub-maquiladora basis and the cyclical decrease in production volumes in the commercial vehicle market, we expect the combined strength of our backlog for Sypris Electronics and robust orders for our energy products to serve as a partial offset. Due to macroeconomic uncertainty related to the potential impact of new tariffs, the Company is withdrawing the 2025 financial guidance provided in its earnings release on March 27, 2025, and plans to suspend any future guidance until such time the outlook for the economy stabilizes.” (Source: BUSINESS WIRE)

 

14 May 25. Optical components manufacturer agrees to buy US firm in $17.5m deal. A Somerset-based optical components manufacturer has agreed to acquire a US firm in a $17.5m deal which will significantly extend its presence in the country’s aerospace and defence market.  Gooch & Housego (G&H) is to buy Global Photonics which is based near Tampa, Florida. The acquisition is expected to be marginally earnings enhancing in the current financial year and increasingly earnings enhancing thereafter. It was said to marks an important step towards replicating the success of the group’s optical systems hub in the UK by establishing a full optical systems engineering and manufacturing capability in the US. The company’s expertise in cleanroom lithography, photolithographic reticle fabrication, ion beam etching and advanced thin film coatings will complement G&H’s existing manufacturing capabilities and enhance the group’s offering into the North American market. The transaction was said to represents another ‘speed to value’ acquisition by G&H.  G&H said the acquisition allows it to support the Global Photonics team with the wider capabilities of G&H particularly in the areas of laser protection filtering and complex optical system design allowing them to secure further business through their existing strong reputation and well-established relationships with U.S. defence prime contractors.

Charlie Peppiatt, chief executive of Gooch & Housego, said: “Global Photonics is a strong strategic and operational fit for G&H, bringing deep application expertise, strong relationships with U.S. defence primes and complementary manufacturing capabilities to our growing Optical Systems division. This acquisition accelerates our plan to become the partner of choice for high-precision optical systems in both the UK and the U.S. and opens exciting new growth channels in North America.

“The establishment of a full optical systems engineering and manufacturing capability in the U.S. for the Aerospace & Defence market mirrors our successful strategy for the U.S. healthcare sector with the recent opening of our G&H Innovation Hub for Life Sciences in Rochester NY.”

Completion of the acquisition is expected in the coming few weeks subject to customary closing conditions. (Source: News Now/https://www.insidermedia.com/)

 

13 May 25.  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 for launch vehicle, satellite, spacecraft, missile defense, hypersonic and UAS customers, today reported first quarter fiscal year 2025 financial results.

First Quarter 2025 and Recent Highlights

  • Produced record quarterly revenue of $100.1m, up 20.6% year over year
  • Incurred net loss of $4.8m and loss per fully diluted share of $0.04, primarily as a result of share-based compensation expenses triggered by the Company’s February 2025 initial public offering
  • Delivered record quarterly non-GAAP adjusted EBITDA of $30.3 m and non-GAAP adjusted earnings per fully diluted share of $0.05, up 24.7% and 67% year over year, respectively
  • Achieved record funded backlog of $636.4m at the end of the first quarter of 2025, up 9.8% compared to the end of the fourth quarter of 2024
  • Successfully closed $300 m Term Loan B and $50m revolving credit facility to refinance existing debt, reducing interest rate and extending maturities by seven and five years, respectively
  • Acquired MTI to strengthen our design and manufacturing capabilities, expand our customer and program reach and increase revenue and adjusted EBITDA

“Our strong momentum exiting 2024 continued into the first quarter of 2025 with record quarterly revenue, adjusted EBITDA and funded backlog,” said Tony Koblinski, chief executive officer of Karman Space & Defense. “Our team delivered double-digit, year-over-year revenue growth in each of our three end markets, a 450 basis point increase in gross margin and a 25 percent increase in adjusted EBITDA.

Record first quarter revenue and growth in funded backlog improved our visibility to the midpoint of our 2025 revenue guidance range to 95 percent at the end of April. This high level of visibility increases our confidence in achieving our full year revenue objective of $423 m to $433 m.

Karman represents a new kind of space and defense company. We are a vertically integrated, technology-enabled merchant supplier to virtually every prime contractor across space, missile, missile defense and tactical uncrewed domains. We design, develop, test and manufacture a broad range of integrated system solutions using a wide array of capabilities that we have spent decades perfecting. Only three months since our IPO and we have strengthened our balance sheet, strategically deployed capital to acquire MTI and enhanced our alignment with some of the highest priority initiatives in the U.S. Department of Defense and with the growth of the commercial space industry,” Koblinski added.

First Quarter 2025 Financial Results

The increase in total revenue reflected net organic growth across all end-markets and our diversified portfolio of more than 70 customers and more than 100 programs.

