Sponsored by SPX Communication Technologies (TCI & ECS)
www.tcibr.com
www.enterprisecontrol.co.uk
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18 Sep 25. Swarmer nets $15m in Series A round to bring advanced swarming to uncrewed vehicles. The company will use the funds to develop advanced swarming capabilities for uncrewed vehicles in Ukraine and NATO allies. Swarmer, a Ukrainian company that develops software systems for uncrewed vehicles, has raised $15m (Hrv617.05m) in a Series A funding round. This investment is said to be the largest funding round for a Ukrainian defence technology company since the onset of the conflict with Russia. The financing was led by Broadband Capital Investments and included contributions from R-G.AI, D3 Ventures, Radius Capital, Green Flag Ventures and Network VC.
Swarmer founder and CEO Serhii Kupriienko said: “This funding enables us to scale our operations and offer advanced swarming capabilities to every unmanned vehicle, in Ukraine and across NATO-aligned nations. Western democracies should be able to deploy as many drones and robots as they can produce – without being constrained by the number of trained pilots.”
The company is providing a “software-only solution, which is designed to be compatible with various hardware platforms”.
Swarmer’s system utilises data from more than 82,000 combat missions it has conducted, along with millions of additional missions flown by other entities.
The AI is trained to emulate the performance of top pilots and make tactical decisions in real time.
Its technology empowers groups of drones to carry out missions autonomously by translating objectives set by humans into coordinated actions.
The funding comes as Ukraine continues to be a pivotal battleground for drone warfare innovation.
The country is expected to deploy approximately five million drones into combat within the year.
Swarmer said that it has already showcased its capability with swarms of up to 25 drones operating in global navigation satellite system (GNSS)-denied environments. The company also plans to demonstrate operations involving more than 100 drones of various types in combined-arms exercises.
Ukraine Deputy Prime Minister and Digital Transformation Minister Mykhailo Fedorov said: “Ukrainian developers are creating solutions that have no analogues and are transforming the battlefield itself. The fact that American investors are investing in our technologies shows that the world not only believes in Ukraine’s potential but is ready to help us bring these battle-proven innovations to the front line at scale.”
In July this year, the Norwegian Government and Kongsberg signed two contracts with two Ukrainian companies to develop and build low-cost interceptors and uncrewed surface vessels inside Ukraine. (Source: army-technology.com)
17 Sep 25. Hubble Network, the creator of the world’s first satellite-powered Bluetooth network, today announced a $70m Series B achievement, bringing total funding to $100m in under four years. The milestone accelerates Hubble’s mission to connect billions of devices worldwide without cellular networks or specialized hardware. Building on $30m in early funding, this latest raise signals investor conviction that Hubble’s breakthrough technology is ready to scale commercially.
“Our vision has always been to connect billions of devices seamlessly and cost-effectively, without requiring hardware or infrastructure,” said Alex Haro, Co-founder and CEO of Hubble Network. “This round confirms the strong demand for scalable, low-power, global IoT connectivity.”
Key Insights on Hubble’s Series B Milestone:
- Funding Scale: $70m Series B brings total capital to $100m, cementing Hubble as a top early growth-stage space-tech company.
- Strategic Investors: Adds operators and deep-tech experts, providing capital, credibility, and industry connections.
- Market Validation: 10+ pilot customers, each with millions of devices, confirm strong demand for global, low-power IoT.
- Growth Enablement: Funding accelerates satellite expansion, developer onboarding, and enterprise deployments across logistics, infrastructure, defense, and consumer markets.
“Hubble is doing what many thought was impossible, making space accessible for everyday devices,” said Ryan Swagar, Co-founder of Swagar Capital. “Their unique architecture, strong technical execution, and proven customer demand position them to define the future of global connectivity.”
Since 2021, Hubble has achieved a series of landmark milestones, including successfully launching its first satellites with pilot customers, achieving the first-ever Bluetooth connection to space, securing partnerships with Life360 and Tile to reach over 90 million devices, deploying a BLE Finding Network, expanding to seven satellites for global tracking, and joining forces with Muon Space to build larger satellites for a future expanded constellation and global coverage.
Backed by a world-class investor group, this Series B round includes strategic participation from Ryan Swagar, Tom Gonser (DocuSign), Mike Farley (Tile), Marc Weiser (RPM Ventures, former NASA board), Tuff Yen (Seraph Group), and Y Combinator.
About Hubble Network:
Hubble is creating the world’s first satellite-powered Bluetooth network, delivering global connectivity without cellular infrastructure. Backed by experts in RF, aerospace, engineering, and industrial IoT, Hubble enables real-time, low-power connections that unlock new possibilities worldwide. For more information visit www.hubble.com. (Source: PR Newswire)
15 Sep 25. US Army adopts venture capital model to speed tech to soldiers. The U.S. Army is rolling out a new initiative, dubbed Fuze, that leaders say will overhaul how the service invests in technology by borrowing from Silicon Valley’s venture capital playbook. The service is betting that venture-style risk-taking can shave years off procurement timelines and will determine whether Silicon Valley speed can mesh with Pentagon scale.
