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07 Nov 25. HENSOLDT with further growth in the first nine months of 2025

Order intake rises to EUR 2,017m (previous year: EUR 1,856m)
Order backlog reaches EUR 7,096m (previous year: EUR 6,513m)
Revenue grows to EUR 1,536 m (previous year: EUR 1,377m)
Adjusted EBITDA rises to EUR 211m (previous year: EUR 187m)
Adjusted EBITDA margin improves slightly to 13.7% (previous year: 13.6%)
Outlook for the 2025 financial year adjusted

The HENSOLDT Group (“HENSOLDT”) continued its growth trajectory in the first nine months of 2025. The continuously increasing investments in defence capabilities by Germany and other European countries led to a significant increase in order intake and sales. At the same time, they consolidate the company’s strong market position.

With a volume of EUR 2,017m, order intake in the first nine months of the current financial year once again exceeded the prior-year period (EUR 1,856m) and revenue also increased significantly to EUR 1,536m (previous year: EUR 1,377m). Both segments – Sensors and Optronics – contributed to this positive development. At the same time, the share of business with a low share of value added continued to decline compared to the previous year.

Adjusted EBITDA also developed positively in the first nine months of 2025 and amounted to EUR 211m (previous year: EUR 187 m). The adjusted EBITDA margin improved slightly to 13.7% (previous year: 13.6%). The effects of the start-up phase of the new logistics center have continued to weaken.

Oliver Dörre, CEO of HENSOLDT, says: “Defence investments in Germany and Europe continue to gain momentum and the Zeitenwende 2.0 is beginning to have a concrete impact. We are not only feeling this in our order books, but also increasingly in our plants. We are thus taking responsibility for Europe’s defence capability. As a reliable partner to our customers, our focus is now on meeting the increasing demand with the highest efficiency and quality.”

Christian Ladurner, CFO of HENSOLDT, says: “Our results for the first nine months of 2025 as well as the recent adjustment of our forecast for the full year prove that HENSOLDT translates the continuing increase in demand into profitable growth with financial discipline and high implementation power. The record order backlog provides us with an exceptionally high level of planning security – and the stability we need to expand our capacities in a targeted manner for the further ramp-up.”

Positive development in the Sensors and Optronics segments

In the Sensors segment, order intake during the first nine months of 2025 was driven in particular by contract extensions for Eurofighter Mk1 radars and further orders for TRML-4D and Spexer radars. Sales increased by 9.3%. In the Optronics segment, the solid order intake is mainly due to the retrofitting of optronic systems for submarines of the U212A class as well as otheroptronic systems in the Ground-Based Systems (GBS) product line. Revenue increased very significantly by 27.5% compared to the same period last year. This is primarily due to the positive development in the GBS product line and in the German company’s service business. Both segments have in common an increased adjusted EBITDA, mainly due to the increased sales volume in each case.

Outlook for the 2025 financial year adjusted

For the 2025 financial year, HENSOLDT expects continued positive business development and has recently adjusted its forecast for several key figures based on recent and foreseeable order intake. Specifically, the company now expects a book-to-bill ratio of 1.6x to 1.9x, while the previous expectation was 1.2x. In addition, the expected revenue was specified at around EUR 2,500 m (previously: range of EUR 2,500–2,600 m) and the adjusted EBITDA margin at 18% or higher (previously: around 18%). HENSOLDT confirms its medium-term forecast and sales ambition for 2030.

06 Nov 25. nLIGHT, Inc. (Nasdaq: LASR), a leading provider of high-power lasers for mission critical directed energy, optical sensing, and advanced manufacturing applications, today reported financial results for the third quarter of 2025.

“3Q 2025 represented another solid quarter of execution for nLIGHT with record revenue from our A&D markets driving our results,” commented Scott Keeney, nLIGHT’s President and Chief Executive Officer. “I am particularly pleased with the expansion of our products gross margin, which was 41% in the quarter, and the growth in our Adjusted EBITDA, both of which demonstrate the leverage that is inherent in our operating model. We expect continued sequential A&D revenue growth in the fourth quarter as many of the programs previously announced continue to ramp. As a result, we expect full year 2025 A&D revenue growth to exceed our prior outlook for A&D growth of at least 40% year-over-year.”

Third Quarter 2025 Financial Highlights

Revenues of $66.7m for the third quarter of 2025 were up 18.9% compared to $56.1 m for the third quarter of 2024. Gross margin was 31.1% for the third quarter of 2025 compared to 22.4% for the third quarter of 2024. GAAP net loss for the third quarter of 2025 was $6.9 m, or $0.14 per diluted share, compared to net loss of $10.3 m, or $0.21 per diluted share, for the third quarter of 2024. Non-GAAP net income for the third quarter of 2025 was $4.3m, or $0.09 per diluted share, compared to non-GAAP net loss of $3.7m, or $0.08 per diluted share, for the third quarter of 2024. Reconciliations of the non-GAAP metrics presented here to the most directly comparable GAAP metric have been provided in the tables included at the end of this release.

Outlook

For the fourth quarter of 2025, nLIGHT expects revenues to be in the range of $72m to $78m. The midpoint of $75m includes Products revenue of approximately $55m and Advanced Development revenue of approximately $20m. nLIGHT expects overall gross margin to be in the range of 27% to 32%, with Products gross margin in the range of 34% to 39% and Advanced Development gross margin of approximately 8%. nLIGHT expects Adjusted EBITDA to be in the range of $6m to $11m.

We have not reconciled our outlook for Adjusted EBITDA because unrealized and realized foreign exchange gains and losses cannot be reasonably calculated or predicted nor can the probable significance be determined at this time. Accordingly, a reconciliation is not available without unreasonable effort. (Source: BUSINESS WIRE)

06 Nov 25. BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the third quarter ended September 30, 2025.

“Strong international demand for our space-based intelligence solutions drove over $60 m in new contract awards,” said Brian E. O’Toole, BlackSky CEO. “Significant international opportunities for commercial imagery, analytics, and sovereign solutions are outpacing the near-term U.S. government business. Sovereign nations around the world are recognizing the best-in-class capability of our Gen-3 satellites at a time when they are increasing their budgets and accelerating acquisition cycles. With strong international demand, the success of Gen-3, the continued build out of our constellation, and our strengthened balance sheet, we are anticipating a strong Q4 and expect to take that momentum into 2026.”

Third Quarter Financial Highlights:

Total revenue of $19.6m
Backlog of $322.7m, with approximately 91% from international contracts
Cash balance increases to $147.6m as of September 30, 2025

Recent Highlights

Won a multi-year contract valued at over $30m with a strategic international defense customer to deliver high-cadence Gen-3 tactical ISR services at scale
Won a new multim dollar contract and commenced delivery of Gen-3 imagery services to the U.S. government
Awarded a seven-figure delivery order from the NGA Luno A program to provide AI-enabled change detection
Signed a seven-figure space domain awareness expansion contract with HEO for fully-automated non-Earth imaging missions
Continued to sign early access agreements for Gen-3 imagery and analytic services with new customers
Next Gen-3 satellite is at the launch site with an anticipated launch in the coming weeks

Financial Results

Revenues

Total revenue for the third quarter of 2025 was $19.6m, which reflected the Company’s expected reduction in the Electro-Optical Commercial Layer (EOCL) contract with NRO, along with other U.S. government budget uncertainties.

Cost of Sales(1)

Total cost of sales as a percentage of revenue was 35% for the third quarter of 2025, compared to 29% for the third quarter of 2024.

Operating Expenses

Operating expenses for the third quarter of 2025 were $29.6m, which included $3.5 m of non-cash stock-based compensation expense and $7.9m in depreciation and amortization expenses. Operating expenses for the third quarter of 2024 were $29.1m, which included $2.4 m in non-cash stock-based compensation expense and $11.1m in depreciation and amortization expenses. Excluding the non-cash stock-based compensation and depreciation and amortization expenses from both years, cash operating expenses(2) for the third quarter of 2025 were $18.2m, compared to cash operating expenses of $15.6 m for the third quarter of 2024. The year-over-year increase of $2.6 m was primarily due to overhead expenses that were previously included in capitalized satellite assets purchased through our production contract with LeoStella, (now BlackSky Satellite Systems), as a third-party vendor.

Net Loss

Net loss for the third quarter of 2025 was $15.3m, compared to a net loss of $12.6m for the third quarter of 2024.

Adjusted EBITDA(2)

Adjusted EBITDA for the third quarter of 2025 was a loss of $4.5m, compared to an adjusted EBITDA of $0.7m for the third quarter of 2024. The year-over-year decrease was primarily due to lower EOCL revenues and overhead expenses related to the LeoStella operations acquired in November 2024.

Balance Sheet & Capital Expenditures

As of September 30, 2025, cash and cash equivalents, restricted cash, and short-term investments totaled $147.6m, which includes $65.9m in net cash proceeds from a convertible note offering completed in July and $10.8 m from the exercise of certain warrants. The Company has accumulated approximately $43.4m in unbilled contract assets, of which $36.0 m is anticipated to be billed and received over the next 12 months. Capital expenditures for the third quarter of 2025 were $15.0m, bringing the year-to-date total spend to $33.9m.

2025 Outlook

The Company is maintaining its full-year 2025 guidance for revenue, adjusted EBITDA and capital expenditures.

The Company is not providing a reconciliation of projected Adjusted EBITDA to the most comparable GAAP measure because the Company is unable to predict with reasonable certainty the ultimate outcome of certain significant items necessary to calculate such reconciliation without unreasonable effort. These items include, but are not limited to, stock-based compensation, income taxes, and depreciation and amortization, which are uncertain, depend on various factors, and could have a material impact on GAAP results. (Source: BUSINESS WIRE)

06 Nov 25. Karman Space & Defense (“Karman”, “Karman Holdings, Inc.” or “the Company”) (NYSE: KRMN), a leader in the rapid design, development and production of critical, next-generation system solutions for launch vehicle, satellite, spacecraft, missile, missile defense, hypersonic and UAS customers, today reported third quarter fiscal year 2025 financial results.

Third Quarter 2025 and Recent Highlights

Produced record quarterly revenue of $121.8m, up 41.7% year over year
Generated record net income of $7.6m, a 78.1% year over year increase, and earnings per fully diluted share of $0.06
Delivered record quarterly non-GAAP adjusted EBITDA of $37.7m, a 34.4% year over year increase, and non-GAAP adjusted earnings per fully diluted share of $0.10, more than double that of the prior year
Achieved record funded backlog of $758.2m at the end of the third quarter of 2025, up 30.8% compared to the end of the fourth quarter of 2024
Raising and narrowing 2025 revenue and adjusted EBITDA guidance and establishing preliminary 2026 revenue growth expectations of 20 to 25 percent
Completed $1.2 billion non-dilutive secondary equity offering
Acquired Five Axis Industries to expand capabilities in the commercial space industry and upsized Term Loan B by $130 m to $505 m and paid off revolving credit facility

“Our strong momentum continued into the third quarter, with record financial results and year-over-year increases of 42 percent in revenue, 34 percent in adjusted EBITDA and 31 percent in funded backlog since year-end 2024,” said Tony Koblinski, chief executive officer of Karman Space & Defense. “High demand for our $1.2bn secondary equity offering reflected confidence in our business model and market focus, and marked the effective exit of our private equity sponsor.

“Record year-to-date revenue of $337 m and funded backlog of $758m give us the confidence to increase and narrow our expectations for the year. We now expect to achieve total revenue of $461 to $463m and non-GAAP adjusted EBITDA of $142 to $143 m, representing year-over-year growth of 34 percent to the midpoints of those ranges.

“Looking beyond 2025, our strong performance, healthy growth in funded backlog and continued dialog with customers support our preliminary expectation for 2026 revenue growth between 20 and 25 percent, exclusive of future acquisitions, which is consistent with our annual growth rate since 2022. Strong demand signals continue to support multi-year growth potential for Karman based on our unique and differentiated solutions, our end market focus and the quality and capability of our team,” Koblinski added.

The increase in total revenue reflected net organic growth across all end-markets and our diversified portfolio of more than 80 customers and more than 130 programs.

Growth in Hypersonics and Strategic Missile Defense revenue for the three and nine months ended September 30, 2025 from the comparable periods in the prior year, was primarily driven by higher production output from missile programs, such as PrSM, Standard Missile 3 and 6, and development programs. The increase also benefited from the timing of orders and was partially offset by the timing of funding for classified programs.

Growth in Space and Launch revenue for the three and nine months ended September 30, 2025 from the comparable periods in the prior year, was primarily driven by the timing of orders from both legacy and emerging launch providers. For the nine months ended September 30, 2025, this growth was partially offset by lower revenue from the Space Launch Systems (“SLS”).

