BATTLESPACE Updates

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Sponsored by SPX Communication Technologies (TCI & ECS)

 

www.tcibr.com

 

www.enterprisecontrol.co.uk

 

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25 Sep 25. AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, announced today it has acquired American Distributors Holding Co., LLC (ADI), a leading distributor of components and assemblies, for $146 million in an all cash transaction funded using the Company’s existing revolving credit facility. The acquisition immediately expands AAR’s new parts Distribution activity with new additional product lines and extensive OEM relationships. The business will become part of AAR’s Parts Supply segment. Founded in 1983, ADI distributes to a broad set of commercial and defense customers across the aerospace and defense industry. The company’s approximately 400 team members provide value-added distribution services, including parts and assemblies, to its OEM partners. ADI serves its customers from six locations across the US, UK, and India. For the trailing twelve months ended June 30, 2025, ADI generated $149 million in revenue and $15.2 million in EBITDA.

STRATEGIC RATIONALE

  • Expands AAR’s new parts Distribution offerings: ADI’s complementary electronics product lines broaden AAR’s new parts Distribution offerings. This represents a large total addressable market with significant fragmentation and high growth opportunities.
  • Grows partnerships and revenues: The acquisition adds new OEM partnerships to AAR’s offerings and deepens AAR’s existing OEM relationships. The Company plans to leverage its existing market position to significantly grow ADI revenues.
  • Positions ADI for margin improvement: AAR expects incremental margin improvement through sales growth, operational efficiency, and business optimization.

EXECUTIVE SUMMARY

“AAR Distribution is AAR’s fastest growing activity, averaging more than 20% organic growth in each of the last four years. This acquisition will strengthen our offering and position us for continued future growth. We expect to leverage AAR’s broad market reach to increase ADI’s market share and expand their product offering,” said John M. Holmes, AAR’s Chairman, President and CEO. “We are excited to welcome the ADI team to AAR.”

“ADI is excited to become part of AAR,” said David Beck, ADI’s Founder and CEO. “Since ADI’s founding, we have focused on providing exceptional service to our vendors and customers, and we will be maintaining this focus with AAR while expanding the reach of our solutions.”

For more information on AAR, visit aarcorp.com.

About ADI American Distributors

ADI American Distributors LLC is a global distributor of high-performance electronic components and a provider of supply chain and manufacturing services. Headquartered in Randolph, New Jersey, ADI serves the aerospace, defense, medical, and industrial sectors by providing customized integrated supply chain solutions. The company offers electronic components, assemblies, and manufacturing services. Additional information can be found at americandistr.com.

 

24 Sep 25. Firehawk Aerospace (“Firehawk”), a defense technology leader specializing in advanced energetics and propulsion, has secured investment from Presto Tech Horizons (PTH), a unique defense and resilience tech fund, created through a partnership between European venture capital firm Presto Ventures and global industrial and technology firm CSG (Czechoslovak Group). The oversubscribed $60M investment round was led by 1789 Capital, helmed by partners including Donald Trump Jr. Firehawk is pioneering the world’s first scalable use of 3D printing for propellant and solid rocket motors, enabling faster, safer, and more flexible production of advanced energetics. The same breakthroughs in propellant design and manufacturing that make rocket motors more efficient can also be applied to artillery charges – unlocking rapid, reliable, and scalable ammunition production. Rocket engine propellant – used for missiles and space rockets alike – is currently produced by casting it into large molds and curing. This slow, hazardous, and inflexible process can take up to two months and limits both performance and production speed. Firehawk replaces this decades-old method with additive manufacturing, using 3D printing to build propellant grains with complex geometries previously thought impossible. By using relatively inexpensive commercial-off-the-shelf equipment and novel additive manufacturing processes, the company can reduce per-unit production times by over 99% compared to traditional methods. This innovation makes motors safer to produce, quicker to scale, and adaptable across weapon systems, fundamentally transforming the energetics supply chain.

Focus on Europe

The purpose of the investment in Firehawk is to strengthen Europe’s ability to locally source critical elements of the munitions supply chain – boosting resilience and ensuring sustained defense readiness for NATO and allied forces. The fund behind the investment, built on a rare alliance between a venture capital firm and a defense prime, creates a bridge between innovation and industry. This partnership accelerates the adoption of technologies like Firehawk’s and serves as a new model to deliver novel defense technologies at scale for rapid deployment across allied defense industrial bases.

