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18 Jul 25. Saab Q2 2025 results: Accelerating growth and strengthening our market position.

Saab presents the results for January-June 2025.

“We are strengthening our market position and see a continued large interest in our products and solutions. Saab’s sales growth is high and we continue to invest to build capacity and meet long-term strong demand from the defence sector. At the same time, we continue to deliver strong profitability,” says Micael Johansson, President and CEO, Saab.

Key highlights Q2 2025

  • Order intake for the second quarter amounted to SEK 28,403m (39,574), driven by strong growth in small and medium-sized orders.
  • Sales in the quarter amounted to SEK 19,786m (15,170) and corresponded to an organic sales growth of 32% (21).
  • All business areas reported sales growth, with particularly strong growth in Dynamics of 73% in the quarter.
  • EBITDA amounted to SEK 2,831m (1,961) and corresponded to an EBITDA margin of 14.3% (12.9) in the quarter.
  • EBIT increased 49% and amounted to SEK 1,977m (1,331), corresponding to a margin of 10.0% (8.8). In the quarter, a non-recurring contribution of SEK 105m in the minority portfolio had a positive effect on EBIT.
  • Net income increased to SEK 1,536m (1,012) and earnings per share amounted to SEK 2.83 (1.85), an increase of 53%.
  • Operational cash flow amounted to SEK -1,136m (-2,251), and mainly reflected continued investments for capacity build-up.
  • Net liquidity position was SEK 690m (-2,354) at the end of the period.
  • Outlook for 2025: organic sales growth between 16-20%, compared to previous organic sales growth between 12-16%. Reiterating EBIT growth higher than the organic sales growth and positive operational cash flow for the full year.

 

17 Jul 25. Quadsat, leading provider of precise spectrum intelligence and RF geolocation solutions for satcoms and defense, today announced a €5m extension to its Series A round, led by Join Capital and North Ventures, alongside existing investors Seraphim Space Capital, Export and Investment Fund of Denmark (EIFO), Helge Munk Holding and TPC Management. This investment enables Quadsat to accelerate its expansion into the rapidly evolving defense sector, enhancing capabilities critical for modern battlefield intelligence and electronic warfare. Quadsat’s technology, which is platform agnostic, uniquely addresses critical defense challenges, including the precise detection and location of RF signals, interference and jamming. These capabilities are increasingly vital for military operations across air, land, sea, cyber, and space domains, known in the defense sector as Multi- Domain Operations. Originally established in 2017, Quadsat quickly established itself by revolutionizing satellite antenna testing, counting major global satellite operators, including SES and OneWeb, among its clients. Its partnership with Skyeton, a UAV provider actively supporting operations in Ukraine, highlights Quadsat’s direct impact on operational resilience and intelligence-gathering in live conflict scenarios.

Joakim Espeland, President and Co-Founder of Quadsat, said: “Electronic warfare isn’t just critical; it’s an existential necessity in modern defense. This round is about doubling down. We’ve spent the last year deeply embedded in defense needs, refining a technology that pinpoints threats, like the interference of military installations, which is an absolute game-changer in the field.”

The global electronic warfare market, driven by increasing geopolitical tensions and rapid technological advancements across the domains of attack, protection and support, is expected to surpass $19.4 bn by 2028, growing 12.5% annually.

“Join Capital and North Ventures are on this journey because they see the strategic value in our solution and the vision our team has been pursuing relentlessly,” Espeland added. “In electronic warfare, clarity saves lives. Our drone-agnostic tech is all about turning battlefield chaos into actionable intelligence.”

Quadsat will use the funds to expand its commercial reach, accelerate product development specifically targeting defense applications, and significantly grow its presence in key NATO member countries. Join Capital, a venture firm renowned for defense and deep-tech investments, emphasized Quadsat’s alignment with urgent defense needs.

“We backed Quadsat because of the clear, strategic edge its RF spectrum monitoring solution delivers,” said Jan Borgstädt, Founding Partner at Join Capital. “From satellite calibration to operational readiness in contested environments, its solution is already proving its value in real-world defense scenarios. We believe Quadsat will define the next generation of spectrum intelligence.”

North Ventures, a Danish-based venture capital firm known for backing visionary founders, building technology-driven companies, noted the significant market opportunity in Quadsat – particularly as antenna calibration, spectrum analysis, and electronic warfare increasingly form part of critical infrastructure.