“With Fuze, the Army is telling innovators that we’re open for business. Fuze will help us to not only invest but scale promising capabilities — bridging the valley of death,” Army Secretary Dan Driscoll said in a statement to Defense News.
Unlike traditional procurement that starts with an Army-defined problem followed by appointing a company to solve the problem, Fuze flips the approach. The new process allows the service to find technology to bring in “that helps us think about what our problems are differently,” Chris Manning, the Army’s deputy assistant secretary for research and technology, told Defense News in a recent interview.
Venture capitalists make 100 investments and only end up with a few with outsized returns. The Army is accepting that same risk to capture bigger payoffs.
“We’re really taking the approach where we’re going to deliberately make a large number of investments in emerging tech companies,” Matt Willis, the Army’s Fuze program director, said in the interview. “Some tech might not reach the maturity that we want, [but] there’s going to be some companies that are going to have an outsized, revolutionary impact on our soldiers.”
The program aligns four existing fundings streams: XTech prize competitions, small-business funding, tech maturation and manufacturing technology — worth about $750 m in fiscal 2025.
The Army plans to initiate the program by running an XTech Disrupt live pitch competition, in partnership with Y Combinator — a technology startup accelerator and VC firm — at the Association of the U.S. Army’s annual conference next month in Washington.
The competition, according to Willis, will focus on four technology areas important to the Army: electronic warfare, unmanned aircraft systems, counter-UAS and energy resiliency at the edge. The prize pool totals $500,000.
Technologies that win out in the competition will go straight into the hands of soldiers in operational environments for real-world evaluation.
The Army has spent the better part of a decade trying to match its acquisition speed with the rest of the high-tech world, but trying to break down the bureaucracy and change the culture has been a challenging task.
Fuze is central to a broader shift in the Army as it seeks dramatic transformation rapidly.
“Continuous transformation is like our once-in-a-generation change for the Army to get at and prepare for the future battlefield,” Brandon Pugh, the Army’s cyber adviser, told Defense News. “But a key part of that is the acquisition process to really make sure that the warfighter and the soldier on the battlefield has the correct technology they need.”
Speed is central to that transformation. “We’re hoping to have a capability to an acquisition pathway in 10 days, and hopefully within 30 to 45 days, for the first prototype to be with an Army unit,” Pugh said. “That is extraordinary.”
The Army has struggled with the pace of past acquisitions, particularly in fast-evolving fields like electronic warfare. “It’s so quickly evolving, you have to be able to acquire this quickly and iterate quickly, or else you’re instantly behind, even if you do successfully acquire it. I think that’s the risk,” Pugh noted.
Army officials stressed that Fuze is not just a bureaucratic reshuffling. “This isn’t just like a rebranding. We’re coalescing these innovation programs from a strategic, operational and execution standpoint… to help companies move through that pipeline more quickly,” Willis said.
“The end outcome we want is having the best technology here quickly,” Pugh said. (Source: Defense News)
16 Sep 25. Swarmer, Ukraine’s Leading Drone Autonomy and Swarming Company, Announces $15m Series A Led By US Investors. Investment underscores confidence in battle-tested innovation. Swarmer, Ukraine’s Leading Drone Autonomy and Swarming Company, Announces $15m Series A Led By US Investors. Swarmer, known for its advanced battlefield AI capabilities, has announced a $15m Series A round – the single-largest investment in a Ukrainian defense tech company since the start of the war. The round is led by Broadband Capital Investments, with participation from R-G.AI, D3 Ventures, Green Flag Ventures, Radius Capital, and Network VC. Swarmer’s technology allows groups of drones to execute missions autonomously, translating human-defined objectives into coordinated action.
“Our software has proven itself in live combat across tens of thousands of missions,” said Serhii Kupriienko, Founder and CEO of Swarmer. “This funding enables us to scale our operations and offer advanced swarming capabilities to every unmanned vehicle, in Ukraine and across NATO-aligned nations. Western democracies should be able to deploy as many drones and robots as they can produce—without being constrained by the number of trained pilots.”
Ukraine has been at the forefront of drone warfare, serving as the testing ground for the most innovative and ground-breaking battlefield technologies. Its defense industry has rapidly expanded in response to the unprecedented scale of the conflict: in 2025 alone, Ukraine is slated to deploy close to 5,000,000 drones into active combat. This monumental scale, paired with an agility in procurement rarely seen in the defense industry, accelerates innovation and growth.
“I hope the case of Swarmer, a participant of the Brave1 cluster, becomes a signal to other investors and a driver for putting more of Ukraine’s most effective technologies into the hands of our defenders,” said Mykhailo Fedorov, the First Deputy Prime Minister & Minister of Digital Transformation of Ukraine.
“Ukrainian developers are creating solutions that have no analogues and are transforming the battlefield itself. The fact that American investors are investing in our technologies shows that the world not only believes in Ukraine’s potential but is ready to help us bring these battle-proven innovations to the frontline at scale. We are glad to see it working—and together with Brave1, we are excited to help Swarmer empower more drones to save more human lives,” he added.