Growth in Hypersonics and Strategic Missile Defense revenue was driven by a net increase in funded development and production programs, primarily progress on the Next Generation Interceptor (“NGI”) program, partially offset by a decrease in revenue from another development program that did not advance to production.

Space and Launch revenue grew as a result of a net increase in funded development and production programs, partially offset by a decrease in revenue from the Space Launch Systems (“SLS”). A projected increase in U.S. space launch cadence from commercial and defense missions supports continued revenue growth in and beyond the current fiscal year.

Tactical Missiles and Integrated Defense Systems revenue grew as a result of a net increase from key programs entering or continuing their production phases within their program lifecycles, partially offset by temporary declines in other programs. This market’s growth continues to be supported by successful system deployments to active conflict zones, the replenishment of U.S. military inventories and continued investment in next-generation capabilities.

Funded Backlog

As of March 31, 2025, total funded backlog was $636.4m, which represents the total invoiceable value of existing contracts, less amounts previously invoiced. Contract types include but are not limited to purchase orders, long term agreements and contractual authorization to proceed.

Business Outlook for the Full Year 2025

For the full fiscal year 2025, the Company reaffirms its expectations for total revenue of between $423m and $433m, and non-GAAP Adjusted EBITDA of between $132m and $137m.

Non-GAAP adjusted EBITDA is provided in the full year 2025 Outlook on a forward-looking basis. The Company does not provide a reconciliation of such forward-looking measures to the most directly comparable financial measures calculated and presented in accordance with GAAP because to do so would be potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant. The foregoing estimates are forward-looking and reflect management’s view of current and future market conditions, subject to certain risks and uncertainties, including certain assumptions with respect to our ability to efficiently and on a timely basis integrate acquisitions, obtain and retain contracts, changes in the timing and/or amount of government spending, react to changes in the demand for our products, activities of competitors, changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates and investors should review all risks related to achievement of the guidance reflected under “forward-looking statements” below and in the Company’s filings with the Securities and Exchange Commission. (Source: BUSINESS WIRE)

 

13 May 25. Genasys Inc. (NASDAQ: GNSS), the leader in Protective Communications, today announced financial results for the Company’s fiscal second quarter ended March 31, 2025. Richard S. Danforth, Chief Executive Officer of Genasys, Inc., commented, “The second half of fiscal 2025 is on track to see significant operational acceleration from the first six months. Planning and production of materials for the first three groups in Puerto Rico is in full swing with initial implementation on the island already underway. For the full year, our revenue expectations for significant growth in the second half of fiscal 2025, particularly in the fourth quarter, remain strong.”

Continuing, Mr. Danforth said, “The deposit on the third group of dams, which was discussed on last quarter’s conference call has not yet been received. Absent the third deposit, which is expected shortly, the company sought and secured additional bridge capital of $4 m from our existing lender to maintain momentum towards delivery on its backlog.”

Fiscal 2Q 2025 Financial Summary

  • Revenue of $6.9m, versus $5.7m in 2Q 2024
  • GAAP operating loss of ($6.3)m, versus ($6.9)m in 2Q 2024.
  • GAAP net loss of ($6.1)m versus ($7.0)m in 2Q 2024. GAAP net loss per share ($0.14) versus ($0.16) in 2Q 2024.
  • Adjusted EBITDA of ($5.1)m, versus ($5.7)m in 2Q 2024.

Business Highlights

  • Generated first revenues from Puerto Rico dams project in fiscal 2Q 2025
  • Dennis Klahn, CFO of Genasys, Inc. announced his intention to retire.
  • Amended 2024 loan agreement to secure bridge financing of $4m, with access to additional $4m.
  • Announced $2.5m in LRAD bookings with US Military.
  • Received $1.0m in LRAD orders for Critical Infrastructure Protection (CIP) from the energy sector
  • Announced partnership with FloodMapp, extending the functionality of Genasys EVAC customers to better plan for and respond to flood events

Business Outlook

Genasys has begun the implementation phase of the Puerto Rico Early Warning System project, and we have a final understanding of how revenue recognition over the course of the project is going to be recorded. Planning, design, permitting and material procurement is underway for the first three groups of dams. As expected, initial revenues were recorded in the fiscal second quarter for the delivery and installation of a large generator. In the June quarter, we expect to record limited revenues from material being shipped to the island. Importantly, hardware shipment revenues will be recorded at cost. Installations will then enable profits on the material to be realized on a Percent Of Completion (POC) basis for the labor associated towards completion of each dam. Because of this accounting treatment, gross profit margins on the project will be initially suppressed, before eventually reflecting the profitability of each dam’s value upon completion.

