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20 Nov 25. Voyager Technologies [NYSE: VOYG] acquired Estes Energetics, a leading U.S. manufacturer of energetics, propulsion materials and critical chemical compounds supporting missile defense and tactical munitions.
“We are closing a key gap in our national readiness posture by ensuring American leadership over energetics, which are foundational to how we protect, maneuver and project strength,” said Dylan Taylor, Chairman and CEO, Voyager. “This significantly strengthens the position of our propulsion capabilities from ground to orbit. As global supply chains become increasingly fragile, these capabilities must be built, qualified and safeguarded here at home, with transparent certification, rigorous safety oversight and the surge capacity to meet urgent operational needs.”
With the acquisition, Voyager now delivers greater end-to-end control over the production, quality and certification of energetics materials.
“Energetics are the key to modern all-domain maneuver across commercial, civil and defense, and domestic control of this critical capability is fundamental to mission readiness,” said Matt Magaña, president of Space, Defense & National Security, Voyager. “With Estes, we are strengthening our capabilities as a company, ensuring our ability to provide cost-effective maneuver energy in all forms. And we’re ensuring the ability to scale munitions production quickly and predictably for growing market demand.”
Ensuring robust U.S. production of energetics is a force-multiplier: it removes strategic dependencies, guarantees quality and surge capability when crises arrive, preserves critical skills and directly strengthens national defense and allied support.
“We have the surge capacity, quality oversight and integrated supply chain resilience to support rapid fielding, routine training and long-term modernization,” said Karl Kulling, CEO, Estes Energetics. “Now with Voyager, we can expand production, invest in new capabilities and support customers across defense, space and national security with certainty and scale.”
The acquisition closes a key gap in the domestic industrial base, with full vertical integration from raw materials to ballistic release. This model ensures that vulnerable links in the supply chain are addressed proactively, underpinning the nation’s ability to maintain and modernize munitions and support allied operations to meet the operational demands of defense, homeland security and allied logistics.
About Voyager Technologies:
Voyager Technologies is a defense and space technology company committed to advancing and delivering transformative, mission-critical solutions. By tackling the most complex challenges, Voyager aims to unlock new frontiers for human progress, fortify national security, and protect critical assets from ground to space. For more information visit: voyagertechnologies.com (Source: BUSINESS WIRE)
21 Nov 25. Babcock International Group PLC – Half year results for the six months ended 30 September 2025 .
David Lockwood, Chief Executive Officer, said: “Thanks to the skills and dedication of our people, Babcock continued its track record of profitable growth with a strong performance in the first half. Good momentum was underpinned by consistent delivery for our customers against a background of supportive market dynamics.
“We are on track to achieve our expectations for the full year and are pursuing exciting opportunities for sustainable growth and margin expansion, both in the UK and internationally.”
Good performance in first half, full year expectations unchanged
- Contract backlog: £9.9bn, reflecting significant Land and Aviation orders in 2H25 (FY25: £10.4bn)
- Revenue: 7% organic growth driven by Nuclear, with lower volumes in Land Civil businesses
- Statutory operating profit: up 27%, including derivative revaluation and recovery of loan granted on disposal
- Underlying operating profit: up 19%, driven by strong performance in Nuclear and Marine
- Underlying operating margin: up 90 basis points to 7.9%, with increases in all sectors
- Underlying EPS: up 21% to 28.5p, reflecting higher underling operating profit and lower interest charge
- Underlying free cash flow: £141m, with underlying operating cash conversion of 83%
- Net debtexcluding leases reduced by £90m to £56m, a gearing ratio of 0.2x (FY25: 0.3x)
- Interim dividend: up 25% to 2.5 pence per share (HY25: 2.0 pence)
Consistent delivery driving growth and margin expansion
- On track to deliver FY26 target margin of 8% and medium-term target of >9%
- The first of five Type 31 frigates completed float-off, while the third ship commenced its assembly phase
- Re-opened Devonport’s 15 Dock facility, marking the return of twin streaming submarine maintenance capability
- Successfully mobilised DSG, the follow-on £1.0 bn, five-year British Army vehicle support contract
- Mobilisation of 17-year Mentor 2 military air training contract in France progressing to plan
Market dynamics supporting growth in UK and Internationally across defence and nuclear
- Secured £114 m three-year contract to prepare for the first nuclear defueling of a decommissioned Trafalgar Class submarine in over 20 years
- Signed a teaming agreement with Patria to offer its 6×6 armoured personnel carrier to the UK Armed Forces
- Over £50 m in new orders secured for Skynet services
- Agreement with Hanwha Ocean to be In-Service Support partner on the Canadian Patrol Submarine Project
- MOU with HII to deliver autonomous launch and recovery of unmanned underwater vehicles
- Secured a first ever defence contract in South Africa, for submarine support
- Awarded new 10-year contract alongside Airbus Helicopters to deliver in-service support to 46 new H145 helicopters for the French Government
Strong balance sheet and consistent cash generation underpins disciplined capital allocation with active pipeline of organic and inorganic opportunities
- Ongoing buyback of £200m in train – £49m completed in the first half
- Organic investment opportunities including further investment in our advanced manufacturing capabilities and shipbuilding capacity at our Rosyth facility
- Assessing pipeline of inorganic investment opportunities in line with our disciplined M&A strategy
FY26 outlook
- Our expectations for FY26 are unchanged. We expect to achieve an underlying operating margin of 8%, with good progress to towards the medium-term guidance we set in June 2025: average revenue growth of mid-single digit, underlying margin of at least 9%, and average underlying operating cash conversion of at least 80%.