Growth in Tactical Missiles and Integrated Defense Systems for the three and nine months ended September 30, 2025 from the comparable periods in the prior year, was primarily driven by an increase in production rates for GMLRS, AIM-9X and UAS programs.

Funded Backlog

As of September 30, 2025, total funded backlog was $758.2 m, which represents the total invoiceable value of existing contracts, less amounts previously invoiced. Contract types include but are not limited to purchase orders, long term agreements and contractual authorization to proceed.

Business Outlook for the Full Year 2025 and Preliminary Expectations for Full Year 2026

For the full fiscal year 2025, the Company raises and narrows its expectations for total revenue to between $461m and $463m, and for non-GAAP Adjusted EBITDA to between $142m and $143m. The Company previously expected total revenue of between $452m and $458 m, and non-GAAP Adjusted EBITDA of between $138.5 m and $141.5m.

For the full fiscal year 2026, the Company establishes preliminary total revenue growth expectations of 20% to 25% above the midpoint of fiscal year 2025 total revenue expectations, exclusive of any future acquisitions. (Source: BUSINESS WIRE)

05 Nov 25. Curtiss-Wright Corporation (NYSE: CW) reports financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Highlights:

Reported sales of $869m, up 9%, operating income of $166 m, operating margin of 19.1%, and diluted earnings per share (EPS) of $3.31;
Adjusted operating income of $170m, up 14%;
Adjusted operating margin of 19.6%, up 90 basis points;
Adjusted diluted EPS of $3.40, up 14%;
New orders of $927m, up 8%, reflected a 1.1x book-to-bill;
Backlog of $3.9bn, up 14% year-to-date; and
Free cash flow (FCF) of $176m, generating 137% FCF conversion.

Raised Full-Year 2025 Adjusted Financial Outlook:

Sales guidance increased to new range of 10% to 11% growth (previously 9% to 10%), which continues to reflect growth in the majority of Curtiss-Wright’s end markets;
Operating income guidance increased to new range of 16% to 19% growth (previously 15% to 18%);
Operating margin guidance range of 18.5% to 18.7%, up 100 to 120 basis points compared with the prior year;
Diluted EPS guidance increased to new range of $12.95 to $13.20, now up 19% to 21% (previously $12.70 to $13.00, up 16% to 19%); and
FCF guidance range of $520 to $535m, which continues to reflect greater than 105% FCF conversion.

“In the third quarter, Curtiss-Wright continued to deliver strong results under our Pivot to Growth strategy, with higher revenues and growth in operating income across all three segments,” said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. “We achieved adjusted operating margin of 19.6%, mid-teens growth in diluted EPS and improved free cash flow generation. We also demonstrated solid order growth of 8%, yielding an overall book-to-bill of 1.1x. Based on our strong year-to-date performance, we have raised our full-year guidance for sales, operating income and diluted EPS.”

“In addition, we recently expanded our 2025 share repurchase program, targeting a new record in annual share repurchases of more than $450 m. This return of capital to shareholders reflects the Company’s confident outlook and demonstrates our commitment to leveraging our strong balance sheet in support of disciplined capital allocation.”

Third Quarter 2025 Operating Results

Sales of $869m increased 9% compared with the prior year;
Total A&D market sales increased 9%, while total Commercial market sales increased 8%;
In our A&D markets, growth was principally driven by higher submarine revenues in naval defense, the timing of tactical communications revenues in ground defense, and higher OEM sales in the commercial aerospace market;
In our Commercial markets, strong growth in the power & process market was driven by higher organic sales of commercial nuclear solutions and the contribution from our prior-year acquisition, while sales in the general industrial market were flat; and
Adjusted operating income of $170m increased 14%, while Adjusted operating margin increased 90 basis points to 19.6%. This performance was driven by favorable overhead absorption on higher revenues in all three segments, the benefits of the Company’s ongoing operational excellence initiatives, and favorable mix in the Aerospace & Industrial and Defense Electronics segments, which were partially offset by higher investments in research and development.

Third Quarter 2025 Segment Performance

Aerospace & Industrial

Sales of $248m, up $19m, or 8%;
Growth in our defense markets reflected increased sales of sensors products and surface treatment services supporting various domestic and international fighter jet programs, in addition to higher sales of electromechanical actuation equipment in the ground defense market;
Commercial aerospace market revenue growth reflected strong demand and higher OEM sales of actuation equipment, sensors products and surface treatment services on narrowbody and widebody platforms;
General industrial market revenue was flat, as higher sales of surface treatment services were offset by lower global off-highway and specialty industrial vehicle sales; and
Adjusted operating income was $46m, up 17% from the prior year, while Adjusted operating margin increased 140 basis points to 18.6%, driven by favorable absorption on higher revenues, the benefits of the Company’s restructuring initiatives, and a favorable mix of products.

Defense Electronics

Sales of $253m, up $10m, or 4%;
Aerospace defense market revenue growth reflected increased sales of embedded computing and flight test instrumentation equipment to various international customers, partially offset by the timing of revenues on various domestic helicopter programs;
Ground defense market revenues decreased slightly overall but were ahead of our expectations, driven by the timing of tactical battlefield communications equipment sales;
Higher revenue in the naval defense market reflected increased sales of embedded computing equipment supporting various domestic and international programs;
Commercial aerospace market revenues reflected increased demand and higher sales of flight data recorder technology to OEM customers; and
Adjusted operating income was $74 m, up 15% from the prior year, while Adjusted operating margin increased 270 basis points to 29.2%, primarily due to favorable absorption and mix of products on higher revenues and the benefits of the Company’s operational excellence initiatives, partially offset by higher investment in research and development.

Naval & Power

Sales of $368m, up $41m, or 12%;
Revenue growth in the naval defense market was driven by the timing of production on the Columbia-class and Virginia-class submarine programs, in addition to higher sales of aftermarket fleet services and aircraft handling systems equipment to international customers;
Lower revenue in the aerospace defense market reflected the timing of sales of arresting systems equipment supporting various international customers;
Higher power & process market revenues mainly reflected the contribution from our prior-year acquisition of I&C Solutions (formerly known as Ultra Energy), as well as higher organic sales of commercial nuclear solutions supporting the development of next-generation advanced reactors and the maintenance of existing operating reactors; and
Adjusted operating income was $61m, up 14% from the prior year, while Adjusted operating margin increased 20 basis points to 16.6%, as favorable absorption on higher revenues and the benefits of the Company’s operational excellence initiatives were partially offset by higher investment in research and development.

Free Cash Flow

Free cash flow of $176m increased $13m as higher cash earnings and lower U.S. tax payments were partially offset by higher working capital.

New Orders and Backlog

New orders of $927m increased 8% compared with the prior year and generated an overall book-to-bill of approximately 1.1x, principally driven by continued strong demand in the commercial aerospace and commercial nuclear markets; and
Backlog of $3.9bn, up 14% from December 31, 2024, reflecting higher demand in both our A&D and Commercial markets.

Share Repurchase and Dividends

During the third quarter, the Company repurchased 581,775 shares of its common stock for approximately $290m and remains on track to repurchase a record total of more than $450m in shares in 2025; and
The Company declared a quarterly dividend of $0.24 a share.

06 Nov 25. Ondas to Acquire Sentrycs for C-UAS Cyber Technology. Ondas Holdings Inc., a provider of autonomous aerial and ground robot intelligence through its Ondas Autonomous Systems (OAS) business unit and private wireless solutions through Ondas Networks, announced it has entered into a definitive agreement to acquire Sentry CS Ltd. (Sentrycs), an Israel-based global supplier of Cyber-over-RF (CoRF) and Protocol-Manipulation counter-UAS technology. With rapid growth, combat-proven deployments across 25 countries, and fully operational threat mitigation, Sentrycs has emerged as a leading force in the global Counter-UAS market across both defense and civilian environments. Leveraging its proprietary Cyber-over-RF (CoRF) technology, Sentrycs has redefined the standards of drone detection and mitigation by operating directly at the communication-protocol layer – allowing authorities and defense operators to detect, identify, track, and take control of hostile drones within seconds, safely landing and seizing the device while limiting risk to public safety or collateral damage. This breakthrough capability delivers safe, precise, and regulation-compliant mitigation without jamming, spoofing, or collateral interference, offering what Ondas believes is unmatched reliability in the world’s most complex and contested airspaces.

“The addition of Sentrycs will strengthen our leadership in counter-UAS and solidify Ondas’ position as a full-spectrum provider of autonomous defense solutions,” said Eric Brock, Chairman and CEO of Ondas Holdings. “Passive RF detection and tracking are essential to modern layered defense, and Sentrycs brings a proven technology platform already deployed across sensitive airspace, critical infrastructure and border environments. By integrating Sentrycs with our Iron Drone Raider system, we expect to deliver a unified detect-to-defeat solution that addresses the rapidly evolving threat landscape for our defense and homeland security customers worldwide.”

The acquisition will accelerate Ondas’ “Systems-of-Systems” roadmap, integrating autonomous platforms, sensors, effectors, command-and-control, and secure communications into a unified defense architecture. Sentrycs’ proprietary passive RF technology enables military and security operators to detect, identify, track, and take control of hostile drones without reliance on GPS or kinetic engagement. Combined with Iron Drone’s autonomous interception system, the result will be the industry’s first truly full-spectrum Counter-UAS solution-a seamless detect-to-defeat ecosystem that unites detection, decision, and engagement capabilities. The addition of Sentrycs’ proven cyber-RF layer will position OAS as a unique provider of fully integrated, field-proven, multi-domain C-UAS defense.

“Sentrycs’ advanced cyber detection and takeover technology will add a critical layer of intelligence and early warning to our counter-UAS ecosystem,” said Oshri Lugassy, Co-CEO of Ondas Autonomous Systems. “By combining their advanced detection and identification capabilities with our Iron Drone Raider interceptor, we will deliver an integrated detect-to-defeat solution that adapts to any environment-from urban areas and critical infrastructure to complex battlefield conditions. This acquisition is expected to strengthen our ability to provide mission-proven, automated airspace protection to defense and security customers worldwide.”

Ondas expects the transaction to close in November 2025. For additional information regarding the terms of the agreement, please see the Current Report on Form 8-K to be filed with the Securities and Exchange Commission later today.

Sentrycs’ product line includes fixed, mobile, vehicle-mounted, and tactical configurations, designed for scalable protection of critical infrastructure, military bases, airports, and border zones. Its software-defined architecture runs on standard Intel-based hardware and Docker containers, providing exceptional flexibility, cost-efficiency, and integration readiness.

A core innovation of the Company is the Horizon Engine, an AI-driven detection and mitigation layer introduced in 2025. Horizon continuously analyzes the radio-frequency spectrum, autonomously recognizing new or modified drone protocols in real time. This capability enables rapid adaptation to DIY, modified, and emerging drone threats, ensuring protection in dynamic operational environments.

Sentrycs is recognized globally for its ease of use, five-minute setup time, and ability to operate as either a standalone sensor or an integrated node within multi-layered defense architectures. Its open C2 system allows seamless integration with third-party sensors, radars, and kinetic effectors – including Iron Drone’s autonomous interceptors – enabling an interoperable, full-spectrum Counter-UAS solution. Strategic Impact for Ondas. (Source: UAS VISION)

05 Nov 25. Redwire Corporation Reports Third Quarter 2025 Financial Results. Revenues for the third quarter of 2025 increased by 50.7% year-over-year to $103.4m

During the third quarter of 2025, we achieved a Gross Margin of 16.3% and an Adjusted Gross Margin1 of 27.1%

Year-over-year increase in Book-to-Bill2 ratio to 1.25 and Contracted Backlog2 to $355.6m as of the third quarter of 2025

Awarded contract to develop and deliver Roll-Out Solar Arrays for Axiom Space’s first commercial space station module

Uncrewed aerial system deliveries during the quarter included Stalker systems for the U.S. Army’s Long Range Reconnaissance program and Penguin systems for the Ukrainian Armed Forces

Launched 14 PIL-BOXes to the ISS during the third quarter of 2025 with three different partners: Bristol Myers Squibb, Butler University, and Purdue University

Redwire Corporation (NYSE:RDW, “Redwire” or the “Company”), a global leader in space and defense technology solutions, today announced results for its third quarter ended September 30, 2025.