“The conflict in Ukraine proves that while drones give warfighters a decisive edge, munitions like missiles and rockets are the core of combat power,” says Will Edwards, CEO of Firehawk. “A supply chain is only as strong as its weakest link, and propellant and energetics production are the biggest constraint on missile, rocket, and artillery manufacturing. Enabling the European defense industry to also produce these weapons quickly and at scale is the core of Firehawk’s mission. We’re proud to partner with Presto Tech Horizons and CSG to help bolster the European energetics supply chain and ensure our allies can fuel the production of key defense equipment.”

“The current geopolitical situation underscores the need to invest in innovative defense technologies,” says Michal Strnad, Chairman of the Board and owner of CSG. “Firehawk can play a crucial role in the future of not only rocket propulsion, but also ammunition production. This innovative project can strengthen cooperation between leaders of the American and European defense industries.” The parties are already exploring opportunities for industrial application of Firehawk’s technologies.

“Since the early 2010s, scientists and engineers have explored 3D printing as a way to unlock faster, safer, and more flexible solid propellant production. Firehawk is the first to truly deliver on that promise. They combine rapid manufacturing with complex grain designs that were once impossible, improving performance while enabling distributed production at scale. Firehawk’s technology doesn’t just speed up how propellants are made – it fundamentally reshapes the supply chain for missiles and rockets. That’s why this partnership is so important for Europe’s defense resilience,” adds Matej Luhovy, newly appointed Partner at Presto Tech Horizons.

Presto Tech Horizons has joined Firehawk’s oversubscribed $60M Series C funding, which concluded this September, as a strategic partner. While the exact amount is undisclosed, the investment represents a significant commitment to Firehawk’s mission. The round was led by 1789 Capital, – helmed by partners including Donald Trump Jr. – marking the firm’s entry into defense technology and supporting Firehawk’s transition from R&D and prototyping to production at scale. Other participants include Draper Associates, Decisive Point, Stellar Ventures, and other leading VCs. As the only European investor in the round, Presto Tech Horizons helps bring Firehawk’s breakthrough energetics technology closer to allied defense users across Europe.

About Firehawk Aerospace

Firehawk is an end-to-end energetics company, revolutionizing the supply chain to fuel the future of defense to deter and win tomorrow’s wars. We build rocket motors powered by our 3D printed propellant – faster and more cost effectively with the ability to manufacture and distribute almost anywhere in the world. Firehawk designs its products at its Dallas headquarters, is building a 340-acre production facility in Lawton, Oklahoma, and performs static fire and flight tests at two facilities in West Texas, including a 30-square-mile launch range. For more information, visit www.firehawkaerospace.com.

About Presto Tech Horizons

Built on a unique strategic alliance between venture capital firm Presto Ventures and industrial and technology group CSG (Czechoslovak Group), Presto Tech Horizons backs the most promising resilience tech projects from NATO countries and allied nations. The fund focuses on companies developing advanced technologies to create a safer, more resilient future – from defense tech to deeptech and dual-use innovation. Learn more at prestotech.com.

About CSG (Czechoslovak Group)

CSG is a global industrial and technology group owned by Czech entrepreneur Michal Strnad, with key production facilities in Europe, India, and the U.S. Its portfolio includes Tatra Trucks, radar maker Eldis, and ammunition producers Fiocchi and The Kinetic Group – a recent acquisition that made CSG a major U.S. manufacturer of small-caliber ammunition. Through subsidiaries like MSM North America, CSG also delivers strategic infrastructure projects for the U.S. Army, including the new Future Artillery Complex. With 10,000+ employees and 2024 revenues exceeding €4 bn, CSG is committed to strengthening the transatlantic bond and ensuring allied defense supply chain resilience. Learn more at czechoslovakgroup.com. (Source: PR Newswire)

 

