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12 Nov 25. ARMADA Parent Inc., a leading solutions provider for outsourced U.S. Navy ship repair and construction, today announced the acquisition of Poseidon Industrial LLC (“Poseidon”). Poseidon is a Virginia based company supporting the U.S. Navy and defense industry with mechanical, electrical, and systems integration services for modernization and repair projects. ARMADA, which is majority owned by Carlyle (NASDAQ: CG) and Stellex Capital Management, delivers integrated mission-critical solutions across its national footprint of operating companies that will be strengthened by this acquisition of Poseidon. Poseidon provides turnkey modernization and professional services for ship repair and shipbuilding programs. Its capabilities include systems installation, AIT services, and comprehensive quality management aligned with U.S. Navy and defense requirements. The acquisition of Poseidon represents a strategic expansion of ARMADA’s already extensive maritime and defense capabilities, and highlights ARMADA’s continued investment in the defense industrial base, expanding its capabilities and footprint to meet future U.S. Navy modernization demands. Poseidon’s reputation for precision, responsiveness, and integrity complements ARMADA’s disciplined approach to preservation, fabrication, and technical execution. Together, the organizations will deliver unified, defense-focused services that uphold the highest standards of safety, quality, and performance across naval and industrial programs.

“Our acquisition of Poseidon represents a critical next step in strengthening ARMADA’s ability to serve our defense and maritime partners with precision, agility, and unwavering quality,” said Yehuda Chakoff, CEO of ARMADA. “Poseidon’s expertise in combat systems and electrical modernization aligns perfectly with our mission to deliver integrated solutions across public and private shipyards.”

“Poseidon proudly joins the ARMADA family, and we look forward to further building the platform together,” said Fernando Martinez, General Manager of Poseidon.

To learn more about ARMADA Parent Inc. and its growing fleet of companies, visit www.armadainc.com.

About ARMADA Parent Inc.

ARMADA Parent Inc. is an independent service provider specializing in preservation, structural and mechanical work, scaffolding and containment, radiological and remediation services, staffing, and project management. Serving the maritime, defense, and industrial sectors, ARMADA supports mission-critical operations through its Fleet of operating companies, including IMIA, American Scaffold, Advanced Marine Preservation (AMP), Main Industries, and Craft and Technical Solutions (CTS). Founded in 2021, ARMADA’s mission is to unify the strength of its Fleet to deliver safe, efficient, and high-quality solutions for the maritime, defense, and industrial sectors – on time, every time. To learn more about ARMADA and its Fleet visit: armadainc.com (Source: BUSINESS WIRE)

14 Nov 25. MELROSE INDUSTRIES PLC Trading update – full year guidance confirmed. Melrose Industries PLC (“Melrose” or “the Group”) announces the following trading update for the four months from 1 July 2025 to 31 October 2025 (“the Period”). Growth rates are calculated at constant currency and exclude the impact of exited businesses[1].

Peter Dilnot, Chief Executive Officer of Melrose said: “We have delivered another strong performance during this transformational year with continued positive momentum in both our civil and defence businesses. Our focus for the rest of the year remains on ramping up production and delivering for our customers. With strong demand, differentiated technologies and established positions on all the world’s leading aircraft, we are well placed to deliver growth and increasing free cash flow this year and into the future.”

Group performance

Group revenue grew by 14%, with Engines up 28%, driven by a strong performance in both OE and the aftermarket, and Structures up 5%. Adjusted operating profit was significantly higher than the comparative period and in line with our expectations.

End markets

In civil aerospace, record backlogs are underpinning the OE production ramp. Air traffic growth and low retirement rates continue to support the aftermarket. Geopolitical uncertainty is driving a step change in defence spending, which is providing a number of new growth opportunities for the Group. The UK/US and EU/US tariff agreements have been welcomed by market participants, providing greater certainty for the civil aerospace industry.

Engines

In Engines, OE growth was particularly strong, up 35%, driven by our RRSP portfolio across both narrowbody and widebody platforms. Aftermarket grew by 22% and included a return to robust growth for our parts repair business. Engines’ performance includes continued momentum from the increase in OE production rates and the recovery from tariff-related uncertainty and backlogs in the first half.

Looking ahead, the division is well placed to meet the ongoing industry ramp-up from its established positions and to support our customers on new technologies and the next generation of engines.

Structures

Structures revenue was up 5%, ahead of the growth rate at the half year. We saw encouraging growth in Defence, reflecting strong demand coupled with our business improvement actions and the work we have done on sustainable pricing across the business. The performance in Civil continued to be constrained by well-publicised customer supply chain issues.

We are well positioned to support our OEM customers as build rates continue to grow over the next few years to meet record backlogs in both civil and defence.

Outlook and full year guidance

During the remainder of the financial year, we will continue to focus on delivering for our customers in what is the industry’s most significant trading period. Our guidance for the full year remains unchanged:

Revenue range of £3.425bn to £3.575bn

Adjusted operating profit range (post PLC costs of £30m) of £620m to £650m

Free cash flow generation of £100+m (after interest and tax)
Guidance based on US$ = 1.335 average exchange rate[2]; guidance continues to exclude the direct and indirect impact of any new or changed tariffs

Melrose will publish full year results for 2025 on Friday 27 February 2026.

12 Nov 25. Palladyne AI Corp. (NASDAQ: PDYN and PDYNW) (“Palladyne AI”), a developer of artificial intelligence software for robotic platforms in the industrial and defense sectors, today announced financial results for its third fiscal quarter ended September 30, 2025.

Ben Wolff, President and Chief Executive Officer of Palladyne AI, commented: “We continue to execute with financial discipline as we move toward commercial expansion. That same discipline guides how we develop and protect our technology. The issuance of U.S. Patent No. 12,452,957 covering our closed loop tasking and control architecture for heterogeneous sensor networks represents a foundational milestone for Palladyne AI. It reinforces our ownership of the core autonomy framework that enables distributed systems to operate collaboratively and strengthens the protection around our AI-driven autonomy platform. Building on this news, we’re also optimistic about a new potential development award from the Department of War relating to Palladyne Pilot. Together with our collaboration with Draganfly to integrate Palladyne Pilot into their UAV platforms, we are expanding the technology’s reach into trusted, real-world defense environments, in-line with current Department of War directives as laid out by Secretary of War Peter Hegseth. The addition of Lieutenant General Twitty to our Board of Directors brings exceptional insight into national defense priorities and strengthens our alignment with mission critical needs across the government and defense sectors. We also look forward to hosting an investor call next week to discuss recent and important upcoming strategic developments that will provide additional insight into our next phase of growth, including specifically, how Palladyne AI is aligning itself with the current Department of War priorities and initiatives.”

Third Quarter Fiscal 2025 Highlights

Ended the quarter with $57.1m in cash, cash equivalents and marketable securities and no debt, maintaining multi-year operating runway supported by a disciplined capital management strategy;
Operating cash use of approximately $6.3m, consistent with expectations and prior-quarter levels;
Appointed Lieutenant General (Ret.) Stephen M. Twitty to the Board of Directors, bringing four decades of distinguished military service and extensive defense-sector expertise to the Company’s leadership, underscoring Palladyne AI’s expanding role in defense and national security applications (Sep. 23, 2025 Press Release); and
Continued evolution and expansion of the Palladyne IQ and Palladyne Pilot software platforms.

Recent Business Updates

The Company continues to advance the next version of its Palladyne IQ software with a focus on elevating the user experience, accelerating performance and strengthening industrial robustness for early-stage deployments beginning in the first half of 2026;
Palladyne Pilot is expanding integration across additional UAV platforms while progressing internal testing and field evaluations to validate readiness for defense and commercial use;
The Company is optimistic about a potential new Palladyne Pilot related development contract award with the Department of War;
Awarded U.S. Patent No. 12,452,957, Closed Loop Tasking and Control of Heterogeneous Sensor Networks, which protects the architecture that enables multiple autonomous systems and sensors to collaborate as one coordinated network and reinforces the uniqueness of Palladyne’s Pilot AI autonomy platform (Nov. 3, 2025 Press Release);
Established collaboration with Draganfly Inc. (NASDAQ: DPRO) to integrate Palladyne Pilot with Draganfly UAV platforms aimed at enabling autonomous swarming and enhanced multi-drone coordination for government and defense customers (Oct. 21, 2025 Press Release); and
The Company continues to meet all development milestones on its existing government contracts and is advancing additional IP protection initiatives through ongoing patent filings. (Source: BUSINESS WIRE)

12 Nov 25. Sypris Solutions, Inc. (Nasdaq/GM: SYPR) today reported financial results for its third quarter ended September 28, 2025.

HIGHLIGHTS

The Company’s third quarter revenue decreased compared to the prior-year quarter primarily due to the near-term impact of tariffs, which reduced demand from certain transportation-related customers and necessitated the conversion of certain shipments from our facility in Mexico to a value-add only sub-maquiladora.
Year-to-date orders for Sypris Electronics increased 65% as compared to the prior year comparable period, driving backlog up 14% from year-end 2024.
Backlog for our energy products rose 59% from year-end 2024.
During the quarter, Sypris Electronics announced that it had secured follow-on contract awards to manufacture and test electronic power supply modules for multiple high-reliability subsea communication networks, with production currently underway and expected to continue through 2026.
Sypris Electronics also announced that it had received a follow-on award to produce and test electronic interface modules for a U.S. Department of War missile weapons system as part of an ongoing modernization program. Production is expected to begin in 2026.
During the quarter, the Company completed a sale-leaseback transaction for its manufacturing facility located in Louisville, Kentucky, generating net proceeds of approximately $2.9 m and recognized a gain of $2.5 m.

“The past few months have been demanding, as we navigate the impact of tariffs on the economy and our customers,” commented Jeffrey T. Gill, President and Chief Executive Officer. “While the economic headwinds and disruptions in the quarter had an impact on our results, we continue to focus on operational excellence to drive the timely and efficient execution of the rapidly growing demand at Sypris Electronics. Customer funding has already been secured for a portion of the key programs, which enables us to procure inventory under multi-year purchase orders to mitigate future supply chain issues. We have experienced a meaningful decrease in demand from customers in some of our transportation-related markets. The combination of tariff concerns and regulatory uncertainty has driven a material reduction of inventory in the supply chain. We believe that this drawdown is nearing an end; however, we expect the replenishment cycle to take hold as we move through the coming year. Orders for our energy products remained steady during the period, with open quotes still outstanding on several large projects. Additional opportunities for growth may exist with new global projects to meet increasing LNG demand, including support for the projected steep increase in electricity demand from AI-related data centers. We are also actively pursuing applications for our products in adjacent markets including CO2 capture to further diversify our industry and customer portfolios.”

Third Quarter Results

The Company reported revenue of $28.7m for the third quarter of 2025, compared to $35.7 m for the prior-year comparable period. Additionally, the Company reported net income of $0.5 m, or $0.02 per diluted share, compared with $0.4m, or $0.02 per diluted share, for the prior-year period.

For the nine months ended September 28, 2025, the Company reported revenue of $89.6m compared to $106.7m for the first nine months of 2024. The Company reported a net loss of $2.4m compared with a net loss of $1.8m for the prior-year period. Results for the three and nine months ended September 28, 2025, include a gain of $2.5m from the sale of assets.