Based on the current production and delivery schedules, and installation timelines, Genasys now expects to realize between $15 m and $20 m in Puerto Rico related revenue in fiscal 2025. While revenue recognition is different than we initially expected, the operational implementation and expected cash flows are no different than our original assessment

Despite funding uncertainty at the federal level, hardware Bookings continue to improve year over year with bookings through March up 48% versus the prior year period. Our current hardware backlog, excluding the Puerto Rico project, is over $12 m. Additionally, we expect to receive the first production purchase order under the AHD-CROWS program in the second half of fiscal 2025.

Software bookings slowed in the March quarter. Though the software pipeline is up over 100% since the beginning of this fiscal year, current uncertainty at the federal level has begun to affect State and local level procurements.

Operating Expenses in the second quarter were down roughly 3% both sequentially and year over year. Going forward, we expect quarterly operating expenses to remain near the second fiscal quarter 2025 levels.

The bridge financing and access to additional capital that we are announcing today is expected to provide Genasys the necessary capital to move through the Puerto Rico implementation and to begin profit realization on the project. Additionally, substantial contracts for both hardware and software are being negotiated that are expected to provide further support of the overall business prospects beyond fiscal 2025.

Fiscal 2Q 2025 Financial Review

Fiscal second quarter revenue was $6.9 m, a 21% increase from $5.7 m in the prior year’s fiscal second quarter. Software revenue increased 29% while hardware revenue increased 17%, compared with the fiscal 2024 second quarter. Within software, quarterly recurring revenue increased 28% year over year and ARR finished the quarter at $8.6 m.

Gross profit margin was 37.7%, compared with 37.9% in the second quarter of fiscal 2024. The depressed gross margin is primarily attributable to the underutilization of hardware revenue as well as cost increases associated with the unprecedented volume of activity on our software systems during the January fires in Los Angeles.

Operating expenses of $8.9m decreased from $9.2m in the fiscal second quarter of 2024. Selling, general and administrative expenses were essentially flat year over year at $6.6 m in the quarter ended March 31, 2025. Research and development expenses decreased 12% year over year to $2.2m.

GAAP net loss in the quarter was ($6.1) m, or ($0.14) per share, compared with a GAAP net loss of ($6.9)m, or ($0.16) per share, in the second quarter of fiscal 2024.

Excluding other income and expense, net income tax expense (benefit), depreciation, stock-based compensation and amortization of intangibles, Adjusted EBITDA was ($5.1)m for the second quarter of fiscal 2025, compared with ($5.7) m for the prior fiscal year period.

Cash, cash equivalents and marketable securities totaled $7.2m as of March 31, 2025 compared with $13.1m as of September 30, 2024.

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. (Source: BUSINESS WIRE)

 

13 May 25. Kopin Corporation (“Kopin” or “the Company”) (Nasdaq: KOPN), a leading developer and provider of high-performance application-specific optical solutions consisting of high-resolution microdisplays, microdisplays subassemblies and related components for defense, enterprise, industrial, and consumer products, today reported financial results for the first quarter ended March 29, 2025.

Approximately $28m of orders received in 1Q25 translates to 2.8:1 Book to bill for Q1 2025

  • Q1 2025 product revenues increased 2% compared to the same period in 2024
  • Funded research revenues increased 37% in Q1 2025
  • 2.8:1 Positive book-to-bill for Q1 2025
  • Reaffirms expectations of Double-Digit Revenue Growth in 2025 over 2024

Commenting on the quarterly results, Michael Murray, Chief Executive Officer, stated, “The first quarter of 2025 was marked by strong order flow as we continue to supply top tier defense contractors. One of the larger orders in the quarter was for thermal weapons sights, a multi-year, full-scale production program that showcases our expertise in high resolution microdisplays and optics. Additionally, we received several orders to supply microdisplays for pilot Helmet Mounted Display Systems. The Company was awarded several new, exciting and innovative research and development contracts focusing on reducing size, weight, power consumption of current AR/XR solutions with more advanced display technologies, like Color MicroLED displays for soldier vision.

“Our strong order flow continues to demonstrate the need and desire for application specific optical solutions whether in defense, industrial or medical applications. We strive to work with top-tier customers to design new and innovative ways to get the clearest and most accurate micro display solutions for their specific needs.”

Mr. Murray concluded: “Our ONE Kopin initiative has continued to improve manufacturing efficiencies, reduce redundancies and integrate markets to better serve European and Southeast Asian defense markets. In 2025 we are embarking on an aggressive automation plan which we believe will enhance our quality, improve product margins and allow us to leverage our facilities on a 24/7 basis without the need to add full manufacturing shifts.”