“The transformation of Redwire into a scalable, multi-domain growth platform made consistent progress in the third quarter. As anticipated, the acquisition of Edge Autonomy has immediately strengthened our positioning technically, operationally, and financially and we anticipate further revenue synergies as we scale. Operationally, in the third quarter, we have sharpened our internal execution by eliminating costs from the business and streamlining operations. These efforts resulted in an Adjusted Gross Margin1 of 27.1%, driving a significant improvement to our bottom-line,” stated Peter Cannito, Chairman and Chief Executive Officer of Redwire. “We closed key strategic opportunities such as Roll-Out Solar Arrays for Axiom Space’s future commercial space station and Stalker UAS sales for the U.S. Army and an undisclosed European NATO ally, ending the third quarter with a Book-to-Bill2 ratio of 1.25. As we look forward, we continue to see positive demand signals from both the U.S. and Europe for our products and solutions, such as our combat-proven Stalker and Penguin unmanned systems, differentiated VLEO SabreSat and Phantom spacecraft, and large space systems such as ROSAs and International Berthing and Docking Mechanisms (IBDMs). In the near term, the U.S. government shutdown is likely to delay the timing of key awards into 2026, but the pipeline of new opportunities is very strong.”

Third Quarter 2025 Highlights

Revenues for the third quarter of 2025 increased 50.7% to $103.4m, as compared to $68.6 m for the third quarter of 2024.
Net Loss for the third quarter of 2025 increased by $20.2m to $(41.2) m, as compared to $(21.0) m for the third quarter of 2024.
Adjusted EBITDA3 for the third quarter of 2025 decreased by $5.0m to $(2.6) m, as compared to $2.4m for the third quarter of 2024.
During the third quarter of 2025, the Company had net unfavorable EAC changes of $8.3 m, which impacted third quarter of 2025 revenues, gross profit, and net loss, and as a result, Adjusted EBITDA.3
On a quarterly basis, Book-to-Bill4 ratio was 1.25 as of the third quarter of 2025, as compared to 0.65 as of the third quarter of 2024.
Net cash used in operating activities for the third quarter of 2025 increased by $2.7m to $(20.3)m, as compared to $(17.7)m for the third quarter of 2024.
Free Cash Flow3 for the third quarter of 2025 was $(27.8)m, as compared to $(20.5)m for the third quarter of 2024.
Ended the third quarter of 2025 with total liquidity5 of $89.3m, as compared to $61.1m for the third quarter of 2024.

2025 Forecast

Due to the ongoing U.S. government shutdown, a number of our anticipated orders have been pushed out of the quarter and into 2026. As a result, for the twelve months ended December 31, 2025, Redwire, including Edge Autonomy from the date of close (June 13, 2025), is forecasting full year revenues of $320m to $340m.

“During our first full quarter as a combined company, Redwire remained focused on our path to profitability, realizing record revenue of $103.4 m in the third quarter of 2025, with sequential and year-over-year improvement in Adjusted Gross Margin3,” said Jonathan Baliff, Chief Financial Officer of Redwire.

“The addition of Edge Autonomy has already been accretive to our financial profile,” added Chris Edmunds, Chief Accounting Officer of Redwire. “Looking towards the next twelve months, we expect that trend to continue, with revenue growth driven by an improved Book-to-Bill4 ratio, diversification in contract mix, gross margin expansion as evidenced by the 27.1% Adjusted Gross Margin3 achieved this quarter, and increased operating leverage as the Company sharpens its execution and capitalizes on the significant pipeline of opportunities. We have started to realize improvement in our Free Cash Flow during the third quarter, and the combination of these factors should lead to continued improvement as we move forward.” (Source: BUSINESS WIRE)

04 Nov 25. Astronics Corporation Reports 2025 Third Quarter Financial Results.

Third quarter sales increased 3.8% to $211.4m driven by Aerospace growth of 8.5% to $192.7m
Third quarter net loss was $11.1m, reflecting $32.6m in refinancing-related charges; adjusted EBITDA1 was $32.7m, or 15.5% of sales
Aerospace operating margin was 16.2% and adjusted operating margin1 was 16.7%
Solid quarterly bookings of $210.4m and backlog of $646.7m
Generated $34.2m in cash from operations
Refinancing activities included the issuance of a convertible bond during the third quarter and the initiation of a cash flow revolver subsequent to quarter end
Expect fourth quarter revenue to be $225 to $235m, resulting in 2025 revenue expectation of $847 to $857m

Astronics Corporation (Nasdaq: ATRO) (“Astronics” or the “Company”), a leading supplier of advanced technologies and products to the global aerospace, defense, and other mission critical industries, today reported financial results for the three and nine months ended September 27, 2025.

Peter J. Gundermann, Chairman, President and Chief Executive Officer, commented, “We had a solid third quarter, demonstrating continued operational progress to meet strong customer demand with revenue stabilizing above $200 m per quarter. Strong sales supported operating margin expansion, reflecting both meaningful operating leverage on increased volume and the impact of our profitability initiatives. Recent refinancing actions provide us with enhanced financial flexibility and greater liquidity to support our business while minimizing potential dilution in the future. The refinancing combined with the market demand we are experiencing sets us up for a strong finish to 2025 and an exciting 2026.”

Third Quarter Results

Third Quarter 2025 Results (compared with the prior-year period, unless noted otherwise)

Growth in sales was driven by the Aerospace segment’s continued strength in demand primarily from the Commercial Transport market. Aerospace sales increased $15.2m, or 8.5%, which more than offset a $7.4m decline in Test Systems sales.

Gross profit increased $9.3m to $64.5m, or 30.5% of sales, an improvement over gross margin of 27.1% in the comparator quarter, primarily attributable to higher volume, pricing initiatives and improved productivity. Third quarter gross profit in the prior year was negatively impacted by a $3.5m atypical warranty reserve.

Tariff expense in the current quarter was approximately $4m. Based on current tariff rates in effect today, Astronics believes the potential incremental impact to annual costs of materials related to direct and known indirect effects is in the range of $15m to $20m before mitigation and assuming no exemptions for aerospace-related products. The Company believes that certain actions including pass-through pricing, supply chain restructuring, duty drawbacks, the implementation of free trade zones, and other operational adjustments will significantly reduce the anticipated impacts of tariffs over time. The Company expects that tariff rates will remain in flux in the near future and will refine its strategy as the situation becomes more stable.

In the third quarter of 2025, selling, general and administrative expenses (“SG&A”) decreased $3.1m. Litigation-related expenses were down $4.3m, somewhat offset by $1.2m in higher legal and accounting expenses related to acquisitions. R&D was down $2.3m reflecting the timing of projects. The prior-year period was negatively impacted by $1.3m in reserves related to the bankruptcy filing of an Aerospace customer.

Operating margin expansion of 680 basis points and adjusted operating margin2 expansion of 270 basis points was the result of leverage on higher volume, improved productivity in the Aerospace segment, coupled with savings from the recent Test Systems cost rationalization activities.

A $32.6 m Loss on Settlement of Debt was the result of certain costs incurred related to the partial repurchase of convertible notes due 2030 discussed in the Balance Sheet and Liquidity section below, compared to a Loss on Settlement of Debt of $7.0m in the prior year.

Interest expense was down $3.3m, or 53.0%, on lower rates following 2024 refinancing activities. Tax benefit in the quarter was $1.2m compared with a tax expense of $6.6m in the prior-year period, mostly as a result of a valuation allowance reversal associated with research and development costs that are expected to be expensed for tax purposes in the current year under the One Big Beautiful Bill Act.

Consolidated net loss of $0.31 per diluted share improved from a net loss of $0.34 per diluted share in the prior-year period from the strength in sales and profitability that more than offset the incremental loss on settlement of debt. Adjusted net income2 per share increased $0.15 per diluted share, or 44%, to $0.49 per diluted share, demonstrating the impact of stronger profitability and lower interest expense.

Consolidated adjusted EBITDA2 increased 20.9% to $32.7m and was 15.5% of consolidated sales. The Company is targeting high teen to 20% or better adjusted EBITDA2 margins.

Bookings of $210.4m in the quarter resulted in a book-to-bill ratio of 1.00:1. For the trailing twelve months, bookings totaled $863.0 m and the book-to-bill ratio was 1.04:1. Backlog at the end of the quarter was $646.7m.

Aerospace Segment Review (compared with the prior-year period, unless noted otherwise)

Aerospace segment sales of $192.7 m increased $15.2m, or 8.5%. Sales in the Commercial Transport market increased $15.4m, or 11.5%. Growth was primarily related to increased demand by airlines for cabin power, seat motion and system certification products and services. Military Aircraft sales increased $5.9m, or 27.1%, to $27.6m, driven by increased demand for lighting and safety products. General Aviation sales decreased $4.2m, or 23.0%, to $13.9m due to lower airframe power and inflight entertainment & connectivity (“IFEC”) product sales to the VVIP market due to the timing of programs. Other sales decreased $1.9m as the Company has wound down its non-core contract manufacturing arrangements.

Aerospace segment operating profit of $31.2m, or 16.2% of sales, improved over the prior-year period reflecting the leverage gained on higher volume, pricing initiatives, and improving production efficiencies, combined with a $4.4m decrease in litigation-related expenses. The prior year was impacted by a $3.5m atypical warranty reserve and a non-cash reserve associated with a customer bankruptcy of $2.2m. Adjusted Aerospace operating profit2 increased 27.1% to $32.1m, or 16.7% of sales, a 240-basis point expansion over the comparator quarter.

Aerospace bookings were $191.9m for a book-to-bill ratio of 1.00:1. Backlog for the Aerospace segment was $572.5m at quarter end.

Mr. Gundermann commented, “Our Aerospace business had a strong third quarter achieving a 16.2% operating margin, well surpassing our near-term margin target and a testament to its potential. Sales also reflected the consistent improvement in demand we are seeing. We believe the tailwinds driving our Aerospace business will accelerate as we close out 2025 and continue into 2026 and beyond.”

Test Systems Segment Review (compared with the prior-year period, unless noted otherwise)

Test Systems segment sales of $18.7m were down $7.4m from the comparator quarter in 2024. The decrease was driven by lower sales of radio test sets in general as full rate production for the U.S. Army program has not yet begun.

Test Systems segment operating profit was near break-even in both periods. Test Systems continues to be negatively affected by mix and under absorption of fixed costs at current volume levels.

Bookings for the Test Systems segment in the quarter were $18.5 m. The book-to-bill ratio was 0.99:1 for the quarter. Backlog for the Test Systems segment was $74.3m at quarter end.

Mr. Gundermann commented, “Our Test business had a break-even operating profit on relatively low sales, which demonstrates the significant cost-cutting initiatives we have implemented across the business. We expect it will become profitable once our radio test program begins for the U.S. Army. We expect to receive production orders near year-end or shortly thereafter.”

Balance Sheet and Liquidity

Cash provided by operations in the third quarter of 2025 was $34.2m, reflecting higher cash earnings and lower working capital requirements. Capital expenditures in the quarter were $13.2m.

Long-term debt, net of cash, increased $164.2m to $314.4m at quarter end compared with $150.2 m at the end of 2024. On September 16, 2025, the Company issued $225 m aggregate principal amount of 0% Convertible Senior Notes for net proceeds of approximately $217 m. The Notes will mature on January 15, 2031, unless earlier converted, redeemed or repurchased. The Company will settle the principal in cash and has the flexibility to settle any premium in stock, cash or a combination of both. The conversion price of the 0% Convertible Senior Notes is $54.87; however, as the Company also purchased capped call options, there is no potential dilution unless the stock price exceeds the upper strike price of $83.41.

The Company used net proceeds from the offering in part to repurchase approximately $132.0m, or 80%, of the aggregate principal amount of its 5.500% Convertible Senior Notes due 2030 and pay the $26.9m cost for the capped calls. Subsequent to the repurchase, there was $33m of principal outstanding on the Notes due 2030. Borrowings of $85.0m under the ABL Revolving Credit Facility and $11.0 m in cash provided the balance of payment for the repurchase of the Notes due 2030. In addition to the costs that were required to be recorded as an expense in the income statement, as discussed above, other repurchase-related costs, including the cost of the capped call, were required to be classified as a reduction of shareholders’ equity. As a result, shareholders’ equity has decreased by $152.4m.

The refinancing resulted in the elimination of approximately 5.8m shares of potential dilution. Approximately 1.44m shares of potential dilution remain under the outstanding 5.500% Convertible Senior Notes due 2030.

Subsequent to the end of the quarter, on October 22, 2025, the Company entered into a new $300 m senior secured, cash flow-based revolving credit facility (the “New Revolver”). The New Revolver matures in October 2030 and replaces the previous ABL Revolving Credit Facility that was scheduled to mature in 2027. The New Revolver, which enhances financial flexibility to support the Company’s growth initiatives, also has an accordion feature, which allows the Company to request incremental commitments of up to $100 m plus additional incremental amounts so long as maximum leverage requirements are met.