Sypris Technologies

Revenue for Sypris Technologies was $11.5 m in the third quarter of 2025 compared to $19.5m for the prior-year period. This decline reflects the anticipated cyclical downturn in the commercial vehicle market, the impact of customers adjusting inventory to align with OEM build schedules, and volume reductions related to tariff uncertainty. Furthermore, during 2025, Sypris Technologies began operating under a sub-maquiladora services agreement with one of its customers in Mexico under which the material is consigned to us by the customer instead of being included in the price. This resulted in a revenue decrease of $1.0m as compared to the prior-year comparable period. Gross profit for the third quarter of 2025 was $0.9m, or 7.5% of revenue, compared to $3.7m, or 18.8% of revenue, for the same period in 2024. Gross profit for the third quarter of 2025 was negatively impacted by the decrease in volumes, in addition to an unfavorable mix as compared to the prior-year period.

Sypris Electronics

Revenue for Sypris Electronics was $17.1m in the third quarter of 2025 compared to $16.2m for the prior-year period as a result of the ramp up of certain programs during the period. Gross profit for the third quarter of 2025 was $1.2m, or 6.9% of revenue, compared to $2.3m, or 14.3% of revenue, for the same period in 2024. Some of the material availability issues experienced over the past have delayed certain customer deliveries and have caused out-of-sequence manufacturing, which increases costs and decreases operational efficiency.

Outlook

Commenting on the future, Mr. Gill added, “We expect the challenging operating environment to continue into the first part of next year, as impacts from tariffs and macroeconomic conditions drive further uncertainty across our markets. However, with a strong backlog and new program wins, we are confident that our future has the potential to be very positive. We are closely monitoring customer demand and forward-looking signals, and we believe our long-standing track record of resilience will allow us to successfully navigate any headwinds. While we anticipate a decline in revenue due to inventory drawdowns and the conversion of certain shipments from Mexico to the U.S. into a value-add only sub-maquiladora basis, we expect the combined strength of our backlog for Sypris Electronics and robust orders for our energy products to serve as a partial offset.”

About Sypris Solutions

Sypris Solutions is a diversified manufacturing and engineering services company serving the defense, transportation, communications, and energy industries. For more information about Sypris Solutions, visit its Web site at www.sypris.com. (Source: BUSINESS WIRE)

13 Nov 25. Magellan Aerospace Corporation (“Magellan” or the “Corporation”) released its financial results for the third quarter of 2025. All amounts are expressed in Canadian dollars unless otherwise indicated. The results are summarized as follows:

Overview

A summary of Magellan’s business and significant updates

Magellan is a diversified supplier of components to the aerospace industry. Through its wholly owned subsidiaries, controlled entity and joint venture, Magellan designs, engineers and manufactures aeroengine and aerostructure components for aerospace markets, including advanced products for defence and space markets, and complementary specialty products. The Corporation also supports the aftermarket through supply of spare parts as well as performing repair and overhaul services. Magellan operates substantially all of its activities in one reportable segment, Aerospace, which is viewed as one segment by the chief operating decision-makers for the purpose of resource allocations, assessing performance and strategic planning. The Aerospace segment includes the design, development, manufacture, repair and overhaul, and sale of systems and components for defence and civil aviation.

In the first nine months of 2025, 63.8% of revenues were derived from commercial markets while 36.2% of revenues related to defence markets.

For additional information, please refer to the “Management’s Discussion and Analysis” section of the Corporation’s 2024 Annual Report available on www.sedarplus.ca.

Results of Operations

A discussion of Magellan’s operating results for the third quarter ended September 30, 2025

The Corporation reported revenue in the third quarter of 2025 of $255.7m, a $32.2m increase from third quarter of 2024 revenue of $223.5m. Gross profit and net income for the third quarter of 2025 were $32.6m and $12.7m, respectively, in comparison to gross profit of $25.0m and net income of $5.8 m for the third quarter of 2024.

Consolidated Revenue

Revenue in Canada increased 14.9% in the third quarter of 2025 compared to the corresponding period in 2024, primarily due to higher wide body aircraft part revenues and higher maintenance, repair and overhaul (“MRO”) revenues.

Revenue in the United States increased by 15.6% in the third quarter of 2025 compared to the third quarter of 2024, largely due to higher casting product revenues, increased aircraft engine shaft revenues and favourable foreign exchange impacts due to the strengthening of the United States dollar relative to the Canadian dollar. On a currency neutral basis, revenues in the United States increased 14.4% in the third quarter of 2025 over the same period in 2024.

European revenue in the third quarter of 2025 increased 12.9% compared to the corresponding period in 2024 primarily driven by higher wide body aircraft part revenues, higher MRO revenues and net favourable transactional and translational foreign exchange impacts. On a currency neutral basis, European revenues in the third quarter of 2025 increased by 8.9% when compared to the same period in 2024.

Gross Profit

Gross profit of $32.6m for the third quarter of 2025 was $7.6m higher than the $25.0 m gross profit for the third quarter of 2024, and gross profit as a percentage of revenues of 12.8% for the third quarter of 2025 increased from 11.2% recorded in the same period in 2024. The gross profit in the current quarter increased from the same quarter in the prior year as a result of volume increases and contract rehabilitations on certain programs in addition to favourable product mix, offset in part by price increases on purchased materials and supplies.

Administrative and General Expenses

Administrative and general expenses as a percentage of revenues was 6.4% for the third quarter of 2025, higher than the same period of 2024 percentage of revenues of 6.1%. Administrative and general expenses increased $2.8m or 20.3% to $16.4 m in the third quarter of 2025 compared to $13.6m in the third quarter of 2024 driven by higher salary and benefit costs and higher information technology spending.

Other

Total Other for the third quarter of 2025 included a $1.5m foreign exchange gain compared to a $1.1m foreign exchange loss in the third quarter of the prior year. The movements in balances denominated in foreign currencies and the fluctuations of the foreign exchange rates impact the net foreign exchange gain or loss recorded in a quarter.

Interest Expense

Total interest expense of $0.3m in the third quarter of 2025 decreased by $0.7 m compared to the third quarter of 2024, mainly due to lower interest (earned) paid on cash, bank indebtedness and long-term debt as a result of higher interest earned on cash due to higher cash balances in the current quarter as compared to the prior year.

Provision for Income Taxes

Income tax expense for the three months ended September 30, 2025 was $4.7m, representing an effective income tax rate of 27.2% compared to 36.8% for the same period of 2024. The change in the effective tax rate and current and deferred income tax expense year over year was primarily due to the change in mix of income and losses across the different jurisdictions in which the Corporation operates and the reversal of temporary differences.

Selected Quarterly Financial Information

A summary view of Magellan’s quarterly financial performance

the Canadian dollar relative to the United States dollar and British pound, when the Corporation translates its foreign operations to Canadian dollars. Further, the movements in the United States dollar relative to the British pound impact the Corporation’s United States dollar exposures in its European operations. During the periods reported, the average quarterly exchange rate of the United States dollar relative to the Canadian dollar fluctuated between a high of 1.4350 in the first quarter of 2025 and a low of 1.3488 in the first quarter of 2024. The average quarterly exchange rate of the British pound relative to the Canadian dollar reached a high of 1.8573 in the third quarter of 2025 and hit a low of 1.6912 in the fourth quarter of 2023. The average quarterly exchange rate of the British pound relative to the United States dollar reached a high of 1.3483 in the third quarter of 2025 and hit a low of 1.2419 in the fourth quarter of 2023.

Revenue for the third quarter of 2025 of $255.7m was higher than that in the third quarter of 2024. The average quarterly exchange rate of the United States dollar relative to the Canadian dollar in the third quarter of 2025 was 1.3775 versus 1.3637 in the same period of 2024. The average quarterly exchange rate of the British pound relative to the Canadian dollar moved from 1.7741 in the third quarter of 2024 to 1.8573 during the current quarter. The average quarterly exchange rate of the British pound relative to the United States dollar increased from 1.3011 in the third quarter of 2024 to 1.3483 in the current quarter. Had the foreign exchange rates remained at levels experienced in the third quarter of 2024, reported revenues in the third quarter of 2025 would have been lower by $1.8 m.

The Corporation’s results in fiscal 2023 were negatively impacted by the continued effects of the COVID-19 pandemic via reduced volumes, supply chain disruptions and the effect of inflation on materials, supplies, utilities and labour. These impacts, which continued into 2024 have stabilized and are having a less disruptive impact. Since the end of 2023, the Company has seen a general, but uneven, growth trend in quarterly revenues and net income.

Reconciliation of Net Income to EBITDA

A description and reconciliation of certain non-IFRS measures used by management

In addition to the primary measures of earnings and earnings per share (basic and diluted) in accordance with IFRS, the Corporation includes EBITDA (net income before interest, income taxes and depreciation and amortization) in this MD&A. The Corporation has provided this measure because it believes this information is used by certain investors to assess financial performance and that EBITDA is a useful supplemental measure as it provides an indication of the results generated by the Corporation’s principal business activities prior to consideration of how these activities are financed and how the results are taxed in the various jurisdictions. Each component of this measure is calculated in accordance with IFRS, but EBITDA is not a recognized measure under IFRS, and the Corporation’s method of calculation may not be comparable with that of other companies. Accordingly, EBITDA should not be used as an alternative to net income as determined in accordance with IFRS or as an alternative to cash provided by or used in operations. (Source: BUSINESS WIRE)

13 Nov 25. CHAOS Industries, the defense technology company building Coherent Distributed Networks (CDN™) systems that give warfighters time to act against borders and autonomous threats, today announced it has raised $510m in new funding led by Valor Equity Partners, with participation from previous investors 8VC and Accel, at a $4.5bn valuation. This latest raise comes just four months after CHAOS’s $275 m Series C, bringing the company’s total funding to over $1 bn since its founding three years ago. The new capital will support expanded product development and manufacturing.

“This funding is both validation of our long-term vision and a testament to the world-class team behind it—builders from Silicon Valley and leaders from defense and government,” said John Tenet, co-founder and CEO of CHAOS Industries. “We’re incredibly proud of recent milestones like our work with Eglin Air Force Base and collaborations across the broader defense technology ecosystem. This new capital ensures we can continue to exponentially scale our capabilities to deliver domain dominance near and far.”

The funding comes at a time of heightened concern over unmanned aerial systems (UAS) globally and domestically. In September 2025 alone, Russia launched over 5,600 drones into Ukraine—a 38 percent increase from August—marking the highest number since the war began. At the U.S. southern border, the Homeland Security and Defense Departments have recorded a surge of cartel-operated UAVs used for smuggling and surveillance, with federal agencies preparing new counter-UAS deployments.

Antonio Gracias, Founder, CEO, and Chief Investment Officer at Valor Equity Partners, who will join CHAOS’s Board of Directors, said: “Autonomous threats are compressing decision time on every front. CHAOS is developing the sensing and timing capabilities needed to restore that time advantage for U.S. and allied forces. We look forward to bringing Valor’s operational expertise to support the company as it continues to scale.”