“After all, every investment in Ukrainian defense tech is a commitment to the future of global security.”
Swarmer offers a unique approach with a software-only solution that is compatible across diverse hardware platforms. By leveraging data from over 82,000 of its own combat missions and ms more flown by others, the system is trained to replicate top-pilot performance and make precise tactical decisions in real time.
“Swarmer’s rapid pace of innovation is driven by real-world battlefield experience, enabling them to iterate and refine their AI and autonomy systems faster than traditional defense companies,” said Michael Rapp, Managing Member of Broadband Capital Investments. “As drone production proliferates globally, Swarmer’s hardware-agnostic approach positions it to become the best-in-class software layer powering the next generation of autonomous systems.” (Source: BUSINESS WIRE)
16 Sep 25. NUBURU Completes Public Offering and Raises $12m to Drive Strategic Growth in Defense Technology. Share. NUBURU, Inc. (NYSE American: BURU), a global pioneer in high-performance blue laser technology, today announces the closing of its previously announced $12m public offering. The public offering involved the issuance and sale of $12m in common stock and pre-funded warrants in lieu of shares, at a subscription price of $0.1428 per share, and $0.1427 per prefunded warrant, representing 32,373,536 common shares and 51,660,075 pre-funded warrants. Additionally, the Company issued 126,050,417 common warrants to purchase up to 150% of the aggregate number of shares and pre-funded warrants, with an exercise price of $0.1714 per warrant share, which common warrants are immediately exercisable and expire five years from their date of issuance. The prefunded warrants have an exercise price of $0.0001 per prefunded warrant share, are immediately exercisable, and expire when exercised in full.
Joseph Gunnar & Co., LLC acted as the exclusive placement agent in connection with the offering.
The shares of common stock, prefunded warrants, and common warrants were offered by the Company pursuant to an effective registration statement on Form S-1 (File No. 333- 290147), which was initially filed with the U.S. Securities and Exchange Commission (SEC) on September 10, 2025, and declared effective by the SEC on September 12, 2025, and a registration statement on Form S-1MEF (File No. 333-290295) filed with the SEC on September 16, 2025.
The offering was made only by means of the prospectus on Form S-1. A final prospectus relating to this offering was filed with the SEC and is available on the SEC’s website at www.sec.gov.
Copies of the final prospectus relating to this offering can be obtained on the SEC’s website at http://www.sec.gov or alternatively, from: Joseph Gunnar & Co., LLC, Attn: Syndicate Department, 40 Wall Street, Suite 3004, New York, NY 10005, or by calling (212) 440-9600.
The Company received aggregate gross proceeds of $12 m, before placement agent fees and other expenses. The net proceeds from the offering are anticipated to fuel NUBURU’s phased acquisition plan and growth initiatives, positioning the Company to deliver cutting-edge solutions in defense and operational resilience. Key initiatives include:
- Delivery Capital Support to Tekne S.p.A. (“Tekne”) underpinning the Phased Acquisition: the Company has recently secured a first-stage 3% equity interest with the remaining 67% interest in Tekne anticipated by the end of 2025 (“Second Stage”). The capital support provided to Tekne, also by leveraging Supply@ME’s Inventory Monetisation platform (in which NUBURU holds a strategic investment), is expected to be converted to equity ownership of Tekne, once the investment is approved by the Italian government and NUBURU can then exercise its option right to complete the Second Stage. Tekne has a strong existing portfolio valued at approx. $500 m, comprising 152 orders. The target addressable market in the electronic warfare sector alone is projected to reach $19.4 bn by 2028, indicating significant growth potential in this space.
- Fund the Working & Growth Capital of Tekne US Joint Venture, Unlocking $7.5 m of Tekne’s existing APAC Orders: The newly formed U.S.-based joint venture (“Tekne US JV”), owned 80% by Nuburu Defense LLC and 20% by Tekne, will drive innovation and growth in the Americas’ defense market. The joint venture will focus on developing advanced defense products tailored for the Americas, manufacturing and selling existing Tekne products in the region, and managing direct sales to non-Italian clients. In this regard, the capital raised is expected to unlock $7.5 m of Tekne’s existing orders, potentially generating up to 15% in net profit for the Tekne US JV. Additionally, the funds will support a supply chain financing strategy to strengthen the partnership between Tekne and Flyer Defense, a U.S. company collaborating with Tekne to produce the Flyer 72-Heavy Duty (Flyer 72-HD) vehicle. This collaboration will focus on developing products that enhance mobility and defense capabilities for NATO allies.
