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30 May 25. Brazilian aerospace and defense major Embraer today announced a significant reinforcement of its commitment to India with the establishment of a fully owned Indian subsidiary which will have its corporate office in AeroCity, New Delhi. This strategic move underscores Embraer’s long-term vision for growth and potential collaboration with India’s rapidly evolving aerospace and defense landscape. The establishment of a subsidiary in India aims at strengthening its interests across defense, commercial aviation, business aviation, services & support and the burgeoning urban air mobility sector. Embraer is working on growing its team in the country, building capacity to capitalize on the opportunities within the country’s ever-evolving aerospace and defense industry. This includes establishing teams across corporate functions and specialized cells focused on procurement, supply chain and engineering.
“India is a key market for Embraer, and this expansion demonstrates our unwavering commitment to the country,” said Francisco Gomes Neto, President & CEO of Embraer. “We are excited to deepen our collaboration with the Indian aerospace and defense industry, leveraging our expertise and technology to contribute to the nation’s growth and Make in India campaign. We see significant opportunities across defense, commercial aviation, business aviation, services & support, and the emerging urban air mobility sector.”
Embraer is significantly deepening its engagement in India. The company has a substantial footprint with nearly 50 Embraer aircraft and 11 aircraft types currently operating in the country – from commercial aviation, defense and business aviation, all supported by Embraer’s service and support network in the country. Embraer’s growth in the country also underscores the strengthening of ties between Brazil and India, with Embraer’s expansion in the region reflecting a shared commitment to deeper collaboration and mutual growth. Embraer’s involvement in India, including participating at the upcoming IATA AGM 2025 in New Delhi, highlights the company’s strategic focus on the Indian market and ongoing efforts to engage with key stakeholders across the aviation ecosystem. This announcement builds upon recent strategic moves Embraer has made in India, including an MoU signed in February 2024 between Embraer Defense & Security and Mahindra Defence Systems to evaluate the opportunity to jointly pursue the Indian Air Force’s Medium Transport Aircraft (MTA) program with the C-390 Millennium. The C-390 is a new generation multi-mission aircraft designed and built to take on the demands of the 21st century operating environment. The aircraft is the most advanced in its class and flies faster (470kts) and further on a standard crew duty day. It also carries more cargo (26 tons) compared to other medium sized military cargo aircraft. The C-390 has been in operation for many years at Full Operational Capability and can perform a wide range of missions such as transporting and dropping cargo and troops, medical evacuation, search and rescue, humanitarian missions, firefighting and air-to-air refueling both as a tanker and a receiver. On the commercial aviation front, the E-Jets family of regional and small narrowbody aircraft brings significant benefits to India’s air connectivity by unlocking ‘blue ocean’ opportunities found in tier two and tier three cities and contributing to India’s aspirations of becoming a leading global aviation hub. The E-Jets have transformed and enhanced regional connectivity as proven with Star Air – an all-Embraer operator of E175 and ERJ145 aircraft. With a range beyond the turboprop and capacity below the 180-seat narrowbody, the E-Jets are empowering airlines to tap on the next frontier of growth through enhanced regional connectivity and optimization of capacity to demand on thin routes. Embraer aircraft that are operated by Indian Forces include the Legacy 600 aircraft used for the transportation of government officials and VIPs by the Indian Air Force (IAF) and Border Security Force (BSF) and the ‘Netra’ AEW&C aircraft based on the Embraer ERJ145 platform operated by the IAF.
28 May 25. Global investors launch Europe defence funds to profit from rearmament. BlackRock and BNP Paribas have become the latest asset managers to launch exchange-traded funds focused on funnelling cash into Europe’s defence industry, with at least nine new funds created in the last seven months. European governments are ramping up spending on ammunition, tanks and other arms in response to deepening geopolitical tensions and U.S. President Donald Trump’s warnings that they should not rely so much on Washington. This has prompted money managers to tap into growing investor demand to profit from the region’s rearmament drive. Asset managers offer more than 50 defence industry ETFs globally, but Europe-focused products are a recent trend, with nine launched since late last year, according to company releases and data from Morningstar Direct. The world’s largest asset manager BlackRock and the fund arm of French bank BNP Paribas said their launches were in response to increased demand. Amundi and WisdomTree had earlier launched similar products. (Source: Reuters)
29 May 25. Northrop Grumman invests $50m in space startup Firefly Aerospace. U.S. defense contractor Northrop Grumman (NOC.N) has invested $50m into space startup Firefly Aerospace to aid the production of their jointly developed rocket, the companies said on Thursday. The medium launch vehicle, dubbed “Eclipse”, is built upon Northrop Grumman’s Antares and Firefly’s Alpha rocket, and is set to first launch from Wallops Island, Virginia, as early as 2026. Eclipse is designed to support space station resupply, commercial spacecraft, critical national security missions and scientific payloads for domestic and international markets. Northrop’s investment comes as interest in space startups heats up under U.S. President Donald Trump’s efficiency drive, encouraging more joint projects between big defense contractors and smaller tech firms. Firefly gained prominence in the space race after becoming the second private firm to score a moon landing in a successful first attempt with its uncrewed Blue Ghost spacecraft earlier this year. The Texas-based company was valued at more than $2 billion in November, when it raised $175m in a late-stage funding round. It makes small- and medium-lift launch vehicles for commercial launches to the earth’s orbit. (Source: Reuters)
29 May 25. COHORT PLC (“Cohort” or “the Group”) Full Year Trading Update
Strong growth, in line with expectations
Record closing order book
Cohort, the independent technology Group, today provides a trading update for its financial year ended 30 April 2025.