The New Revolver will accrue interest at a floating rate equal to SOFR plus the applicable margin ranging from 125 basis points to 213 basis points based on leverage.

The Company had available liquidity of $111.9m at the end of the third quarter.

Nancy L. Hedges, Chief Financial Officer, commented, “Our execution on the financing events to repurchase 80% of the $165m of 5.5% Notes due 2030 was a proactive move to both eliminate future potential dilution of almost 5.8m shares as well as measurably reduce the future cost of conversion. The continued appreciation in our stock price above the $22.89 conversion price was making the cost of future cash settlement very expensive. Given the tailwinds we see in the aerospace and defense industries and the opportunities to meaningfully grow revenue and earnings, we felt this was an opportune time to execute the refinancing and take advantage of current capital markets trends which allowed us to issue a 0% convertible bond. While the accounting treatment was complex, and our balance sheet now has more debt and less equity, the end result is less dilution, lower cost of conversion, lower cost of debt and greater financial flexibility. We believe this was an action that benefits our shareholders both now and in the years to come.”

Updated 2025 Outlook

Astronics expects fourth quarter sales to be in the range of $225 to $235m, a significant step up from the prior three quarters of the year. Total revenue for the year is expected to be in the range of $847 to $857m, which would establish a record annual sales level for the Company. The midpoint of the revised range would be a 7.2% increase over 2024 sales.

Backlog at the end of the third quarter was $646.7m, of which approximately 74% is expected to be recognized as revenue over the next twelve months. Planned capital expenditures in 2025 are expected to be in the range of $40 m to $50 m subject to the timing of spending related to a facility consolidation and build-out for its Seattle operations.

Mr. Gundermann commented, “We expect to have a strong finish to 2025, while establishing a new sales record in the fourth quarter. We anticipate that market conditions will stay strong, and our revenue level will stay elevated through 2026. While we are not ready to issue guidance at this time, our early look suggests we should see low double-digit growth for next year. We believe 2026 will be a very good year for Astronics.”(Source: BUSINESS WIRE)

04 Nov 25. Benchmark Electronics, Inc. (NYSE: BHE) today announced financial results for the third quarter ended September 30, 2025.

Third quarter 2025 results:

Revenue of $681m, up 3.5% year-over-year
GAAP Operating Income of $24m
Non-GAAP Operating Income of $33m
Diluted GAAP earnings per share of $0.39
Diluted non-GAAP earnings per share of $0.62

“I am proud of our execution in the third quarter as we achieved the high end of our guidance for revenue and non-GAAP earnings per share,” said Jeff Benck, Benchmark’s CEO.

Benck continued: “During the quarter we saw improved year-over-year performance across the majority of our market sectors and I am encouraged by indicators pointing to stronger growth as we exit the year, including the beginning stages of our ramping enterprise AI opportunities.”

David Moezidis, President and Chief Commercial Officer, further added: “Our bookings momentum continued in the third quarter of 2025, reinforcing the strength we’ve seen all year. This trajectory positions us well for continued growth as we look to 2026 and beyond.”

Three Months Ended

Third Fourth Quarter 2025 Guidance

Revenue between $670m – $720
Diluted GAAP earnings per share between $0.44 – $0.50
Diluted non-GAAP earnings per share between $0.62 – $0.68
Non-GAAP earnings per share guidance excludes stock-based compensation expense of approximately $2.3 m and other non-operating expenses of $4.9m to $5.3m which includes restructuring, amortization of intangibles and other expenses.

Third Quarter 2025 Earnings Conference Call

About Benchmark Electronics, Inc.

Benchmark provides comprehensive solutions across the entire product lifecycle by leading through its innovative technology and engineering design services, leveraging its optimized global supply chain, and delivering world-class manufacturing services in the following industries: advanced computing and communications (AC&C), aerospace and defense (A&D), industrial, medical, and semiconductor capital equipment (Semi-Cap). Benchmark’s global operations include facilities in seven countries and its common shares trade on the New York Stock Exchange under the symbol BHE. (Source: BUSINESS WIRE)

04 Nov 25. BWXT reports 29% revenue increase in Q3 2025. The company’s backlog grew 119% from last year, reaching a record $7.4bn in Q3 FY25.

BWX Technologies (BWXT), a provider of nuclear solutions, has posted total revenues of $866.3m in the third quarter of 2025 (Q3 FY25), marking a 29% rise from the $672.0m reported in the same period of 2024.

The company’s government operations contributed $616.7m to this total, reflecting a 10% increase from $560.1m in the prior year quarter.

This growth in government operations was primarily driven by increased production of naval nuclear components and special materials processing. Additional contributions came from the acquisition of the Aerojet Ordnance Tennessee business from L3Harris in January 2025.

Operating income from government operations experienced a slight decline, reaching $97.4m compared to $101.6m in the same period last year.

This decrease was attributed to a lower level of favourable contract adjustments.

BWXT’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for government operations rose to $118.3m from $117.0m.

BWXT president and CEO Rex D. Geveden said: “We delivered strong financial results in the third quarter of 2025 including double-digit organic revenue growth and healthy free cash flow.

“Further, we posted another quarter of robust bookings, driven by large, multi-year special materials contracts highlighting the trust our customers put in BWXT and the power in our differentiating nuclear credentials.”

Overall, BWXT’s net income for the quarter increased to $82.2m, an 18% rise from $69.6m in Q3 FY24.

Its earnings per share (EPS) also improved, with GAAP EPS rising to $0.89 from $0.76.

The company’s backlog reached a record $7.4bn, increasing 119% year-over-year, with government operations contributing $5.9bn to this total.

Looking ahead, BWXT has raised its 2025 guidance for non-GAAP EPS to a range of $3.75 to $3.80 and anticipates adjusted EBITDA growth in the low-double-digit to low-teens range for 2026.

Geveden said: “We are firmly on track to achieve our financial targets in 2025. Our deep backlog and optimistic demand outlook position us well for solid growth in 2026. Our preliminary 2026 outlook calls for low-double-digit to low-teens adjusted EBITDA growth which positions us to meet or exceed our medium-term financial targets.”

In July 2025, BWX Technologies secured contracts worth approximately $2.6bn, under the US Naval Nuclear Propulsion Program, for the manufacture of reactor components. (Source: naval-technology.com)

05 Nov 25. InTest Reports Third Quarter 2025 Results.

Orders Surge 34.2% Year-over-Year to $37.6m on Strong Demand

Revenue for the quarter was $26.2m, a 13.3% decrease year-over-year due to late-quarter shipment delays that have since been fulfilled
Orders1 for the quarter improved 34.2%, or $9.6 m, year-over-year, reflecting strength in auto/EV, industrial, defense/aerospace and life sciences; sequentially orders grew $9.9m as demand increased in auto/EV, defense/aerospace and semi
Backlog1 increased $11.4m to $49.3m, a 30.1% increase from June 30, 2025
Strong cash generation and balance sheet: generated $3.5m in cash from operations in third quarter. Reduced total debt by $6.2m from December 31, 2024 and by $1.2 m from June 30, 2025
Operating loss for the quarter was $1.2 m and net loss was $0.9m or $(0.08) per diluted share; Adjusted EPS2 was $(0.02) per diluted share, Adjusted EBITDA2 was $0.4m
Continuing to hold strong market position and expanding customer base until market headwinds subside while managing costs

InTest Corporation (NYSE American: INTT), a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets which include semiconductor (“semi”), automotive/EV, defense/aerospace, industrial, life sciences, and safety/security, today announced financial results for the third quarter of 2025 ended September 30, 2025.

Nick Grant, President and CEO, commented, “Against a backdrop of ongoing global economic uncertainty, orders1 for the third quarter surged to $37.6m, our highest level since Q2 2022. This order strength is a testament to the continued success of our end market diversification strategy, higher demand from automotive customers associated with 2027 model year programs and increased defense/aerospace spending. We continue to gain traction with our newly introduced products and our expanding customer base. Nevertheless, some customers in certain end markets remain cautious to commit to capital projects. Overall, our funnel remains strong and in the third quarter we further strengthened our readiness for a market recovery and opportunities to scale the business as we continue to execute toward our Vision 2030 goals.”

Mr Grant continued, “Reported revenue for the quarter came in below guidance primarily due to technical challenges associated with a few systems reflecting a combination of new capabilities, new customers, and new markets. These challenges have since been resolved and the shipments have been fulfilled. Operating expenses were lower than forecasted, reflecting rigorous spending discipline, and we continued to generate strong operating cash flow.”

Third Quarter 2025 Review

Sequentially, revenue for the third quarter was down $1.9m over the second quarter as sales in defense/aerospace declined $1.3m, auto/EV declined $0.9 m, and semi decreased $0.4 m. This decline more than offset the combined growth of $0.7 m across life sciences, safety/security and other markets.

Compared with the prior-year period, third quarter revenue was down $4.0m, driven primarily by the delayed shipments. Within the end markets, we saw a $1.6m decline in semi, a $1.3 m decline in auto/EV sales, a $1.2m decline in other markets, and a $0.9m decline in defense/aerospace. This contraction was partially mitigated by increases of $0.6m in life sciences and $0.3 m in safety/security.

Sequentially, gross margin decreased 70 basis points to 41.9% driven by lower volume. The 440-basis point decrease compared with the prior-year period, reflects the combination of lower volume and unfavorable product mix.

Sequentially, operating expenses decreased $0.7m due to ongoing cost reduction efforts. Operating expenses decreased $1.3m from the prior-year period primarily as a result of cost reduction efforts.

Net loss for the third quarter was $0.9m, or $(0.08) per diluted share. Adjusted net loss (Non-GAAP)2 was $0.2m, or $(0.02) adjusted EPS (Non-GAAP)2.

Balance Sheet and Cash Flow Review

Cash, cash equivalents and restricted cash at the end of the third quarter of 2025 were $21.1m, up $1.8m from the end of the second quarter. During the quarter, the Company reduced total debt by $1.2m from June 30, 2025 to $8.9m and generated $3.5m from operations. Capital expenditures were $0.4m in the third quarter of 2025.

At September 30, 2025, the Company had $30.0m available under its delayed draw term loan facility and no borrowings under the $10.0 m revolving credit facility. On August 5, 2025, the Company entered into a covenant waiver agreement with its U.S. based lender through the first quarter of 2026 in exchange for pledging cash equal to U.S. debt outstanding. At September 30, 2025, there was $4.9m U.S. based debt outstanding. (Source: BUSINESS WIRE)

05 Nov 25. Voyager Technologies, Inc. Announces Proposed Convertible Senior Notes Offering.

A portion of proceeds will be used to support Voyager’s expansion through organic growth and strategic acquisitions
Voyager will also purchase a capped call intended to offset dilution up to an initial cap expected to be at least a 100% premium to the last reported sale price per share of Voyager’s Class A common stock at pricing
A portion of proceeds are expected to be used to repurchase shares, including from certain shareholders in privately negotiated transactions concurrently with the offering and through a prepaid forward stock purchase transaction

Voyager Technologies, Inc. (“Voyager”) (NYSE: VOYG) today announced its intention to offer, subject to market and other conditions, $300 m aggregate principal amount of convertible senior notes due 2030 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Voyager also expects to grant the initial purchasers of the notes an option to purchase, for settlement within a period of 13 calendar days from, and including, the date the notes are first issued, up to an additional $45 m aggregate principal amount of notes solely to cover over-allotments.

The notes will be senior, unsecured obligations of Voyager will accrue interest payable semi-annually in arrears and will mature on November 15, 2030, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods. Voyager will settle conversions by paying or delivering, as applicable, cash, shares of its Class A common stock or a combination of cash and shares of its Class A common stock, at Voyager’s election.

The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Voyager’s option at any time, and from time to time, on or after November 20, 2028 and on or before the 50th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Voyager’s Class A common stock exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If certain corporate events that constitute a “fundamental change” occur, then, subject to a limited exception, noteholders may require Voyager to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering.

Voyager intends to use (i) a portion of the net proceeds from the offering to fund the cost of entering into the capped call transactions described below; (ii) up to approximately $175 m of the net proceeds to repurchase shares of its Class A common stock (a) in privately negotiated transactions, either (x) concurrently with this offering from certain investors purchasing notes in the offering or (y) from certain of its existing stockholders; and (b) pursuant to the prepaid forward transaction described below; and (iii) the remainder of the net proceeds for general corporate purposes. Voyager expects to enter into lock-up agreements with stockholders from whom Voyager repurchases shares of its Class A common stock with respect to all or a portion of the remaining shares held by such stockholders for a period of up to 120 days from the end of such stockholders’ existing lock-up agreements with the underwriters of Voyager’s initial public offering. Such share repurchases and lock-up agreements will be negotiated on a shareholder-by-shareholder basis and, accordingly, no assurance can be given as to the total number of shares that will be repurchased or the total number of shares that will be subject to, or the duration of, any of such lock-up agreements. If the initial purchasers exercise their option to purchase additional notes, then Voyager intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions as described below. The concurrent repurchases of shares of Voyager’s Class A common stock described above may result in Voyager’s Class A common stock trading at prices that are higher than would be the case in the absence of these repurchases, which may result in a higher initial conversion price for the notes Voyager is offering.