- Strengthen Defense & Security Market Positioning by Incorporating Scalable Software as a Service (“SaaS”) Businesses: In line with the company’s vision to establish a state-of-the-art Defense & Security Hub announced on February 21, 2025, NUBURU will pursue a controlling interest in Orbit S.r.l. (“Orbit”), a SaaS startup that specializes in operational resilience. Orbit already boasts an existing portfolio made of 18 clients and 2,000/daily users. SaaS business models are highly scalable, with an anticipated EBITDA exceeding 40% and a projected target addressable market of $1.1bn in 2033. As NUBURU’s Executive Chairperson holds a controlling interest in Orbit, this transaction has been carefully negotiated and approved by independent board members.
- Explore Opportunistic Blue Laser Partnerships: NUBURU’s team has been working to target potential M&A transactions in the blue-laser sector to enhance synergies and solidify its leadership in defense technology innovation. (Source: BUSINESS WIRE)
12 Sep 25. Cailabs, a deep-tech leader in advanced photonics, today announced it has raised €57m to accelerate its industrial expansion and global growth. The round of structured financing, led by the European Investment Bank (EIB), combines a €37 m financing from the EIB and a €20 m investment from Definvest and Fonds Innovation Defense (Armed Forces ministry and Bpifrance), NewSpace Capital, the European Innovation Council (EIC) Fund, Starquest Capital, and CAIVE (Crédit Agricole Ille-et-Vilaine Expansion).
Ambroise Fayolle, Vice-President at the European Investment Bank, said: “Space technologies are increasingly important for civilian use as well as for security and defense applications. As the bank of the European Union, the EIB supports Cailabs’ investments in manufacturing capabilities and in research & development of its laser communication technologies. The project is fully aligned with the EIB strategic priorities of security and defense, and technological innovation under its TechEU programme. This funding round reflects our solid fundamentals and the confidence investors have in our strategic vision. It enables us to scale up industrial capabilities and prepare for the next stage of growth” said Jean-François Morizur, Co-founder and CEO of Cailabs.
Accelerating Strategic Growth
Access to this structured financing reflects Cailabs’ increasing economic maturity, underpinned by more than 10 Optical Ground Stations (OGS) already under contract.
The proceeds of this financing will support Cailabs’ strategic roadmap, including:
- Scaling up production and strengthening its supply chain, with the goal of producing up to 50 OGS annually by 2027. The company has recently established a new industrial platform capable of assembling and validating up to five stations in parallel.
- Expanding international footprint, building on recent milestones such as the opening of a larger U.S. office, announced by the Governor of Virginia and large overseas contracts.
- Advancing its product offering, including turnkey 100+Gbps solutions, transportable Optical Ground Stations, expanded orbit option…
“Cailabs’ solutions are of strategic importance for France’s sovereignty in Defense and Space,” said Nicolas Berdou, Director of Investments for the funds Fonds Innovation Defense & Definvest.
“We are excited to support Cailabs’ expansion at this pivotal moment for optical communications. The shift is driving significant growth in the space sector, with an ever-increasing impact for mission critical applications and our daily lives,” said Daniel Biedermann, Partner, NewSpace Capital.
“The EIC Fund is happy to be part of this funding round for Cailabs, a pioneering company in photonics. Supporting disruptive innovators like Cailabs is essential to strengthening Europe’s competitiveness in deep tech”, said Svetoslava Georgieva, Chair of the EIC Fund Board.
“Cailabs has developed a decisive technology disruption at the heart of the most dynamic Spacetech industry, and they have cracked the key US market, outperforming local industry leaders. It is a real game changer, and continuing supporting such a unique deeptech company was a no-brainer decision for an historical shareholder such as Starquest,” said Arnaud Delattre, Founding Partner & CEO, Starquest Capital.
About Cailabs
Cailabs is a global deeptech company with offices in France and the United States. Founded in 2013, it designs, manufactures, and develops photonic solutions for the space, industry, telecommunications, and defense sectors. A global specialist in laser communication, the company has accelerated its growth in the space field with turnkey optical ground stations enabled by atmospheric turbulence compensation technology. This makes it one of the first companies to harness fast, reliable, and low-latency data links across both space and terrestrial networks. www.cailabs.com
15 Sep 25. LightPath Technologies, Inc. (NASDAQ: LPTH) (“LightPath,” the “Company,” “we,” or “our”), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced it has entered into a definitive agreement with Ondas Holdings Inc. (NASDAQ: ONDS), a leading provider of autonomous aerial and ground robot intelligence solutions, and Unusual Machines, Inc. (NYSE American: UMAC), a leading provider of NDAA-compliant drone components, for an $8.0m private placement of LightPath’s Class A common stock. The private placement consists of the sale of 1,600,000 shares of common stock at a price of $5.00 per share which each of Ondas Holdings, Inc. and Unusual Machines, Inc. will purchase $4m of shares. Proceeds will be used for working capital to advance key LightPath commercialization initiatives and for general corporate purposes. The offering is expected to close on or about September 17, 2025, subject to the satisfaction of customary closing conditions.