Mikkel Rørvig, Partner at North Ventures, commented: “Quadsat is addressing one of the most urgent challenges in today’s connected world – with a truly game-changing solution. Its technology is already delivering real impact, and with global demand accelerating, we see enormous potential in scaling Quadsat internationally. We’re proud to support the team on this journey – alongside the strong co-investors.”

Klaus Aude, CCO, Quadsat, concluded: “While the satcoms market remains important for us, we recognise that the defense sector is growing dramatically. The current geopolitical landscape means that defense organisations, more than ever, need solutions that can make the uncertain certain. We have the technology, and this latest investment round will enable us to get it to those actors faster.”

 

16 Jul 25. Thales has entered into advanced discussions with a view to acquire RTX’s stake in the French joint-venture company Thales Raytheon Systems. Thales, a global leader in advanced technologies for the Defence, Aerospace, and Cyber & Digital sectors, announces that it has signed a Memorandum of Understanding (MoU) with a view to acquire RTX’s stake in the French joint venture company Thales Raytheon Systems Air and Missile Defense Command and Control SAS ​ (« TRS AMDC2 » ), currently held equally by affiliates of Thales and RTX. TRS AMDC2 has been specialized for over twenty years in the development of NATO’s airspace command and control system (ACCS) for NATO nations and command structure. Employee representative organisations will be consulted on the proposed acquisition. The proposed acquisition is expected to be finalised before the end of 2025, following approval from the antitrust authorities and the granting of the usual regulatory authorisations.

 

16 Jul 25.  Booz Allen Hamilton (NYSE: BAH) today announced that its corporate venture capital arm, Booz Allen Ventures, has made a strategic investment in Firestorm Labs, Inc., an advanced additive manufacturing company that develops edge manufacturing units and unmanned aerial systems (UAS), such as 3D-printed military drones. With advanced capabilities to operate at the edge, these systems enable the U.S. military to maintain its dominance in critical regions like the Indo-Pacific by supporting warfighters with mission-critical tools directly on the battlefield. Firestorm Labs manufactures modular, open-architecture UAS for rapid deployment in edge environments. By integrating intelligence and electronic warfare system capabilities into small, customizable, cost-effective solutions, Firestorm Labs develops essential technology to support U.S. missions in the most resource-constrained operating environments.

“As adversaries increasingly weaponize inexpensive, commercial off-the-shelf systems, the U.S. must reimagine defense manufacturing with speed at the forefront,” said Shands Pickett, senior vice president of defense technology and strategy at Booz Allen. “We invested in Firestorm Labs because we believe their effective, flexible, and low-cost unmanned aerial systems will help ensure the U.S. maintains the world’s strongest and most lethal warfighting force. We also believe their xCell technology has the potential to accelerate the delivery of critical mission effects in important regions like the Indo-Pacific.”

This Series A investment round will support Firestorm Labs’ xCell technology, which is a “factory-in-a-box” that can manufacture mission-specific components and materials within hours on the battlefield.

“Our partnership with Booz Allen strengthens our ability to meet the needs of warfighters at speed and scale,” said Dan Magy, CEO at Firestorm Labs. “We created our xCell platform to reduce production time, costs, and logistical constraints, so that the U.S. has reliable, mission-specific tools at the ready to ensure operations are as efficient and effective as possible.”

The investment reflects Booz Allen’s dedication to operational readiness and U.S. technological and defense leadership, supporting the acceleration of Firestorm Labs’ production capabilities to bring affordable, mission-critical technology directly to the battlefield.

“The next air strike will be delivered with lethal force printed on the edge, via low-cost, long-range attritable drone platforms that operate in a communication-denied environment. That’s why we’re investing in Firestorm,” said Brian MacCarthy, managing partner at Booz Allen Ventures. “This investment underscores our mission to advance and partner with technology companies that give the U.S. a sustained competitive advantage.”

Since its launch, Booz Allen’s $100 m corporate venture capital arm has made strategic investments in early-stage companies developing dual-use commercial technologies. Firestorm marks its 17th Ventures investment, with a diversified portfolio that includes Albedo, ConductorAI, Corsha, Credo AI, HiddenLayer, Hidden Level, Latent AI, Quindar, RAIC Labs (formerly Synthetaic), Reality Defender, Reveal Technology, Scout AI, Second Front (2F), SEEQC, Shift5, and Starfish Space. (Source: BUSINESS WIRE)

 

16 Jul 25. AAR reports fourth quarter and fiscal year 2025 results.

AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, reported today financial results for the fourth quarter and fiscal year 2025 ended May 31, 2025.