In connection with the offering of the notes, Voyager expects to enter into a prepaid forward stock repurchase transaction (the “prepaid forward”) with one of the initial purchasers or its affiliates (the “forward counterparty”). The prepaid forward is generally intended to facilitate privately negotiated derivative transactions, including swaps, between the forward counterparty and/or its affiliates and certain investors in the notes relating to shares of Voyager’s Class A common stock by which such investors in the notes will establish short positions relating to shares of Voyager’s Class A common stock and otherwise hedge their investments in the notes. As a result, the prepaid forward is expected to allow such investors to establish short positions that generally correspond to (but may be greater than) commercially reasonable initial hedges of their investment in the notes. In the event of such greater initial hedges, investors may offset such greater portion by purchasing shares of Voyager’s Class A common stock on the day Voyager prices the notes. Facilitating investors’ hedge positions by entering into the prepaid forward, particularly if investors purchase shares of Voyager’s Class A common stock on the pricing date, could increase (or reduce the size of any decrease in) the market price of shares of Voyager’s Class A common stock and effectively raise the initial conversion price of the notes. In connection with establishing their initial hedges of the prepaid forward, the forward counterparty or its affiliates generally expect to, but are not required to, enter into one or more derivative transactions with respect to shares of Voyager’s Class A common stock with the investors of the notes concurrently with or after the pricing of the notes.

Voyager’s entry into the prepaid forward with the forward counterparty and the entry by the forward counterparty into derivative transactions in respect of Voyager’s Class A common stock with the investors of the notes could have the effect of increasing (or reducing the size of any decrease in) the market price of Voyager’s Class A common stock concurrently with, or shortly after, the pricing of the notes and effectively raising the initial conversion price of the notes.

Neither Voyager nor the forward counterparty will control how investors of the notes may use such derivative transactions. In addition, such investors may enter into other transactions relating to Voyager’s Class A common stock or the notes in connection with or in addition to such derivative transactions, including the purchase or sale of shares of Voyager’s Class A common stock. As a result, the existence of the prepaid forward, such derivative transactions and any related market activity could cause more purchases or sales of Voyager’s Class A common stock over the terms of the prepaid forward than there otherwise would have been had Voyager not entered into the prepaid forward. Such purchases or sales could potentially increase (or reduce the size of any decrease in) or decrease (or reduce the size of any increase in) the market price of Voyager’s Class A common stock and/or the price of the notes.

In addition, the forward counterparty and/or its affiliates may modify their hedge positions by entering into or unwinding one or more derivative transactions with respect to shares of Voyager’s Class A common stock and/or purchasing or selling shares of Voyager’s Class A common stock or other securities of Voyager in secondary market transactions at any time following the pricing of the notes and prior to the maturity of the notes. These activities could also cause or avoid an increase or a decrease in the market price of Voyager’s Class A common stock or the notes, which could affect the ability to convert the notes and, to the extent the activity occurs following conversion or during any observation period related to a conversion of notes, it could affect the amount and value of the consideration that noteholders will receive upon conversion of the notes.

In connection with the pricing of the notes, Voyager expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers or their affiliates and/or one or more other financial institutions (the “option counterparties”). The capped call transactions are expected to cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of shares of Voyager’s Class A common stock that will initially underlie the notes.

The capped call transactions are expected generally to reduce the potential dilution to Voyager’s Class A common stock upon any conversion of the notes and/or offset any potential cash payments Voyager is required to make in excess of the principal amount of converted notes, as the case may be, upon conversion of the notes. If, however, the market price per share of Voyager’s Class A common stock, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the capped call transactions.

In connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to Voyager’s Class A common stock and/or purchase shares of Voyager’s Class A common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Voyager’s Class A common stock or the notes at that time.

In addition, the option counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Voyager’s Class A common stock and/or purchasing or selling Voyager’s Class A common stock or other securities of Voyager in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so following any conversion of the notes, any repurchase of the notes by Voyager on any fundamental change repurchase date, any redemption date or any other date on which Voyager retires any notes, in each case if Voyager elects to terminate the relevant portion of the capped call transactions and in connection with any negotiated unwind or modification of the capped call transactions). This activity could also cause or avoid an increase or decrease in the market price of Voyager’s Class A common stock or the notes, which could affect the ability to convert the notes, and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares of Voyager’s Class A common stock, if any, and value of the consideration that noteholders will receive upon conversion of the notes.

The offer and sale of the notes and any shares of Class A common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of Class A common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful.

About Voyager

Voyager is a defense and space technology company committed to advancing and delivering transformative, mission-critical solutions. By tackling the most complex challenges, Voyager aims to unlock new frontiers for human progress, fortify national security, and protect critical assets from ground to space. (Source: BUSINESS WIRE)

06 Nov 25. SciTec acquisition. Firefly Aerospace has completed the acquisition of SciTec, strengthening its capabilities in national security and defense technology. The purchase price included a mix of cash and Firefly common stock, with over 475 SciTec employees joining the Firefly team.

Jason Kim, CEO of Firefly Aerospace, stated, “SciTec brings more than four decades of experience supporting high-stakes national security missions with industry-leading software applications and big data processing capabilities that are highly complementary of Firefly’s launch, lunar, and in-space vehicles. Together, Firefly and SciTec bring the talent and tech to support the most critical national security programs and deliver the future of edge processing for dynamic space operations.” The deal advances Firefly’s portfolio with AI-enabled defense software in missile warning, space domain awareness, intelligence, surveillance, and autonomous command and control.

With the acquisition, Firefly gains classified infrastructure at six strategic locations and integrates additional data centers and mission operation centers. The company will deliver a suite of hardware and software for defense programs, including space-based interceptor missions, hypersonic tests, and Moon to Mars missions. Robust contracts and new service categories support intelligence and national security agencies alongside commercial clients.

Jim Lisowski, CEO of SciTec, explained, “We’re proud to officially join the Firefly team and look forward to combining our software and hardware capabilities to bolster our existing services and create new industry-leading categories for space and defense customers. Both companies have become known for executing incredibly difficult missions from delivering a modernized missile warning system to successfully landing on the Moon. Together we’ll be unstoppable.” (Source: https://www.spacewar.com/)

05 Nov 25. Kratos to Acquire Israel-Based Orbit Technologies for $356.3m. Kratos Defense & Security Solutions, Inc., a technology company in defense, national security, and global markets, announced today that it has signed a definitive agreement to acquire 100 percent of the ordinary shares of Orbit Technologies Ltd (ORBI.TA) for $356.3 m, which is expected to be funded via cash on Kratos’ balance sheet. Orbit is a leading global provider of mission-critical satellite-based communication systems for mobile and unmanned aerial, seaborne, undersea and land systems, military vehicles and other systems. Orbit provides its hardware, products and systems to major air forces, traditional prime contractors and emerging new defense and space companies. Orbit’s customers are worldwide, including Israel, the United States, Europe and the Pacific region. Once the acquisition is consummated, Orbit will report through Kratos’ Microwave Electronics Division (KMED), which is headquartered in Jerusalem, Israel. The acquisition of Orbit is expected to be immediately accretive across virtually every financial metric for Kratos.

Yonah Adelman, President of Kratos Microwave Electronics, said, “We are truly excited about the combining of Orbit with Kratos, both leading technology companies in the microwave, communications and other military and national security related areas. KMED has been methodically focused on growing its presence in the rapidly expanding global unmanned systems and satellite-based communications market areas, and we believe that Kratos and Orbit is a 1 + 1 = 3 or more situation for our customers, partners, employees and stakeholders. We have already identified areas where Kratos’ microwave technology combined with Orbit’s communications technology, could bring differentiating, leading capabilities to the market. We are excited to welcome Orbit to Kratos.”

Eric DeMarco, President and CEO of Kratos, said, “Orbit checks every box in a Kratos acquisition, including outstanding leadership and culture, mission-committed employees and leading technology, with real, battle-proven hardware, products and systems that are in Kratos’ sweet spot. Additionally, major customers of Orbit are also existing customers of Kratos, including in Israel, the United States, Europe, India and elsewhere, adding to our conviction in this transaction’s projected success for all parties involved, including Kratos shareholders. The combination of Kratos’ microwave technology and Orbit’s communications technology is expected to provide new growth opportunities that are not currently available to either company on a stand-alone basis. There is a global recapitalization of weapon systems underway, and Orbit significantly advances Kratos’ position to take advantage of this. Importantly, this was a negotiated transaction between Kratos and Orbit, which significantly reduced disruption to both companies’ operations and the commitment to our National Security focused mission.”

Daniel Eshchar, CEO of Orbit Communication Systems, said, “I am honored by the opportunity to join a leading global defense company. This milestone marks a significant step for Orbit, enabling us to expand our business operations and strengthen our presence in the U.S. defense market.” (Source: ASD Network)

05 Nov 25. Leidos raises 2025 earnings guidance following Q3 revenue growth. Leidos’ backlog reached $47.7bn, with $26.4bn from National Security & Digital and $5.35bn from Defence Systems segments.

Leidos has raised its fiscal 2025 (FY25) earnings and margin guidance after registering a 7% increase in revenue for the third quarter (Q3), reaching a “record” $4.47bn.

This rise was largely driven by increased demand for innovative products and solutions for national security and defence missions.

The company’s revenue in the second quarter was $4.25bn, a 3% growth from the prior year quarter. During the third quarter ended 3 October 2025, Leidos’ Defence Systems segment revenues rose by 11% to $582m, mainly due to higher volumes in integrated air defence systems. This includes the Indirect Fires Protection Capability Increment 2 system and radar surveillance systems. The operating income margin of this segment was 6.4% in Q3 FY25, down from 7.1% in the previous year quarter. The non-GAAP margin was 8.9%, compared to 10.2% in Q3 FY24, due to a higher mix of materials in early production phases. The company cited the increased material mix typical of early production phases across several programmes as the reason for the decline in profitability. In the National Security & Digital segment, revenue grew 8% to $2.02bn, fuelled by new contracts, higher volumes in Defence IT and Intelligence Community support, and a $26m boost from acquiring Kudu Dynamics. The segment’s operating income margin dropped slightly to 9.5% in Q3 FY25 from 10.0% in the same period a year ago. As of 3 October 2025, Leidos’ backlog was valued at $47.7bn, with $9.1bn funded and $38.6bn unfunded. The National Security & Digital segment had a backlog of $26.4bn, while the Defence Systems segment contributed $5.35bn.

Leidos CEO Tom Bell said: “Leidos continues to deliver exceptional results through the strength of our portfolio of mission-critical work as well as the innovation, agility, and discipline of our talented workforce.”

Leidos has increased its adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin expectation to the high 13% range, up from the mid 13% range previously.

Additionally, the non-GAAP diluted earnings per share (EPS) guidance is updated to a range of $11.45 to $11.75, compared to the prior range of $11.15 to $11.45. The company maintained its revenue projections between $17.00bn and $17.25bn.

“Despite the government shutdown, we are raising our 2025 earnings and margin guidance and holding firm on our 2025 revenue and cash guidance. Moreover, we are optimistic about our future given our alignment with the priorities of the administration and confidence that our customers will move out aggressively in search of smarter and more efficient outcomes for the nation,” Tom Bell added. (Source: army-technology.com)

06 Nov 25. Rheinmetall on course to hit targets despite order delays.

Summary
Companies
Order backlog grows to 64bn euros
Army programmes to provide fourth-quarter boost, says CEO
Shares up 1.6%

German arms manufacturer Rheinmetall (RHMG.DE) is on track to achieve its full-year sales target, it said on Thursday, despite delayed orders denting third-quarter results.