Eric Brock, Chairman and CEO of Ondas Holdings, commented: “We provide customers in rail, energy, public safety, critical infrastructure, and government markets with mission-critical networks, autonomous drones, counter-drone solutions, and artificial intelligence capabilities – LightPath’s innovative offering enables reduction in size, weight, and cost of camera systems which ultimately provide new capabilities that expand the used case for our products, which is critical to their widescale adoption. Our investment underscores our belief that LightPath will be a leading provider of next-generation optics and imaging systems for the drone industry.”
Allan Evans, CEO of Unusual Machines, added: “We expect demand for drones to continue to grow across all industries, with a particular focus on defense following the learnings of the ongoing war in Ukraine. While drone infrared camera use is expanding, the use of Germanium in these systems has created challenges for manufacturing and supply chains. Export restrictions on Germanium imposed by China, which supplies a significant portion of the world’s Germanium, is leading the shift away from Germanium and a shift toward American manufacturing. Our focus on U.S. drone manufacturing complements LightPath’s proprietary BlackDiamond™ Glass, a made-in-the-USA cost effective alternative to Germanium, and we look forward to growing this partnership.”
“Securing partnerships with two notable drone industry players is an important strategic milestone for LightPath to advance the use of our uncooled camera technology’s use in drones,” concluded LightPath CEO Sam Rubin. “Through these partnerships we will leverage our complementary strengths to advance the use of infrared cameras for customers in commercial, defense and government sectors. Cameras mounted on drones provide powerful capabilities for across a wide range of applications, from inspecting infrastructure to locating people. We believe our ability to build complete thermal cameras in highly customized variations for application specific use will allow us to play a key role in the rapidly growing drone industry. We look forward to discussing our new partnerships and other milestones on our upcoming earnings call.” (Source: PR Newswire)
16 Sep 25. Quest Software Announces New Company Strategy and Unified Data Management Platform for AI Success. New company strategy, based on three foundational customer priorities to achieve artificial intelligence (AI) success, includes fully integrated data management platform for AI and reflects Quest’s emphasis on innovation and solutions for its thousands of global customers Quest Software, a global leader in data management, cybersecurity, and platform modernization, today unveiled a new company strategy and a unified, seamless, and automated data management platform designed to accelerate its customers’ ability to thrive in the era of AI. The strategy, which is based on three foundational priorities for companies to unlock AI success – trusted AI-ready data, secure identities, and platform modernization to scale with AI demands – includes a new, bold brand identity to reflect Quest’s focus on innovation, solutions, and growth. To learn more and explore updated products and solutions, content, customer resources, and partner assets, visit quest.com.
A recent study from MIT highlighted that 95 percent of generative AI (GenAI) pilots are failing, and Gartner has stated that nearly one-third of GenAI projects are abandoned after proof-of concept, each revealing the need for stronger data foundations. Quest’s new erwin Data Management Platform, featuring unified AI-enabled capabilities for a seamless experience, allows enterprises and public sector organizations to improve data accuracy, and create trusted data products 54 percent faster than before, uniquely meeting the scale and speed required for AI success. The fully integrated Quest platform automates the essential steps needed to create trusted data products with dynamic trust scoring for use and reuse in the data marketplace.
Today, companies are dealing with fragmented, siloed, and underused data with niche and ineffective data management tools, not designed to meet the critical needs of AI – trusted data at speed and scale. The new Quest erwin platform leverages GenAI to deliver operational simplicity through automation, unifying data management capabilities such as data quality, data modeling, metadata management, and data governance, removing silos and creating data products all through a single platform. Customers using the erwin Data Management Platform will receive immediate benefits such as improved data accuracy and trust-scored data products, faster time to market, and improved productivity.
“AI is driving the need for a dramatically new approach to data management. Working closely with our customers, including more than 90 percent of the Fortune 500, has given us deep insights into their challenges and requirements,” said Tim Page, CEO of Quest Software. “The erwin Data Management Platform is the first-of-its-kind to deliver improved data accuracy and faster time to data product delivery to the marketplace – a game-changer for our customers.”
As a leading provider of AI solutions, Quest is both AI-enabling its broad product suite and applying that technology to critical use cases, ensuring customers’ success as they pursue the path from generative to agentic AI. Along with the challenge of creating trusted data products is the need to protect identities from new AI threats – both human and non-human. AI-enabled Quest Security Guardian Intelligence dramatically enhances Microsoft identity threat detection and response, helping customers spot and contain identity threats faster than ever.
Quest’s new brand identity reinforces its focus on market-leading innovation. Combined with this year’s $350 m capital infusion to accelerate AI research and development, and a new executive team to drive growth and customer focus, Quest has invested for the AI future. The recently announced team includes recognized industry leaders Ashish Joshi, President & CFO; John Bertero, Chief Revenue Officer; and Maureen Perrelli, Chief Channel Officer, all of whom join Tim Page, who was named Quest Software’s new CEO in January.
As AI reshapes how organizations govern data, secure access, and scale operations, Quest Software’s new company strategy is to deliver on three foundational priorities for AI success:
- Delivering the platform for trusted AI-ready data at scale and speed. AI is only as good as the data. Quest’s new erwin Data Management Platform, featuring unified and automated AI-enabled capabilities for a seamless experience, allows enterprises to improve data accuracy and create trusted data products faster, uniquely meeting the scale and speed required for AI success.