FOURTH QUARTER FISCAL YEAR 2025 HIGHLIGHTS

(As compared to Q4 FY2024)

  • Sales of $755m; increased 15%
  • GAAP EPS of $0.95
  • Adjusted diluted EPS of $1.16; increased 32%
  • GAAP Net income of $34m
  • Adjusted EBITDA of $91m; increased 19%
  • Adjusted EBITDA margin increased to 12.4% from 11.6%

FISCAL YEAR 2025 HIGHLIGHTS

(As compared to FY2024)

  • Sales of $2.8bn; increased 20%
  • GAAP EPS of $0.35
  • Adjusted diluted EPS of $3.91; increased 17%
  • GAAP Net income of $13m
  • Adjusted EBITDA of $324m; increased 34%
  • Adjusted EBITDA margin increased to 11.8% from 10.4%

“In Fiscal Year 2025, we delivered record sales and profitability and made meaningful progress against our strategic objectives,” said John M. Holmes, AAR’s Chairman, President and Chief Executive Officer.  “We substantially completed the integration of the Product Support acquisition and continued to optimize our portfolio with the divestiture of our Landing Gear Overhaul business.  We further invested in our fast growing new parts Distribution activities, launched two hangar expansions, and announced several key new business wins for our Trax software solution.  We continued to reduce our net leverage, ending the fiscal year at 2.72x.  Our optimized portfolio, combined with our strengthened balance sheet, is delivering higher growth, higher margins, and stronger return. Our fiscal fourth quarter was an extremely strong finish to a record year.  We delivered double-digit sales and earnings growth over the prior year quarter.  Adjusted sales were up 12% organically due to strong demand across both our commercial and government end-markets.  Our new parts Distribution activities continue to lead with an over 20% organic increase in sales driven by both market growth and market share gains.  Our Adjusted EBITDA growth of 19% during the quarter reflects continued margin improvement, expanding 80 basis points year-over-year to 12.4%. We see additional opportunities for further margin improvement from sales mix, synergy realization, and other efficiency initiatives.”

  • Implementation of Trax’s eMRO and eMobility solutions across Delta TechOps line maintenance network.
  • License agreements for Trax software with Amerijet International Airlines and with SIA Engineering Company’s heavy maintenance facility in Malaysia.
  • Our joint venture with KIRA Aviation Services was awarded an E-6B Mercury pilot training contract from the U.S. Navy.
  • Signed a new parts Distribution Supply Chain Alliance charter with the U.S. Defense Logistics Agency (DLA).

PORTFOLIO UPDATE

  • Substantially completed the integration and site consolidation of the Product Support acquisition.
  • Completed the sale of our Landing Gear Overhaul business for $48m.

FOURTH QUARTER FISCAL YEAR 2025 RESULTS

Consolidated fourth quarter sales increased 15% to $754.5m, compared to $656.5 m in the same quarter last year.  Sales in the fourth quarter of fiscal year 2025 included the sale of certain rotable assets to a significant regional airline customer for $18.7m in conjunction with the termination of a power-by-the-hour program, which has been excluded from our adjusted sales.  Consolidated sales to commercial customers increased 12%, or $56.6m, primarily due to strong demand for new parts Distribution activities and the rotable asset sale. Sales to government customers increased 21% from the same period last year, primarily due to increased order volume for new parts Distribution activities and double-digit growth in our Integrated Solutions segment.  Sales to commercial customers were 69% of consolidated sales, compared to 70% in the prior year quarter. The Company reported net income of $34.0m, or $0.95 per share. For the fourth quarter of the prior year, the Company reported net income of $9.1m, or $0.26 per diluted share. Adjusted diluted earnings per share in the fourth quarter of fiscal year 2025 were $1.16, compared to $0.88 in the fourth quarter of the prior year. Selling, general, and administrative expenses were $77.4m in the current quarter, compared to $94.8m in the prior year quarter.  Acquisition, amortization, and integration expenses were $0.3m in the quarter, compared to $17.1m in the prior year quarter primarily due to the closing of the Product Support acquisition in the prior year quarter. Operating margins were 9.7% in the quarter, compared to 5.0% in the prior year quarter. Adjusted operating margin increased to 10.5% in the current year quarter from 9.3% in the prior year quarter, primarily as a result of strong growth and favorable mix in Parts Supply.  Sequentially, our adjusted operating margin increased from 9.7% to 10.5%, also driven by the profitability in Parts Supply. Net interest expense for the quarter was $18.4m, compared to $18.7m last year.  Average diluted share count increased from 35.4 m shares in the prior year quarter to 35.6m shares in the current year quarter.  We repurchased 0.2m shares for $10.1 m during the quarter and have $42.5m remaining on our share repurchase program. Cash flow provided by operating activities was $51.4 m during the current quarter, compared to $24.5m in the prior year quarter.  Excluding the accounts receivable financing program, cash flow provided by operating activities was $50.3m in the current quarter. As of May 31, 2025, net debt was $880.5m and net leverage was 2.72x.