Summary
- Trading performance for the year ended 30 April 2025 showed strong growth in revenue and profit compared to the year ended 30 April 2024, in line with market expectations.
- Positive closing net funds exceeded £5m, significantly ahead of expectations. The Group has maintained a strong balance sheet and liquidity following the £75m acquisition of EM Solutions and associated £41m fund raising.
- Strong order intake of c.£285m (excluding the c.£80m order book acquired with EM Solutions) once again exceeded revenue. The comparable 2024 figure of £387m included an exceptionally large Royal Navy order of £135m. Excluding this large naval order, the increase was 12%.
- The closing order book of c.£615m represented a new record for the Group (30 April 2024: £518.7m).
- The order book underpins c.£230m of current market revenue expectations for the new financial year (30 April 2024: £180m) or c.80% cover of current market expectations.
- The Group agreed the sale of its small Transport division (reported within Sensors and Effectors) immediately after the year end for a consideration of just over £8m. The disposal is expected to complete 30 June 2025, and to have no material impact on earnings estimates for 2025/26.
FY25 year-end update
Cohort achieved strong growth in revenue and profit in its 2024/25 financial year, in line with market expectations. The result was driven by excellent organic growth in the Communications and Intelligence division, supplemented by an initial three-month contribution from EM Solutions, with the performance of the Sensors and Effectors division broadly flat compared with last year. The Group net margin was 10.2% (2024: 10.4%). Communications and Intelligence saw excellent growth in revenue and trading profit with a net margin of around 17% compared with 15.5% last year. Sensors and Effectors delivered a broadly flat trading profit performance despite higher revenue. The net margin of this division was just under 9% compared with over 10% last year. The fall in net margin was due to weaker margin mix at SEA and delays and one-off project costs at Chess. Cohort maintained a strong balance sheet and liquidity, ending the year with net funds of over £5m, a result of good working capital management in both divisions. This followed completion of the AUD$144.0 m (£75m) acquisition of EM Solutions – Cohort’s largest to date – which was funded by a combination of a £41m placing, own cash and debt facility. Order intake was c.12% higher than last year, excluding the impact of the large Royal Navy contract signed in March 2024. Total order intake (excluding the c.£80m order book acquired with EM Solutions) was around 1.1x annual revenue (2024: 1.9x). Following several significant contract awards during the year and the addition of EM Solutions, the closing order book exceeded six hundred m pounds, with on-order revenue extending out to the mid-2030’s. The disposal of the Group’s small non-core Transport division, part of SEA, is a positive step in further focussing our business on defence and security. Following this, the Group’s on-going non-defence revenue is expected to be about 3% of the total.
Outlook for FY26
Cohort continues to see good demand for our products and services from both domestic and export customers. The drivers for investment in defence remain strong, with the ongoing conflict in Eastern Europe and continuing tensions in the Indo-Pacific region leading to increased global defence spending. We still await the UK’s Strategic Defence Review, but at present we expect this to maintain a focus on technologies and capabilities aligned with what the Group provides. The recent acquisition of EM Solutions (completed on 31 January 2025) is highly complementary and is in line with our stated strategy to accelerate growth by making targeted acquisitions in the UK and overseas. Australia is an increasingly important strategic region, reflecting the increased security challenges in the Indo Pacific, and the creation of the AUKUS alliance. The integration of EM Solutions is progressing to plan, and we expect a strong contribution from the business in 2025/26. We have an encouraging pipeline of order opportunities for the current year, providing a positive outlook for organic growth in the years ahead and supporting our mid-term aim to improve net margins to a low to mid-teen %. Overall, our expectation for the coming financial year remains unchanged.
Notice of FY25 results
It is the Group’s intention to issue its preliminary announcement for the year ended 30 April 2025 on 16 July 2025.
Andrew Thomis, Chief Executive of Cohort, said: “Cohort achieved strong growth in revenue and profits in 2024/25, in line with market expectations. Following another year of strong order intake and the recent acquisition of EM Solutions, we have a record closing order book and encouraging prospects for further orders. We are excited about the integration of EM Solutions and the additional opportunities for growth it represents. It was a significant step for Cohort, broadening our strong naval systems service offering, bringing in new customers and enhancing the global footprint of the combined business. Our strong balance sheet and liquidity provides a robust platform from which to continue to invest in the business while considering selective acquisitions. We expect to continue our strong organic growth in 2025/26 and beyond.”