25 Sep 25. Cohort, the AIM listed independent technology group, is today holding its Annual General Meeting (AGM) and issues the following comments on current trading and outlook. Cohort achieved record financial results in the year ended 30 April 2025 (“FY2025”), with strong performances in revenue, adjusted operating profit, order intake, adjusted EPS, and net funds. The year ended with a cash position that exceeded expectations and a record order book of £616.4m, extending out to the mid-2030s, with strong revenue cover for the current financial year ending 30 April 2026 (“FY2026”). Our expectations for growth in FY2026 remain unchanged, with a weighting to the second half as in previous years. Trading performance in the first half is expected to be slightly behind the strong comparative period last year. In the first quarter’s trading, a strong maiden contribution from EM Solutions was offset by a reduction in MCL’s activity, which was at a record level last year, and a weaker mix at both ELAC and SEA including the sale of the latter’s transport business in May 2025. Following contract wins since the start of FY2026 of over £60m, the order book on 20 September 2025 stood at over £590m, representing consensus FY2026 revenue cover of nearly 90%.  We are optimistic about our prospects for further significant new orders, given demand for our products and services from both domestic and export customers.  As previously disclosed in the FY2025 Final Results announcement, given planned capital expenditure including the completion of ELAC SONAR’s new facility in Kiel in the first half and the unwinding of the strong year end working capital position, primarily customer advances, we expect the Group to report net debt in the region of £30m at the half year.  We expect to close FY2026 with net funds in the range of £10m to £15m as previously reported. The Group’s strategy continues to be to grow both organically and through acquisitions. The Group’s acquisition of EM Solutions for an enterprise value of £75m completed on 31 January 2025, and we have seen a positive contribution in the first four months of FY2026. Geopolitical tensions are driving increased investment in defence, as highlighted by the UK Strategic Defence Review in June, and those are expected to persist, creating the conditions for organic growth. Our business model is also well adapted to generating value from carefully targeted acquisitions, and we continue to seek opportunities for these in the UK and elsewhere. The interim results for the six months ending 31 October 2025 are due to be released in December 2025.

 

25 Sep 25. Babcock International Group PLC. AGM trading update.

Continued positive momentum, full year expectations unchanged.

Trading update to 31 August 2025

Trading in the first five months to 31 August 2025 has been encouraging, with the Group delivering organic revenue growth and underlying operating margin progress in line with the Board’s expectations.

Strong growth in Nuclear, driven by civil nuclear projects and submarine support, and Aviation, as a result of the ramp-up of the French Mentor 2 contract, and ongoing growth in Marine was partly offset by lower revenue in Land, due to lower activity in the Rail business.

Overall, expectations for the full year remain unchanged and we continue to progress towards the Group’s medium-term guidance, which we upgraded in June 2025 to average revenue growth of mid-single digit, underlying operating margin of at least 9% (previously at least 8%) and average operating cash conversion of at least 80%.

Developments in the period

The macro environment remains supportive, and we continue to make good strategic progress. In the period we welcomed the UK Government’s Defence Industrial Strategy, which strongly aligns with our capabilities.  Babcock’s business momentum has continued through the period with sustained delivery and strategic progress to support future growth.

  • Type 31 frigate programme – in April we were awarded a c£65m Capability Insertion Programme contract on a sole source basis. In June, a major milestone was reached with float-off of the first ship, HMS Venturer. The second ship, HMS Active, is on track to float-off before the end of FY26.
  • Submarine disposal – in June we secured a £114m contract to support the first defueling of a decommissioned British nuclear submarine in over 20 years. We will work with the UK Defence Nuclear Enterprise and industry partners to prepare for the defuel of four decommissioned submarines at our Devonport facility from 2026.
  • AUKUS – our joint venture with HII in Australia secured its first contract to enhance Australia’s supply chain capabilities in preparation for delivery of the first three nuclear-powered submarines under the trilateral partnership.
  • Australia – in September we signed a new AU$250 m, 8-year follow-on contract with the Australian Border Force (ABF) to enhance maritime security operations in the Torres Strait. The contract includes the delivery of two mission modified Airbus H145 helicopters to the ABF, plus air crews and ongoing maintenance over eight years.
  • New AI intelligence product – in September we launched our first fully AI-powered communications intelligence product NomadTM which provides front-line military and security services with valuable intelligence in real-time.
  • Significant industry partnerships – we announced collaborations with leading global industry players, including: a Memorandum of Understanding (MoU) with BAE Systems Bofurs to offer support for the Type 31’s  multi-purpose Bofurs guns; as UK build partner to Finnish armoured vehicle company Patria following the UK MOD’s arrangement to join the multinational Common Armoured Vehicle System programme; as Hanwha Ocean’s exclusive in-service support partner for the new Canadian Patrol Submarine Project; as HII’s partner to deliver autonomous launch and recovery of Unmanned Underwater Vehicles via submarine torpedo tubes and; an MoU with radio communications equipment manufacturer KNL to offer next generation high frequency communications support to armed forces across the land, sea and air domains.
  • Share buybacks – we have completed around 25% of the £200m share buyback programme announced at our preliminary results on 25 June 2025. We expect the programme to conclude by the end of FY26.
  • Refinancing of the Revolving Credit Facility (RCF) – in July, we successfully entered into a new RCF with ten banks which replaces the previous financing facility of £775m. The new committed debt facility, which is valid for five years with 2 one-year extension options, will provide the Group with access to borrowings of up to an aggregate amount of £600m, with an accordion option to increase this facility by up to £200m at lenders discretion.
  • Additionally, during the period we held the first two of a series of investor events. These demonstrated potential for both our Marine Design and Build business and our Cavendish Nuclear business to double revenues by 2030. Links to the materials and event replays can be found on our website at www.babcockinternational.com/investors