Over the past few months, CHAOS Industries has accelerated its pace of innovation and deployment, reaching major milestones across multiple fronts. Most notably, the company recently completed the acquisition of Ziva Corporation, the global leader in wireless time synchronization—a cornerstone capability for next-generation radar, sensing, and distributed battlefield effects. Purpose-built for distributed, autonomous warfare, CHAOS’s Coherent Distributed Networks (CDN™) technology detects threats to warfighters, borders, and critical infrastructure up to 10 minutes faster than traditional exquisite radars. Coherent timing across every node and sensor is a mission-critical requirement for CDN, and Ziva’s breakthrough wireless synchronization ensures that every system deployed by CHAOS operates in perfect coordination, dramatically improving speed, accuracy, and resiliency in the field.

With the combination of funding, contracts, and Ziva’s team now fully embedded, CHAOS is poised to rapidly expand its networked sensing capabilities, supporting U.S. and allied warfighters with the fastest, most reliable timing and detection technology available—a decisive advantage as autonomous and multi-domain threats continue to evolve.

About CHAOS Industries

CHAOS Industries creates time. The company is redefining modern defense with omniscient systems that give the ultimate advantage—domain dominance. CHAOS Industries’ products are powered by Coherent Distributed Networks (CDN™), empowering warfighters, commercial air operators, and border protection teams to act faster, adapt rapidly, and stay ahead of evolving threats.

CHAOS Industries was founded in 2022 and has raised a total of $1bn in funding from leading investors, including 8VC, Accel, and Valor Equity Partners. The company is headquartered in Los Angeles, with offices in Washington, D.C., San Francisco, Seattle, and London. For more information, please visit www.chaosinc.com. (Source: BUSINESS WIRE)

14 Nov 25. Rohde & Schwarz takes stake in German space intelligence start-up Orbint. German technology company Rohde & Schwarz has acquired a stake in Orbint GmbH, a new spin-off from the University of the Bundeswehr Munich, to strengthen Europe’s capabilities in satellite-based signals intelligence (SIGINT) and bolster the continent’s technological sovereignty in space. The move marks Rohde & Schwarz’s expansion of its electromagnetic spectrum reconnaissance portfolio into orbit. Orbint – founded earlier this year by University of the Bundeswehr research associates Alexander Schmidt, Simon Heine, Daniel Weinzierl, and Winfried Stock – is developing cutting-edge technology for space-based SIGINT reconnaissance. Using a distributed satellite network, the start-up aims to detect, identify, and locate a wide range of signals in near real time, with data processed directly on board the satellites.

Rohde & Schwarz executive vice-president for technology systems, Alexander Orellano, said space-based intelligence gathering had become a crucial capability in the current global security environment.

“With Orbint, we’ve gained a highly specialised partner whose innovation and expertise perfectly complement our own,” Orellano said. “We made a deliberate decision to collaborate with a start-up because we’re convinced partnerships like this accelerate the development of advanced defence and aerospace technologies.”

Managing director of Rohde & Schwarz Vertriebs GmbH, Alexander Philipp, said the partnership would help deliver a sovereign national capability for Germany’s armed forces.

“This isn’t just about expanding our technological expertise,” he said. “Together, we can offer the Bundeswehr a home-grown solution that secures and advances its ability to conduct signal intelligence reconnaissance from space.”

Orbint’s founders said they selected Rohde & Schwarz for its depth of technical experience and established presence across defence and communications sectors.

“We wanted a partner that offered more than just funding,” said Schmidt, Orbint’s co-founder and managing director. “Rohde & Schwarz brings genuine value through its technological breadth, expertise and market reach. Combined with our aerospace activities, that creates real potential for innovation and operational excellence. We’re excited for what lies ahead.”

Orbint emerged from the SeRANIS small satellite mission, funded by dtec.bw, which provides an on-orbit experimental laboratory for communications and reconnaissance technologies.

President of the University of the Bundeswehr Munich, Professor Eva-Maria Kern, said the spin-off was a milestone for the university’s growing focus on applied defence and security research.

“Start-ups are now an essential part of modern technical science,” Professor Kern said. “Orbint shows how the University of the Bundeswehr Munich, through dtec.bw, is strengthening research in security and defence and turning scientific innovation into practical capability. Partnering with a leading technology group like Rohde & Schwarz helps ensure Germany’s sovereignty in space.”

Head of the SeRANIS project, Professor Andreas Knopp, said the partnership demonstrated the value of linking research with industry early. “In just five years, we’ve moved from basic research to a commercial spin-off – a pace we urgently need in Germany to translate innovation into capability.

“Our work was always designed for compatibility with industry and defence partners, and Rohde & Schwarz is the perfect match to take these technologies from the lab to operational use.”

The collaboration is expected to accelerate Europe’s progress in independent space-based intelligence capabilities at a time when secure, sovereign access to space technologies has become increasingly vital to national and regional security. (Source: Space Connect)

12 Nov 25. TransDigm Group Incorporated (NYSE: TDG), a leading global designer, producer and supplier of highly engineered aircraft components, today reported results for the fourth quarter ended September 30, 2025.

Fourth quarter highlights include:

Net sales of $2,437m, up 12% from $2,185 m in the prior year’s quarter;
Net income of $609m, up 30% from the prior year’s quarter;
Earnings per share of $7.75, up 34% from the prior year’s quarter;
EBITDA As Defined of $1,320m, up 15% from $1,149m in the prior year’s quarter;
EBITDA As Defined margin of 54.2%, up 1.6% from the prior year’s quarter margin of 52.6%; and
Adjusted earnings per share of $10.82, up 10% from $9.83 in the prior year’s quarter.

Fiscal 2025 highlights include:

Net sales of $8,831m, up 11% from $7,940m in the prior fiscal year;
Net income of $2,074m, up 21% from the prior fiscal year;
Earnings per share of $32.08, up 25% from the prior fiscal year;
EBITDA As Defined of $4,760m, up 14% from $4,173 m in the prior fiscal year;
EBITDA As Defined margin of 53.9%, up 1.3% from the prior fiscal year margin of 52.6%; and
Adjusted earnings per share of $37.33, up 10% from $33.99 in the prior fiscal year.

Quarter-to-Date Results

Net sales for the quarter increased 11.5%, or $252m, to $2,437 m from $2,185m in the comparable quarter a year ago. Organic sales growth as a percentage of net sales was 10.8%.

Net income for the quarter increased $141m, or 30.1%, to $609 m from $468m in the comparable quarter a year ago. The increase in net income primarily reflects the increase in net sales described above, the application of our value-driven operating strategy and lower non-cash stock and deferred compensation expense. The increase was partially offset by higher interest expense.

GAAP earnings per share were reduced in the quarter by $2.75 per share as a result of dividend equivalent payments made during the quarter related to the $90.00 per share dividend declared on August 20, 2025 and paid on September 12, 2025. In the comparable prior year quarter, GAAP earnings per share were reduced by $2.27 per share as a result of dividend equivalent payments accrued in the fourth quarter of fiscal 2024 related to the $75.00 per share dividend declared on September 19, 2024 and paid on October 18, 2024.

Adjusted net income for the quarter increased 10.4% to $629m, or $10.82 per share, from $570 m, or $9.83 per share, in the comparable quarter a year ago.

EBITDA for the quarter increased 21.9% to $1,269 m from $1,041m for the comparable quarter a year ago. EBITDA As Defined for the quarter increased 14.9% to $1,320 m compared with $1,149 m in the comparable quarter a year ago. EBITDA As Defined as a percentage of net sales for the quarter was 54.2% compared with 52.6% in the comparable quarter a year ago.

Special Dividend Activity

During the quarter, on August 20, 2025, concurrently with the $5.0 bn issuance of new debt (described below), TransDigm’s Board of Directors authorized and declared a special cash dividend of $90.00 on each outstanding share of common stock and cash dividend equivalent payments on eligible vested options outstanding under its stock option plans. Total cash payments, funded by the combination of the $5.0bn new debt and existing cash on hand, related to the special dividend and dividend equivalents were approximately $5.2bn. These payments were made on September 12, 2025.

Acquisition Activity Subsequent to the Quarter

Subsequent to the quarter, and as previously announced on October 6, 2025, TransDigm completed the acquisition of Simmonds Precision Products from RTX Corporation. Simmonds Precision Products is a leading global designer and manufacturer of fuel & proximity sensing and structural health monitoring solutions for the aerospace and defense end markets.

Share Repurchase Activity

During fiscal 2025, TransDigm repurchased approximately 400 thousand shares of its common stock at an average price per share of $1,247 for a total amount of approximately $0.5bn.

Subsequent to the quarter-end, in October 2025, TransDigm repurchased approximately 80 thousand shares of common stock at an average price of $1,250 per share for a total amount of approximately $0.1 bn.

Financing Activity

During the quarter, on August 19, 2025, TransDigm completed the issuance of $5.0bn in new debt. The new debt issued included $0.5 bn in 6.25% Senior Secured Notes maturing January 2034, $2.0 bn in 6.75% Senior Subordinated Notes maturing January 2034, and $2.5 bn in Tranche M term loans maturing August 2032. The Tranche M term loans bear interest at Term Secured Overnight Financing Rate (“SOFR”) plus 2.50%.

On September 17, 2025, TransDigm repriced all of its approximately $1.7 bn in existing Tranche K term loans, reducing from Term SOFR plus 2.75% to Term SOFR plus 2.25%. Additionally, TransDigm amended and extended approximately $1.9 bn in existing Tranche I term loans into the Tranche K term loans maturing March 2030.

Year-to-Date Results

Fiscal 2025 net sales increased 11.2%, or $891m, to $8,831m from $7,940 m in fiscal 2024. Organic sales growth as a percentage of net sales for fiscal 2025 was 7.7%.

Fiscal 2025 net income increased $359 m, or 20.9%, to $2,074m from $1,715m in fiscal 2024. The increase in net income primarily reflects the increase in net sales described above, the application of our value-driven operating strategy, and lower non-cash stock and deferred compensation expense, one-time refinancing costs and acquisition transaction-related expenses. The increase was partially offset by higher interest expense and income tax expense.

GAAP earnings per share were reduced in fiscal 2025 and 2024 by $3.58 per share and $4.02 per share, respectively, as a result of dividend equivalent payments made during each year. As a reminder, GAAP earnings per share are reduced when TransDigm makes dividend equivalent payments pursuant to its stock option plans. These dividend equivalent payments are made during TransDigm’s first fiscal quarter each year and also upon payment of any special dividends.

Fiscal 2025 adjusted net income increased 10.4% to $2,171 m, or $37.33 per share, from $1,966 m, or $33.99 per share, in fiscal 2024.

Fiscal 2025 EBITDA increased 19.8% to $4,568m from $3,813m in fiscal 2024. EBITDA As Defined for fiscal 2025 increased 14.1% to $4,760m compared with $4,173m in fiscal 2024. EBITDA As Defined as a percentage of net sales for fiscal 2025 was 53.9% compared with 52.6% in fiscal 2024.

“We are pleased with our team’s performance and operating results for both the fourth quarter and full fiscal year. Our strong fourth quarter finish resulted in surpassing the high end of our most recently issued fiscal 2025 revenue and EBITDA As Defined guidance,” stated Mike Lisman, TransDigm Group’s President and Chief Executive Officer. “In the fourth quarter, our commercial aftermarket performed well and our defense market remained robust, with each of these markets growing in the double digits on a percentage basis. Additionally, our commercial OEM market revenue increased in the high single digits as we supported higher build rates at the OEMs. Our EBITDA As Defined margin for the quarter was 54.2%, up approximately 160 basis points from the comparable prior year period. This exceptional margin performance was a result of the team’s continued execution on our value drivers and effective management of our cost structure.