Market expectations
The consensus market expectations for the year ended 30 April 2025 were £27.6m of trading profit on £245m of revenue, delivering adjusted earnings per share of 46.1 pence.
Equity Development comment on Cohort plc
FY Trading Update
A new record order book
In a Trading Update for the year to 30 April 2025, Cohort reports strong growth and a record closing order book of £615m, materially surpassing the previous record of £518.7m. The Group expects FY25 performance in line with market expectations, underpinned by strength in the Communications & Intelligence (C&I) division, whilst Sensors & Effectors (S&E) performance was comparable to FY24. Order intake was c.£285m (1.1x revenue) and excludes an additional £80m of orders acquired with EM Solutions; the comparable FY24 figure of £387m which included the single Royal Navy order for £135m, which if excluded indicates 12%YoY growth. Closing net funds stood at £5m, ahead of Group expectations following the acquisition of EM Solutions for £75m. The recent disposal of the transport operations of SEA will reduce the non-defence component of revenue to only 3%. The Group reports continuing demand for its products and services, notably in light of the ongoing conflict in Eastern Europe and tensions in Indo-Pacific, whilst also awaiting the imminent outcome of the UK’s Strategic Defence Review. The addition of EM Solutions also aligns with defence initiatives in Australia and Indo-Pacific, backed by the AUKUS strategic alliance. Whilst noting the strength of the share price, our outlook is unchanged for now. FY25 reporting in July will provide the opportunity to both review forecasts and reassess our Fair Value calculation.
28 May 25. Leidos acquires Kudu Dynamics for $300m to enhance AI-driven offensive cyber, EW. “We feel like this acquisition moves us in some certain sub-elements of offensive cyber about 18 months forward on what we would have been able to do with our organic investment,” President of Leidos National Security Sector Roy Stevens told Breaking Defense.
Defense and information technology company Leidos announced today it acquired Kudu Dynamics, a cybersecurity and networks company, for $300 m in an effort to beef up its artificial intelligence-enabled offensive cyber and electronic warfare capabilities.
Roy Stevens, president of Leidos National Security Sector, told Breaking Defense ahead of today’s announcement that AI has been an area of strength for the company for “a long time.” Leidos’ expertise coupled with Kudu’s strength in vulnerability research and exploit development — the practice of finding weak points in an adversary’s cyber or electronic warfare structure and then finding a way in — is a “really good match,” he said.
“That was the strength of theirs, where we felt like we have capabilities, but their capabilities are stronger,” Stevens said regarding Kudu Dynamic’s vulnerability research. “You take that capability and our AI capability, and you merge them together, and now you get what you want in an acquisition — the one plus one equals four.”
Stevens said that Leidos could have gone the route of developing an AI-enabled cyber offensive capability on its own as that would likely be the cheapest way, but having a partner that’s at “the next level” will allow them to develop such capabilities much faster.
“We feel like this acquisition moves us in some certain sub-elements of offensive cyber about 18 months forward on what we would have been able to do with our organic investment,” he said.
Stevens explained that both companies’ AI, mixed with Kudu’s ability to find vulnerabilities and produce exploits, will speed up the process of infiltrating adversarial networks because exploits traditionally take a long time to develop, and they can’t be recycled due to their identifiable signatures.
“With AI you can change a few variables [of the exploit] very quickly and automate that. So instead of generating one [then] using it, generating another [then] using it, you can very quickly develop many.
“The second piece of what you can do is you can think about where are places that you can hide through obfuscation. AI enables you to do that in unique ways, versus in ways that are much more manual and labor intensive, and this allows you to deliver much quicker,” he said. Obfuscation refers to the process of making data unclear so it’s more difficult to reverse engineer it.
The acquisition of Kudu comes as lawmakers have called for an increase in offensive cyber capabilities, namely the $150 bn in additional defense spending in the House and Senate Armed Services Committees’ reconciliation package that included $1 bn for offensive cyber operations in Indo-Pacific Command. And earlier this month, Ashley Manning, the defense secretary’s chief cyber advisor, told an audience at TechNet Cyber that the Pentagon is using offensive cyber capabilities to bolster security at the southern border and disrupt the “illicit” behavior of transnational criminal organizations. However, Stevens said the timing of the acquisition was not tied to the current administration or recent moves in Congress. Rather, it was brought on by a year-long process of “deep strategic thinking” where the company found that the need for offensive cyber capabilities is significantly growing.
“It is more about where the state of warfighting is going, and where current operations are, and where the threat environment is taking us,” Stevens said. “This is what the department and the intel agencies are saying their need is and where their need is.”