HY26 half year results

The Group’s HY26 half year results will be published on 20 November 2025.

 

24 Sep 25. Marshall of Cambridge. FY24 results & actions taken. Previous shareholder meetings highlighted the pressing need for action to place Marshall on a sounder footing, evidenced by the scale of the FY24 financial performance reporting losses much higher than anticipated. However, actions taken by the Board have placed the Group on a surer foundation, albeit there is still work to do. Divisions have been closed, assets sold and since the turn of the year smaller, non-core divisions disposed of. The next step is enabling the Group to unlock the value inherent in its primary asset, the Cambridge Airport site.  Progress has been made on this front too. As the FY24 results confirmed, the Group had been in financial distress with banking covenants breached and cash draining out of the business due to mounting losses. The losses have continued into FY25, reflecting varying difficulties within Marshall’s engineering operations. One business, Fleet Solutions, was sold in early April, with plans to sell Land Systems now nearing completion. Redundancies have also been made, further reducing ongoing costs. The Group’s implied market capitalisation currently stands at £100.4m based on the last traded share price in April 2025. This is materially less than the net present value of the 480 acres of the Cambridge East development seen at £204m, and suggests that the Aerospace division is effectively ‘in for free’.

 

23 Sep 025. AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, reported today financial results for the fiscal year 2026 first quarter ended August 31, 2025.

FIRST QUARTER FISCAL YEAR 2026 HIGHLIGHTS

(As compared to Q1 FY2025)

  • Sales of $740m; increased 12%
  • GAAP EPS of $0.95
  • Adjusted diluted EPS of $1.08; increased 27%
  • GAAP Net income of $34m
  • Adjusted EBITDA of $87m; increased 18%
  • Adjusted EBITDA margin increased to 11.7% from 11.3%

“Our first quarter was a strong start to the fiscal year as we drove significant growth across all of our segments.  Adjusted sales were up 17% organically largely driven by Parts Supply which was up 27% in the quarter.  Once again, we saw exceptional performance out of our new parts Distribution activities as we continue to win new business and expand our market share,” said John M. Holmes, AAR’s Chairman, President and CEO.

“Our solid operational performance across Parts Supply and Repair & Engineering, as well as cost discipline, resulted in adjusted EBITDA up 18%, with adjusted EBITDA margins expanding to 11.7% from 11.3% last year.”

“During the quarter, we made investments across the Company with particular focus on supporting the continued rapid growth in Parts Supply.  We also acquired Aerostrat, adding to our Trax software capabilities. As we convert these investments into profitable growth, we expect to generate positive operating cash flows over the remainder of the fiscal year.”

Holmes concluded, “We remain focused on our strategic objectives and our financial position is strong. We anticipate our sales growth will continue across all of our segments. Demand for our Parts Supply offerings remains very high and we have invested in inventory to support that demand.  In Repair & Engineering, our existing hangars have a multi-year backlog and the 15% new capacity coming online in Oklahoma City and Miami in calendar 2026 has also been sold out.  Additionally, we are encouraged by continued growth across our government activities and also excited by the opportunities we see for Trax within our Integrated Solutions segment.  Finally, we are seeing the benefits of our prior investments and portfolio upgrades and we expect these actions to continue to drive further margin improvement and cash flow generation.”

RECENT UPDATES

NEW BUSINESS

  • Expanded Trax’s agreement with JetBlue Airways to include eMobility and its cloud hosting solution.
  • Secured multi-year exclusive defense agreement with AmSafe Bridport, a TransDigm company, to distribute their product lines across the KC-46 and C-40 platforms to the global defense and military aftermarket.
  • Subsequent to the end of the first fiscal quarter, awarded indefinite-delivery/indefinite-quantity contract with the Defense Logistics Agency Troop Support for up to $85m to provide specialized shipping and storage containers, shelters, and accessories.