- AI-powered cybersecurity and resilience. There has been an unprecedented increase in identities, service accounts, and access points, drastically increasing the attack surface and creating complex security challenges. Quest protects the most critical identity assets across Active Directory and Entra ID, delivering resilience throughout the attack lifecycle and automates ransomware recovery 90 percent faster, saving ms of dollars in downtime costs.
- Modernized platforms through migration for AI readiness and success. Whether driven by digital transformation or security posture improvements, modernization projects need to happen seamlessly to prevent data loss or downtime. Quest has partnered with Microsoft for more than two decades to help organizations migrate and modernize identities, workloads, and devices faster and more reliably than anyone else. Quest is the first company to achieve Microsoft 365 Certification for its migration capabilities, highlighting its commitment to customer modernization initiatives.
Quest is expanding its go-to-market with a focus on its Partner ecosystem. With an extensive network of independent software vendors (ISVs) and other technology partners, Quest is able to better support customers around the globe. Quest partners can access new programs to support their customers’ AI initiatives by visiting https://partners.quest.com.
About Quest Software
Quest Software creates technology and solutions that build the foundation for enterprise AI. Focused on data management and governance, cybersecurity and platform modernization, Quest helps organizations address their most pressing challenges and make the promise of AI a reality. Around the globe, more than 45,000 companies including over 90% of the Fortune 500 count on Quest Software. For more information, visit www.quest.com or follow Quest Software on X (formerly Twitter) and LinkedIn.
15 Sep 25. XTI Aerospace, Inc. (Nasdaq: XTIA), (“XTI” or the “Company”), a pioneer in xVTOL and powered-lift aircraft solutions, today announced the closing of its previously announced best-efforts public offering of 12,500,000 shares of its common stock (or pre-funded warrants (“Pre-Funded Warrants”) in lieu thereof) and warrants (“Common Warrants”) to purchase up to 12,500,000 shares of common stock at a combined public offering price of $1.60 per share (inclusive of the Pre-Funded Warrant exercise price) and associated Common Warrant. The Common Warrants have an exercise price of $2.00 per share and are immediately exercisable upon issuance for a period of five years following the date of issuance. All of the shares (or Pre-Funded Warrants) and Common Warrants in the offering were offered by the Company. Total gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses, were $20m.
The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes, including the development of the TriFan 600 airplane. The Company may also use a portion of the net proceeds to invest in or acquire businesses or technologies, although the Company has no current commitments or obligations to do so.
ThinkEquity acted as the sole placement agent for the offering.
The securities were offered and sold pursuant to a shelf registration statement on Form S-3 (File No. 333-289194), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 1, 2025, and declared effective on August 12, 2025. The offering was made only by means of a written prospectus. A prospectus supplement and accompanying prospectus describing the terms of the offering have been filed with the SEC on its website at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to the offering may also be obtained, when available, from the offices of ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004. (Source: PR Newswire)
16 Sep 25. Kromek Group plc
(“Kromek” or the “Company” or the “Group”)
Final Results
Profit before tax significantly ahead of market expectations
16 Sep 25. Kromek (AIM: KMK), a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments, announces its final results for the year ended 30 April 2025.
Financial Highlights
- Revenue increased 37% to £26.5m (2024: £19.4m)
o Advanced Imaging revenue of £20.3m (2024: £9.0m)
o CBRN Detection revenue of £6.2m (2024: £10.4m)
- Gross margin improved to 81% (2024: 55%)
- Adjusted EBITDA increased to £10.3m (2024: £3.1m)*
- Profit before tax was significantly ahead of market expectations at £3.1m (2024: £3.5m loss), which is positive for the first time in the history of Kromek
- £5.5m term loan facility and £5.9m short-term loan facilities were repaid in February 2025
- Cash and cash equivalents at 30 April 2025 were £1.7m (30 April 2024: £0.5m) with $5m received post year end and an undrawn credit facility of £6.0m plus a £0.5m asset finance facility to ensure there is sufficient capital to drive further growth
*A reconciliation of adjusted EBITDA can be found in the Financial Review
Operational Highlights
Advanced Imaging
- Substantial growth as a result of landmark agreements signed with Siemens Medical Solutions USA, Inc. (“Siemens Healthineers”) to enable the production of cadmium zinc telluride (“CZT”) detectors for single photon emission computed tomography (“SPECT”) application
o Received the initial payment of $25.0m during the year, out of a total of $37.5m, and a further $5.0m post year end
- Sustained delivery under collaboration contracts and other component supply agreements, with customers including recognised Tier 1 OEMs, Analogic Corporation and Spectrum Dynamics
- Continued to make progress under the ultra-low dose molecular breast imaging programme funded by Innovate UK
CBRN Detection
Nuclear Security
- Demand in H1 was subdued as a result of the elections in the UK and US and consequent impact on government spending, but a strong recovery in H2
- Awarded a contract worth £2.0m from the UK Ministry of Defence (“MoD”) for the supply of the D5 RIID along with Alpha Beta Probe attachment and ancillary products