One of the main beneficiaries of a boost in European defence spending, Rheinmetall reported a 20% rise in consolidated sales for the first nine months and expects a strong fourth quarter to help it to achieve the 25-30% growth targeted for 2025. (Source: Reuters)

06 Nov 25. Rheinmetall shows steady growth and expands defence business by almost a third – Rheinmetall Backlog soars to €64bn

Consolidated sales rise 20% in the first nine months to €7.5bn, with 28% sales growth in defence business
Group operating result climbs from €705 m to €835m, an increase of 18% – operating result margin at 11.1% at Group level
Defence business: Operating result rises by 14% to €825m, operating result margin reaches 13.6%
Rheinmetall Nomination below previous year’s level at €18bn – continued delay in order placement in Q3 2025 following new elections in Germany
Rising order backlog: Rheinmetall Backlog reaches €64 bn
Operating free cash flow at €-813m – influenced by high investments, increase in inventories and delayed order placement by the German customer
Forecast for 2025 confirmed

After the first nine months of 2025, Düsseldorf-based Rheinmetall AG has once again posted record figures for both sales and income. In view of the security policy situation and significantly increasing defence budgets in numerous countries, demand in the defence business remains unchanged high. Core markets are still Europe, Germany, and Ukraine. The technology group’s order books remain at record levels, although the political situation following the new elections in spring 2025 and the resulting delay in the adoption of the German federal budget mean that orders in Germany are only now, in the second half of the year, starting to come in, significantly delayed. In the civilian sector the market remains weak, meaning that the Group is once again lagging behind the previous year’s performance in this area. Due to the current market situation, the continuing very good order situation and the expected business development in the last quarter of 2025, the Group management confirms at least the current annual forecast for expected sales growth and operating result margin within the Group.

Armin Papperger, CEO of Rheinmetall AG, on the company’s development: “We have developed strongly and, with solid growth, are well on track to achieve our ambitious annual targets. The foundations have now been laid for a strong fourth quarter, especially as the German Armed Forces’ planned major programmes are now secured in the federal government’s financial planning and will be commissioned in the coming months. We are very well prepared for the future thanks to the build-up of working capital, the securing of supply chains and huge increases in capacity.”

Armin Papperger: “Expanding capacity through investments in many European countries, partnerships and new plants remains a high priority for us. We are currently either building 13 new plants in Europe or significantly expanding existing ones. Two days ago, we broke ground on a new plant in Lithuania, with Latvia to follow. At the beginning of last week, we agreed with the Bulgarian government to build two large plants for ammunition and powder. ”

“Thanks to the projects we have in the pipeline, we will be a relevant player in all key fields in the future – on land, at sea, in the air and even in space. We are becoming a global defence champion, not least thanks to the planned acquisition of NVL, Lürssen’s naval division. We will make significant contributions to the armed forces in all defence domains in order to advance the turning point in security policy. Nothing less than our democracy and the independence of Europe are at stake. It all comes down to our performance now; we are committed to delivering,” said Armin Papperger.

Rheinmetall Group: Sales growth of 20% – Consolidated operating result rises by 18%

Consolidated sales climbed by €1.246m or 20% year-on-year to €7.515m in the first three quarters of the 2025 fiscal year (previous year: €6.268m). Business with the German Armed Forces is becoming increasingly important: The share of sales generated in Germany rose by 3.5 percentage points to 34% after nine months in 2025 compared with the same period of the previous year, while the share of sales generated abroad amounted to 66%.

The operating result after the first nine months of the 2025 fiscal year was €835m, up

€130m or 18% from the previous year’s figure of €705m. The lion’s share of this was contributed by the defence-oriented business of the Group: The operating result from business with the armed forces amounted to €825m after nine months, representing an increase of 14% over the previous year’s figure (€723 m). Mainly due to expenses for the start of production of the F-35 centre fuselage sections at the Weeze/Lower Rhine location, the operating result margin at Group level slowed slightly to 11.1% compared with the same period of the previous year (previous year: 11.3%). Earnings per share from continuing operations improved in the first nine months of the 2025 fiscal year compared with the same period of the previous year, from €7.32 to €8.34. Operating free cash flow declined significantly by €911m to €-813m compared with the same period last year, when it stood at €99m. The development is mainly due to the increase in cash-relevant investments, particularly for the construction of new plants, inventory build-up and delayed order placements by the German customer. The value of Rheinmetall Nomination scaled back by 18% compared to the same period last year to €18 bn (previous year: €21 bn). This decline is primarily attributable to postponed order placements from Germany as a result of the new elections and the delayed adoption of the federal budget following the change of government. Rheinmetall Nomination comprises classic incoming orders as well as the volume from future call-offs under new framework agreements entered into with military customers and new contracts with civilian clients (nominations). Despite a slight decline in Rheinmetall Nomination, Rheinmetall Backlog rose to €64 bn as of September 30, 2025 (previous year: €52 bn) following several major orders especially in the Electronic Solutions and Weapon and Ammunition divisions. In addition to orders on hand, Backlog also includes the call-offs expected from framework agreements in place with defence customers and the potential from contracts with civilian clients.

Vehicle systems: Sales continues to grow

Sales at Vehicle Systems, which is primarily active in the military wheeled and tracked vehicles division, amounted to €3.235 m after nine months of the 2025 fiscal year, up €698 m or 28% on the previous year’s figure. The positive development is mainly attributable to the delivery of logistics vehicles under the “Unprotected Transport Vehicle 2.0” (trucks) framework agreement, the parallel ramp-up of tactical vehicle programmes for Germany and other international customers, and increased service activities.

Rheinmetall Nomination for the segment – i.e. the sum of order intake and the volume of newly concluded framework agreements with defence customers – was €1.942m after three quarters of the 2025 fiscal year, €4.831m below the comparable figure for the previous year. This was largely influenced by the framework agreement for the delivery of unprotected transport vehicles to the German customer with a volume of €2.935m, as well as by the order for the ‘Heavy Weapons Carrier Infantry’ (Boxer 6×6 vehicles) worth €1.643m and the associated service agreement worth €628m.

Rheinmetall Backlog for the segment – the sum of the order backlog and expected call-offs from existing framework agreements with defence customers – amounted to €19.713m (September 30, 2025), down €930m or 5% on the previous year’s figure.

The operating result improved from €281m to €346m. The increase is mainly due to sales growth. At 10.7%, the operating result margin is slightly below the previous year’s figure of 11.1%. Investments after nine months of the 2025 fiscal year amounted to €136m, €67 m above the previous year’s figure of €68 m. The increase is due to location investments in the United States and the United Kingdom, as well as the capitalisation of development costs.

Weapon and Ammunition: Continued record sales thanks to ammunition orders

Weapon and Ammunition achieved record sales of €2.014m in the first nine months of 2025 with its activities in weapon systems, ammunition and protection systems, exceeding the previous year’s figure by €460m or 30%. Increased sales of tank and several medium-calibre ammunition, including weapon systems, as well as several artillery and mortar orders for NATO member states and Ukraine were the main growth drivers. At €4.811m after the first nine months of the 2025 fiscal year, Rheinmetall Nomination is below the previous year’s figure (previous year: €10.163m), in which the increase in a framework agreement for 155mm artillery ammunition for the German customer was booked at €7,121m. Significant orders of the first nine months of the 2025 fiscal year include commissions for 155mm artillery ammunition for European NATO countries and a new framework agreement for protected, highly mobile medical facilities.

Rheinmetall Backlog reached €23.231 m as of September 30, 2025. Compared to the previous year’s figure (September 30, 2024: €19.512m), this represents an increase of €3.719m or 19%.

The operating result rose by €102m or 30% to €440 m at the end of the first nine months of the 2025 fiscal year (previous year: €339m). The main driver for this is the significant increase in sales volume. The operating result margin remained at the previous year’s level of 22% despite higher personnel and material costs.

Investments amounted to €284m, significantly exceeding the previous year’s level of €169m due to transformation and capacity expansion projects in several companies. Particularly noteworthy is the investment in the new “Niedersachsen” plant, which will significantly increase Rheinmetall’s production capacity in the field of artillery ammunition and commenced operations on a trial basis in the third quarter.

Electronic Solutions: Rheinmetall Nomination and Backlog rise significantly

Electronic Solutions, with products in the digitalisation of the armed forces, with infantry equipment, air defence and simulation systems, increased its sales by €421m to €1.460m after nine months of the 2025 fiscal year (previous year: €1.038m); this corresponds to growth of 41%. The increase in sales is mainly due to the delivery of headsets with hearing protection and the TaWAN digitalisation project, both for the German customer, as well as the delivery of further air defence systems to European customers.

Rheinmetall Nomination increased significantly compared to the same period last year, rising by €6.777m or 194% to €10.279m. The largest individual orders in the 2025 fiscal year to date related to the two framework contracts for a deployable, platform-based communications and radio management system (TaWAN LBO) and the replenishment of soldier systems ‘Future Soldier – Extended System’ (IdZ-ES), both for the German customer. Rheinmetall Backlog as of September 30, 2025 amounted to €16.659 m, up 148% on the previous year (previous year: €6.706m).

Operating result improved significantly to €128 m by the end of the first nine months of 2025, compared with €96m in the previous year. The main driver for this was the significant increase in sales volume. The operating result margin decreased to 8.8% (previous year: 9.2%) due to expenses for production preparation at the Weeze location for the start of production of the F-35 centre fuselage sections at the beginning of the third quarter of 2025.

Investments increased by €66m to €113 m during the reporting period. The main focus was on setting up the necessary IT infrastructure and technical equipment for the plant at the Weeze/Lower Rhine location.

Power Systems: Still affected by persistent market weakness

As part of the Rheinmetall Group’s decision to focus on business with defence customers and security technology, activities in civilian divisions are no longer part of its core strategic business. Technological expertise for civilian markets is being pooled in the Power Systems division.

Sales at Power Systems remained below the previous year’s figure (previous year: €1.543m) in the reporting period, with a volume of €1.459m. Booked business for the first nine months of the 2025 fiscal year was also below the previous year’s figure (previous year: €2.119m) at €1.544m. The decisive factor is the economic downturn in the automotive industry, which has led to project delays and lower demand. The Nominated Backlog fell by 11% to €7.143m as at September 30, 2025 (previous year: €8.060m).

The operating result decreased by 43% compared to the same period last year to €42 m (previous year: €74 m). The decline is mainly attributable to falling sales and a change in the product mix. In addition, expenses related to the strategic transformation had a negative impact on the operating result. As a result, the operating result margin fell to 2.9% (previous year: 4.8%).

The conversion of two plants in the Power Systems division, which previously manufactured components for customers in the automotive industry, into defence plants is well underway. The reorganisation has already been completed at the Berlin location, and the conversion is in full swing. In Neuss, a considerable portion of the workforce has already been assigned to the defence business of the Group. The site is to be converted to various Group activities in the field of defence and security applications.

Outlook: Annual forecast remains unchanged

Based on the expected business development until the end of the year, Rheinmetall confirms that, after the first nine months of the 2025 fiscal year, it will at least meet its sales and result forecast for the full year 2025, with growth in consolidated sales of 25% to 30% (previous year’s sales: €9,751m). Based on this sales forecast, Rheinmetall expects the Group, including acquisitions, to achieve an improvement in operating result and an operating result margin of around 15.5% in the current 2025 fiscal year, taking into account holding costs (margin in fiscal 2024: 15.2%).

03 Nov 25. Voyager Technologies, Inc. [NYSE: VOYG] (“Voyager” or the “Company”), today announced financial results for the third quarter 2025.

Business and Financial Performance Highlights

Delivered net sales of $39.6m, including 31% growth from the Defense and National Security segment
Expect FY 2025 Revenue towards the high-end of our guidance range $165 m to $170 m, underscoring execution of our growth strategy
Strengthened our portfolio with the acquisitions of ElectroMagnetic Systems, Inc. and ExoTerra Resource (post Q3) and strategic investments in next-generation communications and artificial intelligence with BridgeComm Technologies and Latent AI, respectively
Book-to-Bill 1.25 driving Total Backlog increase to $188.6m
Advanced development of Starlab, achieving two NASA milestones in Q3 and 27 milestones to date. We have received $46.5 m year-to-date and $173.7m inception-to-date in cash proceeds
Incurred net loss of $(16.3) m and loss per share of $(0.28); non-GAAP adjusted loss of $(12.9) m and non-GAAP adjusted loss per share of $(0.22)
Non-GAAP Adjusted EBITDA of $(17.7)m, reflecting ramping up of Starlab program activities and increasing investment in innovation to fuel future growth
Robust balance sheet, including $413.3m in cash and cash equivalents, and total liquidity of $613.3m, including $200m in undrawn revolver capacity

“We continued to build momentum this quarter, delivering substantial growth across our core defense business while executing on strategic initiatives that expand our mission critical capabilities,” said Voyager Technologies CEO Dylan Taylor. “We are also augmenting our organic growth through targeted acquisitions. Specifically, with the acquisition of ExoTerra, we’re accelerating U.S.-built propulsion innovation to meet rising demand across space-based systems and critical defense programs, providing yet another substantial growth vector for our future.”