Holmes continued, “We are pleased to finish the year with a strong quarter of cash flow generation.  We have delivered on our commitment to reduce leverage following the Product Support acquisition. Since the acquisition, our net leverage has decreased from 3.58x to 2.72x.  Our financial position is strong and we have a solid foundation for continued capital allocation to drive growth.”

FISCAL YEAR 2025 RESULTS

Full fiscal year 2025 consolidated sales were $2.8bn, an increase of 20% over fiscal year 2024 with growth resulting from our Product Support acquisition and increased volumes in our new parts distribution activities.

Operating margins were 6.7% for the full year, compared to 5.6% in fiscal year 2024. Adjusted operating margin increased to 9.6% in fiscal year 2025 from 8.3% in fiscal year 2024.  The improved adjusted margins are primarily driven by the favorable contribution from the Product Support business and growth in Parts Supply.

Full fiscal year 2025 net income was $12.5m, or $0.35 per diluted share. Fiscal year 2025 results included after-tax charges of $115.0m associated with the sale of our Landing Gear Overhaul business and our FCPA settlement and related costs.  In fiscal year 2024, net income was $46.3m, or $1.29 per share. Our adjusted diluted earnings per share was $3.91 in the current year, compared to $3.33 last year, reflecting the impact of our improved operating efficiency on higher sales volumes.

Sales to commercial customers were 71% of consolidated sales in both the current and prior year. Cash flow provided by operating activities was $36.1m in fiscal year 2025. Excluding our accounts receivable financing program, our cash flow provided by operating activities was $28.5m in fiscal year 2025.

Holmes concluded, “As we enter our fiscal year 2026, we are excited about the opportunities ahead of us.  We expect to continue to gain market share in Parts Supply and expand both our capabilities and footprint in Repair & Engineering.  We expect Trax to continue its growth trajectory as we win more business and upgrade existing Trax customers to our latest offerings.  Additionally, we remain focused on converting our large pipeline of government opportunities to new business wins.  We are well-positioned within our markets and expect to drive further growth and margin expansion in our fiscal 2026.”

 

 

16 Jul 25. Cohort Reports Preliminary Results.

Highlights include:

  • Record revenue, adjusted operating profit, and closing order book. Adjusted EPS and net funds exceeded market expectations.
  • Adjusted operating profit of £27.5m (2024: £21.1m) on revenue of £270.0m (2024: £202.5m).
  • Underlying order intake up by 11% (excluding a large, long-term Royal Navy order of £135m secured in 2023/24).
  • Record order book of £616.4m with deliveries extending out to mid-2030’s.
  • Dividend growth ahead of expectations at 10%; the dividend has been increased every year since the Group’s IPO in 2006.
  • Acquisition of EM Solutions for an enterprise value of £75m completed 31 January 2025, positive contribution in first three months of ownership.

Looking forward – Strong order book underpinning growth expectations:

  • Record closing order book underpins 79% of current market revenue expectations for 2025/26.
  • Significant opportunities arising from the UK Strategic Defence Review.
  • Increasing demand for defence technology products and services as global tensions continue to evolve.
  • 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-teens %. Adjusted 2025/26 EPS now likely to be ahead of our previous expectations.

1 Excludes amortisation of other intangible assets, research and development expenditure credits, exceptional costs and non-trading exchange differences, including marking forward exchange contracts to market.

2 Excludes amortisation of other intangible assets, exceptional costs and non-trading exchange differences, including marking forward exchange contracts to market.

3 Cash and cash equivalents less bank borrowings excluding IFRS 16 lease liabilities.

Commenting on the results, Nick Prest CBE, Chairman of Cohort plc, said:

“Cohort has reported another record revenue and profit performance, with robust operating cash generation and a record closing order book stretching out into the mid-2030s. This gives good visibility for the coming years, and along with our net funds and market position provides a robust foundation for future organic growth as well as the ability to make further strategic additions to the Group, as we did this year.