First Quarter Financial Results

Total revenues for the first quarter ended March 29, 2025, were $10.5m, compared to $10.0m for the first quarter ended March 29, 2024, a 5% increase. Year-over-year product revenues increased 2%, with defense product revenues increasing by $0.2 m or 2.8% year over year primarily due to an increase in revenues from products used in thermal weapon sights and in pilot helmets. First quarter 2025 funded research and development revenues increased to $1.2 m a 37% increase primarily due to increases in funding for U.S. defense programs.

Cost of Product Revenues for the first quarter of 2025 were $7.6m, or 83% of net product revenues, compared with $8.5m, or 95% of net product revenues for the first quarter of 2024. The decrease in cost of product revenue as a percent of net product revenues for the three months ended March 29, 2025 as compared to the three months ended March 30, 2024 was due to increased efficiencies and improved yields.

Research and Development (R&D) expenses for the first quarter of 2025 were $2.1m compared to $2.1m for the first quarter of 2024, essentially flat. Customer-funded R&D expense declined approximately $0.2 m in the first quarter of 2025 as compared to the first quarter of 2024, while internal R&D increased $0.2m year over year.

Selling, General and Administration (SG&A) expenses were $4.7 m for the first quarter of 2025, compared to $7.2m for the first quarter of 2024. The decrease for the three months ended March 29, 2025, as compared to the three months ended March 30, 2024, was primarily due to a decrease in legal fees of $2.9m.

Net Loss Attributed to Kopin Corporation for the first quarter of 2025 was ($3.1)m, or ($0.02) per share, compared with ($32.5)m, or ($0.27) per share, for the first quarter of 2024. The first quarter of 2024 included a $24.8m reserve for litigation damages.

All amounts above are estimates and readers should refer to our Form 10-Q for the quarter ended March 29, 2025, for final disposition as well as important risk factors. (Source: BUSINESS WIRE)

 

14 May 25. Britain’s Space Forge raises $30m with backing from NATO Innovation Fund.

  • Summary
  • Fund raising led by NATO Innovation Fund
  • Space Forge was founded in 2018
  • McKinsey forecasts growth in global space economy

British space technology company Space Forge announced on Wednesday a 22.6m pound ($29.8m) fundraising led by the NATO Innovation Fund, highlighting the appeal of the fast-growing space technology sector for investors. Space Forge, which was founded in 2018 and aims to make materials in space that could then be used in fields such as semiconductors, said the funds would help the development of its satellites. (Source: Reuters)

 

12 May 25. X-Bow Systems Inc (X-Bow), the leading non-traditional producer of advanced manufactured solid rocket motors (SRMs) and defense technologies, today announced the successful final closing of its Series B funding round, totaling over $105m. The strategic portion of this round was led by Lockheed Martin with a significant investment in X-Bow Systems. To strengthen the industrial base and create mutual benefit for both companies, X-Bow and Lockheed Martin have entered into a strategic agreement allowing Lockheed Martin to accelerate X-Bow as a new independent supplier of SRMs and other services for their existing and future programs.

“We have built a highly respected ‘deep hardware technology’ company with the current Series A and B investments from our venture partners,” said Jason Hundley, chief executive officer and founder of X-Bow Systems. “This additional investment and our ongoing partnership with Lockheed Martin position us for significant growth. We are expanding our production capacity, accelerating our innovation efforts and strengthening our role as a critical independent supplier within the defense industrial base.”

“We are pleased to continue our investment in X-Bow Systems, a company developing SRM technology that aligns with our strategy to support innovative solutions that enhance our nation’s security,” said Chris Moran, vice president and general manager of Lockheed Martin Ventures. “Our follow-on investment in X-Bow Systems underscores Lockheed Martin’s dedication to advancing the aerospace and defense industry.”

Prior to this Series B raise, X-Bow established itself as a leader and innovator in the defense and aerospace sectors, demonstrated by:

  • Successful Launch Services: A multi-year backlog in hypersonic component flight tests and other critical DoD mission capabilities.
  • Non-Traditional SRM Industrial Base Leader: The only new company to be integrated into over 8 SRM programs across both strategic and tactical sizes.
  • Technology Disruption: Utilizes a patented Advanced Manufacturing of Solid Propellant (AMSP) system with over 12 development iterations, capable of printing and flying both tactical and strategic size SRM energetic grains.
  • Innovation Expertise: Producing and executing the development of the world’s only ‘mobile energetics factory,’ the revolutionary Rocket Factory in a Box™, a rapidly deployable energetics production system that offers unprecedented flexibility for defense applications.

Fueled by private capital, X-Bow’s soon-to-open Texas energetics campus located just south of Austin, utilizes the company’s AMSP technology. Our affordable and sustainable SRM production approach allows the Department of Defense and other customers the speed and scale to counter evolving threats. This total round included investment from Razor’s Edge Ventures, Crosslink Capital, Lockheed Martin, Balerion Space Ventures, Boeing Ventures, Bravo Victor Venture Capital, Upsher Management Company, Capital Factory Ventures, Arkenstone Capital, and Event Horizon Capital. Union Square Advisors LLC served as exclusive financial advisor to X-Bow for this financing transaction.