19 Nov 25. Cubert Establishes EMTEK Hyperspectral Group Anchor Following Majority Acquisition. Strategic investment by Emtek Holdings aims to globally scale Cubert’s technology and accelerate hyperspectral imaging innovation across multiple industries.
Cubert GmbH, a developer of compact snapshot hyperspectral cameras and analysis software, has entered a strategic partnership with Emtek Holdings, which acquired a majority stake in the company. Cubert’s founder and CEO, Dr. René Heine, will remain a significant minority shareholder and continue to lead the company alongside the existing management team, who are also investing in the future of the firm. With EMTEK’s investment, Cubert will serve as the foundation of the new EMTEK Hyperspectral Group. The collaboration is focused on accelerating research, strengthening the impact of hyperspectral imaging across industries, and expanding market access. EMTEK and Cubert intend to scale Cubert’s technology leadership globally, shorten development cycles to speed up commercialization, and expand the impact of spectral imaging across several areas. These application areas include medical diagnostics, industrial automation, environmental monitoring, and defense.
Benoît Colas, Chairman of EMTEK, said, “EMTEK is pleased to announce its acquisition of a majority stake in Cubert GmbH. We are very proud to be investing alongside Cubert’s founder & CEO, Dr. René Heine, and its talented management and employees. Over the years, Cubert has developed its world-class hyperspectral vision technology and now commands a leading, global market position. Going forward, EMTEK is committed to supporting Cubert in further enhancing its technological edge and developing custom end-user applications in select verticals.”
Dr. René Heine, CEO of Cubert, added, “EMTEK is different to traditional investors. They are experienced, professional and have great ideas but, uniquely, they invest their own money. They bring to us the vision and drive of a professional private equity firm as well as the long-term stability of a family office. For Cubert, EMTEK has allowed us to enter an exciting new phase of growth – backed by engaged, value-add, dependable partners.” (Source: https://www.defenseadvancement.com/)
20 Nov 25. Rift, a deep-tech company specializing in on-demand aerial intelligence, today announces a €4.6m funding round led by AlleyCorp with participation from OVNI Capital. The investment will accelerate the development of Rift’s technology and the deployment of the first on-demand aerial intelligence network, operated from a single remote command center in France. A pioneer in autonomous drone-based observation, Rift is building an aerial intelligence infrastructure designed to protect national territories, critical infrastructure, and civilian populations.
Surveillance-as-a-Service for territories and critical infrastructure protection
Faced with growing geopolitical and climate risks that threaten critical infrastructure and borders, the need for long-range aerial surveillance is intensifying. Existing solutions remain costly and inefficient: an hour of helicopter flight can exceed €3,000 and requires permanent human deployment, forcing operators to limit missions and leave blind spots that undermine security and increase exposure to threats. Rift provides an agile alternative, enabling the continuous monitoring of sensitive areas and critical infrastructure at a fraction of the cost. Its “Surveillance-as-a-Service” model transforms a historically costly market into a flexible, zero-CAPEX service, where clients (such as ministries, infrastructure operators, or industrial groups) get access to instant aerial surveillance capacity, while guaranteeing the sovereignty of the data collected.
Rift’s platform supports real-world missions such as detecting early wildfire outbreaks, monitoring highway accidents, tracking illegal border crossings, and overseeing pipelines, power lines, and railways for leaks or intrusions — providing authorities and operators with early aerial visibility and faster coordination across vast areas.
Rift’s integrated technology combines long-endurance VTOL (Vertical Take Off and Landing) drones, autonomous deployment stations, and the RiftOS software platform. This approach allows for the centralisation of piloting at a single site, offering costs up to ten times lower than traditional methods and eliminating the need for 24/7 field teams.
Leveraging its proprietary detection technology and close collaboration with the DGAC and European authorities, Rift is strengthening its regulatory advantage, paving the way for long-range operations and large-scale deployment across Europe.
“Rift is building the missing link between ground teams and satellites, a network capable of instantly covering critical areas, without an operator on site, to provide real-time situational awareness where and when it matters most.” said Daniel Nef, Rift Co-founder and CEO.
“Our ambition is to equip nations and organizations, starting with Europe, with a scalable aerial intelligence infrastructure that strengthens public safety, protects critical infrastructure, and reinforces strategic autonomy.”
Scaling Up for European Ambitions
With this round of funding, Rift will ramp up production of its autonomous drone stations, using innovative manufacturing processes that enable large-scale, cost-efficient production. Each shipping-container-sized station can host multiple drones operating in continuous relay, ensuring 24/7 aerial coverage.
In parallel, Rift is advancing its AI-driven analytics to automate the entire mission cycle by 2027, covering planning, execution, anomaly detection, and reporting without human intervention. This technology will open European airspace to autonomous operations and support the deployment of drone fleets for border surveillance and critical site protection, two sectors where responsiveness, continuity, and cost efficiency are now strategic imperatives.
In the medium term, Rift is preparing the deployment of its network on a European scale, prioritising sensitive zones where intrusions, sabotage, and threats demand increased vigilance.
Driven by a rapidly growing global drone market, the company is strengthening its industrial capacity and plans to double its workforce by the end of 2026, with key recruitments in R&D, data, certification, and production. Rift is already collaborating on pilot projects related to maritime and terrestrial surveillance with states and industrial partners.
“Rift is taking a key step in structuring the European aerial intelligence market, multiplying surveillance capabilities while significantly lowering costs,”said Luc Ryan-Schreiber, Principal at AlleyCorp. “Rift’s integration of hardware, software, and data into the same architecture has the opportunity to improve the security of state infrastructure and bring much-needed technological advancements to the detection and protection of key assets.”