Fiscal 2025 was another good year for TransDigm. In fiscal 2025 and continuing into October, we deployed approximately $6.7 bn of capital, as we acquired two proprietary aerospace businesses for approximately $0.9 bn and returned $5.8 bn of capital to our shareholders in the forms of a $5.2 bn dividend and $0.6 bn of share repurchases. As we look ahead to fiscal 2026, we have significant liquidity and financial flexibility to address any likely range of capital requirements and remain highly focused on our capital allocation.

(Source: PR Newswire)

12 Nov 25. TAT Technologies Ltd. (NASDAQ: TATT) (TASE: TATT) (“TAT” or the “Company”) a leading provider of products and services to the commercial and military aerospace and ground defense industries, reported today its unaudited results for the three-month and nine-month period ended September 30, 2025.

Financial highlights for the third quarter of 2025:

Revenues increased by 14.3% to $46.2m compared to $40.5m for the third quarter of 2024. For the nine months of 2025 revenues increased by 18.4% to $131.5 m compared to $111.1 m in the nine months of 2024.
Gross profit increased by 36.8% to $11.6 m (25.1% of revenues) compared to $8.5 m (21.0% of revenues) for the third quarter of 2024. For the nine months of 2025 gross profit increased by 37.6% to $32.4 m (24.6% of revenues) compared to $23.5 m (21.2% of revenues) in the nine months of 2024.
Operating Income increased by 52.6% to $5.3m (11.4% of revenues) compared to $3.4 m (8.5% of revenues) for the third quarter of 2024. For the nine months of 2025 operating income increased by 65.3% to $13.9m (10.5% of revenues) compared to $8.4m (7.6% of revenues) in the nine months of 2024.
Net Income increased by 69.0% to $4.8m compared to $2.9m for the third quarter of 2024. For the nine months of 2025 net income increased by 59.3% to $12.1 m compared to $7.6 m in the nine months of 2024.
Adjusted EBITDA increased by 34.4% to $6.8m (14.6% of revenues) compared to $5.0m (12.4% of revenues) for the third quarter of 2024. Adjusted EBITDA for the nine months of 2025 increased by 42.2% to $18.6 m (14.1% of revenues) compared to $13.1m (11.8% of revenues) in the nine months of 2024.
Cash flow provided by operating activities for the three and nine months ended September 30, 2025, was $7.5m and $9.4m, respectively, compared to cash flows provided by operating activities of $2.7m and cash flows used in operating activities of $(4.8)m for the three and nine months ended September 30, 2024, respectively.

Mr. Igal Zamir, TAT’s CEO and President, commented: “TAT Technologies continues to deliver organic growth that exceeds the broader MRO market, reflecting the diversification and depth of our business model. Growth this quarter was broad-based, with APU activity rebounding following the softness seen earlier in the spring and incremental contributions from landing gear maintenance. We have positioned the Company as a trusted partner to carriers by addressing underserved parts of the market. Our agility and responsiveness are valued by our customers and continue to translate incremental growth opportunities. Our performance increasingly reflects the company’s earnings power, as incremental growth is translating into meaningful operating leverage and cash flow conversion,” continued Mr. Zamir. “Gross margin expanded by 410 basis points, driven by higher margin revenue streams, and disciplined operational management enabled us to grow net income by 69% and Adjusted EBITDA by 34%. Combined with improved working capital efficiency, we generated $7.5 m in cash flow from operations in the quarter, and on a year-to-date basis, $20.4m in incremental revenue has translated to more than $14 m in incremental cash from operations. TAT now operates from a position of strength with sustainable profitability, strong cash generation, and a balance sheet that includes more than $47m in cash and over $94 m in working capital. With this foundation, we are beginning to actively explore accretive opportunities to compliment and expand our capabilities and scale. Organically, we are confident in our ability to sustain growth and drive continued margins expansion through 2026 and beyond.” (Source: PR Newswire)

12 Nov 25. M-tron Industries, Inc. Reports Third Quarter 2025 Results.

Revenues were $14.2 m for the three months ended September 30, 2025
Gross margin was 44.3% for the three months ended September 30, 2025
Net income per diluted share was $0.63 for the three months ended September 30, 2025
Backlog was $58.8m as of September 30, 2025

M-tron Industries, Inc. (NYSE American: MPTI) (“Mtron” or the “Company”), a U.S.-based designer and manufacturer of highly-engineered electronic components and solutions for the aerospace and defense, avionics, and space industries, announced strong financial results for the three and nine months ended September 30, 2025.

“The third quarter delivered 7.2% revenue growth year-over-year,” said Cameron Pforr, Interim Chief Executive Officer. “While gross margin remains below last year’s peak, this marks two consecutive quarters of sequential improvement. These gains validate our operational initiatives with our partners, customers, and product teams, positioning us to strengthen profitability amid a dynamic market.”

Results from Operations

Third Quarter 2025

Revenue was $14.2m for the three months ended September 30, 2025 compared with $13.2m for the three months ended September 30, 2024. The increase was primarily due to strong growth in avionics, space, and industrials product shipments.

Gross margin was 44.3% for the three months ended September 30, 2025 compared with 47.8% for the three months ended September 30, 2024. The decrease was primarily due to product mix and higher tariff-related costs.

Net income was $1.8m, or $0.63 per diluted share, for the three months ended September 30, 2025 compared with $2.3m, or $0.81 per diluted share, for the three months ended September 30, 2024. The decrease was primarily due to the following:

the decrease in gross margin discussed above;
higher engineering, selling and administrative expenses driven by higher research and development investment, higher sales commissions consistent with the increase in revenues, higher stock-based compensation, and an increase in administrative and corporate expenses consistent with the overall growth in the business; and
higher income taxes driven by a one-time adjustment to reverse a deferred tax asset associated with capitalized research and development costs to reflect recent charges in the U.S. tax code.

Adjusted EBITDA was $3.2m for the three months ended September 30, 2025 compared with $3.3m for the three months ended September 30, 2024. The slight decrease was primarily due to lower gross margins, higher engineering, selling and administrative expenses discussed above, and higher interest income partially offset by higher stock-based compensation.

Fiscal Year to Date 2025

Revenue was $40.2 m for the nine months ended September 30, 2025 compared with $36.2m for the nine months ended September 30, 2024. The 11.0% increase was primarily due to continued strong defense program product and solution shipments and a recent uptick in avionics production, solid improvement in industrials shipments.

Gross margin was 43.5% for the nine months ended September 30, 2025 compared with 45.8% for the nine months ended September 30, 2024. The decrease was primarily due to product mix and higher tariff-related costs partially offset by higher revenues.

Net income was $5.0m, or $1.72 per diluted share, for the nine months ended September 30, 2025 compared with $5.5m, or $1.97 per diluted share, for the nine months ended September 30, 2024. The decrease was primarily due to the following:

the decrease in gross margin discussed above;
higher engineering, selling and administrative expenses driven by higher research and development investment, higher sales commissions consistent with the increase in revenues, higher stock-based compensation, and an increase in administrative and corporate expenses to support the growth in revenues; and
higher income taxes driven by a one-time adjustment to reverse a deferred tax asset associated with capitalized research and development costs to reflect recent charges in the U.S. tax code.

Adjusted EBITDA was $8.1 m for the nine months ended September 30, 2025 compared with $8.1 m for the nine months ended September 30, 2024.

Backlog

Backlog was $58.8m as of September 30, 2025, an increase of 47.9% from $39.8m as of September 30, 2024 and 24.5% from $47.2m as of December 31, 2024. The increase in backlog from December 31, 2024 reflects robust demand across aerospace and defense programs, new program launches, and a recent surge in avionics and space orders. (Source: PR Newswire)

12 Nov 25. XTI Aerospace, Inc. (“XTI” or the “Company”) [NASDAQ: XTIA], the developer of vertical flight technologies and the TriFan 600 next-generation vertical takeoff and landing (VTOL) aircraft for commercial and defense aerospace applications and the emerging Vertical Economy™, today announced that on November 10, 2025, it acquired Drone Nerds, LLC (“Drone Nerds”), one of the largest distributors and service providers of drones in the United States with more than $100m in 2024 annual revenue, greater than $55 m in revenue this year through June 30, 2025, and a ten-year record of profitability. Immediately following the acquisition, XTI closed a $25m private placement investment by Unusual Machines, Inc. (“Unusual Machines” or “UMAC”) [NYSE American: UMAC], a strategic investor that manufactures and sells drone components and drones across a diversified brand portfolio. XTI issued 25,000 shares of newly designated Series 10 Convertible Preferred Stock (the “Series 10 Preferred Stock”), at a subscription amount of $1,000 per share of Series 10 Preferred Stock, convertible into shares of XTI’s common stock at a conversion price of $1.492 upon shareholder approval required by Nasdaq Listing Rule 5635. XTI plans to commence the proxy process for shareholder approval prior to year-end. XTI will benefit from Drone Nerds’ market-leading position in unmanned aircraft systems (UAS) solutions, which spans systems design and configuration including hardware and software for wide-ranging corporate and consumer operational missions. XTI also acquired a business focused on the development and marketing of enterprise drone solutions.

The total purchase consideration was approximately $40 m:

$20m in cash (paid from XTI’s cash on-hand);
$11.9m in the form of promissory notes (including approximately $1.6m in working capital adjustments); and
$9.7m equity consideration, granted as units of the Drone Nerds subsidiary, which on or after May 1, 2026, can be exchanged for 6,524,576 common shares of XTI, representing 19.9% of the common shares of XTI outstanding pre-acquisition. Upon any conversion, the resulting XTI common stock will be locked-up until November 10, 2026.

No XTI common stock has been issued to Drone Nerds, any acquired party or UMAC as of the closing of the acquisition or the private placement.

“The acquisition of Drone Nerds is a foundational step as we advance our strategy to build the most comprehensive portfolio of vertical flight and UAS capabilities in the industry,” commented Scott Pomeroy, CEO of XTI. “The addition of Drone Nerds significantly expands XTI’s scale, recurring revenue base and near-term operating footprint.”

“As the largest drone distributor in the United States, Drone Nerds brings deep technical expertise, broad industry reach, and strong alignment with XTI’s advanced aviation vision,” added Jeremy Schneiderman, CEO of Drone Nerds. “We are excited about this next chapter as Drone Nerds continues to capture more and higher-margin enterprise business and we grow our influence in autonomous flight, drones-as-as-service, and first person view (FPV) immersive and dynamic drone use cases. We stand ready as an XTI company to support our expanding customer base with our unmatched sector knowledge, experience, dealer network, and service capabilities. We take pride in helping customers select secure, high-performance drone systems and software that improve operational efficiency.”

“Drone Nerds has an unprecedented opportunity to define the entire domestic drone landscape over the next few years as the U.S. intensifies its ban on Chinese drone companies,” said Allan Evans, CEO of Unusual Machines. “We are excited to be a part of the Drone Nerds – XTI strategy and look forward to further strengthening our years-long relationship with Drone Nerds, and we are demonstrating our confidence in the XTI strategy by our investment as we collectively build the American aerospace ecosystem.”