About X-Bow Systems

X-Bow Systems is disrupting the aerospace industry with innovative and cost-effective advanced manufactured energetics for the solid rocket motor and launch vehicle market. X-Bow is also designing and building a suite of modular solid rocket motors and small launch vehicles for both orbital and suborbital launch services. X-Bow is led by CEO Jason Hundley, Chairman Mark Kaufman, CTO Max Vozoff, CRO Maureen Gannon, General Counsel John Leary, COO Mike Bender, CFO Hector Fernandez and a growing team of seasoned industry veterans and new space entrepreneurs. X-Bow is a dual-use technology company with investment from: Crosslink Capital, Razor’s Edge Ventures, Balerion Space Ventures, Boeing, Arkenstone Capital, The Capital Factory, Upsher Management Company, Event Horizon Capital, and Lockheed Martin Ventures. Headquartered in Albuquerque, New Mexico, X-Bow has additional presence in California, Alabama, Colorado, Texas, Utah, Maryland and Washington, DC. For more information visit XBowSystems.com. (Source: PR Newswire)

 

12 May 25. NUBURU, Inc. (NYSE American: BURU), a leader in high-power blue laser technology, announced today that it has filed with the Securities and Exchange Commission a Form S-3 Registration statement for $100 m. This strategic move is designed to provide the company with the necessary capital to facilitate the ongoing acquisition plan and successfully relaunch its Blue Laser technology business unit. As reaffirmed in the latest communications, NUBURU aims at completing the purchase of defense and security businesses, referred to herein as the “Defense & Security Hub” for confidentiality reasons. This hub will focus on delivering cutting-edge products tailored for defense applications (“DefenseTech Business”) while providing robust operational resilience solutions through a software-as-a-service model (“SaaS Business”). Once finalized, these acquisitions are projected to contribute over $50 m in revenue for NUBURU in 2025, subject to U.S. GAAP accounting and the effective date of the closing. The DefenseTech Business acquisition involves a well established scale-up company which is subject to governmental review under Italy’s “golden power,” which allows the Italian government to screen and potentially block foreign investments in sectors deemed critical to national security. This regulatory assessment, which it’s expected to be completed by end of June, aims to ensure that investments align with the national interest, particularly in areas such as defense and critical technologies.

NUBURU is also actively advancing its Transformation Plan, which emphasizes the adoption of exponential technologies, including artificial intelligence (AI) and robotics by leveraging the strategic partnership with COEPTIS’ NexGenAI Affiliates Network (NASDAQ: COEP), with particular reference to the SaaS Business and the Blue-Laser technology go-to-market.

“We are embarking on an exciting journey to enhance our Blue-Laser business while creating the basis for our future leadership position in specific sectors the defense and security industry”, said Alessandro Zamboni, Executive Chairman of NUBURU. “The prospective acquisition of the defense tech and operational resilience companies opens significant opportunities for growth, expecting to generate significant value for our stakeholders. We intend to leverage the recent 100M USD’ shelf registration to fund this venture, as well as directly using innovative solutions such as the inventory monetisation promoted by Supply@ME Capital Plc, as demonstrated by our investment commitment”.

To complete the acquisition process and prepare the necessary regulatory and shareholder approvals, NUBURU has also engaged a global “Big4” firm for an independent evaluation of the two targeted businesses, alongside an international network of auditors to prepare their financial statements.

As NUBURU progresses, it remains devoted to innovation and state-of-the-art technologies and aims to lead in high-growth sectors. (Source: BUSINESS WIRE)

 

12 May 25. Fincantieri announced its interim financial results for the first quarter of 2025, showcasing impressive growth across all business segments and achieving its best ever quarter in terms of new orders.

Below are the key highlights from the report:

  • Revenues totalled €2,376m, up 35% compared to Q1 2024 (€1,767m).
  • EBITDA: €15m, a 54% increase from Q1 2024 (€100 m), driven by strong performances in all segments, especially Shipbuilding (+53%).
  • EBITDA margin: 6.5%, up from 5.7% in Q1 2024, driven by higher revenues in the defence sector, operational efficiency improvements in the cruise ship business and the contribution of WASS Submarine Systems.
  • Launch of Underwater segment: The newly launched Underwater operating segment generated €95 m in revenue and achieved an EBITDA margin of 17%. This marks a critical step in strengthening the company’s forefront position in the defence and critical subsea infrastructure sectors.
  • New orders reached €11.7bn in Q1 2025, representing an extraordinary 76% of the total new orders secured in 2024.
  • Backlog reached €40.3bn, up 30% from the end of 2024, with the total backlog (including soft backlog) reaching a record €57.6bn.
  • 4 ships delivered in Q1 2025 and 102 units in the portfolio with deliveries expected until 2036.