About Rift
Founded in 2023 by Daniel Nef and Dorian Millière, both formerly of OpenClassrooms, Rift develops Europe’s first on-demand aerial intelligence network. Combining internally-designed long-endurance VTOL drones, autonomous deployment stations, and its proprietary RiftOS software, Rift offers a “Surveillance-as-a-Service” model to governments and industries. Its mission is to deliver global access to real-time aerial intelligence, creating a persistent layer of visibility for governments and industries worldwide.
19 Nov 25. NUBURU, Inc. (NYSE American: BURU) (“NUBURU” or the “Company”), a global pioneer in high-performance blue laser technology, today announced the successful execution of the first €2 m in financial support to Tekne S.p.A., following the “Updated Tekne Agreement” announced November 12, 2025.
This executed funding—facilitated through the Inventory Monetization platform powered by Supply@ME Capital Plc—marks the first phase of NUBURU’s broader €15 m structured commitment to strengthen Tekne’s working capital, financial position, and long-term industrial capabilities.
Both companies confirm that progress across all elements of the renewed strategic partnership remains fully on track, including industrial cooperation, financial support, joint go-to-market initiatives.
Leadership Commentary
“We are extremely pleased with the rapid execution of the initial €2 m commitment to Tekne,” said Alessandro Zamboni, Executive Chairman and Co-CEO of NUBURU Inc. “This milestone reinforces our long-term strategic vision and the deep industrial alignment between our companies. The cooperation on joint innovation, market expansion, and defense-sector initiatives is advancing seamlessly. We look forward to accelerating this momentum as we continue building a unified defense and security platform across Italy, Europe, and the Americas.”
Key Strategic Workstreams & Partnership Progress
Joint Global Go-to-Market Execution
Progressing exclusive distribution plans for Tekne’s products & solutions in the Americas while coordinating on NATO, MENA, and APAC project opportunities.
Operational Integration & Shared Capabilities
Combining Tekne’s engineering, production facilities, and specialized personnel with NUBURU’s project guarantees, technology stack, and international market access.
Innovation and Co-Investment
Joint development programs in mobility, defense, laser-based systems, battlefield resilience, and critical-infrastructure security.
Strategic-Interest Shareholding & Remaining Financial Support
Advancing toward the €13 m convertible shareholder loan and NUBURU’s first-step acquisition of a 2.9% equity stake in Tekne. The conversion and path to a wider strategic-interest stake remain subject to the Italian Government review under the Golden Power regulation.
Golden Power Notification & Drone JV
Preparation is underway for a new Golden Power notification by year-end, aligned with the planned joint venture with Maddox Defense Incorporated to develop and deploy unmanned aerial systems (UAS) for military and commercial use.
Next Milestone: Network Contract (Contratto di Rete)
The companies expect to finalize the Italian “Network Contract” by November 30, 2025. This legal framework will formalize shared operational resources, coordinated R&D, and integrated commercial execution.
Together, these milestones underscore NUBURU’s expanding role as a transatlantic defense and security provider, combining advanced laser technology, mobility platforms, drone systems, and resilience software into a unified ecosystem.
About NUBURU
Founded in 2015, NUBURU, Inc. has developed and previously manufactured industrial blue laser technology. Under a renewed strategic vision led by Executive Chairman Alessandro Zamboni, the Company is expanding into complementary sectors including defense-tech, security, and critical infrastructure resilience. NUBURU is leveraging a combination of internal innovation and strategic acquisitions to build out its Defense & Security Hub, targeting long-term, sustainable growth across high-value government and enterprise markets. (Source: BUSINESS WIRE)
20 Nov 25. Renk aims to nearly triple revenue by 2030, driven by Europe’s defence boost. Tank gearbox maker Renk aims to nearly triple its revenue by 2030 as part of a new strategy unveiled at its capital markets day on Thursday. The Bavaria-based firm said it was targeting consolidated revenue excluding mergers and acquisitions within a range of 2.8bn to 3.2bn euros ($3.2bn to $3.6bn) in 2030. The financial goal echoes that of Rheinmetall which said on Tuesday it targeted a fivefold rise in its sales by 2030 driven by Europe’s renewed interest in defence. “The share of our defence business in the company’s total revenue will increase accordingly to around 90 percent by 2030,” Renk CEO Alexander Sagel said in a statement. European defence firms have seen their stocks and order books increase as European countries invest in their militaries to deal with the threat posed by Russia after it invaded Ukraine in early 2022. ($1 = 0.8681 euros) (Source: Reuters)
20 Nov 25. Czech gunmaker Colt CZ Group lowers annual outlook on US shutdown impact. Czech gunmaker Colt CZ Group (CZG.PR) posted a rise in its nine-month earnings on Thursday but lowered its annual outlook, citing revenue delays caused by a U.S. government shutdown. The United States is one of the company’s biggest markets, alongside its European sales of firearms and ammunition. Due to the U.S. shutdown, Colt CZ Group said some revenue expected in the fourth quarter “will instead be partially realized in 2026, while production-related costs have already been incurred. The company now projects its full-year revenue to reach a range of 23.0 bn to 24.5bn crowns ($1.10bn-$1.17bn). Earnings before interest, tax, depreciation and amortisation (EBITDA) is likely to touch 4.5 bn to 4.8 bn crowns. Colt CZ Group had previously expected revenue of around 25 bn crowns and EBITDA of 5.5bn crowns, both with a margin of plus or minus 10%. The company also reported selling 10.4% fewer firearms in the first nine months of the year. For the period, revenue rose 7.3% to 16.07bn crowns year-on-year, driven by ammunition sales, including a previous acquisition now fully consolidated. EBITDA adjusted for extraordinary items was up 13.6% at 3.43bn crowns.