“Our Defense and National Security segment is a powerful growth engine, fueled by strong customer engagement, new contract wins, and alignment with national security objectives, driving a backlog that increased to $189m,” continued Taylor. “Starlab also remains on track, achieving two additional NASA milestones and generating $4.0m in cash proceeds this quarter, bringing our total milestones achieved to date to 27. And we continue to maintain a debt-free balance sheet, with $613m in total liquidity supporting both organic and inorganic growth. Our capabilities are tightly aligned with the highest-priority U.S. defense programs in missile defense, space-based systems and advanced guidance, navigation and control. Combined with a robust backlog, greater visibility into multi-year programs, budget momentum and mission urgency, we are well positioned to convert opportunity into durable sustained growth.”

Business and Financial Performance Results

Voyager’s net sales for the three months ended September 30, 2025 were $39.6 m, flat year over year, and up 15.1% when adjusted for the planned wind-down of the NASA services contract within the Space Solutions segment.

Voyager’s Defense and National Security segment provides leading technology capabilities that support marquee programs with expertise in defense systems, signals intelligence, communication technologies, and guidance, navigation and control systems. For the three month ended September 30, 2025, the Defense and National Security segment net sales increased $6.7m, or 31% year over year, to $28.5m, primarily driven by progress on the Next Generation Interceptor (“NGI”) program and an undisclosed program.

Voyager’s Space Solutions segment operates at the forefront of space technology, specializing in mission enabling, reliable hardware, software and engineering services for space missions. For the three month ended September 30, 2025, the Space Solutions segment net sales declined $8.1 m, or 41% year over year, to $11.7m primarily due to the anticipated conclusion of a multi-year service contract with NASA.

Our Starlab Space Stations segment is a Voyager-led, majority-owned joint venture focused on developing the commercial replacement for the International Space Station. While Starlab does not generate revenue today, nor is expected to generate revenue in the near term, we have received significant funding from NASA under our Space Act Agreement. In the third quarter of 2025, Starlab achieved two key milestone and received $4.0m in cash from NASA, highlighting strong progress and continued momentum.

Backlog

As of September 30, 2025, total backlog was $188.6m, including $88.2m of funded backlog from signed contracts with remaining work. Funded contracts represent definitized contracts for performance obligations from customers that contain the right to receive consideration in exchange for goods transferred to the customer. The unfunded portion (also referred to as unfunded contract options) includes contract options not yet exercised and potential work under Indefinite Delivery/Indefinite Quantity contracts.

Innovation Spend

Innovation is a foundational pillar of our long-term strategy and a key differentiator across the defense, national security and space sectors. For the three month ended September 30, 2025, innovation spend was 19% of net sales, excluding Starlab, and 125% on a consolidated basis. See Table 5 for additional details.

Business Outlook for the Full Year 2025

For the full year 2025, Voyager now expects total net sales towards the high end of our guidance range of $165 m to $170 m. This outlook underscores the resilience of our business model and reflects the successful execution of its growth strategy, including contributions from recently acquired businesses, while recognizing uncertainty in the near-term attributable to the government shutdown.

Non-GAAP Adjusted EBITDA in the range of $(63)m to $(60)m.

(Source: BUSINESS WIRE)

04 Nov 25. Embraer Announces Results.

HIGHLIGHTS

2025 Guidance reiterated. From an operations point of view, the company estimates Commercial Aviation deliveries between 77 and 85 aircraft, and Executive Aviation deliveries between 145 and 155 aircraft. From a financial point of view, revenues in the US$7.0 to US$7.5bn range, adjusted EBIT margin between 7.5% and 8.3%, and adjusted free cash flow of US$200 m or higher for the year.
S&P upgraded our credit rating from “BBB-” to “BBB” (2 notches above IG threshold) and, in addition, Fitch Ratings and Moody’s revised their outlook for the company from stable to positive (“BBB-” and “Baa3” ratings or 1 notch above IG threshold).
Revenues totaled US$2,004m in 3Q25 – all-time high 3rd quarter – +18% yoy. Highlights for Commercial Aviation and Defense & Security revenues with +31% and +27% yoy growth.
Adjusted EBIT reached US$172.0m with an +8.6% margin in 3Q25 (+17.6% in 3Q24; +8.7% ex Boeing agreement). U.S. import tariffs totaled US$17 m during the quarter (85bp); US$27m year-to-date.
Adjusted free cash flow w/o Eve was US$300.3m during the period because of higher number of aircraft delivered and lower accounts receivables.
Embraer delivered 62 aircraft in 3Q25, of which 20 were commercial jets (13 E2s and 7 E1s), 41 were executive jets (23 light and 18 medium) while 1 was defense (KC-390 Millennium); +5% versus 59 aircraft delivered yoy.
Firm order backlog of US$31.3 bn in 3Q25 – an all-time high.

03 Nov 25. Palantir Technologies Inc. (NASDAQ:PLTR) today announced financial results for the third quarter ended September 30, 2025.

“114% – our Rule of 40 score! These results make undeniable the transformational impact of using AIP to compound AI leverage. Year-over-year growth in our U.S. business surged to 77%, and year-over-year growth in U.S. commercial climbed to 121%. We are yet again announcing the highest sequential quarterly revenue growth guide in our company’s history, representing 61% year-over-year growth,” said Alex C. Karp, Co-Founder and Chief Executive Officer of Palantir Technologies.

Q3 2025 Highlights

U.S. revenue grew 77% year-over-year and 20% quarter-over-quarter to $883m

o U.S. commercial revenue grew 121% year-over-year and 29% quarter-over-quarter to $397m

o U.S. government revenue grew 52% year-over-year and 14% quarter-over-quarter to $486m

Revenue grew 63% year-over-year and 18% quarter-over-quarter to $1.181bn
Closed 204 deals of at least $1m, 91 deals of at least $5m, and 53 deals of at least $10m
Closed a record-setting $2.76bn of total contract value (“TCV”), up 151% year-over-year

o Closed a record-setting $1.31bn of U.S. commercial TCV, up 342% year-over-year

U.S. commercial remaining deal value (“RDV”) of $3.63bn, up 199% year-over-year and 30% quarter-over-quarter
Customer count grew 45% year-over-year and 7% quarter-over-quarter
GAAP income from operations of $393m, representing a 33% margin
Adjusted income from operations of $601m, representing a 51% margin
Rule of 40 score of 114%
GAAP net income of $476 m, representing a 40% margin
Cash from operations of $508m, representing a 43% margin
Adjusted free cash flow of $540m, representing a 46% margin
GAAP earnings per share (“EPS”) of $0.18
Adjusted EPS of $0.21
Cash, cash equivalents, and short-term U.S. Treasury securities of $6.4 bn

Outlook

For Q4 2025, we expect:

Revenue of between $1.327 – $1.331bn.
Adjusted income from operations of between $695 – $699m.

For full year 2025:

We are raising our revenue guidance to between $4.396 – $4.400bn.
We are raising our U.S. commercial revenue guidance to in excess of $1.433 bn, representing a growth rate of at least 104%.
We are raising our adjusted income from operations guidance to between $2.151 – $2.155bn.
We are raising our adjusted free cash flow guidance to between $1.9 – $2.1bn.
And we continue to expect GAAP operating income and net income in each quarter of this year. (Source: BUSINESS WIRE)

03 Nov 25. AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, announced today it has acquired HAECO Americas from HAECO Group for $78m in an all-cash transaction, subject to customary adjustments. The acquisition immediately expands AAR’s maintenance footprint and accelerates the Company’s strategic objective to grow its Repair & Engineering segment. The purchase price represents a high single-digit multiple of last twelve months EBITDA before the impact of any synergies.

HAECO Americas is the second largest heavy maintenance provider in North America behind AAR. The business performs heavy aircraft maintenance, repair, and overhaul (MRO) and modification services at two facilities, one in Greensboro, North Carolina, and one in Lake City, Florida, for leading commercial airlines.

EXECUTIVE COMMENTARY

“AAR has become the most sought-after heavy maintenance provider in North America, and we are excited to extend our leadership position with the acquisition of HAECO Americas. Over the last few years, we have significantly invested in training, lean initiatives, and proprietary technology to enhance quality and efficiency in our MRO operations. These efforts have resulted in reduced turn-around times for our customers, higher employee retention, and meaningful increases to operating margins. We plan to apply our successful model to the HAECO Americas facilities and expect to significantly improve profitability and operational performance,” said John M. Holmes, AAR’s Chairman, President and CEO.

Holmes continued, “In connection with the transaction, we have secured agreements with key customers, totaling over $850M in sales over a multi-year period. These agreements, which effectively sell out the two HAECO Americas facilities, reflect strong demand and our close customer relationships. Moreover, these new facilities will allow us to further optimize our North American footprint, which we expect will lead to incremental margin expansion overall for our Repair & Engineering segment as we execute the integration.”

HAECO Americas’ over 1,600 dedicated team members bring considerable tenure and a wide range of technical experience on airline and cargo aircraft. The workforce, which is composed of 30% veterans, has focused on serving as centers of excellence and has performed maintenance on thousands of aircraft over decades.

“We are pleased to welcome the talented HAECO Americas team to AAR. Our strong safety culture, partnerships with educational institutions, and focus on career development have made AAR the premier employer for aviation technicians. We look forward to combining with the HAECO Americas team to deliver outstanding service to our customers,” said Tom Hoferer, AAR’s Senior Vice President of Repair & Engineering.

STRATEGIC RATIONALE

Alignment with Company objectives: This acquisition accelerates AAR’s growth and expands the Company’s strong relationships with premier airline customers in North America.
Meeting customer demand and footprint optimization: As the leading independent MRO provider in North America, AAR’s Airframe MRO network has a multi-year backlog, inclusive of its two facility expansions currently underway in Miami and Oklahoma City. The acquisition of HAECO Americas enables AAR to meet additional customer demand and to optimize its footprint over time.
Synergy realization and expected improvement in profitability: AAR has demonstrated its ability to drive best-in-class operational efficiency in its heavy maintenance operations. While the transaction will initially be slightly dilutive to AAR’s operating margins, applying the Company’s operating model to HAECO Americas’ two facilities is expected to drive significant synergy realization and margin improvement. Once the integration is complete, AAR expects HAECO Americas to achieve operating margins consistent with those of AAR’s current Airframe MRO operations, with the opportunity to expand further as the Company optimizes its overall heavy maintenance footprint.

For more information on AAR, visit aarcorp.com.

03 Nov 25. Firehawk Aerospace receives strategic investment from Hanwha Defense USA to advance rocket propulsion. Dallas-based defence company Firehawk Aerospace has received a strategic investment from Hanwha Defense USA, a subsidiary of Hanwha Aerospace, to accelerate its work on next-generation propulsion systems. The partnership aims to push forward the development and production of solid rocket motors using Firehawk’s patented additive manufacturing process. The funding will support full-rate production of 3D-printed propellants, enhanced rocket motor development, and delivery of integrated missile systems. These technologies are designed to strengthen national defence capabilities while addressing supply chain vulnerabilities within the energetics sector.

“This investment from Hanwha supports our mission of bringing solid rocket motor technology into the 21st century to address the challenges of the current industrial supply base and provide the warfighter with a decisive advantage,” said Will Edwards, CEO of Firehawk. “Leveraging additive manufacturing, at scale, eliminates many of the constraints associated with traditional propellant production and enables us to make a high-performing, tailored munition faster, safer, and more cost-effective in a smaller footprint.”

Mike Smith, President of Hanwha Defense USA, emphasised the strategic importance of the partnership, stating: “Hanwha is developing strategic partnerships and making strategic investments in U.S. defence companies such as Firehawk, which is at the forefront of energetics and propulsion technology. Firehawk’s transformative approach to propulsion production redefines what is possible within the industry while directly addressing U.S. supply chain challenges and modernizing our military.”