- Selected under two new UK Government frameworks, each lasting four years, designed to enhance the UK’s systems and capabilities for ensuring public safety and security:
o The UK Government’s Resilience Framework, with a first order received from Merseyside Fire & Rescue Service during the year
o The UK Government’s Radiological Nuclear Detection Framework, with a first order received, post year end, worth £1.7m
- Further Nuclear Security orders received post year end amounting to c. £2.9m, with the vast majority to be delivered in the current financial year, from customers across the UK and Europe, the US, Japan and Canada
Biological-Threat Detection
- Continued to progress the development of biological-threat detection systems under contracts with a UK Government department and the US Department of Homeland Security
- Received a contract, post year end, from the MoD’s Defence Science and Technology Laboratory, worth £250k, for the development of novel methods of enhancing the detection of biological agents and incidents
Manufacturing and IP
- Continued to execute on programmes for the expansion of production capacity and process automation, resulting in greater manufacturing productivity and cost efficiency
- Applied for four new patents and had one patent granted, with the total number of patents held being in excess of 180
Dr Arnab Basu, CEO of Kromek, said: “This year has been pivotal for Kromek, marked by our maiden profit, which exceeded market expectations, and a significant reduction in debt. These achievements were driven by a landmark agreement with Siemens Healthineers, showcasing the strength of our Advanced Imaging division. While the CBRN Detection division had a slower start, the second half saw a sharp acceleration in momentum due to contract awards under UK Government frameworks, US federal contracts and a healthy international sales pipeline.
“Looking ahead to FY 2026, we expect to deliver further revenue growth and profitability, in line with market expectations. The CBRN Detection division is on track for a strong year-on-year revenue increase, while Advanced Imaging is set to deliver growth on a like-for-like basis. With a strengthened balance sheet and strong operational momentum, we are well-positioned to capitalise on growth opportunities across both divisions and drive sustained, long-term profitable growth.”
16 Sep 25. Kromek reported profit for the first time. The company posted a major earnings beat and is gaining traction.
- Major earnings beat
- Net cash position
- Positive momentum in business
Sedgefield-based Kromek (KMK: 5.3p) has posted a major earnings beat and reported a profit for the first time in its history. Annual reported pre-tax profit of £3.1m was £1.2m higher than house broker Cavendish forecast and, more importantly, the radiation detection technology specialist should now be posting profits for years to come.
The transformation was driven by the landmark agreement signed at the start of the year with Siemens Medical Solutions. Kromek is transferring 15 of its 174 furnaces for cadmium zinc telluride (CZT) production to the German group and providing it with IP and related services (licensed on a non-exclusive basis) for next-generation single-photon emission CZT-based SPECT-detector applications in advanced medical imaging. Kromek received a $25m (£18.4m) payment during the financial year, a further $5mn post period end and will be due $7.5m additional payments under the four-year agreement.
It has transformed Kromek’s finances, enabling the group to repay a high-interest £5.5m term loan as well as £6mn of short-term loans. Excluding £3.5m of lease liabilities, the group held net cash of £1.2m at the financial year-end, which has been boosted by the $5mn (£3.7m) second payment from Siemens.
Kromek’s full-year revenue increased by more than a third to £26.5mn, driven by the group’s advanced imaging division which more than doubled revenue to £20.3mn, reflecting the impact of the agreement with Siemens. However, Kromek also reports renewed commercial momentum returning across this division, including scaling up deliveries under the contract with Spectrum Dynamics.
The market is entering a structural shift from conventional scintillator technology to CZT, driven by the demand for higher-resolution, spectral imaging — particularly in medical diagnostics. This evolution supports better clinical outcomes and lower system-level costs, making CZT a key enabler of next-generation imaging platforms. Kromek is uniquely positioned as the only independent commercial-scale producer of CZT globally. Furthermore, with strategic partnerships in place, the group has a strong competitive advantage in a growing market with high barriers to entry.
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CBRN segment set to deliver strong growth in 2026
In the chemical, biological, radiological, and nuclear (CBRN) detection segment, annual revenue declined 40 per cent to £6.2m due to the impact on government spending of elections in both the UK and the US.
However, the unit showed a clear recovery in the second half and post period end received the first order (worth £1.7m) under the UK government’s radiological nuclear detection framework for the procurement of equipment and supporting services for the Home Office. Moreover, Kromek has received additional nuclear security orders worth £2.9mn from customers across the UK, Europe, the US, Japan and Canada, so highlighting growing global demand for Kromek’s mission-critical detection solutions.
For the year ahead, house broker Cavendish is pencilling in reported pre-tax profit of £1.9m (upgrade from £1.7m) on revenue of £27.1m and has upgraded its net cash estimate to £3.9m (from £1.1m). On this basis, the shares are trading on a cash-adjusted price/earnings (PE) ratio of 15, a low rating for a business that has reached an inflection point and is now gaining traction.