“The unfavourable developments in the U.S. market have affected not only our company, but also our competitors,” Colt Chief Executive Radek Musil said.
“However, we believe that the measures implemented during the year will help us gradually improve our market position.” ($1 = 20.9660 Czech crowns) (Source: Reuters)
18 Nov 25. Ursa Major today announced that it closed $100m in its Series E funding round and received an additional $50m in debt funding commitments. Investors include both new and long-term supporters of Ursa Major’s mission, including Eclipse, who led the round and were joined by Woodline Partners, Principia Growth, XN, and Alsop Louie Partners, among other institutional shareholders. Ursa Major also announced more than $115m in bookings through the first three quarters of 2025, which includes both government and commercial partnerships with the U.S. Department of Defense, U.S. Air Force Research Laboratory, Stratolaunch, and BAE Systems. The fundraise will support Ursa Major’s business goals of scaling manufacturing and production across product lines.
“This year, our Ursa Major team has proven we are building the next great aerospace and defense company. Our investors recognize our milestones this year – flying hypersonic several times, advancing our solid rocket motor programs, completing tests for space propulsion systems, and securing a record booking portfolio – are just the start of this next chapter for our company,” said Dan Jablonsky, CEO of Ursa Major. “This investment gives us the tools to solve critical strategic industrial base and national security challenges for the United States and our allies.”
Ursa Major is using this investment to address urgent needs in the U.S. industrial base for modernized solutions that can deliver capabilities faster and more affordably than what legacy providers can supply. The Company will rapidly field its throttleable, storable, liquid-fueled hypersonic and space-based defense solution, as well as scale its solid rocket motor and sustained space mobility manufacturing capacity.
“Ursa Major is doing what few others in defense have achieved — scaling manufacturing and supply chains to deliver hypersonic systems and advanced propulsion at industrial scale,” said Lior Susan, Founding Partner at Eclipse. “The Eclipse team is proud to support their mission to strengthen the U.S. and allied industrial base with real capability, built here and built now.”
Recently, Ursa Major announced the addition of Ronald Sugar and Gilman Louie to their corporate board and since the last round of funding, Ursa Major has successfully flown its hypersonic engines and tactical missiles several times, demonstrating the rapid, yet sustainable growth. (Source: PR Newswire)
19 Nov 25. Saab invests in space technology company Pythom. Saab has made a strategic investment in Pythom, a space technology company with Swedish roots developing lightweight and rapidly deployable rockets designed to make space access more flexible, affordable and resilient. With operations in Sweden and the United States, Pythom’s innovative approach to rocket development focuses on affordability, simplicity, and speed — qualities that align with Saab’s long-term vision for dispersed and resilient launch infrastructure. The investment in Pythom supports Saab’s strategy to close capability gaps in the space domain, accelerate innovation in areas critical to national security, and strengthen Sweden’s space capabilities. This aligns with Saab’s ambition to contribute to emerging global space-related defence requirements.
“Pythom’s vision and technology offer a unique opportunity to advance Sweden’s and its allies’ space capabilities in a way that is both pragmatic and forward-looking. We are proud to support their journey toward their first orbital flight,” says Marcus Wandt, head of Group Strategy and Technology at Saab.
Saab invests USD 10m in Pythom and acts as the lead investor in Pythom’s recent funding round, aimed to accelerate the company’s development and deployment of its launch systems.
19 Nov 25. Electro Optic Systems Holdings Limited (“EOS” or the “Company”) (ASX:EOS) today announces that it has entered into an agreement to acquire the UK-based interceptor business (the “Interceptor”) from MARSS Group (“MARSS”) for a total initial investment of €5.5m (approximately A$10m).
Key Highlights
* Acquisition of complementary counter-drone capability – emerging advanced technology, seen as highly promising in the future counter-drone product mix
* Easing integrated into EOS’ product portfolio for sale to existing and new customers
* Expected 12-24 months of further development before full commercial launch – faster and lower risk than in-house development. Further EOS investment of up to A$10m over next three years, with potential for customer development funding
* Further establishes EOS as the leading counter-drone capability company
Background
Interceptor drones are being developed & for use in Ukraine and other conflicts. This emerging advanced technology is seen as a critical future counter-drone tool due to key benefits:
* Agility – capable of moving very fast to defeat equally fast moving and agile threats
* Range – able to operate at distances up to 5km – beyond the current EOS’ Remote Weapon System (“RWS”) range
* Cost – lower cost compared to traditional rockets and missiles
* Effectiveness – more effective than some soft-kill effectors (i.e. jammers less effective)
* Collateral – interceptors create low collateral damage (compared to some alternatives)
* Smart – Use advanced AI to counteract intelligent targets
The New EOS Interceptor
Following launch, the system pursues the target with onboard imaging, an infrared seeker and market-leading AI-based guidance. They can be operated fully autonomously if required.
The system is compact and mobile, suited to fixed sites and vehicle deployment, and is designed to integrate with common sensors and command and control systems as part of a layered counter drone solution.
A version of the system can be side-loaded to EOS’ RWS.
Strategic Rationale
The acquisition is consistent with EOS’ stated strategic intent of expanding its counter-drone capability and offers several strategic benefits:
* Interceptor will broaden EOS’ counter drone ‘effector’ portfolio complementing EOS’ RWS and High Energy Laser Weapons, offering another defensive layer.
* This important effector has high strategic product potential due to:
o AI capability to counter ‘smart’ drones and high-speed ability (up to 290km/h)
o Low production cost compared to alternative effectors (e.g. rockets and missiles)
o Ability to be integrated within EOS’ RWS
* Additional potential in new markets needing ‘low collateral’ response (incl civil & domestic).