“We believe joining XTI positions Drone Nerds at the center of aviation’s next transformation,” continued Mr. Schneiderman. “Together our solutions are aimed at enabling customers to realize meaningful cost efficiencies, as well as speed and competitive advantages that drones and unmanned flight can deliver across a variety of economic sectors from logistics and emergency response to defense, security, delivery, and energy, agriculture and infrastructure inspection. We have built a close relationship with the XTI executive team over the last several months and we are excited to support their innovative approach to advancing U.S. drone leadership consistent with the June 6, 2025, White House Executive Order on domestic drone development and the broader Vertical Economy framework.”

ThinkEquity acted as the introducing party and exclusive M&A advisor to XTI in connection with the acquisition of Drone Nerds. ThinkEquity also acted as the exclusive placement agent with respect to the $25 m private placement investment by Unusual Machines.

Additional information regarding the transactions described in this press release, including the material terms of the acquisition agreements, will be contained in a Current Report on Form 8-K that XTI intends to file with the SEC. Investors are encouraged to read such information once filed.

About XTI Aerospace, Inc.

XTI Aerospace, Inc. [Nasdaq: XTIA] is the parent company of XTI Aircraft Company, an aviation business based near Denver, Colorado, currently developing the TriFan 600, a fixed-wing business aircraft designed to have the vertical takeoff and landing (VTOL) capability of a helicopter, maximum cruising speeds of over 300 mph and a range up to 1,000 miles, creating an entirely new category – the xVTOL. Additionally, the Inpixon (inpixon.com) business unit of XTI is a leader in real-time location systems (RTLS) technology with customers around the world who use its location intelligence solutions in factories and other industrial facilities to help optimize operations, increase productivity, and enhance safety. For more information about XTI, please visit xtiaerospace.com and follow XTI on LinkedIn, Instagram, X, and YouTube.

About Drone Nerds, LLC.

Drone Nerds, LLC. provides comprehensive drone solutions for enterprise, private, and recreational needs. Established in 2014, Drone Nerds focuses on ensuring that its customers have the right UAS solution for their unique operational needs. With its proprietary Always Flying™ program, Drone Nerds provides reliability and assurance for enterprise implementations across industry verticals, including public safety, government, agriculture, construction, energy, inspection, and more. For more information, visit www.dronenerds.com. (Source: PR Newswire)

12 Nov 25. Aitech announced today the launch of Aitech Defense Solutions, LLC (ADSL), a new division created to support classified U.S. government programs. ADSL will partner directly with primes and the U.S. government to design and deliver advanced embedded computing solutions for some of the nation’s most critical defense initiatives. The establishment of ADSL marks a significant step forward for Aitech in its ability to address the unique demands of classified defense initiatives and enhance its capacity to provide specialized support and solutions for government agencies. Pratish Shah will serve as general manager of the newly formed ADSL after six years leading Aitech Defense Systems, Inc. (ADSI). He will work directly with the U.S. government on programs that require classified access. Industry veteran, D. Davis, joins as general manager of ADSI, leading initiatives in AI-powered rugged embedded computing systems across sea, land, air and space domains. The new leadership team, with deep defense industry expertise, coupled with Aitech’s legacy in innovation and engineering, positions Aitech to exceed the strategic objectives of its government clients, ensuring mission success and fostering trusted partnerships.

“Aitech is meeting heightened demand with a dedicated team focused on government programs,” said Yaron Mund, CEO of Aitech. “We’ve built a strong foundation in the defense industry, and this expansion allows us to meet growing requirements and carry forward the momentum of providing best-in-class rugged embedded computing and networking solutions with unparalleled customization, program management and engineering for some of the nation’s most critical missions.”

In his new role at ADSL, Shah will focus on strengthening engagement with classified U.S. government programs and aligning customer-specific requirements with Aitech’s engineering and program management expertise. He will ensure ADSL delivers best-in-class solutions that address the rapidly evolving needs of national defense, which reflects the urgency to stay ahead of adversaries by modernizing military technology, accelerating adoption of AI-enabled systems and strengthening the U.S. defense industrial base (DIB). ADSL is currently pursuing Facility Clearance (FCL) sponsorship and expects to have clearance in place by Q3 2026.

Davis brings extensive experience in business development, P&L leadership and customer execution across leading defense and aerospace companies, including Leidos, BAE, Cobham and General Dynamics. In his new role as general manager for ADSI, Davis will lead the company’s growth initiatives and oversee its portfolio of rugged embedded computing solutions used across sea, land, air and space domains.

“I am looking forward to building on Aitech’s 40-year track record as an innovator in high-performance embedded computing solutions for military, aerospace and space missions, while advancing the next generation of AI-driven capabilities,” said Davis. “The company’s mission-proven success coupled with expanded clearance experience underscores its unique position to support the future initiatives of key primes.”

About Aitech

Leveraging four decades of experience providing reliable, rugged embedded systems for use in military, aerospace, and space platforms, Aitech is the world’s first independent, open systems architecture, COTS/MOTS innovator offering customized boards as building blocks for integrated computing and networking subsystems. Offering customization services for rugged and severe environment military, aerospace, and space applications, Aitech delivers mission-optimized and proven system solutions across Sea, Land, Air, and Space domains. Aitech solutions are used by industry leaders like Airbus, BAE Systems, Boeing, Hindustan Aeronautics Limited (HAL), Israel Aerospace Industries (IAI), Larsen & Toubro Limited (L&T), Leonardo, Lockheed Martin, NASA, Northrop Grumman, Rafael, and Virgin Galactic.

Aitech is supporting a better tomorrow with highly reliable, cost-effective, and proven rugged embedded solutions designed to meet your mission and platform requirements. For more information, please visit www.aitechsystems.com.

(Source: PR Newswire)

12 Nov 25. Avon Technologies upgrades full-year forecasts.

US helmet contracts and higher margins support recovery

Full-year outlook is upgraded
Underlying margins on the rise

It’s four years since Avon Technologies’ (AVON) Vital Torso Protection plates failed a key testing process for the US army. This followed on from an earlier failure linked to its body armour technology in December 2020. The consequent share price decline lasted through to October 2023, subsequent to which the shares have been in uptrend.

The defence equipment group has upgraded its full-year outlook on the back of a record order book and improving margins. The closing order book was 16.2 per cent to the good on a constant currency basis to a record $263mn (£201mn), aided by a $131mn backlog for the supply of NG IHPS and ACH Gen II helmets to the newly coined US Department of War, along with various kit orders for Turkey’s ministry of defence.

Adjusted operating profits increased by 30.8 per cent on a constant currency basis to $40.3m, with the underlying margin at 12.8 per cent against 11.5 per cent last time around. Management said Avon was on track to achieve the target range of 14-16 per cent in FY2026, partially thanks to operational improvements in Team Wendy – the group’s head protection division. There were other positive metrics to take on board too. Return on invested capital increased to 18.6 per cent, ahead of the 17 per cent medium-term objective for 2027, while Avon’s leverage targets have been achieved two years earlier than expected. Peel Hunt expects earnings per share of 118.6p, rising to 130.5p in FY2027. The recovery continues, although Avon will need to maintain its output levels on the all-important US helmet programmes. The valuation isn’t overly stretched based on a price/earnings growth ratio of 0.9, but the shares trade marginally in advance of the consensus target rate. Hold. Last IC view: Hold, 1,627p, 21 May 2025. (Source: Investors Chronicle)

12 Nov 25. BAE Systems says strong demand underpins profit outlook. British defence group BAE Systems’ (BAES.L) projected profit growth this year is underpinned by sustained demand that includes orders from Turkey for Typhoon fighter jets and Norway for Type 26 frigates, it said on Wednesday. More than 27bn pounds ($36.2bn) of orders have been secured so far this year and further agreements are expected before the end of the year, Britain’s largest defence company said. A large supplier to the United States, the company also highlighted the chance that payments could be delayed if the U.S. government shutdown continued.

“To date, we do not see material effects on our U.S. business,” it said. “If the shutdown persists, delays to contract funding and timing of payments before year-end are possible.”

Shares in the group, which have risen by 57% since the start of the year, were up 0.5% in early deals.

Chief Executive Charles Woodburn said the company was delivering a strong financial and operational performance.

“With a strong order backlog, established positions on key programmes and continued investment to support our future growth, we’re confident in the outlook for our business,” he said.

BAE Systems, which upgraded full-year guidance in July, expects to increase sales by 8-10% and underlying operating profit by 9-11%. ($1 = 0.7451 pounds) (Source: Reuters)

11 Nov 25. (NYSE: CAE) (TSX: CAE) – CAE Inc. (CAE or the Company) today reported its financial results for the fiscal second quarter ended September 30, 2025, and announced organizational updates in connection with its transformation plan.

Revenue of $1,236.6m vs. $1,136.6m in prior year
Earnings per share (EPS) of $0.23 vs. $0.16 in prior year • Adjusted EPS(1) of $0.23 vs. $0.24 in prior year
Net cash provided by operating activities of $214.0m vs. $162.1 m in prior year
Free cash flow(1) of $201.0m vs.$140.0 m in prior year • Civil outlook for fiscal 2026 revised, Defense maintained
Organizational updates announced in connection with transformation plan

“In my first few months as CEO, I’ve gained a deep appreciation for CAE’s extraordinary people, our strong customer relevancy, our industry-leading technology, and strong market positions,” said Matthew Bromberg, CAE’s President and CEO. “Combined, this has enabled incredible growth and I see opportunity for significant continued growth. However, it is time to balance growth with asset and operational efficiency. To that end, we have launched a transformation plan to sharpen our portfolio, strengthen capital discipline, and elevate performance, including a focus on cost transformation. These three priorities will guide how we operate, invest, and create long-term value.

With generational defence investments planned in the United States, Canada and Europe, strong structural demand and record aircraft backlogs in civil aviation, CAE is well positioned to drive higher returns, stronger cash flow, and sustainable value for shareholders. Both Civil and Defense performed broadly as expected this quarter, and we remain focused on disciplined execution while advancing the transformation that will define our next chapter.”

Streamlined organizational structure

As a first step in transformation, CAE announced organizational changes to simplify its structure and strengthen execution.

Nick Leontidis will retire at the end of the calendar year and transition to the role of Special Advisor to the CEO. The Chief Operating Officer role will be eliminated, thereby reducing a management layer and moving CAE to a more streamlined, business-led operating model organized around driving excellence across product and service delivery.

Leadership has also been streamlined with the appointment of Alexandre Prevost as President of Civil Aviation. The decision to consolidate commercial and business aviation training together is intended to accelerate the transformation, and to improve utilization and efficiency on a global scale. This move also establishes a single, integrated civil aviation training services organization designed to enhance customer experience and drive operational excellence. Mr. Prevost, a 17-year veteran, was most recently the Division President, Business Aviation Training. He previously led Commercial Aviation Training for Asia Pacific and has a strong operational background.

In Defense, CAE has taken similar steps to simplify and better align the organization, consolidating into two from three defence organizations. Merrill Stoddard will continue to lead CAE’s U.S. defence business, while France Hebert will have responsibility for both Canadian and international defence markets. These changes are designed to sharpen focus and improve coordination across the Defense business. As part of its transformation, CAE has also established a new position of Senior Vice President, Operations, to enhance consistency, efficiency, and performance across its products organization and drive greater synergies between its Civil and Defense businesses. Juan Araujo, who will join CAE and assume the role in January, brings more than 25 years of international aerospace and industrial experience, with a proven track record of driving operational excellence across complex global businesses. In this role, Mr. Araujo will oversee the integration of several previously dispersed functional areas into a single, end‑to‑end products team, strengthening execution, accountability, quality, cost and speed to market.