The acquisition of Kudu, a company with around 170 employees that was founded in 2013, marks the first Leidos acquisition in two and a half years, according to a Leidos press release. Headquartered in Chantilly, Va., with smaller offices stationed across the country, Kudu was previously awarded a $17 m contract for software development for the Defense Advanced Research Projects Agency and over $49 m to develop Tactical Proficiency Synthesis software and hardware prototypes for the US Air Force.
“We’re excited to deliver the next level of capabilities to our customers as we bring together the highly innovative cyber professionals and disruptive technologies of Kudu with the scale, resources and experience of Leidos,” Kudu Dynamics Founder and CEO Mike Frantzen, said in a press release. “In Leidos, we’ve found a partner who shares our ethic of purposeful innovation in support of our nation’s most critical missions.” (Source: Breaking Defense.com)
27 May 25. ATL Partners (“ATL”), a sector-focused private equity firm, today announced the sale of Geost, LLC (“Geost”), a subsidiary of its portfolio company LightRidge Solutions, to Rocket Lab USA, Inc. (Nasdaq: RKLB), a leading space systems and launch services provider. This transaction represents a successful exit for ATL, which acquired Geost in 2021 and, in partnership with management, scaled the business into a market leader in electro-optical and infrared (EO/IR) sensing technologies supporting high-priority national security space missions. With more than 20 years of flight heritage across classified and unclassified missions, Geost delivers advanced EO/IR sensor systems for missile warning and tracking, tactical intelligence, surveillance and reconnaissance, Earth observation, and space domain awareness – core capabilities for achieving the U.S. Department of Defense’s goals for resilient, proliferated space architectures such as the proposed Golden Dome. ATL takes a thematic approach to investing and is focused on three critical, high-growth and attractive segments of the industrial economy: commercial aerospace, national security, and transportation & logistics. Accordingly, in 2021, ATL established LightRidge Solutions as a platform to acquire national security-focused assets following the acquisition of Geost. Under ATL’s ownership, Geost entered new critical mission areas, introduced innovative and affordable products for its customers, and expanded its production and engineering base to be a leading supplier of payloads. Rocket Lab’s acquisition affirms the value and technical excellence Geost brings to the EO/IR payload space and meaningfully enhances Rocket Lab’s integrated solutions for defense and intelligence customers.
“Under ATL’s ownership, Geost has been transformed into a disruptive and innovative space technology business,” said Michael Kramer, a Partner at ATL Partners. “We have worked closely with Geost’s talented team to accelerate growth, deepen technical capabilities, and expand customer engagement. Geost’s contributions to missile warning, space domain awareness and protection, and proliferated LEO architectures have been fundamental to this success. Rocket Lab is a compelling new home for Geost’s team and mission, and we are excited to see what comes next.”
Bill Gattle, Geost’s General Manager and CEO of LightRidge Solutions, said, “We are incredibly grateful to ATL Partners for its support and strategic guidance over the past four years. With ATL’s backing, we have grown into an industry leader, delivering technologies that address real mission needs for government and commercial customers. By joining forces with Rocket Lab, we are enhancing our ability to scale, accelerate innovation, and broaden our impact. We look forward to this next chapter as we continue to meet the evolving challenges of our customers and the industry.”
ATL Launches Trident as a Defense Electronics Platform
Upon the closing of this transaction, ATL will combine the two remaining divisions of LightRidge, Trident Systems and Ophir Corporation, to form a newly integrated platform, Trident Solutions. This new entity will focus exclusively on providing mission critical electrical components, processing solutions, and airborne payloads that are aligned with the country’s most pressing national security challenges. ATL believes that Trident Solutions is well positioned to serve as a partner of choice for many leading prime and government customers across multiple domains as well as capitalize on growing opportunities in defense electronics, national security space, and advanced airborne systems. ATL Partners will continue to actively support Trident Solutions as it expands its platform through both organic growth and strategic acquisitions. The transaction is subject to regulatory review and approval which is expected to be obtained in the second half of 2025. LightRidge and Rocket Lab will operate as independent businesses and run their operations as usual until that time.
Baird served as financial advisor and Gibson, Dunn & Crutcher LLP served as legal counsel to LightRidge.
About ATL Partners:
Founded in 2014, ATL Partners is a premier sector-focused private equity firm that invests in commercial aerospace, national security, and transportation & logistics companies. ATL brings deep sector expertise to its investment approach with experienced investment professionals and strong operating executives who have decades of combined experience in each of ATL’s core sectors. For more information about ATL Partners, visit https://www.atlpartners.com.