* Extends EOS software/AI capability and establishes EOS’ in the UK (AUKUS partner) market.
The Transaction
EOS has agreed to acquire all of the Interceptor assets from MARSS and employ the expert team of specialised engineers that created this product to continue its development.
The initial investment of ~$10m will be funded from EOS’ existing cash reserves. It is expected that there will be no material impact on near-term financial results.
Completion is expected following receipt of required approvals and satisfaction of customary conditions. EOS will provide further updates in line with its continuous disclosure obligations.
Dr Andreas Schwer, EOS Chief Executive Officer said: “We see the Interceptor product as a perfect complement to our existing product suite. This acquisition gives us a low collateral, cost-effective effector that we can integrate quickly. We see the Interceptor as accretive to our portfolio, supplementing our existing capabilities and, in particular, civil- and homeland security markets.”
17 Nov 25. OSI Systems, Inc. (NASDAQ: OSIS) (the “Company” or “OSI”) today announced the pricing of its offering of $500m aggregate principal amount of 0.50% convertible senior notes due 2031 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The offering size was increased from the previously announced offering size of $400m aggregate principal amount of notes. The issuance and sale of the notes are scheduled to settle on November 20, 2025, subject to customary closing conditions. OSI also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $75 m principal amount of notes. The notes will be senior, unsecured obligations of OSI and will accrue interest at a rate of 0.50% per annum, payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2026. The notes will mature on February 1, 2031, unless earlier repurchased, redeemed or converted. Before November 1, 2030, noteholders will have the right to convert their notes only upon the occurrence of certain events. From and after November 1, 2030, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. OSI will settle conversions in cash and, if applicable, shares of its common stock. The initial conversion rate is 2.8263 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $353.82 per share of common stock. The initial conversion price represents a premium of approximately 32.5% over the last reported sale price of $267.03 per share of OSI’s common stock on November 17, 2025. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at OSI’s option, on or after February 6, 2029 and before the 41st scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of OSI’s common stock exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If a “fundamental change” (as defined in the indenture for the notes) occurs, then, subject to a limited exception, noteholders may require OSI to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.
OSI estimates that the net proceeds from the offering will be approximately $489.4m (or approximately $562.9m if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions and OSI’s estimated offering expenses. Concurrently with the pricing of the offering, OSI expects to use approximately $146.1m of the net proceeds from the offering to repurchase 546,945 shares of its common stock in privately negotiated transactions effected with or through one of the initial purchasers of the notes or its affiliate. OSI intends to use the remainder of the net proceeds from the offering to repay a portion of the revolving credit facility outstanding, pay related fees and expenses, and for other general corporate purposes. The concurrent repurchases of shares of OSI’s common stock with the offering described above may result in OSI’s common stock trading at prices that are higher than would be the case in the absence of these repurchases and may have affected the initial terms of the notes, including the initial conversion price.
he offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. (Source: BUSINESS WIRE)
17 Nov 25. York Space Systems (York), a modern defense prime built for speed and scale, today announced its filing of a registration statement on Form S-1 with the U.S. Securities and Exchange Commission related to a proposed initial public offering of shares of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. York intends to apply to list its common stock on the New York Stock Exchange under the ticker symbol “YSS.” Goldman Sachs & Co. LLC, Jefferies, and Wells Fargo Securities are acting as lead bookrunning managers for the proposed offering. The proposed offering will be made only by means of a prospectus. When available, a copy of the preliminary prospectus related to the proposed offering may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, when available, a copy of the preliminary prospectus related to the proposed offering may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at 1-866-471-2526, by facsimile at 212-902-9316 or by email at ; Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, by telephone at (877) 821-7388 or by email at ; Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, by telephone at 800-645-3751 (option #5) or by email at . A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The proposed offering is subject to market conditions, and there can be no assurance as to whether or when the proposed offering may be completed, or as to the actual size or terms of the proposed offering. (Source: BUSINESS WIRE)
17 Nov 25. Merlin Labs, Inc. (“Merlin”), a leading developer of assured, autonomous flight technology for defense customers, and Inflection Point Acquisition Corp. IV (Nasdaq: BACQ) (“Inflection Point”) today announced a significant increase to their previously disclosed private investment in public equity (“PIPE”). The increase comes from both new investors and existing investors increasing their commitments, bringing total PIPE commitments to more than $200m, of which over $85m has already been funded. This represents a substantial increase from the more than $125m in committed capital announced at the signing of the Business Combination Agreement on August 13, 2025, and will further strengthen Merlin’s balance sheet ahead of and upon closing the proposed transaction, which is expected to occur in early 2026. As previously disclosed, the transaction is expected to drive rapid capability delivery for customers and improve Merlin’s strategic acquisition pipeline. It positions the company to scale its AI-powered autonomy stack across multiple aircraft types, deepen engagements with government customers, and advance civil certification pathways, bolstering national security in a rapidly evolving defense landscape.
“Merlin’s expanded PIPE is a validation of its continued execution on its business plan and the critical role it holds in the nation’s aerospace and defense industries,” said Michael Blitzer, Chairman of Inflection Point. “The company’s AI powered software is quickly becoming a strategically important technology asset that has been adopted by leading companies such as GE Aerospace and Northrop Grumman.”
“With this upsized PIPE, we’re reinforcing our commitment to deliver the world’s first defense-grade autonomy stack and to accelerate our expansion across both military and civil aviation,” said Matt George, CEO and founder of Merlin. “This additional capital reflects the strong momentum we’ve built since announcing our SPAC transaction and the confidence investors have in our revenue growth, scalability, and path toward becoming a public company.”