“Our performance is also a result of several strategic initiatives including the acquisition of EM Solutions, which has already contributed to the growth of our Communications and Intelligence division, as well as our investment in technologies to meet the challenges faced by global defence customers – initiatives underpinned by our strong balance sheet.

“Within the shifting landscape of global security, mid-tier defence and technology companies like those within the Cohort Group play an important role in creating and delivering advanced defence solutions at speed. Our businesses supply products and services that enhance the security of the UK’s allies across the globe. In the UK, our capabilities support the UK Government’s commitment to investing in a defence architecture that will make Britain safer and stronger.

“We are optimistic that the Group will continue to advance in the coming 2025/26 year as demand for our products and services continue to grow, and accordingly our adjusted EPS is now likely to be ahead of our previous expectations. Overall our longer term prospects remain strong.”

 

17 Jul 25. Cohort rides the defence wave.

The shares have risen to record highs following another strong set of results

  • Order book at record levels and set to rise further
  • All-time-high share price reflects earnings momentum

June was a bountiful month for the UK defence industry. The government’s strategic defence review (SDR) earmarked additional spending for electronic warfare, drones and secure communications, as well as more traditional areas such as munitions and nuclear warheads. The UK’s Nato allies then agreed to increase defence spending to at least 3.5 per cent of GDP by 2035, plus a further 1.5 per cent on security infrastructure. Aim-listed defence tech conglomerate Cohort (CHRT) stands to benefit. The company had already disclosed a record order book of £616m at its April year end, a 20 per cent increase versus the prior year, and a surge in revenue. In addition, it sees ‘significant opportunities’ arising from the SDR (the UK Ministry of Defence accounts for around half of revenues), as well as in Australia and Portugal. The results themselves were strong. Revenue and adjusted earnings per share (EPS) both increased by around a third compared with the prior year. Recent acquisition EM Solutions, a naval defence communications business, contributed to a fraction of this, suggesting healthy organic growth elsewhere. There were some small drags on growth – and margins – within Cohort’s Sensors and Effectors business unit, however, including order delivery issues at Chess, the largest of Cohort’s seven individual businesses. Management has guided for these issues to fall away over the next couple of years. This, plus a full year’s contribution from the higher-margin EM Solutions business and a lower tax rate, should result in the group’s FY2026 net margin improving relative to its 10 per cent FY2025 level. This margin should increase further in subsequent years, driving the group towards its low- to mid-teens per cent medium-term target. Cohort’s healthy balance sheet, with a £5m net cash position at year end, creates scope for further M&A activity. Targets should have a sustainable competitive advantage and be exposed to growth areas, according to chief executive Andy Thomis. Cohort is also well placed to continue increasing its dividend from 2025’s 16.3p per share, which was itself a 10 per cent increase on the prior year and modestly above analysts’ expectations. Cohort’s shares surged 12 per cent on the day of its results, and have more than doubled in the past year. It is now trading on 29 times house broker Investec’s 2026 earnings estimate, which is at the top end of its UK defence peer group. The company is targeting 10 per cent EPS growth in outer years; a swifter growth rate may be needed for further increases in its lofty valuation. Hold. Last IC view: Buy, 1,063p, 11 Dec 2024 (Source: Investors Chronicle)

 

15 Jul 25. XTEND, a leader in AI-powered tactical autonomous robotic systems, today announced that Aliya Capital Partners and Protego Ventures have co-led a strategic $30m extension to its $70m Series B funding round, joining participating investors: Len Blavatnik’s Claltech, Union-Tech Ventures and Chartered Group. XTEND’s AI-powered systems are actively used by the U.S. Department of Defense, Singapore, Europe, the UK, and the Israel Defense Force to improve strategic capabilities and mission success in challenging environments. With this Series B funding, XTEND plans to scale up U.S. and global production, integrate real-time AI capabilities across its platforms, and expand deployments with U.S. and allied defense forces, as well as for humanitarian and emergency response efforts. As part of this investment, Aliya Capital Partners’ Founding Partner and CEO, Ross Kestin, has joined XTEND’s Board of Directors. Kestin explains: “XTEND’s mission—to deliver cutting-edge drone and robotics systems for high-risk, mission-critical environments—aligns directly with our vision of supporting technologies that protect and enhance life. We’re honored to back Aviv and his world-class team and help accelerate the impact of their technology across defense, security, and emergency response sectors.”  The announcement follows the grand opening of XTEND’s new U.S. headquarters and advanced drone manufacturing facility in Tampa, Florida, on July 1. The event brought together government, military, and industry leaders for a ribbon-cutting ceremony, remarks from key stakeholders, and a behind-the-scenes tour of the company’s state-of-the-art manufacturing operations.