Commenting on the results, Pierroberto Folgiero, Chief Executive Officer and General Manager of Fincantieri, said: “The creation of the new Underwater segment represents a fundamental step in the Group’s industrial evolution. We have entered a strategic domain of very high technological complexity, where the ability to integrate advanced systems and develop dual-use solutions will be decisive for European competitiveness and national security. This positioning further strengthens our role as a technology enabler in the defense and critical submarine infrastructure domain. The first quarter of 2025 marks the best result in our history, with EBITDA growth of 54% and an unprecedented order backlog. These are the results of a long-term strategic vision based on rigorous financial discipline, solid industrial governance, and a strong ability to turn innovation into concrete solutions. The increase in revenues in the Defense segment and the consolidation of our three dimensions – cruise, defence and offshore – confirm the effectiveness of our integrated business model.”

Mr. Folgiero concluded: “We will continue to pursue our goals for 2025 with determination and beyond, actively contributing to the reindustrialization of the country and the strengthening of the European manufacturing system. Fincantieri is today a future-proof laboratory of heavy industry, a champion of Made in Italy ingenuity, committed to generating employment, competitiveness, and sustainable innovation along the entire value chain.”

Fincantieri is well-positioned to meet its 2025 goals and beyond, and the Company continues to pursue innovation and industrial growth across its three core business segments: cruise, defence and offshore.

 

12 May 25. Spain’s Indra seeks to buy Iveco’s defence business, El Economista reports. Spanish defence company Indra (IDR.MC),  sent a non-binding offer for Italian group Iveco’s defence business, newspaper El Economista reported on Monday, citing unidentified market sources. Iveco’s unit, which assembles armoured military vehicles, is worth about 1 bn euros ($1.12 bn), El Economista reported. Indra and Iveco did not immediately respond to requests for comment. Indra’s bid follows another by Italian aerospace and defence firm Leonardo and Germany’s Rheinmetall for Iveco’s defence unit announced last week by Leonardo’s Chief Executive Roberto Cingolani. (Source: Reuters)

 

08 May 25. mPower Technology, the leading provider of solar power solutions for space, announced it has secured over $21m in Series B funding led by Razor’s Edge Ventures and joined by Shield Capital. The new funding will be used to further scale production capacity, continue the advancement of DragonSCALES™ and position the company for sustained leadership in the rapidly expanding commercial and national security space markets. The capital raise builds upon mPower’s Series A financing led by Cottonwood Technology following its spin-off from Sandia National Laboratories.

“mPower has emerged as the only solar provider in the space market with a flight-proven design that can meet both the aggressive cost targets and production volumes required by large-scale Space 2.0 missions, such as LEO constellations,” said Kevin Hell, president and CEO of mPower Technology. “This new funding from highly regarded space sector investors that focus on national security, is a testament to the confidence our customers have in our proven ability to rapidly deliver space power at scale.”

“Space capabilities have been used as an economic engine and to enhance national security for decades. The entire space ecosystem is on the cusp of transformational growth, and nothing happens in space without power. It is a critical enabler,” said Mark Spoto, managing partner of Razor’s Edge. “The confidence we have in mPower is based on real-world proof – its solar solutions are in orbit and delivering value now. It is the only company in the market with proven automated manufacturing that is now ready for high-rate production.”

With a significant new business pipeline and over 12 years of combined on-orbit space heritage, mPower is rapidly becoming the leading provider of power solutions for the next generation of space missions. mPower has been chosen as a solar power provider for key industry players such as Airbus, Blue Origin/Honeybee, Firefly Aerospace, Lynk Global, Gravitics and many others.

This growing roster of customers will be supported by mPower’s first high-volume automated manufacturing line which is located at mPower’s contract manufacturer Universal Instruments Corporation in Conklin, New York. This line dramatically expands throughput and will produce over 2 megawatts of DragonSCALES modules annually, a capacity greater than the total combined global production output of traditional gallium arsenide (III-V) solar module suppliers. High-volume operations commence next month and will produce solar modules for hundreds of spacecraft, including mPower’s contract to supply more than 1.1 megawatts of solar modules for Airbus’ MDA AURORA™ program, one of the largest space solar deals in history.

About mPower Technology, Inc.

mPower Technology is shaping the future of solar power with a revolutionary new technology called DragonSCALES™, a completely flexible, interconnected mesh of miniature solar cells. Leveraging well-established and affordable materials, processes and tools for the silicon PV and microelectronics industries, DragonSCALES enables completely new design options for solar power, removing the constraints of existing silicon and gallium arsenide solar solutions, and enabling highly flexible, resilient, lightweight designs that can be rapidly deployed at extremely low cost. Follow us on LinkedIn, X and Facebook, or visit mpowertech.com for the latest news and information.