About Merlin
Merlin is the leading U.S.-based developer of cost-effective, takeoff-to-touchdown autonomy for both legacy and next-generation airborne systems. Our aircraft-agnostic, AI-powered software is purpose-built for military and civil programs, and is powering an expanding range of missions and aircraft, proven through hundreds of autonomous flights from test facilities across the globe. With $100M+ total in awarded contracts from military customers, Merlin is helping to solve national security challenges through safe, reliable autonomy. To learn more, visit www.merlinlabs.com or follow us on X @merlinaero.
About Inflection Point Acquisition Corp. IV
Inflection Point Acquisition Corp. IV is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Advisors:
TD Cowen, Cantor Fitzgerald and Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, are acting as joint placement agents (the “Placement Agents”). Latham & Watkins LLP is acting as legal counsel to Merlin. White & Case LLP is acting as legal counsel to Inflection Point. Greenberg Traurig, LLP is acting as legal counsel to TD Cowen. (Source: BUSINESS WIRE)
18 Nov 25. Elbit Systems Ltd. (“Elbit Systems” or the “Company”) (NASDAQ and TASE: ESLT), the international high technology defense company, reported today its consolidated results for the third quarter ended September 30, 2025. In this release, the Company is providing US-GAAP results as well as non-GAAP financial data, which are intended to provide investors a more comprehensive view of the Company’s business results and trends. For a description of the Company’s non-GAAP definitions see page 10 below, “Non-GAAP financial data”. Unless otherwise stated, all financial data presented is US-GAAP financial data. Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, stated: “Elbit Systems today reports strong quarterly results, with double-digit growth in sales and profits, as well as continued, consistent expansion of the order backlog, which has reached a record level of over $25 bn, providing long term visibility for the coming years. These results reflect the significant contracts the Company has secured across Europe and from customers worldwide, who continue to choose Elbit Systems’ advanced systems amid the ongoing global conflicts and increasing defense budgets. Our tested and proven systems contribute to substantial operational successes and achievements, and they strengthen the national security of many countries, including those in Europe, which has become a major market for the Company. I wish to thank Elbit Systems’ employees, customers and business partners worldwide for their dedication and unwavering commitment during challenging and difficult times. We continue to work relentlessly and invest in research and development, to create significant added value in the face of global security challenges, and the results we are presenting today reflect these important collective efforts.”
13 Nov 25. Counter-drone radar firm Chaos raises $510m in defense tech boom.
* Summary
* Companies
* Chaos Industries valued at $4.5pbn after funding round
* Investors pour $30bn into defense tech this year
* Chaos’ radars detect drones, an increasing aerial threat
Counter-drone radar manufacturer Chaos Industries raised $510 m in a funding round that closed last month, the company’s CEO said, the latest sign of booming investor interest in emerging military technology firms.
The Los Angeles-based company, which makes radars that can detect drones – a key vulnerability highlighted in Russia’s war in Ukraine – is now valued at $4.5 bn, Chaos CEO John Tenet told Reuters.
The series D funding round, which has not been previously reported, was led by Valor Equity Partners. Tenet said the fresh capital will be used to ramp up manufacturing and scale its workforce.
The company’s previous funding round was six months ago. The new round boosts the total amount raised by the firm to $1 bn. Chaos was founded in 2022.
This year alone, investors have poured almost $30 bn into defense tech companies, according to a report released by Pitchbook in August.
This investment wave has given rise to a new crop of multibn-dollar valued companies, including U.S. drone maker Anduril, valued at $30 bn in April, drone boat manufacturer Saronic, valued at $4 bn in February, and drone manufacturer Shield AI, valued at $5 bn in March.
Valor CEO Antonio Gracias, a longtime business partner of Elon Musk and most recently a top adviser to the Department of Government Efficiency, is joining Chaos’ board, a Chaos spokesperson said.
Valor has previously led funding rounds for Anduril, SpaceX and software company Defense Unicorns.
“We look forward to supporting them,” Gracias told Reuters, declining to comment further.
HOT DEFENSE TECH MARKET
While most defense tech companies have no clear path to profitability, investors are betting they will play a crucial role in modernizing the U.S. military amid tensions with China, and as the war in Ukraine has transformed the use of drones on the battlefield.
“It’s no secret defense tech has become one of the hottest categories in venture capital,” Tenet said.
Chaos has previously announced a $2 m contract with the U.S. Air Force. Tenet said the company expects to announce a dozen contracts in coming months, but declined to share more details.
Governments have prioritized defending against drone attacks since Russia’s full-scale invasion of Ukraine and the rising menace of drone incursions at airports.
At the center of Chaos’ pitch is that its sensors and radars can detect drones and small unmanned aerial vehicles from “hundreds of kilometers away,” Tenet said, as opposed to legacy systems that focus on identifying larger aircraft. To bolster this effort, the company recently acquired a company called Ziva Corporation, whose technology can “detect and respond to threats up to ten minutes faster than traditional radars,” the company said. It declined to disclose the value of the deal.
Tenet, who previously co-founded Epirus, which makes a microwave-powered system that zaps drones out of the sky, started Chaos with a vision to build another multi-product defense contractor. The company has since aimed to bolster its federal sales with former government officials, including Will Hurd, a former CIA officer and U.S. representative from Texas who joined as chief strategy officer in 2024, and John Tenet’s father, George, a longtime chairman of the bank Allen and Company and former CIA director, who serves as executive chairman. (Source: Reuters)
14 Nov 25. MDA Space Ltd. (TSX: MDA), a trusted space mission partner to the rapidly expanding global space industry, today announced its financial results for the third quarter ended September 30, 2025.