I rated the shares a speculative buy, at 5.65p (‘There’s value in these volatile shares’, 28 October 2024), and the volatile share price hit a high of 9.5p after I reiterated that advice, at 6.75p (‘A new tie-up will extract value from this chemical stock’, 30 January 2025). The subsequent pullback is a buying opportunity. (Source: Investors Chronicle)
15 Sep 25. Rheinmetall reaches agreement with Lürssen Group on acquisition of NVL (Naval Vessels Lürssen), becoming a naval systems provider CEO Armin Papperger: “We are creating a naval powerhouse in Germany”. The Düsseldorf-based technology group Rheinmetall has agreed with the Lürssen Group on the key terms of an acquisition of Naval Vessels Lürssen (NVL B.V. & Co. KG, Bremen-Vegesack), the military division of the long-established Bremen shipyard, and all its subsidiaries. The parties intend to formally conclude the transaction in the near future. Subject to approval by the relevant antitrust authorities, the parties are aiming to complete the acquisition in early 2026. Both parties have agreed not to disclose the purchase price. With this significant strategic acquisition, Rheinmetall is expanding its portfolio to include naval shipbuilding and strengthening its position as a leading supplier of defence technology in Germany and Europe. Armin Papperger, CEO of Rheinmetall AG: “In future, we will be a relevant player on land, on water, in the air and in space. Rheinmetall is thus developing into a cross-domain system house”. Friedrich Lürßen, Managing Partner of Lürssen Maritime Beteiligungen GmbH & Co. KG: “‘We are delighted to have found a trustworthy and strong partner in Rheinmetall, which can secure a successful future for NVL and its employees.” Over decades, Rheinmetall has established itself as a renowned supplier worldwide, particularly in the field of army technology, but for many years it has also been a proven partner to the naval forces of numerous countries in the maritime sector. Rheinmetall already offers a selected range of modern system components for naval applications and is a leading global supplier, particularly of simulation solutions and naval protection systems. Armin Papperger: “With the newly agreed acquisition, we are taking a decisive step forward in consolidating the defence industry in Germany and Europe. Combined with Rheinmetall’s expertise, we are creating a vital German powerhouse for state-of-the-art vessels. The combined capabilities of Rheinmetall and NVL will generate mutual growth and thus strengthen our aKey facts K Strategic acquisition: Rheinmetall intends to take over Naval Vessels Lürssen (NVL), Bremen Formal conclusion sought in the short term Transaction subject to regulatory approval Closing planned for early 2026 Important step in consolidating European defence industry At the same time, we are making a substantial contribution to strengthening the naval defence capabilities of Germany and its NATO allies”. The current conflict situation reveals that military enforcement capabilities are also becoming increasingly important in the naval sector. Rheinmetall intends to meet the massive increase in demand from naval forces and rising procurement budgets with high-performance system solutions which feature a highly modern digital infrastructure and cover the entire spectrum – from platforms and electronics to sensors and effectors. NVL is a privately owned shipyard group with four shipyards in northern Germany (Peene-Werft/ Wolgast, Blohm+Voss and Norderwerft/ Hamburg, Neue Jadewerft/ Wilhelmshaven) as well as international locations. It employs around 2,100 people worldwide, generated sales of around €1 bn in the 2024 financial year and is considered a pioneer in the research and development of autonomous maritime surface systems. Since its beginnings around 150 years ago, NVL has built around 1,000 ships at its shipyards and delivered them to over fifty different navies and coast guards. It is an established player in both military shipbuilding and ship maintenance and repair. Formerly known as Lürssen Defence, NVL was separated from the yacht division in 2021 and continued as an independent company within the family-run Lürssen Group. NVL supports fleets throughout their entire life cycle, helping to keep the German Navy and navies worldwide ready for action at all times. Armin Papperger: “This acquisition will not only make us a manufacturer of floating platforms. As an integrated naval powerhouse, we want to offer complete system solutions. In future programmes, we will provide our customers with all high-quality components from our partner network, delivered as an integrated solution from a single source: naval missiles and launchers, main and secondary guns for the navy, missile defence, sensors and other electronics. For combat management systems, we want to enable the integration and Germanisation of existing solutions from our partner network”. A key factor for Rheinmetall’s success is that the corporation already has excellent market access in the global naval sector, maintains a strong presence in international markets, and enjoys the trust of its customers Another advantage for Rheinmetall derives from the expansion of production capacities and the extension of the corporation’s industrial base in northern Germany. Synergy effects are expected, particularly regarding the vehicle production by Rheinmetall’s Vehicle Systems division, which operates sites in Kiel and Flensburg, among other locations, based on shared material and technology expertise. NVL’s shipyards offer the opportunity to utilise existing heavy infrastructure, employee expertise and equipment capabilities to strengthen Vehicle Systems production and create capacity reserves for the future in the automotive sector. This enables Rheinmetall to minimize excessive infrastructure investments or extensive conversions of other production lines.
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