About Geost
Founded in 2004, Geost, LLC, a LightRidge Solutions Company and portfolio company of ATL Partners, is a rapidly growing producer of affordable high-performance optical systems for critical national security space missions. The company has served its core National Security Space customer base since its founding and employs over 100 high performing professionals. For more information on Geost visit: https://www.geost.com. (Source: BUSINESS WIRE)
27 May 25. Motorola Solutions (NYSE: MSI) today announced it has entered into a definitive agreement to acquire Silvus Technologies, Inc. (“Silvus”) for $4.4bn in up-front consideration. Based in Los Angeles, California, Silvus designs and develops software-defined high-speed mobile ad-hoc network (MANET) technology that enables highly secure data, video and voice communications without the need for fixed infrastructure. Silvus’ wide range of customers spans autonomous systems manufacturers, military, law enforcement and enterprises around the world. Silvus’ technology is designed to support frontline operations in the most challenging and contested environments. Silvus’ devices mesh together to establish large, scalable and self-healing networks that adapt to continuous mobility. These robust mobile networks connect people, devices and other nodes over distance and at scale, and seamlessly support bandwidth-intensive technologies like video, sensors and drones.
“Safety at our front doors starts with safety on our front lines,” said Greg Brown, chairman and CEO, Motorola Solutions. “This acquisition underscores our unwavering conviction that technology is the bedrock for protecting communities, securing borders and defending against today’s ever evolving threats, whether in the air, on the ground or in the water. As a result, we’re now expanding our intelligent network footprint and powering next-generation security for those who stand on the front lines everywhere.”
Silvus brings more than 20 years of R&D invested in developing complementary technologies and sophisticated software algorithms for high-performance MANET networks that maximize throughput and connected nodes, mitigate jamming, and minimize detection and interception. The companies expect to combine their exceptional engineering teams and leverage Motorola Solutions’ go-to-market footprint to reach customers globally.
Babak Daneshrad, PhD, CEO, Silvus Technologies, said, “We’re inspired by Motorola Solutions’ deep tradition of innovation. The idea that safety is the foundation on which better lives are built is not just a deeply held belief our companies share, but is the motivating force behind our R&D and work. I look forward to our future together, unifying the strengths of our advanced engineering teams in pursuit of serving those who protect us all.”
“Finally, I want to thank TJC for their guidance and support on our journey,” said Daneshrad. “It has been a privilege to partner with Babak and the Silvus team, and see their relentless dedication result in disruptive technological advances and safer, more resilient communications for their critical customer base,” said Erik Fagan, Partner and Head of Industrial Technology, TJC. “We look forward to Silvus’ continued success as part of the Motorola Solutions family.”
For more information on the acquisition, please view the investor presentation on the Motorola Solutions Investor Relations website at www.motorolasolutions.com/investors. A conference call and presentation will be hosted on May 28, 2025 at 7:30 a.m. CST. Interested individuals can access the webcast on the Motorola Solutions Investor Relations website, and an archive of the webcast will be available for a limited period of time thereafter.
Transaction Terms
Under the terms of the agreement, Motorola Solutions will acquire Silvus for $4.4bn in up-front consideration, comprising approximately $4.38 bn in cash (subject to customary adjustments) and approximately $20 m in restricted stock to certain employee equity holders. Additionally, under the terms of the transaction, Silvus has the potential to receive an earnout of up to $600 m in the aggregate based on business performance over consecutive twelve-month periods ending in 2027 and 2028. The acquisition is expected to close in Q3 or Q4 of 2025, subject to the receipt of required regulatory approvals.
About Motorola Solutions | Solving for safer
Safety and security are at the heart of everything we do at Motorola Solutions. We build and connect technologies to help protect people, property and places. Our technologies support public safety agencies and enterprises alike, enabling the collaboration that’s critical for safer communities, safer schools, safer hospitals and safer businesses. Learn more about our commitment to innovating for a safer future for us all at www.motorolasolutions.com.
About TJC
TJC, formerly known as The Jordan Company, has worked for more than 40 years with CEOs, founders and entrepreneurs across a range of industries including Consumer & Healthcare, Diversified Industrials, Industrial Technology, Aerospace & Defense, Logistics & Supply Chain and Technology & Infrastructure. With $32.0 bn of assets under management as of March 31, 2025, TJC is managed by a senior leadership team that has invested together for over 23 years on over 85 investments. TJC has offices in New York, Chicago, Miami and Stamford. For more information, please visit www.tjclp.com. (Source: BUSINESS WIRE)
27 May 25. Amprius Technologies, Inc. (“Amprius” or the “Company”) (NYSE: AMPX), a leader in next-generation lithium-ion batteries with its Silicon Anode Platform, today announced a new contract manufacturing agreement with a leading battery manufacturer in South Korea. This strategic partnership expands Amprius’ global production footprint and enhances its ability to deliver high-performance SiCore® cells at scale to meet rising global demand. The South Korean partner brings extensive experience in manufacturing advanced lithium-ion batteries across a range of form factors and cell chemistries. Initial production will include a balanced SiCore cell engineered to deliver high-energy and high-power performance for an advanced drone.