About Razor’s Edge

Razor’s Edge is a growth equity firm that invests in technology companies solving significant challenges in national security and high-growth commercial markets. In addition to providing capital to accelerate the pace of innovation, Razor’s Edge offers direct and practical operational support informed by decades of collective experience in the national security sector. The Razor’s Edge team works tirelessly to identify disruptive technologies and capabilities that can solve critical mission needs and deliver them to government and commercial customers who need them. For more information, visit www.razorsvc.com. (Source: PR Newswire)

 

09 May 25. Valarian, the company behind ACRA — a platform for enforced isolation and compartmentalized infrastructure — today emerged from stealth, announcing $7m in new strategic funding, bringing its total seed to $20m. With rising demand for control-first security postures, this latest capital injection will fund the public launch of Valarian Defence, an offering built specifically for governments and institutions operating in high-risk, mission-critical environments. The round was co-led by defence-focused Scout Ventures and Artis Ventures, both making rare investments outside the United States, with participation from angel investor Gokul Rajaram. Previous investors have included Molten Ventures, IQ Capital, and MD One.

“Our conviction in Valarian isn’t just about the technology — it’s about what it represents: a next generation of dual-purpose software. Seeing innovation like this coming out of the UK shows how geographically global this problem set is,” said Cody Huggins, partner at Scout Ventures.

Founded by operators with frontline experience, Valarian brings together expertise from military, finance, and systems domains. Max Buchan, a former international finance operator, and Josh McLaughlin, a former U.S. Army officer and Palantir executive, created Valarian’s ACRA platform based on their experiences in environments where trust routinely fails.

After a few years of building and hardening ACRA to accommodate the needs of regulated enterprises, Valarian is now scaling its platform into national security and critical coordination environments where traditional security approaches have proven inadequate.

“We built ACRA because the environments we came from didn’t trust shared infrastructure — and now that skepticism is becoming standard,” said Max Buchan, Valarian’s Co-Founder and CEO. “The more sophisticated the threat landscape becomes, the less room there is for improvisation in how institutions protect communications, data, and operational continuity.”

To date, the company has developed two core product lines: Privileged Communication and External Comms Capture for regulated enterprises, while Valarian Defence extends these capabilities to government-grade deployments requiring enforced compartmentalization and secure coordination infrastructure.

“Breaches don’t just leak sensitive data anymore — they disrupt discretion, decision-making, and the ability to respond,” said Josh McLaughlin, Co-Founder and COO of Valarian. “Valarian Defence is about helping governments and institutions retain control even when everything else is under stress.”

The company will use the new capital to expand its government partnerships, develop additional deployment pathways, and bring platform-level containment to environments previously reliant on retrofitted security measures.

To learn more, visit: www.valarian.com

About Valarian

Valarian delivers infrastructure for institutions operating at the front lines of risk. Its platform, ACRA, enforces isolation, auditability, and control—designed to contain threats and preserve operational integrity when assumptions about trust fail.

Valarian serves both regulated enterprises and national security programs with compartmentalized systems for secure communication, compliance, and continuity. Its core offerings include Privileged Communication, a tightly permissioned collaboration suite, and External Comms Capture, a tool for monitoring and archiving messaging platforms like WhatsApp, Signal, and Telegram. For government and defence contexts, Valarian Defence extends ACRA’s architecture to environments where discretion, coordination, and jurisdictional control are non-negotiable.

Founded by leaders from the military, financial, and technical domains, Valarian builds with the belief that critical systems deserve architecture—not improvisation. (Source: PR Newswire)

 

08 May 25. MDA Space Ltd. (TSX: MDA), a trusted space mission partner to the rapidly expanding global space industry, today announced its financial results for the first quarter ended March 31, 2025.

  • Q1 2025 Highlights
  • Backlog of $4.8bn at quarter-end, up 46% YoY
  • Revenues of $351.0m, up 68% YoY
  • Adjusted EBITDA1 of $68.6m, up 63% YoY, and adjusted EBITDA margin1 of 19.5%
  • Adjusted net income1 of $37.2m, up 103% YoY, and adjusted diluted earnings per share1 of $0.29, up 93% YoY
  • Operating cash flow of $267.0m
  • Net cash position of $376.3m at quarter-end
  • Reaffirmed 2025 full-year financial outlook

“Q1 marked a strong start to the year with the MDA Space team delivering another quarter of solid growth in our top and bottom lines as we continued to execute and convert our backlog,” said Mike Greenley, Chief Executive Officer of MDA Space.