This latest announcement follows a previous investment from Presto Tech Horizons (PTH), a dual-use defence fund created through a partnership between European firm Presto Ventures and Czech industrial group Czechoslovak Group (CSG). (Source: DIE)

03 Nov 25. SRT Marine Systems is up 129% – and still rates a buy.

Simon Thompson: Profits are forecast to double, and expect earnings upgrades if a $200m contract is signed

Published on November 3, 2025

Full-year revenue up 426 per cent to £78mn
Operating profit of £6.4m improves from loss of £13.2m
Adjusted pre-tax profit of £4.9m
On track to double earnings in new financial year

Aim-traded maritime tracking technology group SRT Marine Systems (SRT:87p) moved into sustainable profit in the 2025-26 financial year, buoyed by its systems business (turnkey integrated maritime surveillance and maritime domain awareness (MDA) management systems). The group is now delivering on partnerships with five separate sovereign customers, each of which is building up its national MDA capacities with SRT. Project and invoice milestones from these contracts generated £68.5m of revenue at a gross margin of 29 per cent, while the group’s smaller navigation safety business (specialist transceivers and devices) reported slightly lower revenue of £9.5m at a gross margin of 44 per cent. The largest contract commenced in October 2024 and is worth $213m (£162mn) for the delivery of an integrated maritime surveillance system for the Kuwaiti government (‘A marine technology company building momentum’, IC, 7 October 2024). In total, SRT is implementing system contracts with an aggregate value of £325m and has a validated pipeline of new system contracts with an estimated value of £1.8bn. The directors have “good visibility” on £0.5bn of contract opportunities, including a $200mn formal written award (‘This tech stock has landed another huge contract’, IC, 18 September 2025) that is subject to completion of the project contract and a project financing package. The undisclosed customer is a sovereign state that faces maritime challenges (smuggling, illegal border incursions and illegal fishing) across an extensive national marine domain. SRT’s MDA system will provide extensive maritime intelligence and insight, enable the country’s marine agencies to adopt an intelligence-led operations doctrine, and assist in detecting and deterring illegal activities. Based solely on confirmed MDA system contracts and recurring revenue from the navigation safety business, house broker Cavendish expects revenue to increase by almost 50 per cent to £115.8m in the 12 months to 30 June 2025, rising to £123.4mn the following year. On this basis, analysts expect underlying pre-tax profit to double to £10.2m (2026) and £11.1m (2027), which implies that the shares are rated on forward price/earnings (PE) ratios of 21.2 and 19.8, respectively. Moreover, assuming the $200m contract is landed, expect material upgrades given that SRT is highly operationally geared and its broadly fixed cost base is capable of delivering that contract.

Improved cash generation de-risks investment case

It is also worth noting that cash generation is expected to improve as SRT delivers on the £325mn of contracts already awarded – so much so that analysts predict free cash flow (FCF) of £22.6m (2026) to move the group from a current net debt position of £6.6m to net cash of £16m by 30 June 2025. Cavendish is pencilling in a doubling of net cash to £32.9m the following year based on FCF of £16.9m.

SRT has a market capitalisation of £219m and an enterprise valuation of £225m, so the deleveraging process means that more of the economic interest in the entity will be transferred from debt holders to shareholders, enabling investors to attribute a higher rating to the equity. The improvement in the group’s finances means that SRT should be able to make interest savings on its borrowings in the future, too.

SRT’s share price rallied 22 per cent to an all-time high (94p) after I reiterated my buy call six weeks ago, and is currently up 129 per cent since I initiated coverage (Alpha Research: ‘Set sail for a profitable voyage’, IC, 16 August 2019). However, with material earnings upgrades likely assuming the $200m contract is implemented, the share price should have further to run. Cavendish’s upgraded target price of 122p (from 100p) is equivalent to a 2027 PE ratio of 24.6 (ex-cash). Buy.

03 Nov 25. Nasmyth Group Acquired by Sigma Advanced Systems UK Ltd.

Acquisition Strengthens Future Growth and Innovation

Nasmyth Group, a leading provider of specialist precision engineering services to the aerospace, defence and related industries today announced its acquisition by Sigma Advanced Systems UK Ltd. Founded in 1994, Sigma Advanced Systems UK Ltd is a recognised global manufacturer and service provider of advanced defence systems and security solutions. With more than three decades of experience, Sigma specialises in the design, development, and production of cutting-edge technologies including avionics, naval systems, communication systems, submarine platforms, radars, and counter unmanned aerial systems that meet the highest standards of quality, reliability, and performance. This acquisition marks an important milestone in Nasmyth evolution, providing a strong and stable foundation for continued innovation, expanded capacity, and the delivery of high-quality engineering solutions to customers worldwide. Sigma’s proven track record in design, development and manufacturing will bring valuable strategic insight and financial strength to support Nasmyth’s next phase of growth.

Pramod Raju, Director – Sigma Advanced Systems UK Ltd commented: “We are delighted to welcome Nasmyth group to the Sigma family. This acquisition is an important step to our growth strategy in the global aerospace industry. Sigma and Nasmyth will look to leverage Nasmyth’s Tier-1 supplier status to Major OEMs as they bid for large work packages. We look forward to supporting the company’s continued success and international expansion.”

John Rooney, CEO – Nasmyth added: “We are excited to begin this new chapter for Nasmyth. Sigma’s strategy aligns perfectly with our vision for growth, and we are already investing in our facilities to increase capability and capacity to meet rising demand across the aerospace and defence sectors. Together, we are well positioned to build on Nasmyth’s long-standing reputation for quality, reliability, and innovation.”

Nasmyth were advised by a team from Interpath and would like to extend their sincere thanks for their team’s invaluable support, guidance, and commitment during the transaction process.

Chris Pole, Managing Director, Interpath commented: “We are pleased to have advised on this transaction, which brings together two highly complementary organisations, creating a formidable platform for continued growth and scalability. We wish them all the very best for the future.”

31 Oct 25. HII posts 16.1% revenue rise to $3.2bn in Q3 FY25.

The company’s net earnings for reporting period rose by 43.6% to $145m.

October 31, 2025

HII reported a 16.1% increase in revenue for the third quarter of 2025 (Q3 FY25), reaching $3.2bn, compared to the same period in 2024.

The rise was attributed to higher activity across its key business segments, including Newport News Shipbuilding and Ingalls Shipbuilding, where revenues rose by 14.5% and 24.7%, respectively, as well as Mission Technologies, which saw 11% growth.

HII’s operating income for the third quarter reached $161m, with an operating margin of 5%, up from an operating income of $82m and a margin of 3%, respectively, during the same period last year.

Segment operating income rose to $179m from $97m last year, while segment operating margin improved to 5.6% from 3.5%.

These gains were mainly driven by more favourable results at Newport News Shipbuilding and Ingalls Shipbuilding relative to the prior year.

The company’s net earnings for the reporting period stood at $145m, up 43.6% from $101m in Q3 FY24.

Diluted earnings per share increased to $3.68 from $2.56 in the same period last year.

New contract awards totalled $2bn in Q3 FY25, which brought HII’s total backlog to $55.7bn as of 30 September 2025.

HII president and CEO Chris Kastner said: “We made steady progress on our 2025 operational initiatives in the third quarter. We have continued to see early signs that targeted investments are helping to strengthen our workforce and build a more robust maritime supply chain in support of higher shipbuilding throughput.”

HII expects shipbuilding revenue between $9.0 and $9.1bn in FY25 and expects shipbuilding operating margin between 5.5% and 6.5%.

Mission Technologies is anticipated to generate between $3.0 and $3.1bn in revenue and achieve a segment operating margin of approximately 4.5%.

The company projects with earnings before interest, taxes, depreciation, and amortization (EBITDA) margin expected between 8% and 8.5%.

Recently, HII and HD Hyundai Heavy Industries (HHI) entered into a memorandum of agreement to enhance the ongoing shipbuilding dialogue between the US and the Republic of Korea (RoK). (Source: naval-technology.com)

25 Oct 25. Lynk + Omnispace reveal plans to merge to deliver global D2D connectivity with partner SES. Lynk Global and Omnispace plans to merge to deliver comprehensive, Direct-to-Device (D2D), connectivity solution, bridging the gap between today’s satellite and terrestrial networks. Following the merger, SES will become a major strategic shareholder, facilitating a robust deployment of D2D and IoT services for mobile network operators (MNOs), enterprise and government customers as part of a multi-orbit, multi-spectrum, network architecture. The combined entity will leverage Omnispace’s 60 MHz of globally coordinated S-band spectrum and its high-priority filings with the International Telecommunication Union (ITU), optimized for D2D services. Omnispace’s licensed mobile satellite spectrum is compliant with 3GPP standards for non-terrestrial networks (NTN), and adheres to national regulatory frameworks. It includes the largest S-band market access footprint, reaching more than 1 bn people across the Americas, Europe, Africa and Asia. This foundation enables accelerated global deployment and scalable service delivery. The combination will benefit from Lynk’s patented, proven, low-cost, multi-spectrum satellite technology platform. Lynk’s technology enables backward compatible, satellite-delivered, mobile voice and messaging services to more than 7 bn smartphones and IoT devices and will leverage the S-band to offer a step-change in its data, voice and messaging services to new smart phones and IoT devices, including automotive platforms. Lynk’s relationships with over 50 MNO customers across more than 50 countries will see significant benefit from the enhanced D2D offering. SES, a current investor in both companies, will deepen its partnership profile following the merger, providing access to its multi-orbit network and globally deployed ground infrastructure. SES will also support the engineering, operations and regulatory needs of the combined entity. The partnership will enable SES to enhance current services for its customers around the world, including those in the mobile telecom, automotive and government sectors. The transaction is expected to close late this year or early next year, subject to customary approvals and closing conditions. Upon closing, Ramu Potarazu will serve as the Chief Executive Officer and Ram Viswanathan will serve as the Chief Strategy Officer of the new entity.

We now have the right mix of technology, spectrum and leadership to extend mobile connectivity where and when it’s needed most,” said Ramu Potarazu, CEO, Lynk. “This merger will enable us to accelerate our efforts in delivering seamless, reliable messaging, voice and data services – serving MNOs, as well as consumer, commercial and industrial vehicles, and government and utility sectors worldwide.”

This merger unlocks the full potential of our global S-band spectrum assets and positions us at the forefront of D2D,” said Ram Viswanathan, President and CEO, Omnispace. “By combining Omnispace’s spectrum portfolio with Lynk’s innovative technology, we’re creating a powerful platform for scalable, cost-effective global D2D that will serve the immediate connectivity needs of customers and has the spectrum to enhance capacity over time.” We see enormous opportunities in D2D and IoT connectivity,” said Adel Al-Saleh, CEO, SES. “The planned combination of Lynk and Omnispace will offer SES access to new LEO capabilities that align with our strategy to diversify into this high-growth segment. This merger pairs an industry-leading global spectrum portfolio with a disruptive cost-effective satellite technology platform – accelerating deployment and delivering significant value to our commercial and government customers.” (Source: Satnews)

03 Nov 25. Launch of BATTLESPACE Business Awards. BATTLESPACE Publications is pleased to announce the launch of the BATTLESPACE Business Awards, an annual awards for the best performing companies in sectors in the defence industry. The Awards will build on the 21 year history of the BATTLESPACE Businessman of The Year Award. This will now become one of the awards in the annual ceremony.

Categories to be judged include:

BATTLESPACE Businessman of The Year Award

Best Prime Contractor Developing SME involvement

Best Performing SME

Beat AIM quoted Defence Company

Best New AIM Entrant

Best New technology developed from the DSTL Ploughshare IP Initiative

Best New DARPA/DIU Funded Technology

Best New US SME

Beat New Nasdaq Defence Company

A team of specially selected judges will judge each entry, the announcement will be made in October 2026.

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Ultra-high precision, modularity and speed to defeat dynamic targets

OpenWorks is a provider of modular autonomous vision systems that deliver ultra-high performance real-time detection, identification and tracking of highly dynamic aerial threats at long range.

Our specialist capability lies in our dynamic positioners, EO/IR optical units, approach to sensor fusion and common interface that enables the integration of third-party detectors, classifiers, interceptors and effectors. Artificial intelligence modules work seamlessly with primary detectors and C2 to provide comprehensive detection, identification, tracking and slewing-to-cue against complex backgrounds and foregrounds.

OpenWorks is internationally and operationally proven across C-UAS and Air Defence.

Vision Pace

Designed to enhance dynamic multi-threat engagement, Vision Pace offers microradian precision targeting to kinetic defeat chains, marking a step-change for layered air defence. The development is intended to provide capability to expeditionary force protection, GBAD, SHORAD, M-SHORAD across land and naval domains.

Vision Flex

Vision Flex provides the highest performance surveillance, tracking and classification capability available, for use on static, mobile and un-crewed systems. Vision Flex cameras are highly configurable and can be used with built-in twin-AI modules of third Party classifiers and trackers.

Vision Flex is easy to integrate through standard interfaces and has a range of plug-and-play optical modules and upgrades to allow it to be configured easily to suit each mission or site.

Vision Guard

Vision Guard is a highly configurable, autonomous, portable and deployable platform that provides automated alerts with AI detection and classification.

It can be configured with combinations of active and/or passive sensors to suit the mission. Detections and alerts are streamed out to a handheld tablet or other systems via the standard interface, SAPIENT, Asterisk etc.

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BUSINESS NEWS

Protek Selected By Dutch Armed Forces

PARLIAMENTARY QUESTIONS

MANAGEMENT ON THE MOVE