These are early but important steps toward a simpler, more agile CAE — one that’s aligned to deliver sustainable value creation.

Consolidated results

Second quarter fiscal 2026 revenue was $1,236.6m, compared to $1,136.6 m in the second quarter last year. Second quarter EPS was $0.23 compared to $0.16 last year. Adjusted EPS in the second quarter was $0.23, compared to $0.24 last year.

Operating income this quarter was $155.3m (12.6% of revenue(1)). This compares to $118.1m (10.4% of revenue) last year, which included restructuring, integration and acquisition costs of $30.9 m. Second quarter adjusted segment operating income was $155.3 m (12.6% of revenue(1)) compared to $149.0m (13.1% of revenue) last year. All financial information is in Canadian dollars unless otherwise indicated.

Civil Aviation (Civil)

Second quarter Civil revenue was $670.0m vs. $640.7m in the second quarter last year. Operating income was $108.7m (16.2% of revenue) compared to $94.7m (14.8% of revenue) in the same quarter last year. Adjusted segment operating income was $108.7m (16.2% of revenue) compared to $115.9 m (18.1% of revenue) in the second quarter last year. During the quarter, Civil delivered 12 full-flight simulators (FFSs) to customers and second quarter Civil training centre utilization was 64%. During the quarter, Civil signed training solutions contracts valued at $592.8 m for a range of long-term commercial and business aviation training agreements, including 7 FFS sales. The Civil book-to-sales ratio(1) was 0.88 times for the quarter and 1.22 times for the last 12 months. The Civil adjusted backlog at the end of the quarter was $8.5 bn.

Defense and Security (Defense)

Second quarter Defense revenue was $566.6m vs. $495.9m in the second quarter last year. Operating income was $46.6m (8.2% of revenue) compared to $23.4 m (4.7% of revenue) in the same quarter last year. Adjusted segment operating income was also $46.6 m (8.2% of revenue), compared to $33.1m (6.7% of revenue) in the second quarter last year.

Defense booked orders for $555.8m this quarter for a book-to-sales ratio of 0.98 times. The ratio for the last 12 months was 1.19 times. The Defense adjusted backlog, including unfunded contract awards and CAE’s interest in joint ventures, at the end of the quarter was $11.2bn. Notably for the Defense segment overall, the pipeline continues to reflect a strong demand environment with some $6.1 bn of bids and proposals pending. (Source: PR Newswire)

11 Nov 25. LightPath Technologies, Inc. (NASDAQ: LPTH) (“LightPath,” the “Company,” “we,” or “our”), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced financial results for its fiscal first quarter ended September 30, 2025.

Financial Summary:

First Quarter Fiscal 2026 & Subsequent Highlights:

Received a $4.8m purchase order from an existing customer related to the supply of advanced infrared (“IR”) camera systems for public safety applications, for delivery in the Company’s 2026 fiscal year.
Announced $18.2m purchase order for IR cameras from a leading global technology customer expected to be delivered in CY 2026, and a follow-on $22.1m purchase order for a second tranche expected to be delivered in CY 2027.
Secured $8.0m strategic investment from Ondas Holdings and Unusual Machines to support LightPath’s continued growth and leadership as a provider of IR imaging solutions to the growing drone/UAV sector.
Appointed former Luminar manufacturing executive Israel Piergiovanni as Vice President of Manufacturing to scale production across LightPath’s global footprint.
Appointed defense industry executive Mark Caylor to the Board of Directors, a former President of Northrop Grumman’s Mission Systems Sector bringing Extensive defense industry expertise as LightPath evolves into a mission-critical optics supplier of choice to Allied Militaries.
Commenced production of two high-end cooled IR camera products, redesigned from G5 Infrared LLC’s (“G5”) original design to utilize LightPath’s Proprietary BlackDiamond™ Glass in place of Germanium.

Management Commentary

Sam Rubin, Chief Executive Officer of LightPath, said: “The first fiscal quarter of 2026 was highlighted by ongoing order momentum, validating our growth strategy as shown in our $90+ m order backlog as of today, which has further grown from $86 m as of the end of the first fiscal quarter. We continue to intentionally shift away from Germanium optics, expanding the adoption of our proprietary BlackDiamond™ glass across critical defense markets, while continuing to move up the value chain into fully integrated IR camera systems. We believe growing supply chain risks and increased defense spending in the U.S. and Europe will further drive growth across all of our infrared imaging solutions.

“Orders over the last several months have demonstrated the growing demand for superior products with secure supply chains amid growing geopolitical uncertainty. Most recently we received a $4.8 m purchase order from an existing customer related to the supply of advanced infrared camera systems for public safety applications. In September we booked an initial $18.2m IR camera order from a leading global technology customer, with a follow-on $22.1 m purchase order placed two weeks later. These orders reflect a continuous effort by our sales team to convert our prospective customer pipeline into orders, further growing our robust $90 m order backlog and enabling sustainable revenue growth through fiscal 2026 and beyond.

“During the quarter we also took the opportunity to strengthen our leadership with the appointment of veteran defense industry executive Mark Caylor to the Board of Directors. Mark brings over 35 years of experience driving profitable growth and leading large organizations. He recently retired as President of Northrop Grumman’s Mission Systems Sector, a supplier of advanced sensing, processing, and communications technologies for defense and intelligence customers, with operations in the U.S. and Europe. His guidance, leveraging an extensive background across government, military, private and public sectors, and relationships on the side of defense primes, will help guide our vision forward.

“Looking ahead, we will continue to execute on our growth strategy, with a near-term laser focus on scaling deliveries against our backlog while concurrently converting our robust sales pipeline. We expect near-term follow-ons and additional program awards that will power sustainable revenue growth through fiscal 2026 and beyond as we strive to generate sustainable, long-term value for my fellow shareholders,” concluded Rubin.

First Quarter Fiscal 2026 Financial Results

Revenue for the first quarter of fiscal 2026 increased 79% to $15.1m, compared to $8.4m in the same quarter of the prior fiscal year. Revenue was split amongst the Company’s product groups in the first quarter of fiscal 2026 and the same quarter of the prior fiscal year as follows:

Gross profit increased 58% to $4.5m, or 30% of total revenues, in the first quarter of 2026, as compared to $2.8m, or 34% of total revenues, in the same year-ago quarter. The difference in gross margin as a percentage of revenue was primarily due to certain non-recurring or end of life orders in the prior year period that had higher margins.

Operating expenses increased 66% to $7.0m for the first quarter of fiscal 2026, as compared to $4.2m in the same year-ago quarter. The increase was primarily due to the integration of G5 following its acquisition earlier this year, as well as increased sales and marketing spend to promote new products. The first quarter of fiscal 2026 also includes the fair value adjustment of $1.2m related to the G5 earnout liability, which will continue to be adjusted through operating expenses until it is paid out.

Net loss in the first quarter of fiscal 2026 totaled $2.9 m, or $0.07 per basic and diluted share, as compared to $1.6 m, or $0.04 per basic and diluted share, in the same year-ago quarter.

Adjusted EBITDA* for the first quarter of fiscal 2026 was $0.4 m, compared to an adjusted EBITDA loss of $0.2 m for the same period year-ago quarter. (Source: PR Newswire)

11 Nov 25. HENSOLDT makes great progress in capacity expansion and software-defined defence.

·North Star Strategy: Advances in industrial scaling and software-based solutions
Book-to-bill ratio: Forecast for 2025 increased to around 1.6x – 1.9x; significantly faster growth in order intake compared to sales expected in the medium term
Growth: Sales for 2025 specified at around 2.5bn euros; 10% annual growth forecast for 2026 and 15-20% in the medium term
Adjusted EBITDA margin: Specified at 18% or higher for 2025; medium-term increase of 50 basis points per year expected
Dividend: Steady at 30-40% of adjusted net income

The HENSOLDT Group (“HENSOLDT”) is holding its Capital Markets Day 2025 today under the title “Delivering North Star – A new era for our business”. The focus is on the strategic development of the company from a leading manufacturer of defense electronics to an integrated provider of multi-domain solutions that combines intelligent sensor technology, software-based systems and industrial scale. In this way, HENSOLDT ensures that it benefits from the rapidly growing European defence environment in the long term.

With its intelligent, software-supported and networked solutions, HENSOLDT is strategically optimally positioned to play a central role in both ramp-up and modernization of existing capabilities and the development of new, networked system architectures. In this way, the company is continuing the strong momentum of recent years and consistently using the security policy turning point in Germany and Europe for growth and innovation.

Oliver Dörre, CEO of HENSOLDT, says: “The market for defence solutions is currently developing extremely dynamically. Germany and other European countries are massively accelerating their procurements. Our pipeline clearly shows that the funds allocated are already being used effectively. For HENSOLDT, this opens up great growth opportunities, but also a high degree of responsibility. Our customers expect us to ensure defence and operational readiness in the short term and to develop the capabilities of tomorrow in the medium term. We are building this bridge with the expansion of our production capacities that have already been initiated and the accelerated development of our new MDOcore architecture. We deliver defence systems that are adaptable, connected and upgradable, and we are shaping a European defence ecosystem based on cooperation, openness and sovereignty.”

Christian Ladurner, CFO of HENSOLDT, says: “We are building a scalable, resilient and efficient operating system to respond to strategic challenges and reliably meet future demand for solutions and services. Our growth is based on the consistent increase in industrial performance, efficiency and process quality. In doing so, we pay attention to a disciplined capital allocation and thus maintain our profitability and cash generation. One strategic advantage is our business model, which is unique in the defense industry: we scale capabilities and connectivity, not platforms. By integrating new programs with long-term upgrade and service potential, we are ensuring recurring revenue and high visibility.”

Industrial scale and operational excellence

Over the past twelve months, HENSOLDT has made substantial progress in industrial scale, resilience and efficiency across the entire value chain – from development and procurement to production and logistics. With the commissioning of new logistics and production centers, the introduction of the “Operations 2.0” initiative, and automation and digitalization modules, the company has significantly increased its production and delivery capacities while further improving process quality. This enables HENSOLDT to reliably meet the increasing requirements of national and international programs and further expand its role as a strategic partner for complex sensor systems and multi-domain solutions.

By 2027, HENSOLDT will start deliveries from a newly built radar production facility, more than tripling its total production capacity compared to 2021. At the same time, the automation of the new logistics center, the nationwide introduction of lean production methods and the targeted further development of strategic partnerships with suppliers, among other things, strengthen the company’s resilience and form the basis for future economies of scale. With the “oneSAPnow” program and a modernized IT infrastructure, HENSOLDT is further expanding its digital backbone. A scalable, data-driven enterprise platform creates unified end-to-end processes, improves visibility and controllability, and supports long-term growth and operational continuity.

Pioneer in Software-Defined Defence

Last year, HENSOLDT significantly strengthened its position as an integral provider of Software-Defined Defence (SDD) and created the organisational prerequisites to bring together software, data and integration competencies in a dedicated unit. With its software suite for multi-domain operations “MDOcore”, HENSOLDT already has a technologically unique platform that networks sensors, merges data in real time and enables cross-domain decision-making. Initial applications – including the new Luchs 2 reconnaissance vehicle – demonstrate the operational performance of this architecture.