* Q3 2025 Highlights
* Backlog of $4.4bn at quarter-end, provides revenue visibility for 2025 and beyond
* Revenues of $409.8m, up 45% YoY
* Adjusted EBITDA 1 of $82.8m, up 49% YoY, and adjusted EBITDA margin 1 of 20.2%
* Adjusted net income 1 of $46.1m, up 33% YoY, and adjusted diluted earnings per share 1 of $0.35, up 25% YoY
* Operating cash flow of $32.8m
* Net debt to adjusted EBITDA 1 ratio of 0.3x at quarter-end
* Reaffirmed 2025 full-year financial outlook
“Q3 financial results marked another solid quarter for MDA Space with double-digit revenue growth and robust profitability as we continue to execute and convert our backlog.
It was a busy quarter for the MDA Space team. In early July we closed the previously announced acquisition of SatixFy Communications Ltd. which will further enhance our end-to-end digital satellite systems offering. In addition, we demonstrated an industry first satellite digital beam forming capability with MDA AURORA, marking a significant breakthrough in satellite communication systems that support broadband connectivity and 5G networks. In events and forums around the world, we continue to be encouraged by the high level of customer interest we are seeing in our space technology which is uniquely positioned to serve the emerging and evolving needs of the space market,” said Mike Greenley, Chief Executive Officer of MDA Space.
“We are also pleased and honoured to be named the 2025 Global Satellite Business of the Year by Novaspace and presented with the award which celebrates excellence in satellite business at the annual World Space Business Week (WSBW) in Paris this September. I want to take this opportunity to congratulate and thank our team for their commitment, expertise and award-winning industry leadership,” continued Mr. Greenley.
Q3 2025 HIGHLIGHTS
* Backlog of $4.4bn at quarter-end provides revenue visibility for 2025 and beyond and compared to $4.6bn as of Q3 2024 as we continue to convert backlog into revenue.
* Revenues of $409.8m in Q3 2025 were up 45.1% year-over-year driven by higher volumes of work in our Satellite Systems and Robotics & Space Operations businesses.
* Adjusted EBITDA(1) of $82.8m in Q3 2025 compared to $55.5m in Q3 2024, representing an increase of 49.2% year-over-year driven by higher volumes of work. Adjusted EBITDA margin(1) was 20.2% in Q3 2025, in line with 19.7% reported in Q3 2024 and consistent with the Company’s full year margin guidance of 19%-20%.
* Adjusted net income for Q3 2025 was $46.1 m compared to $34.7m in Q3 2024, representing an increase of 32.9% year-over-year. Adjusted diluted earnings per share of $0.35 in Q3 2025 compared to $0.28 in Q3 2024, representing an increase of 25.0% year-over-year.
* Operating cash flow of $32.8m in Q3 2025 compared with $258.8m in Q3 2024. The year-over-year decrease in operating cash flow was primarily due to working capital fluctuations.
* At quarter-end, net debt position of $93.6m represented 0.3x net debt to adjusted EBITDA ratio compared to a net cash position of $166.7 m as of December 31, 2024. In Q3 2025, MDA Space utilized cash and borrowings from its revolving credit facility to complete the previously announced acquisition of SatixFy Communications Ltd.
2025 FINANCIAL OUTLOOK
As a trusted mission partner and leading global space technology provider, we are leveraging our capabilities and expertise to execute on targeted growth strategies across our end markets and business areas. Our strategic initiatives, which span across our three businesses, include investing in next generation space technology and services, expanding our presence in high growth markets and geographies, scaling and expanding skills, talent and operations to meet current and future market demand and leveraging strategic M&A to complement organic growth. We continue to make good progress against our long-term strategic plan.
MDA Space is well positioned to capitalize on strong customer demand and robust market activity given our diverse and proven technology offerings. Our growth pipeline is significant and underpinned by existing and new programs and our book of business is healthy. We see activities ramping up in line with our expectations and are encouraged by the team’s solid execution.
For fiscal 2025, we reaffirm the previous outlook provided in our Q2 2025 earnings release and continue to expect full year revenues to be $1.57 – $1.63 bn, representing year-over-year growth of approximately 48% at the mid-point of guidance. We continue to expect full year adjusted EBITDA to be $305 – $320m, representing year-over-year growth of approximately 45% at the mid-point of guidance, and approximately 19% – 20% adjusted EBITDA margin. We reaffirm our expectations that capital expenditures will be $210 ? $240 m in 2025, comprising of growth investments to support the previously outlined growth initiatives across our business areas. We continue to expect full year free cash flow to be neutral to positive in 2025.
Note that the provided 2025 financial outlook does not incorporate any potential impact from U.S. tariffs announced this year on articles imported from Canada or any retaliatory Canadian tariffs that may be imposed on Canadian imports from the U.S. MDA Space continues to work collaboratively with our customers to identify solutions and explore mitigation strategies. The Company will continue to closely monitor developments and may elect to update its financial outlook, if deemed necessary.
Revenues
Consolidated revenues for the third quarter of 2025 were $409.8 m, representing an increase of $127.4m (or 45.1%) from the third quarter of 2024. The year-over-year increase in revenues was driven by higher volumes of work performed in our Satellite Systems and Robotics & Space Operations businesses.
By business area, revenues in Geointelligence for the third quarter of 2025 were $48.0m, which represents a decrease of $0.3 m (or 0.6%) from the same period in 2024 due to timing of programs. Revenues in Robotics & Space Operations for the third quarter of 2025 were $78.3m, which represents an increase of $11.8m (or 17.7%) from the same period in 2024 driven largely by the ramp of Phase C of the Canadarm3 Program. Revenues in Satellite Systems for the third quarter of 2025 were $283.5 m, which represents an increase of $115.9m (or 69.2%) from the same period in 2024 driven by the ramp up of the Telesat Lightspeed program and the Globalstar next generation LEO constellation program.