“The grand opening of XTEND’s Tampa facility represents more than a physical expansion—it marks a new phase of operational scale, U.S. engagement, and global relevance,” said Lee Moser, Co-Founder and General Partner of Protego Ventures. “We’re proud to support this next chapter alongside the Aliya team.”

Lital Leshem, Co-Founder and Managing Partner of Protego Ventures, adds: “We invested in XTEND because it’s clear they are building a category-defining platform for human-guided autonomy that can scale fast and make an immediate impact. At a time when defense innovation demands urgency and trust, XTEND stood out as ready to lead.”

XTEND CEO Aviv Shapira concludes: “The successful completion of our Series B financing highlights the surging demand for mission-critical autonomous systems from allied defense and public safety agencies. The investment will fuel accelerated R&D, scale manufacturing, and global deployment expansion. That said, the backing from Aliya and Protego isn’t just about fresh capital—it’s a powerful vote of confidence. Ross’s experience and strategic perspective are invaluable in navigating this pivotal growth phase. Furthermore, opening our Tampa headquarters is a major step forward as we continue to build cutting-edge systems that protect lives worldwide.”

Additional investor quotes:

Avi Fischer, Chairman of Clal Industries and Claltech, says: “When investing in companies, you typically meet the founders, the management team, the technology—and of course, dive into the virtual data room. But with XTEND, we did something far more important. On our very first visit, we walked into a room with over 50 end users, all being trained on the system. What convinced us to invest wasn’t just the tech—it was their feedback. They spoke about how the system has saved lives, how AI-driven training cut learning time by 99%, and how this technology is already changing the battlefield. That’s when we knew—we had to be part of this.”

Dr. Peter Kash, Chairman of the Board, XTEND, says: “This milestone represents the realization of XTEND’s vision to bring our groundbreaking technologies closer to the U.S. defense ecosystem. With this facility, we’re laying the foundation for sustained growth, high-tech job creation and meaningful contributions to America’s security and industrial capabilities. I’m incredibly proud of the team that made this moment possible, amplifying the connectivity of Florida and the future of AI and Robotics. I am incredibly proud of the team that made this moment possible, by helping attract blue chip investors that are aligned with our goal to amplify the connectivity of Florida and the future of AI and Robotics.”

Tal Recanati, Managing Director Union Tech Ventures: “Since our investment three years ago, we’ve seen the XTEND management team demonstrate exceptional execution and innovation. With the successful completion of this latest financing round, XTEND is now poised to strengthen its position as a global leader in defense technology.”

About XTEND

Founded in Israel, XTEND develops next-generation robotics and autonomous systems powered by proprietary AI and real-time human-guided operating software. Its platforms are engineered for precision and safety in the world’s most complex and hazardous environments. XTEND’s systems enable the deployment of self-reliant AI-driven tactical robotic teams in complex and dynamic mission scenarios. The company’s patented XOS operating system fuses the best human intelligence and machine autonomy to enhance the operator’s abilities, simultaneously reducing the need for direct physical confrontation, thereby minimizing casualties and injuries. Thousands of XTEND’s systems are already operationally deployed worldwide, and the company is continuously developing its XOS operating system and platforms to deliver the future of human-machine teaming to defense, HLS, and security professionals worldwide. (Source: PR Newswire)

 

15 Jul 25. Spanish company Indra Group to step up research and development of defence and space technologies with €385m in EIB financing.

  • Credit marks EIB’s largest financing operation in Spain to strengthen EU security and defence capabilities.
  • Financing to enable Indra to build a technological research and development centre, Indra Technology Hub, and push ahead in radar, electronic defence and other technologies.
  • Agreement supports technological innovation in Europe and is part of the EIB Group’s efforts to strengthen European security and defence capabilities, one of its cross-cutting priorities. It also contributes to the TechEU initiative.