HENSOLDT’s clear technological leadership position in SDD not only gives it access to new, high-margin business areas, but also creates long-term, recurring revenue potential through software licenses, upgrades and data-based services. At the same time, “MDOcore” forms the basis for the next generation of interoperable sensor and combat systems and increases the attractiveness of existing product lines. While the traditional product business will remain a key growth driver in the coming years, SDD and multi-domain solutions are paving the way for sustainable technological development and long-term differentiation in the market.

International growth and employer attractiveness

With a targeted international growth strategy, the company focuses on selected markets, partnerships and customer relationships. By prioritizing strategic regions and programs, technological strengths are expanded in a targeted manner, follow-up orders are secured and framework agreements with European partners are used effectively. At the same time, competencies in international key account management and in the adaptation of local structures are strengthened in order to enable sustainable, profitable growth beyond Germany.

The basis of any growth strategy is the employees. With a high number of new hires – more than 1,000 new HENSOLDTians since the end of the year, with targeted development initiatives and with the strengthening of leadership skills, HENSOLDT is securing the implementation of its transformation programs and the innovative strength of the company. The continuous promotion of culture, cooperation and leadership enables a high speed of implementation and long-term competitiveness. This makes HENSOLDT an attractive employer and a strategic partner that actively shapes technological developments.

Continued financial growth and increased guidance

Due to the continued high demand in the national and European defense market as well as the great progress made in its transformation initiatives, HENSOLDT expects to continue its growth course in the future. In the first nine months of 2025, the company recorded strong growth in all key performance indicators: order intake exceeded EUR 2 bn, revenue exceeded EUR 1.5 bn and adjusted EBITDA amounted to EUR 211 m – both higher than in the same period last year. The order backlog reached a new record level of 7.1 bn euros and offers exceptionally high visibility for the coming years.

For 2025 as a whole, HENSOLDT expects a book-to-bill ratio of around 1.6x to 1.9x, and in the medium term, order intake is expected to grow significantly faster than sales. Sales are forecast at around 2.5 bn euros for 2025, with annual sales growth of 10% expected for 2026 and 15 to 20% in the medium term. The adjusted EBITDA margin is expected to be 18% or higher in 2025, while the company expects an increase of 50 basis points per year in the medium term. The dividend payout ratio is expected to be between 30% and 40% of adjusted net income, both in 2025 and in the medium term. By 2030, HENSOLDT is aiming for sales of 6 bn euros with an EBITDA margin of at least 20%. The presentation of the Capital Markets Day in Ulm is available on the Investor Relations website of HENSOLDT AG. The preliminary results for the full year 2025 are expected to be published on February 26, 2026.

10 Nov 25. Leading investment firms KKR and Arcline Investment Management (“Arcline”) today announced that Arcline has entered into a definitive agreement to acquire Novaria Group (“Novaria” or the “Company”), a leading provider of engineered aerospace components and specialty processes, in a transaction valued at $2.2 bn.

“We are proud of how we built Novaria in partnership with the management team into a resilient aerospace and defense supplier that benefits its employees and customers,” said Josh Weisenbeck, Partner at KKR. “This milestone was enabled by an ownership mindset, operational excellence, and putting our people first, and we are pleased to see all employees share in the value they helped create.”

Following KKR’s initial investment in 2020, Novaria has more than tripled in size, completing 13 strategic add-on acquisitions that broadened its product portfolio and enhanced its manufacturing footprint. The Company today serves 3,000+ customers globally and employs over 1,600 colleagues across the U.S.

“This transaction represents the success of our long-standing partnership with KKR and the dedication of the Novaria team,” said Bryan Perkins, CEO of Novaria Group. “Novaria’s focus on customer partnership within the aerospace industry has driven remarkable results, and this outcome is a reflection of the collective effort and commitment of our colleagues.”

KKR’s track record with Novaria and focus on employee engagement have delivered measurable results across the organization:

Safety: Improvements in safety have reduced the total recordable incident rate by over 60% since 2021
Talent Retention: Delivered an almost 20% reduction in voluntary turnover since 2021
Ownership Culture: Achieved top quartile for manufacturing companies on the Ownership Works index

As a result of Novaria’s employee ownership program, all of the Company’s over 1,600 employees will receive cash payouts upon closing the transaction.

KKR and Novaria were advised by Morgan Stanley & Co. LLC as financial advisor and Kirkland & Ellis as legal advisor on the transaction.

The transaction is subject to customary closing conditions and regulatory approvals.

About Novaria Group

Founded in 2011 and headquartered in Fort Worth, TX, Novaria Group is a leading provider of niche engineered components and specialty processes that serve the aerospace and defense industries. With a mission to improve the aerospace supply chain, Novaria is dedicated to delivering exceptional customer service and quality to its customers. Novaria’s range of products and capabilities position it as a trusted partner to over 3,000 customers. (Source: BUSINESS WIRE)

10 Nov 25. Nortal, a global digital transformation company, is pleased to announce the acquisition of the Accela Middle East division, a leading provider of cloud-based solutions for government. This transition, effective October 1, 2025, underscores Nortal’s commitment to expanding the regional presence and building on their long-standing global partnership with Accela. Through this transition, Nortal has assumed ownership of the Accela Middle East legal entity and is now the exclusive licensing entity for Accela solutions in the Middle East. All activities within existing teams, operations, and ongoing projects will continue seamlessly, ensuring uninterrupted service and support for our valued customers. This strategic move will bring both Accela and Nortal closer to their customers in the region, fostering stronger collaboration, higher levels of synergy, and even better, faster service delivery. With Accela’s AI-powered solutions, agencies can leverage advanced automation and intelligent insights to further accelerate modernization and improve constituent experiences. Going forward, day-to-day communications and business relationships will be managed directly by Nortal’s regional team.

Jonathon Knight, Chief Operating Officer at Accela commented, “I am excited about our global strategic alignment with Nortal and this transition in the Middle East. This partnership brings together Accela’s proven government technology platform and Nortal’s deep regional expertise, enabling us to deliver transformative solutions that address the unique needs of agencies across the Middle East. Together, we are committed to empowering governments with secure, scalable, and innovative tools that accelerate modernization and improve constituent experiences. We will also continue to build on our joint activities in North America, as well as on the tech development collaboration roadmap.”

Taavi Einaste, CEO of Nortal in the Middle East, noted, “We are honored to take on the stewardship of Accela’s Middle East division and to become the exclusive licensing entity in the Middle East. Our mission is to drive digital transformation and deliver measurable impact for governments and communities in the region. By combining our presence and knowledge of the region with Accela’s world-class platform, we are uniquely positioned to help agencies achieve their modernization goals and deliver exceptional public services.”

About Accela®

Accela® is a leading provider of cloud-based software solutions, empowering local and state governments to drive efficiency and modernization. With a global footprint and decades of civic expertise, Accela is trusted by agencies worldwide to modernize operations and drive innovation. For more information, please visit www.accela.com.

About Nortal

Nortal is a global digital transformation company with 25+ years of experience in government, healthcare, and enterprise solutions. With a strong presence in the Middle East, Nortal helps their customers to transform and future-proof their organizations by building secure, and impactful solutions with the right technologies. For more information, please visit www.nortal.com. (Source: BUSINESS WIRE)

10 Nov 25. BigBear.ai Announces Third Quarter 2025 Results and Definitive Agreement to Acquire Ask Sage

Announces definitive agreement to acquire Ask Sage, a fast-growing Generative AI platform for secure distribution of AI models and agentic AI capabilities, built specifically for defense and national security agencies and other highly-regulated sectors. AskSage is expected to deliver annual recurring revenues (ARR) of approximately $25m in 2025 (non-GAAP), demonstrating a year-on-year increase of approximately six times AskSage’s 2024 ARR. BigBear.ai will pay a total of $250m for the whole business, subject to customary adjustments for indebtedness, cash and working capital.
Sequential improvement to the balance sheet and record cash balance of $456.6m, as of September 30, 2025, positioning the Company to accelerate growth.
BigBear.ai continues to project full-year 2025 revenue between $125 m and $140m.

BigBear.ai Holdings, Inc. (NYSE: BBAI) (“BigBear.ai” or the “Company”), a leader in AI-powered decision intelligence solutions, today announced financial results for the third quarter of 2025 and issued an investor presentation that has been posted to the Investor Relations section of the Company’s website.

“Today, I’m thrilled to announce that BigBear.ai has signed a definitive agreement to acquire Ask Sage, a cutting-edge and fast-growing Generative AI platform for secure distribution of AI models and agentic AI capabilities, built specifically for defense and national security agencies and other highly-regulated sectors. Ask Sage already supports more than 100,000 users on 16,000 government teams and across hundreds of commercial companies. It is a turnkey platform that’s in production today, at scale, in the environments that matter most,” said Kevin McAleenan, CEO of BigBear.ai.

“By integrating Ask Sage with BigBear.ai, we are creating what the market has been asking for: a secure, integrated AI platform that connects software, data, and mission services in one place,” continued McAleenan.

“Despite delays resulting from the government shutdown, we believe the potential for new business in the field of border security and defense remains strong, and we expect to see those opportunities, including accelerated spending resulting from the One Big Beautiful Bill, to materialize into contracts next year. BigBear.ai remains in a very strong position to benefit from the important task of delivering cutting-edge secure technology solutions to support national defense and the defense industrial base,” continued McAleenan.

“Subject to applicable approvals, we look forward to closing the Ask Sage acquisition and continuing to execute on our M&A strategy to drive rapid growth,” said Sean Ricker, CFO of BigBear.ai.

Financial Highlights

Revenue decreased 20% to $33.1m for the third quarter of 2025, compared to $41.5m for the third quarter of 2024 primarily due to lower volume on certain Army programs.
Gross margin was 22.4% in the third quarter of 2025, compared to 25.9% in the third quarter of 2024, primarily due to higher margin programs in the third quarter of 2024 that were not repeated in the third quarter of 2025.
Net income in the third quarter of 2025 was $2.5m, compared to a net loss of $15.1m for the third quarter of 2024. The decrease in net loss was primarily driven by non-cash changes in derivative liabilities of $26.1 m associated with changes in the fair value of the convertible features of the 2029 Notes and warrants, offset by an $8 m increase in SG&A.
Non-GAAP Adjusted EBITDA* of $(9.4)m for the third quarter of 2025 compared to $0.9 m for the third quarter of 2024, primarily driven by decreased gross margin as well as an increase in SG&A.
SG&A of $25.3m for the third quarter of 2025 compared to $17.5m for the third quarter of 2024. The year-over-year increase was primarily driven by an increase in marketing of $1.4m, non-recurring strategic initiatives of $2.0 m and SG&A labor and fringe costs of $4.3 m.
Backlog of $376m as of September 30, 2025.

Financial Outlook

For the year-ended December 31, 2025, the Company continues to project:

Revenue between $125m and $140m

The anticipated acquisition of Ask Sage, Inc. is expected to close late in the fourth quarter of 2025 or early in the first quarter of 2026 and therefore, the Company does not expect the financial results of the acquisition to have a material impact on the Company’s consolidated 2025 financial results.