PORTFOLIO UPDATE

  • Acquired Aerostrat, a leading long-range maintenance planning software company, enhancing our Trax solutions, for a purchase price of $15 m plus contingent consideration of up to $5m.

FIRST QUARTER FISCAL YEAR 2026 RESULTS

Consolidated first quarter sales increased 12% to $739.6m, compared to $661.7m in the same quarter last year.  Sales to commercial customers increased 11%, or $50.4m, primarily due to double digit growth across both aftermarket parts trading and new parts Distribution within the Company’s Parts Supply segment. Sales to government customers increased 15% over the same period last year, primarily due to increased order volume for new parts Distribution activities. Sales to commercial customers were 71% of consolidated sales in both the current and prior year quarters. The Company reported net income of $34.4m, or $0.95 per diluted share. For the first quarter of the prior year, the Company reported net income of $18.0m, or $0.50 per diluted share. Adjusted diluted earnings per share in the first quarter of fiscal year 2026 were $1.08, compared to $0.85 in the first quarter of the prior year. Selling, general, and administrative expenses were $71.2m in the current quarter, compared to $75.9m in the prior year quarter.  Acquisition, amortization, and integration expenses were $4.4m in the quarter, compared to $7.1m in the prior year quarter. Operating margins were 8.8% in the quarter, compared to 6.6% in the prior year quarter. Adjusted operating margin increased to 9.7% in the current year quarter from 9.1% in the prior year quarter, primarily as a result of increased volume and profitability in our new parts Distribution activities. Net interest expense for the quarter was $18.5m, compared to $18.3m last year. Average diluted share count increased from 35.6m shares in the prior year quarter to 35.9m shares in the current year quarter. Cash flow used in operating activities was $44.9m during the current quarter, compared to $18.6m of cash used in the prior year quarter.  As of August 31, 2025, net debt was $950.0m and net leverage was 2.82x. (Source: PR Newswire)

 

23 Sep 25. Axon (Nasdaq: AXON), the global public safety technology leader, today announced it has entered into a definitive agreement to acquire Prepared, an AI-powered emergency communications platform that turns 911 calls into actionable intelligence and enables faster response. Prepared’s technology synthesizes call audio, text, video, GPS and real-time translation into a single view, supporting more than 1,000 agencies across 49 states. Integrating Prepared into Axon’s ecosystem strengthens the company’s strategy to connect every link in public safety—from call to closure—helping agencies respond faster and with greater context.

“AI is reshaping public safety at an unprecedented pace,” said Rick Smith, Axon Founder and CEO. “With Prepared, we’re harnessing that power to eliminate blind spots in the earliest moments of an emergency and give responders the speed and clarity they need to save lives. This is about setting a new standard for how technology supports communities in their most critical moments.”

“We started Prepared to ensure every emergency call gets the best possible response,” said Michael Chime, Prepared CEO. “Together, with Axon, we can bring our platform to more communities, build new tools faster, and better support every phase of emergency response from first call to final resolution.”

The transaction is subject to customary closing conditions and is expected to close in early Q4. Axon was advised by Morgan, Lewis & Bockius LLP and Prepared was advised by Latham & Watkins LLP.

About Prepared

Prepared is the pioneer and a leading provider of assistive AI to public safety agencies. The company’s flagship platform is an end-to-end assistive AI toolbox that consolidates critical functionality onto a single screen, empowering PSAPs to harness the power of fully integrated AI. Since its founding in 2019, the company now partners with over 1,000 agencies in 49 states that protect nearly 100 m people. For more information, visit Prepared911.com.