“This partnership reflects the next step in Amprius’ capital-light production scaling strategy,” said Dr. Kang Sun, CEO of Amprius Technologies. “By expanding our manufacturing footprint into new regions, we are strengthening our supply chain and positioning ourselves to serve global customers with greater speed and efficiency. This collaboration allows us to scale confidently while continuing to deliver the industry-leading performance for which Amprius is known.”
The Korean-based facility will manufacture SiCore silicon anode cells to Amprius’ specifications, supporting both current and next-generation battery platforms. These high-performance lithium-ion cells are optimized for high-demand applications in aerospace, defense, and electric mobility. The addition of this manufacturing partner builds upon Amprius’ existing 1.8 GWh of contracted production capacity, enabling the Company to deliver at volume and compete more effectively across global markets. This expansion also allows Amprius to streamline logistics and accelerate delivery timelines for customers across the globe. This partnership represents a pivotal step in Amprius’ journey to scale its SiCore platform and accelerate the commercialization of high-performance silicon batteries, helping pave the way for the next generation of electric mobility with unparalleled energy density and reliability. (Source: BUSINESS WIRE)
27 May 25. GenAI VC funding in early 2025 highlights widening gap between US and China, finds GlobalData. Generative artificial intelligence (GenAI) continues to capture the venture capital (VC) investors’ attention, with funding in the US soaring past $50bn in the first five months of 2025 alone. Despite a rebound in early 2025, China still trails significantly due to regulatory headwinds, highlighting a widening gap between the two markets in their pursuit of dominance in GenAI innovation, according to GlobalData, a leading data and analytics company. An analysis of GlobalData’s Deals Database reveals that the US has emerged as a clear leader. Although China has also garnered investors’ attention but lagged significantly compared to the US. In the US, the number of VC deals announced in the GenAI space has surged from around 50 deals in 2020 to more than 600 deals in 2024 while 2025 (January to 26 May) so far has already seen the announcement of more than 200 deals. Similarly, the total VC deal value in the US skyrocketed from around $800m in 2020 to a staggering $39bn in 2024. Notably, it has already surpassed $50bn in just the first five months of 2025. This explosive growth underscores the robust appetite for innovation and investment in the GenAI space.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “This growth trajectory positions the US as a powerhouse in GenAI investment, showcasing a strong commitment to fostering technological advancement. The underlying factors contributing to the US’ dominance in the GenAI space include a well-established venture capital ecosystem, a culture of innovation, and a regulatory environment that encourages investment in emerging technologies.”
Meanwhile, China’s VC funding activity in the GenAI space has also shown growth but lags far behind the US. Starting with just one deal in 2020 and peaking at 39 deals in 2024, the country has seen the announcement of 14 deals in 2025 so far. China’s VC deal value has also remained relatively lower, from around $40m in 2020 to peaking at around $400 m in 2023 followed by a decline to around $140m in 2024. However, VC funding value rebounded strongly in early 2025 with the first five months of the year itself seeing around $250m worth of deals announcement.
Bose concludes: “The US has positioned itself as a global leader in the GenAI space driven by substantial investments from venture capitalists eager to capitalize on the transformative potential of this technology. In contrast, China’s challenges in attracting similar levels of investment reflect broader issues within its tech ecosystem, including regulatory constraints. Nevertheless, China’s ability to adapt and create a more favorable environment for GenAI development will be crucial for its long-term competitiveness in the global tech landscape.”
27 May 25. Terma Update. With an order intake of DKK 3.9bn and earnings growth of 37%, Terma concludes a strong 2024/25 fiscal year—reinforcing its financial foundation and capacity for continued investment in innovation and critical capabilities. The 2024/25 financial year was marked by continued strong global demand for advanced defense and security solutions. Terma delivered a 49% increase in order intake and an impressive 37% year-on-year increase in earnings before special items and tax. This is supported by improved operational efficiency and disciplined execution. The revenue for Terma in the 2024/25 fiscal year was DKK 2.9 bn, which represents a 9% year-on-year increase. 2024/25 was also marked by ATP, Denmark’s largest pension fund, becoming an investor and joined the Board of Directors. This partnership strengthens Terma’s ability to pursue both organic and inorganic growth opportunities, while also investing significantly in new capabilities and technologies.
Accelerating innovation and delivery
A key priority for Terma is developing high-technology solutions with shorter development cycles. The recent launch of the groundbreaking SCANTER Sphera drone detection radar is a clear example of this direction:
“The needs of our customers are evolving rapidly, and that requires a different pace – both in how we develop and how we deliver,” says CEO Henriette Hallberg Thygesen. “With solutions like SCANTER Sphera, we are combining high technology with agility, ensuring that our customers receive operational value faster. This is the direction we will continue to move in: scalable innovation with shorter development cycles and strong end-user impact.”
The SCANTER Sphera also marks Terma’s entry into the drone/counterdrone market.