The above information on financial outlook, and other sections of this release contain forward-looking statements, which are based on the Company’s current expectations. Actual results may differ materially from those projected. It is the Company’s practice not to incorporate adjustments into its financial outlook for proposed acquisitions, divestitures, changes in law, or new accounting standards until such items have been consummated, enacted, or adopted, as the case may be. For additional factors that may impact the Company’s actual results, refer to the “Forward-Looking Statements” section in this release. (Source: BUSINESS WIRE)

11 Nov 25. Neros Closes $75m Series B Fundraise led by Sequoia Capital, Selected for Army Program. Today, Neros has closed its $75m Series B fundraising led by Sequoia Capital with participation from Vy Capital US and Interlagos. This round immediately follows a period of rapid production scaling, significant revenue growth, and successful customer deployments — including a large drone purchase from the U.S. Marine Corps and Neros’ selection as one of the primary suppliers of FPV drones to the U.S. Army through the Purpose-Built Attritable Systems (PBAS) program. This latest capital injection brings Neros’ total raised capital to over $120M and will accelerate expansion of the company’s industrial capacity while strengthening a robust China-free domestic supply chain. Neros will deploy new funding to massively scale the production of its flagship Archer / Archer Strike drone platforms and its Ground Control Systems. It will directly support Neros’ vertically integrated manufacturing approach to insource key steps of the production process while enabling meaningful investments in allied component suppliers. Additionally, Neros will substantially increase research and development in future-looking architectures to shape the next generation of autonomous systems. Ultimately, this raise amplifies Neros’ ability to deliver flexible, domestically produced, state-of-the-art, globally competitive FPV capabilities to the American warfighter.

“Our Series B fundraise represents the culmination of more than two years of company growth, focused product development, and aggressive iteration based on real battlefield results. The credit goes to the relentless efforts of our entire team that has gotten us to this point, and we are grateful to our investors who believe in our vision of reshoring an American drone industrial base,” said Soren Monroe-Anderson, CEO, Neros.

This fundraise is a testament to the opportunity that exists in secure and scalable drone systems. Militaries around the world now recognize the vital importance of these systems and the looming capability gaps they have in producing and procuring them. This round also reflects our investors’ conviction in reshoring strategically critical industries; all three Series B participants are existing backers of Neros, demonstrating their early commitment and the confidence they have in the company’s continued ability to execute. Neros will continue to be the leader in establishing an enduring and scalable drone manufacturing base in America and across allied Western nations.

“Neros is one of the fastest companies in history to be awarded meaningful defense contracts. It shows how mission critical FPV drones are,” said Shaun Maguire, partner at Sequoia Capital.

“Drone performance and high-throughput production go hand in hand. Neros should be the first one m drone factory in the United States,” said Achal Upadhyaya, Founder and CEO of Interlagos.

In conjunction with the key U.S. Army and Marines Corps programs, Neros is increasing focus on foreign allies in other important geographies. The company plans to continue growing its Ukrainian office in Kyiv and has already been delivering drones to the UK Ministry of Defense. This global stance allows the company to serve customers with urgent requirements and comes with the advantage of a more stable demand curve. To keep pace, Neros is hiring aggressively in all locations – HQ in Los Angeles, Kyiv, London, and Washington D.C.

“Both government and private partners understand the critical gaps in the West’s drone manufacturing capabilities and are deploying the needed capital to start filling them. We’ve seen first-hand the positive attitude shift over the last eighteen months, but there’s still a long way to go. Fundamental challenges with drone technology and production will not be solved overnight, but Neros is committed to leading the charge,” Monroe-Anderson added.

07 Nov 25. Diamond Antenna and Microwave Corporation (“Diamond” or the “Company”), a developer of advanced radio frequency (RF) and electro-mechanical solutions for mission critical applications at the frontier of national security, connectivity and mobility, announced today that it has acquired Antenna Associates, Inc. (“Antenna Associates” or “AA”), a Massachusetts-based developer of advanced Identification Friend or Foe (IFF) and secondary surveillance radar (SSR) antenna systems for military and commercial applications. Antenna Associates brings decades of experience designing and manufacturing high-performance, mission-critical IFF and SSR systems and arrays that are embedded into radar programs across air, land & sea. These proven technologies support enhanced situational awareness, secure identification, and improved decision-making in an increasingly complex and contested mission environment. The acquisition broadens Diamond’s product portfolio, accelerates the Company’s ability to serve growing US and global customer demand for next-generation radar systems and enables the development of a shared customer-centric technology roadmap.

“The acquisition of Antenna Associates marks an exciting step toward reaching our strategic goals,” said John Neubert, CEO of Diamond. “Together, we will expand our ability to serve our customers with a broader, integrated suite of solutions. As long-time commercial partners prior to this acquisition, we know the team at Antenna Associates shares our commitment to customer focus, engineering excellence, reliability, and mission readiness, and we are thrilled to welcome their talented team to Diamond.”

Dana Sandquist, VP of Sales at Antenna Associates, added, “Joining forces with Diamond enables Antenna Associates to scale our capabilities, accelerate innovation, and deliver even greater value to our customers and partners. We’re excited about the collaboration between our teams and look forward to continuing to deliver trusted performance in critical defense and commercial applications.”

Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo served as legal advisor and Philpott Ball & Werner, LLC served as the strategic advisor to Diamond. Morse served as legal advisors and Appleby Capital served as the strategic advisor to Antenna Associates.

About Diamond Antenna and Microwave Corporation

Diamond Antenna and Microwave Corporation is a developer of radio frequency (“RF”) rotary joints and rotating subsystems. Diamond specializes in the design, manufacture, and refurbishment of rotary joints and complex integrated subassemblies serving mission critical ground, shipboard, submarine, aircraft, commercial, and space applications. With a focus on engineering excellence and quality, Diamond’s technical staff possesses a unique combination of experience in the electrical, mechanical, electromechanical, and quality aspects of the RF microwave technology field.

To learn more, please visit www.diamondantenna.com.

About Antenna Associates, Inc.

Antenna Associates is a Massachusetts-based developer of Identification Friend or Foe (IFF) and secondary surveillance radar (SSR) antenna systems. Its products are deployed worldwide across a range of platforms to support secure, reliable identification in defense and civilian air traffic control applications.

For more information, please visit www.antennaassociates.com (Source: PR Newswire)

10 Nov 25. Chemring Group PLC today issues an update on its FY25 financial performance and on order book progress with further contract wins, as it enters its close period for the year ended 31 October 2025.

Key points:

FY25 adjusted operating profit in line with analyst expectations*
Robust growth outlook maintained
Order book of £1.3bn at 31 October 2025 (31 October 2024: £1.0bn)
Further significant contract wins during H2 FY25
Alloy Surfaces to be reported as a discontinued operation

Chemring is pleased to announce that the adjusted operating profit for the year ended 31 October 2025 is expected to be in-line with analyst expectations* and adjusted EPS is expected to benefit from slightly lower finance costs.

The Group’s adjusted operating margin is expected to be c.14.7% (FY24: 14.2%) with Energetics performance stronger than expected. We continue to see increased levels of demand for propellants, energetic materials and high-integrity devices, as customers re-evaluate operational usage and stockpile requirements associated with traditional defence capabilities. This has offset continued softness in Sensors & Information resulting primarily from delayed UK Government order placement across both National Security and Defence areas, which is a continuation of the trend we highlighted in our interim results.

Net debt as at 31 October 2025 is expected to be c.£95m.

The Group also announces that we are assessing our strategic options for Alloy Surfaces, one of our US countermeasures businesses, which will be reported as discontinued in the FY25 results.

The Group continues to see robust market conditions, with increasing customer demand for its technology-driven solutions and a resurgent demand for traditional defence capabilities. This strong outlook is expected to be maintained.

Results for the year ending 31 October 2025 will be released on 9 December 2025.

10 Nov 25. Hexagon, the global leader in measurement & positioning technologies, today announced an agreement to acquire Inertial Sense, a provider of tactical-grade global navigation solutions and inertial navigation systems (GNSS+INS), to strengthen the breadth of its positioning portfolio. This acquisition marks a significant step in Hexagon’s commitment to innovation and scalable growth in the rapidly evolving autonomous and positioning technology space. Inertial Sense’s capabilities will complement Hexagon’s assured positioning, navigation, and timing (PNT) portfolio, which provides an affordable, high-performance navigation solution to customers across aerospace & defence, robotics, and unmanned aerial vehicle (UAV) industries. Inertial Sense has established itself as a trusted provider of high-performance navigation solutions across a wide range of defence and commercial applications, with over 30,000 inertial systems deployed worldwide. Their patented designs and proprietary technology enable tactical-grade GNSS+INS solutions for space-constrained applications, delivering centimetre-level accuracy with a competitive price point.

“Assured PNT is critical to success of our customers,” said Anders Svensson, President and CEO, Hexagon. “The team at Inertial Sense has developed an impressive array of GNSS+INS solutions which address the assured PNT requirements of our customers and fit seamlessly into our aerospace and defence product portfolio, while also providing opportunities for expansion into robotics and UAV applications.”

Inertial Sense, headquartered in Utah, USA, is expected to generate revenues of around $5m USD in 2025, with strong growth rates and profitability in-line with Autonomous Solution’s average levels. Inertial Sense will be reported within Hexagon’s Autonomous Solutions business area. Completion of the transaction is subject to regulatory approvals and other customary conditions and is expected to be finalised in the first half of 2026. (Source: PR Newswire)

07 Nov 25. Graham Corporation (NYSE: GHM) (“GHM” or “the Company”), a global leader in the design and manufacture of mission-critical fluid, power, heat transfer and vacuum technologies for the Defense, Energy & Process, and Space markets, today announced growing momentum in its commercial space business, supported by a series of recent orders from leading Space/Aerospace customers in aggregate value of approximately $22 m. During its fiscal second and third quarters, Graham’s wholly owned subsidiary, Barber-Nichols LLC (“BN”), booked multiple new orders for advanced turbomachinery and precision-engineered components from six industry leading players in the commercial space launch market. These orders, which are expected to convert into revenue over the next 12 to 24 months, underscores the Company’s expanding role as being a critical supplier for next-generation space systems.

To support this continued demand, Graham is investing in production capacity and capabilities at its Colorado-based Barber-Nichols facility, including the addition of new CNC machining centers, a liquid nitrogen test stand, and supporting infrastructure to increase throughput and meet accelerating customer schedules. These investments are in addition to the previously announced cryogenic test facility the company is constructing near its P3 Technologies subsidiary in Jupiter, Florida expected to be opened later this year.

“We are seeing strong and sustained momentum from both new and existing customers in the space sector,” said Mike Dixon, General Manager of Barber-Nichols. “These orders reflect Barber-Nichols long commitment to the space industry and key development programs that support the commercial launch sector that are now beginning to transition to higher rate production. Our team’s expertise in high-speed rotating equipment and precision manufacturing continues to position us as a trusted supplier for complex, high-performance systems. With additional machining capacity and test capabilities coming online, we are well positioned to deliver on these programs and continue supporting our customers’ missions.”

Graham’s growing presence in the space market complements its established leadership across defense and energy end markets and reinforces the Company’s strategy to diversify its portfolio across high-growth, technology-driven applications.

About Graham Corporation

Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the Defense, Energy & Process, and Space industries. Graham Corporation and its family of global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems. Graham Corporation routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found. (Source: BUSINESS WIRE)

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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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