About Axon

Axon (Nasdaq: AXON) is the global leader in public safety technology, relentlessly innovating to protect more lives in more places. Founder-led since 1993, Axon began with a mission to reimagine conflict in law enforcement and has grown into a global company serving everyone who takes on the responsibility of public safety and national security — from first responders and governments to companies, frontline workers, and communities. Our trusted network connects TASER energy devices, cameras and sensors including body-worn, fixed and in-car cameras, drones and robotics, digital evidence and records management, real-time operations, immersive training, productivity tools, and AI-driven capabilities and insights. Designed to work seamlessly together, these solutions create a connected picture of safety that helps protect people and places with greater speed, clarity, and accountability. (Source: PR Newswire)

 

24 Sep 25. KBR Announces Strategic Intent to Spin Off Mission Technology Solutions. Culmination of Decade-Long Portfolio Transformation to Focus on Differentiated Science, Technology, and Engineering Solutions for Mission Critical Applications

  • Anticipates Unlocking Meaningful Value Creation through the Formation of Two Independent, Pure-Play Public Companies

o New KBR to Continue to Build on Its Sustainable Technology Solutions Global Leadership across a Diverse Base of Process Technologies and Differentiated Services

o SpinCo to Continue to Scale as a Highly Trusted, Government Services Provider Globally for Critical National Security and Space

  • Spin-off Intended to be Tax-Free to KBR and its Shareholders and Expected to be Completed Mid-to-Late 2026; KBR to Hold Investor Days Prior to Completion
  • Company to Host Conference Call Today at 8:00 a.m. ET

KBR, Inc. (NYSE: KBR) today announced a plan, unanimously approved by its Board of Directors, to pursue a tax-free spin-off of its Mission Technology Solutions (MTS) segment. Upon completion, KBR and its shareholders will benefit from ownership in two pure-play public companies with enhanced strategic focus, operational independence, and financial flexibility.

Strategic Rationale and Benefits

The formation of two independent companies with distinct product and service offerings better positions New KBR and SpinCo to deliver long-term profitable growth and value for customers, associates, and shareholders. Each company is expected to benefit from:

  • Enhanced strategic and management focus
  • Organizational agility and streamlined decision making
  • Increased end market focus, prioritized commercial resources, and sharpened go-to-market approaches
  • Greater capital allocation flexibility to support strategic imperatives, including potential future M&A transactions
  • Distinct and compelling investment profiles

Stuart Bradie, KBR Chair, President, and Chief Executive Officer, stated: “Over the last decade, we have successfully transformed KBR into a leading provider of differentiated, innovative, up-market science, technology, and engineering solutions with global scale, global reach, and global impact. Today’s announcement of our plan to spin off MTS and form two pure-play companies marks a major milestone and pivotal step in KBR’s evolution to unlock the next phase of value creation.”

“After the spin-off, we expect both companies to retain key elements of KBR’s unique values-driven culture and proven execution approach, providing a strong foundation for future profitable growth and returns. Both businesses comprise top talent, deep domain expertise, proprietary technologies, and an unwavering focus on delivering customer value.”

New KBR (Sustainable Technology Solutions – “STS”)

Synergistic and trusted technologies and capabilities serving diversified energy and critical infrastructure needs globally.

New KBR, comprising the Sustainable Technology Solutions business, will deliver proprietary IP-protected, process technologies that reduce emissions, increase efficiency, and advance energy transition. With trusted global capabilities and a strong track record for delivery, New KBR will continue to provide synergistic advisory and consulting services, high-end digitally enabled engineering, design, and program management across the asset lifecycle to its customers globally.

After the spin-off of MTS, New KBR will leverage its global leadership across a diverse base of over 85 process technologies, where it is uniquely positioned to benefit across the ammonia/syngas, chemical/petrochemicals, clean refining, and circular process/circular economy markets. New KBR will build on its proven track record of commercializing new technologies aligned with future demand needs to capture meaningful market potential, supported by strong secular trends.

New KBR is expected to benefit from its low capital intensity, access to diversified revenue streams, and robust free cash flow with high conversion rates.

SpinCo (Mission Technology Solutions – “MTS”)

Scaled leader with deep domain expertise and mission-critical capabilities, enabling advantage for government customers globally.

SpinCo is aligned to high demand national security and space priorities, with growing budgets driven by secular trends.

SpinCo is expected to continue to benefit from its capital light model, diversified, long duration contracts with predictable cash flow, robust backlog, and strong marketplace positions driven by customer intimacy and deep domain expertise. SpinCo has a history of successful, accretive acquisitions that have expanded capabilities and broadened its customer base. SpinCo will be well positioned post-spin to deliver profitable growth by leveraging its scaled, diversified, up-market capabilities and expansive global footprint.