“The growing drone threat makes it essential to strengthen critical infrastructure protection,” says Henriette Hallberg Thygesen. “Entering the drone and counter-drone domain is a natural next step in meeting this urgent need with the right technology.”
European demand driving strategic growth
Geopolitical developments continue to shape defense priorities – especially in Europe, where investment in defense and infrastructure protection is accelerating. In response, Terma is intensifying its focus on the European market and supporting efforts to strengthen regional resilience and autonomy. This aligns with Terma’s long-term strategy and builds on the company’s established partnerships in the region.
People and purpose driving progress
Terma’s performance in 2024/25 has been underpinned by a strong organizational effort. The company continues to focus on building a culture that supports deep functional expertise as well as agility and empowerment. Employees are involved early in complex projects and play a key role in accelerating development and delivery—an approach that reflects Terma’s ambition to remain responsive in a rapidly changing market.
“Our achievements this year are the result of the dedication, expertise, and strong commitment shown by all of our employees across the organization. Their professionalism and drive are what enable us to deliver complex solutions at pace – and to continuously raise the bar for what we can achieve together,” concludes Henriette Hallberg Thygesen.
The annual report has been approved at the General Meeting.
27 May 25. Saab’s Capital Markets Day 2025: Well-positioned for future growth. At its Capital Markets Day today in Karlskoga, Sweden, Saab presents an update on its strategic priorities and progress towards capturing future growth and ensuring delivery on customer commitments. This will be achieved through continued capacity expansion, investments in digital transformation and accelerated future capabilities.
“Saab remains committed to leading the way in an uncertain geopolitical security landscape. Going forward, we will continue to scale up our operations and will accelerate the development of future capabilities. We are well-positioned to further capture market opportunities while executing on our strong order backlog. This is a solid foundation for long-term growth and sustainable value creation,” says Micael Johansson, President and CEO of Saab.
At the Capital Markets Day, Saab elaborates on key focus areas:
- Scaling up. Saab will ensure delivery on customer commitments by continuing to ramp up capacity, driven by industrialisation and automation, underpinned by resilient supply chains.
- Focused market expansion. Saab will continue to drive growth focusing on the core areas of its portfolio with a multi-domestic approach targeted at key markets. Further partnerships and M&A will strengthen the company’s strategic position and technological leadership.
- Accelerating future capabilities. Saab takes an innovative approach to reduce lead times and time-to-market in key areas: air and naval autonomy, AI-based command and control systems, distributed sensors and advanced weapons. Saab’s digital transformation will focus on software-driven, data-centric, and AI-technology.
- An empowered workforce. Saab is fast-growing and successful at attracting top talent internationally and in Sweden, where it is now the country’s largest employer of engineers. As the company grows, focus on culture remains strong to ensure employees stay empowered to contribute to Saab’s mission of keeping people and societies safe.
Saab reiterates its medium-term financial targets for the period 2023-2027, last updated in February 2025, while continuing to see strong future growth opportunities:
- Sales growth: organic sales growth of around 18% (compound annual growth rate, CAGR).
- Operating income: operating income growth higher than organic sales growth.
- Operational cash flow: Cash conversion of minimum 60%, (cumulative for the 5-year period).
Speakers during the Capital Markets Day include Micael Johansson, CEO and President, Anna Wijkander, CFO, Görgen Johansson, Head of business area Dynamics and Carl-Johan Bergholm, Head of business area Surveillance.
22 May 25. Banks enthusiastic for AST SpaceMobile. AST SpaceMobile (AST) is expected to launch the first of its giant ‘second generation’ BlueBird satellites in July, and eventually will have around 250 satellites in orbit and will provide global direct-to-cellular and other broadband services. Bankers are getting increasingly enthusiastic about the company. Deutsche Bank, for example, in one of its ‘Stocks in Focus’ notes to clients, has given a price target of $64 for AST and more than doubling its current price of $26, reflecting a 59.4 percent discount to the price target and the bank says it has updated its financial model for AST. “Manufacturing and launch plans are on track and have crystallized further,” said the bank. The report added that AST is on track to launch 20 satellites this year and 40 next year. Deutsche Bank is helped with its judgement by the response from tests of AST technology in Japan by Rakuten. AST has contracted capacity for the next 5 launches, and is working toward potentially significant non-dilutive funding options, says the bank. Other bank reports have a similar enthusiasm, if not always quite such high estimates. Barclays has reiterated its ‘Overweight’ advice to clients, and with a $37 price target. ScotiaBank, another enthusiastic forecaster, on May 13th, reiterated its previous forecasts although a slight reduction in its price target from $47.90 to $45.40. (Source: Satnews)
27 May 25. Serco, the international provider of critical government services, has today announced it has completed the acquisition of Northrop Grumman’s mission training and satellite ground network communications software business (MT&S), having all necessary regulatory approvals. The acquisition was finalised at a purchase price of $327m (£245m). Following the acquisition, Defence will be Serco’s largest sector, representing 40% of Group revenue and 50% of Group underlying profit. The transaction will be mid-single digit accretive to underlying EPS in 2026, the full year of ownership.