The European Investment Bank (EIB) has signed a €385m financing agreement with Spanish technology company Indra Group to boost research, development and innovation of cutting-edge technologies for the defence and space sector. This is the largest EIB’s financing agreement in Spain to date to strengthen the European Union security and defence capabilities. The loan is aimed at spurring cutting-edge technologies in areas such as radar, electronic defence, electro-optics, command and control communications and advanced digitalisation. The EIB support will enable Indra to build an integrated technology centre in Torrejón de Ardoz, Madrid region. The planned Indra Technology Hub will be equipped with laboratories and advanced manufacturing technologies to serve the defence and space sector. The financing agreement was signed today at the EIB headquarters in Luxembourg. EIB President Nadia Calviño and Vice-President Robert de Groot attended the event along with Indra Chaiman Angel Escribano.

“Today we are signing a strategic agreement with Indra to boost research and development of cutting-edge technologies. In the current geopolitical context, it is more important than ever to strengthen Europe’s security capabilities, with a pan-European approach and strategic projects. Investing in innovation and technology is investing in security, and the EIB’s support is key to enabling companies to develop projects that contribute to the security of all Europeans,” said Nadia Calviño, President of the EIB Group.

“This agreement is about turning new ideas into real capabilities across Europe’s defence and space ecosystem,” said EIB Vice-President de Groot. “Space in particular has a critical role in Europe’s security and defence. By backing Indra’s innovation and supporting the creation of its Technology Hub, we are helping Europe stay ahead of the curve in technology, in resilience and in its ability to act with greater autonomy in a fast-changing world.”

The project will boost the competitiveness of European industry and strengthen the resilience of the EU aerospace, security and defence supply chain. It supports the EIB’s  goal of strengthening European security and defence capabilities as well as the priorities included in its Strategic Roadmap to strengthen the European security and defence industry and accelerate digitalisation and technological innovation. It also contributes to the EIB’s TechEU initiative.

“The EIB’s financing will boost our industrial and technological development supporting our ’Leading the Future’ strategic plan and our vision of becoming a key player in Europe’s security, defence and aerospace sectors,” said Indra Chairman Ángel Escribano. “The support of this public funding will enable Indra to accelerate the deployment of our industrial and innovation capabilities as well as strengthen our leadership in the security and defence field amidst the new European sovereignty environment.”

EIB Group support for European security and defence

Since 2024, the EIB Group, which also includes the European Investment Fund (EIF), has significantly stepped up its support for European security and defence. This line of activities is now a permanent cross-cutting public policy goal for the Group and one of its eight strategic priorities for 2024-2027.  The Group has updated its lending policy, broadening the eligibility criteria and the range of security and defence projects it can finance. It has also set up a Security and Defence Office to ensure a rapid and effective response to project proposals. The EIB Group aims to allocate 3.5% – or about €3.5bn  – of its total planned financing for 2025 to security and defence projects. As a result of ongoing fruitful dialogue with industry, financial intermediaries, defence ministries and key institutions such as the European Commission, the European Defence Agency and the North Atlantic Treaty Organization, the Group currently has a solid pipeline of 80 projects contributing to Europe’s security and defence capabilities.

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 bn in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Agreement, as pledged in its Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

 

11 Jul 25. Space and defense firm Firefly’s US IPO filing reveals 2024 revenue growth. AE Industrial Partners-backed space and defense technology company Firefly Aerospace on Friday disclosed a 10% rise in 2024 revenue in its filing for an initial public offering in the United States. Firefly revealed a revenue of $60.8m in 2024, compared to $55.2 m the previous year. The U.S. IPO market is witnessing renewed interest and vigor, especially for space listings, as investors return after months of sluggish activity earlier this year triggered by policy shifts and tariff uncertainty under President Donald Trump.

“There is a ‘window of opportunity’ in space-related IPOs,” said IPOX CEO Josef Schuster, adding that there was strong investor appetite for space-related offerings. “This is driven by enthusiasm about the growth prospects of the sector.”

Space firms Voyager Technologies and Karman Holdings received warm welcomes when they debuted listings earlier this year. Texas-based Firefly designs and manufactures small and medium lift launch vehicles, lunar landers and orbital transfer vehicles. It scored its first Moon landing in March with the Blue Ghost spacecraft, joining a handful of private companies competing to reach the frontlines in a global lunar race. Firefly secured a valuation of $2bn in a November 2024 funding round. It intends to list on the Nasdaq under the symbol “FLY”. Goldman Sachs, JPMorgan, Jefferies and Wells Fargo are the lead underwriters for the offering. (Source: Google/Reuters/Yahoo!)