Related Executive Leadership Updates

In connection with its plan to form two independent, publicly traded companies, KBR is announcing the following executive leadership updates:

  • Post-spin, Stuart Bradie will serve as New KBR Chair, President, and Chief Executive Officer.
  • Mark Sopp, current KBR EVP and Chief Financial Officer, will transition into a newly created role overseeing the team responsible for successfully spinning off MTS.
  • Shad Evans, current SVP of Financial Operations, has been appointed KBR’s Chief Financial Officer, succeeding Mr. Sopp, effective January 5, 2026, and will assume the role of New KBR Chief Financial Officer post-spin. Prior to his current role, Mr. Evans served as SVP and Chief Financial Officer of STS, and before that as SVP of Finance Operations and Chief Accounting Officer. He joined KBR in 2018 after more than a decade of experience in the industry.

The Board of Directors has engaged a leading search firm to support the selection of executive candidates to lead SpinCo.

Mr. Bradie concluded, “I want to thank Mark for his impactful contributions and dedication, as well as his partnership. I have the utmost confidence in his ability to lead the successful spin-off of MTS, as well as support a seamless CFO transition. Further, I want to congratulate Shad on his well-deserved appointment. I am immensely proud of what our team has accomplished in transforming KBR to prepare for this announcement today. The opportunities ahead for both New KBR and SpinCo – as two focused, independent public companies – are clear and compelling. I look forward to collaborating with our team over the next months and quarters to execute our plan and deliver shareholder value.”

Transaction Details

KBR intends for the transaction to be tax-free to KBR and its shareholders for U.S. federal income tax purposes and is targeting completion by mid-to-late 2026. The transaction will be subject to final approval by KBR’s Board of Directors and other customary conditions, including receipt of a favorable opinion of legal counsel and/or a private letter ruling from the U.S. Internal Revenue Service with respect to the tax treatment of the transaction for U.S. federal income tax purposes, the effectiveness of a Form 10 registration statement filed with the U.S. Securities and Exchange Commission, and other regulatory approvals.

Fiscal Year 2025 Outlook

KBR is reaffirming its previously issued fiscal year 2025 outlook.

 

23 Sep 25. Bittium Strengthens Its Expertise in Software-based Artificial Intelligence Solutions by Acquiring a Stake in MarshallAI. Bittium invests in software-based artificial intelligence solutions by acquiring a 24.9 percent stake in MarshallAI (Kradient Intelligence Oy) through a directed share issue. MarshallAI is a Finnish pioneer in artificial intelligence solutions, with a product and solution portfolio focused on AI-based signal processing for the needs of defense and industry. This growth investment supports Bittium’s strategy and strengthens its capabilities in software-driven, AI-based solutions across all business areas, with a particular emphasis on defense and security technology. Bittium and MarshallAI have also entered into a cooperation agreement through which the companies will jointly develop AI-based solutions for Bittium’s product families. According to the agreement, Bittium will license MarshallAI’s AI tool, which enables the agile development of new additional solutions to create business opportunities and customer value within Bittium’s customer base. The partnership with MarshallAI significantly strengthens Bittium’s AI roadmap and offering, covering all three of Bittium’s Business Segments: Defense & Security, Medical, and Engineering Services. As part of the agreement, Bittium will support MarshallAI in commercializing its products and services and gaining broader visibility, especially in the defense technology sector.

“Our mission is to deliver advanced communication solutions for the diverse needs of the defense industry, as well as highly secure mobile devices and solutions for the governments and authorities. In collaboration with MarshallAI, we can develop secure and efficient AI solutions and additional services, particularly for Bittium’s tactical communication solutions,” says Tommi Kangas, Senior Vice President, Bittium’s Defense & Security Business Segment.

A large part of technical solutions utilizing AI is based on cloud services, high computing power requirements, and slow iteration cycles dictated by third parties. Dependency on the cloud is particularly challenging for systems that aim to operate within closed networks, adapt quickly to unforeseen situations, and provide new capabilities based on rapid iteration cycles. The significance of embedded AI in devices is increasing in tactical communications for the defense industry and in secure mobile devices, as it enhances operational efficiency and resilience in complex military environments.

“We are excited about the collaboration with Bittium and the deepening of our partnership through growth financing. Bittium’s investment supports our growth goals and the commercialization of our solutions, especially in the defense sector, where Bittium has extensive experience. By combining our strong know-how in deep learning and signal processing with Bittium’s broad industry expertise, we can offer our customers even more advanced AI solutions,” says Marcus Nordström, CEO of MarshallAI.

MarshallAI’s current owners and company management will remain significant shareholders even after Bittium’s investment. The parties have agreed not to disclose the transaction price.

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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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