Background to the acquisition:
- MT&S provides the US military with advanced mission training services, and software that makes satellite ground networks more efficient, and generates annual revenues of approximately $300m.
- Nearly 1,000 highly skilled individuals will join Serco, contributing invaluable expertise in digital engineering, software development, satellite ground network communications software, training and mission simulation.
- This strategic acquisition enhances Serco’s presence and scale in North America, expanding its business there to over $2 bn in annual revenue.
- Integrating this business expands the live and virtual training capabilities that Serco can offer its customers, allowing Serco to export MT&S’ best-in-class military training and satellite ground network communications software capabilities to existing defence customers and new, international markets.
- The acquisition also supports Serco’s growth goals within the global space sector, where Serco continues to build its space footprint in regions such as the US, the UK, Australia, Europe and the Middle East.
Anthony Kirby, Serco’s Group Chief Executive, said:
“Following this acquisition, defence will be our largest sector, representing approximately 40% of Group revenue, with operations in all our major geographies. North America will represent approximately 50% of Group underlying operating profit.
“This acquisition, our fifth in defence since 2019, strengthens our position for future organic growth through increased scale, our breadth of solutions and builds upon the excellent new business and retentions we have secured in defence so far in 2025.
“My colleagues and I are delighted to welcome around 1,000 highly experienced, skilled employees from Northrop Grumman to our business in North America.”
26 May 25. Hensoldt looking at selling South African Optronics division. Germany’s Hensoldt is exploring the sale of its South African optronics division to ensure long-term sustainability, but does not intend to sell its local electronic warfare or radar business units. The proposed sale was first reported last week by Bloomberg, which said that Hensoldt was working with Deloitte to review the business, with a view to attracting interest from companies in the field, as well as buyout firms. Reuters on Friday reported that discussions are already underway with around 20 potential buyers for the company. Hensoldt South Africa confirmed to defenceWeb that it is currently “considering strategic options” for its Optronics business unit. “This includes evaluating potential paths that could best support the long-term sustainability of the business – both within the Hensoldt Group and possibly beyond it.” The consideration forms part of Hensoldt’s broader efforts to align its operations with long-term growth objectives and strategic priorities, the company said. The Optronics business unit specialises in advanced optical and electro-optical technologies, serving both defence and civilian markets locally and internationally. In 2024, the unit generated revenues of €24m, with expectations to exceed this in 2025 and beyond. Hensoldt South Africa said the possible sale move is “a strategic, non-disruptive exploration and therefor operations across development, manufacturing, deliveries and supply chain continue without interruption.”
It added that “this activity applies exclusively to the Optronics business unit and does not pertain to Hensoldt South Africa’s GEW or Radar business units, which focus on electromagnetic warfare, spectrum management, radar, IFF and datalinks respectively.”
The Centurion-based Optronics unit employs around 290 people and manufactures electro-optical gimbals, mainly for helicopters and unmanned aerial vehicles, as well as laser rangefinders. It also supplies housings for periscopes, which are assembled at Hensoldt’s facility in Oberkochen, Germany, and provides the optical helmet tracking systems used on the BAE Systems Striker I and Striker II helmets as well as the Cobra helmet.
Hensoldt as a group reported a strong first quarter with an order intake of €701m, exceeding the figure for the same period of the previous year (€665m). Its order backlog again reached a record level and now stands at €6.929bn, up 18% compared to the previous year. First quarter revenues amounted to €395m, a significant increase on the same period last year (€329m), partly as a result of strong revenue growth in the Optronics segment. Profit before tax was €30m.
Oliver Dörre, CEO of Hensoldt said, “The ongoing war in Ukraine and the conflict hotspots in the Middle East dominate the geopolitical agenda. These developments, as well as increased pressure from the US on its NATO allies to further increase defence spending, are leading to increased investment in military capabilities and technological sovereignty in Europe and Germany. At HENSOLDT, we have made targeted investments in the digitalization and connectivity of our products, in securing our supply chains and in our infrastructure and locations in recent years. As a result, we now have the technologies, solutions and operational capabilities to play a significant role in the upcoming German and EU procurement programmes and to increase our previous ambition of €5 bn in revenue by 2030 to up to €6 bn.”
Revenue in the Optronics segment increased significantly by 34%, Hensoldt said in announcing its first quarter results. “The strong sales performance of the European business thus continued. Adjusted EBITDA also improved noticeably compared to the same period of the previous year. This is mainly due to higher production volumes and progress in efficiency measures at the South African site.” Hensoldt expects positive business developments to continue. The company anticipates revenue of €2.5-2.6bn on the back of continued German and European investment in security and defence will result in further high demand for Hensoldt’s products and solutions. (Source: https://www.defenceweb.co.za/)
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