 

14 Jul 25. Kitron: Q2 2025 – Strengthening momentum. Kitron reported solid quarterly sales and profits, particularly driven by the Defence & Aerospace market sector. Kitron’s revenue for the second quarter was EUR 172.2m. This compares with 164.6m in the first quarter this year and 167.6m in the second quarter last year. The Defence/Aerospace market sector showed particularly strong growth. Second-quarter operating profit (EBIT) was EUR 15.0m, compared to 12.5m in the first quarter this year and 15.0m in the second quarter last year. Profitability expressed as EBIT margin was 8.7 per cent, compared to 7.6 per cent in the first quarter this year and 8.9 per cent in the second quarter last year. The order backlog ended at EUR 509.3m, an increase of 12 per cent compared to last year. Growth was particularly strong in the Defence/Aerospace market sector, but there was also solid growth in the Industry sector.

Peter Nilsson, Kitron’s CEO, comments: ” With the first half of 2025 completed, I am pleased to report a continued strengthening of our outlook. Sales and profits remain solid, driven by sustained momentum in key sectors, particularly Defence & Aerospace, with the Industry sector also showing promising developments. During the second quarter, we secured five strategically important contracts, and given our current momentum, we are raising our outlook for 2025.”

Profit after tax amounted to EUR 10.0m, compared to 10.4m in the same quarter the previous year. This corresponds to earnings per share of EUR 0.05, the same as last year.

Outlook

At this time, Kitron expects revenue for the full year 2025 to be between EUR 675 and 725m. Operating profit (EBIT) is expected to be between EUR 55 and 65m. The previous outlook was for revenue between EUR 640 and 710m, with an operating profit (EBIT) between EUR 47 and 65m.(Source: Google/https://www.emsnow.com/)

 

07 Jul 25. Could Amazon buy into AST SpaceMobile? An intriguing idea been floated around by Defence news expert Larry Ramer, suggesting that Amazon should buy — or make a considerable investment — in AST SpaceMobile. Ramer explained: “In light of the tremendous potential of AST’s technology, I also would not be surprised if AMZN eventually decides to buy AST for as much as $80 bn in a combination of cash and stock.” An Amazon investment/acquisition would allow their Project Kuiper satellite broadband to leapfrog their own deployment of Kuiper satellites with — arguably — AST’s superior craft. Moreover, AST has some extremely valuable contracts in hand, not least the Vodafone agreement and in particular the deal with Vodafone Idea (in India) as well as partnerships in place with AT&T and Verizon in the US. Ramer reminds readers that, according to one report: “More than 2.5 bn people globally still lack internet access.” and that, “large swaths of the world’s population still don’t have access to mobile internet primarily because of affordability.” In Bangladesh, Nigeria, and Pakistan, for example, just 37 per cent, 34 per cent and 24 per cent of the citizens respectively have mobile internet. Ramer also looks at the AST Board of Directors, and in particular AST Mexican board member Adriana Cisneros, whose Instagram account featured a picture of former Amazon CEO Jeff Bezos with AST’s CEO, Abel Avellan, and Cisneros. In the wake of Cisneros’ post, Scotiabank analyst Andres Coello wrote: “Could Jeff Bezos become an ASTS investor? This is a possibility widely discussed by investors and analysts, in no small measure because Bezos is one of the world’s top space investors.” The concept is that an Amazon stake in AST would guarantee access to AST’s satellites and its broadband technology. “These systems would likely enable Amazon to deploy its Project Kuiper initiative more quickly while greatly increasing the amount of revenue that it can generate,” suggests Ramer. Another close observer talks about a more modest investment, of about percent by Amazon into AST. The prize for Amazon is access to the AST’s many telco partners of a direct 450 m AST-linked subscribers. (Source: Satnews)

 

10 Jul 25. Leonardo trails rivals with $1.9bn euro bid for Iveco’s defence business, Bloomberg says. Italian defence company Leonardo (LDOF.MI) has made the lowest bid for the defence business that automotive group Iveco (IVG.MI has put up for sale, Bloomberg News reported, after the Rome government expressed a preference for a domestic buyer. Iveco, which is controlled by Italy’s bnaire Agnelli family, in May said it would proceed with a spin-off of the defence business, which it expected to complete within the year subject to final approval by its board and shareholders. (Source: 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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