“With robust momentum in our end-markets, we continue to grow our backlog, which at quarter-end stood at ~$5 bn providing good revenue visibility for 2025 and beyond. Notable awards in Q1 included a contract from Globalstar for its next generation LEO constellation which will include more than 50 MDA AURORA™ digital satellites,” continued Mr. Greenley.

“Subsequent to quarter-end, we announced that we have entered into a definitive agreement to acquire SatixFy Communications, a transaction that once complete, will further enhance our end-to- end satellite systems offering as demand for next generation digital satellite communications continues to accelerate.”

Q1 2025 HIGHLIGHTS

  • Backlog of $4.8bn at quarter-end provides good revenue visibility for 2025 and beyond and was up 46% compared to Q1 2024. The year-over-year increase is driven by new order bookings including the Globalstar next generation LEO constellation award in Q1 2025.
  • Revenues of $351.0m in Q1 2025 were up 68% year-over-year driven by higher revenues across our business areas with strong contributions from Satellite Systems business.
  • Adjusted EBITDA(1) of $68.6 m in Q1 2025 compared to $42.0 in Q1 2024, representing an increase of 63% year-over-year driven by higher volumes of work. Adjusted EBITDA margin(1) was 19.5% in Q1 2025, in line with 20.1% reported in Q1 2024 and consistent with the Company’s full year margin guidance of 19%-20%.
  • Adjusted net income for Q1 2025 was $37.2m compared to $18.3 in Q1 2024, representing an increase of 103% year-over-year driven by higher operating income. Adjusted diluted earnings per share of $0.29 in Q1 2025 compared to $0.15 in Q1 2024, representing an increase of 93% year-over-year.
  • Operating cash flow was $267.0m in Q1 2025 compared with $24.7m in Q1 2024. The year-over-year increase in operating cash flow was driven by positive working capital contributions primarily related to the Globalstar next generation LEO constellation and Telesat Lightspeed constellation programs.
  • Net cash position of $376.3m at quarter-end, compared to a net cash position of $166.7m as of December 31 2024 as the Company utilized its strong operating cash flow in 2024 to deleverage the balance sheet.

1As defined in the “Non-IFRS Financial Measures” section

2025 FINANCIAL OUTLOOK

As a trusted mission partner and leading global space technology provider, we are leveraging our capabilities and expertise to execute on targeted growth strategies across our end markets and business areas. Our strategic initiatives, which span across our three businesses, include investing in next generation space technology and services, expanding our presence in high growth markets and geographies, scaling and expanding skills, talent and operations to meet current and future market demand and leveraging strategic M&A to complement organic growth. We continue to make good progress against our long-term strategic plan.

MDA Space is well positioned to capitalize on strong customer demand and robust market activity given our diverse and proven technology offerings. Our growth pipeline is significant and underpinned by existing and new programs and our book of business is healthy. We see activities ramping up in line with our expectations and are encouraged by the team’s solid execution.

For fiscal 2025, we reaffirm the previous outlook provided in our Q4 2024 earnings release and continue to expect full year revenues to be $1.50 – $1.65bn, representing year-over-year growth of approximately 45% at the mid-point of guidance. We continue to expect full year adjusted EBITDA to be $290 – $320m, representing year-over-year growth of approximately 40% at the mid-point of guidance, and approximately 19% – 20% adjusted EBITDA margin. We reaffirm our expectations that capital expenditures will be $210 – $240 m in 2025, comprising of growth investments to support the previously outlined growth initiatives across our business areas. We continue to expect full year free cash flow to be neutral to positive in 2025.

For Q2 2025, we expect revenues to be $360 – $380m as we continue to execute on our backlog.

Note that the provided 2025 financial outlook does not incorporate any potential impact from the U.S. tariffs announced this year on articles imported from Canada or the retaliatory Canadian tariffs imposed on Canadian imports from the U.S. MDA Space continues to work collaboratively with our customers to identify solutions and explore mitigation strategies. The Company will continue to closely monitor developments and may elect to update its financial outlook if deemed necessary. (Source: PR Newswire)

 

09 May 25. Rheinmetall in talks with suitors for civilian businesses, CEO says. Rheinmetall has been contacted by potential buyers of its civilian businesses and is in talks with them, as the German defence contractor seeks to focus on its booming military business, its CEO said.

“Rheinmetall has for a while received expressions of interest from potential buyers and is in talks with them,” CEO Armin Papperger said in a speech to be held at the May 13 annual shareholder meeting, posted on the company’s website on Friday.

Papperger reiterated that the Power System division, which serves civilian industries including automotive and energy, was no longer a core part of the group. The company has also been seeking to convert certain car part factories to be used by its defence businesses.(Source: Google/Reuters)

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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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