Consolidated revenues for the nine months ended September 30, 2025 were $1,134.1m, representing an increase of $400.6 m (or 54.6%) from the same period of 2024. The year-over-year increase in revenues was driven by higher volumes of work performed, primarily in our Satellite Systems business.
By business area, revenues in Geointelligence for the first nine months of 2025 were $152.4m, which represents a decrease of $2.3 m (or 1.5%) from the same period in 2024 due to timing of programs. Revenues in Robotics & Space Operations for the first nine months of 2025 were $243.6 m, which represents an increase of $28.5m (or 13.2%) from the same period in 2024. The year-over-year increase is primarily driven by the higher volume of work performed on the Canadarm3 program as Phase C ramps up. Revenues in Satellite Systems for the first nine months of 2025 were $738.1 m, which represents an increase of $374.4m (or 102.9%) from the same period in 2024 driven by the ramp up of the Telesat Lightspeed program and the Globalstar next generation LEO constellation program.
Gross Profit and Gross Margin
Gross profit reflects our revenues less cost of revenues. Q3 2025 gross profit of $108.1m represents a $32.4m (or 42.8%) increase over Q3 2024 driven by higher volumes of work performed in our Satellite Systems and Robotics & Space Operations businesses. Gross margin in Q3 2025 was 26.4%, which is in line with the Company’s expectations, and compares to a gross margin of 26.8% in Q3 2024.
For the nine months ended September 30, 2025, gross profit of $282.6m represents a $82.8m (or 41.4%) increase over 2024 levels driven by higher volumes of work performed in our Satellite Systems and Robotics & Space Operations businesses. Gross margin for the nine months ended September 30, 2025 was 24.9% which is in line with the Company’s expectations and compares to 27.2% in Q3 2024. The year-over-year change in gross margin is driven by evolving program mix.
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA for the third quarter of 2025 was $82.8m compared with $55.5m for the third quarter of 2024, representing an increase of $27.3m (or 49.2%) year-over-year driven by higher work volumes as we continue to convert our backlog. Adjusted EBITDA margin was 20.2% in the third quarter of 2025, in line with the 19.7% adjusted EBITDA margin reported in the third quarter of 2024 and consistent with the Company’s full year margin guidance of 19%-20%.
Adjusted EBITDA for the nine months ended September 30, 2025 was $227.7m compared with $146.2m for the same period in 2024, representing an increase of $81.5m (or 55.7%) year-over-year. The improvement was driven by higher volumes of work performed year-over-year. Adjusted EBITDA margin was 20.1% for the nine months ended September 30, 2025 compared with 19.9% in 2024.
Adjusted Net Income
Adjusted net income for the third quarter of 2025 was $46.1m compared with $34.7m for the third quarter of 2024, representing an increase of $11.4 m (or 32.9%) year-over-year primarily driven by higher operating income after adjusting for the amortization of intangibles expense incurred in Q3 2025 and attributable to the SatixFy Communications Ltd. transaction which closed on July 2, 2025.
Adjusted net income for the nine months ended September 30, 2025 was $131.4m compared with $76.0m for the same period in 2024, representing an increase of $55.4 m (or 72.9%) year-over-year largely due to higher operating income in 2025.
Backlog
Backlog is comprised of our remaining performance obligations which represents the transaction price of firm orders less inception to date revenue recognized and excludes unexercised contract options and indefinite delivery or indefinite quantity contracts. Backlog as at September 30, 2025 was $4,392.8m, a decrease of $185.3m compared with the backlog at September 30, 2024 driven by continued conversion of our backlog into revenue. The following table shows the build up of backlog for the three and nine months ended September 30, 2025 as compared with the same periods in 2024. (Source: PR Newswire)
14 Nov 25. AIRO Group Holdings, Inc. (NASDAQ: AIRO) (AIRO or the Company), a global leader in advanced aerospace and defense technologies, today announced financial results for the third quarter ended September 30, 2025.
Third Quarter 2025 Financial Highlights
Revenue: $6.3m in Q3 2025, with approximately $20m of Drone shipments shifting into Q4 2025
o As of November 14, 2025, booked fourth quarter revenue of $24.5m
o YTD Revenue of $42.6 m, versus $47.2m in the prior-year period.
*Gross margin (YTD): 58.1%, versus 64.7% in the prior-year period.
*Net loss: $(8.0)m in Q3, improved from $(30.3) m in the prior-year quarter.
*EBITDA: $(5.7)m in Q3, improved from $(23.1) m in the prior-year quarter. YTD EBITDA of $15.9 m, an improvement from $(21.7) m in the prior-year period.
*Adjusted EBITDA: $(8.0)m in Q3, compared to $10.9m in the prior-year quarter.
*Balance sheet: Completed an upsized $89.4m follow-on public offering, strengthening liquidity to support growth initiatives.
*Outlook: The Company expects full-year 2025 revenue to exceed 2024 revenue of $86.9m.
Operational Highlights
*Nord Drone Group joint venture (JV) signed. Signed a Joint Venture Agreement in November 2025 focused on accelerating deployment of combat-proven UAS across the U.S., Ukraine, and NATO markets. Under the proposed structure, AIRO will contribute manufacturing oversight, R&D, and government procurement expertise, while Nord Drone brings proprietary technologies, production facilities, and established defense relationships. Nord Drone currently produces roughly 4,000 drones per month, with capacity to scale to 25,000 units, and its systems are already active in frontline operations. This collaboration will integrate Nord Drone?s high-volume, battlefield-tested platforms with AIRO?s RQ-35 Heidrun and broader unmanned portfolio, significantly broadening our reach and accelerating our ability to meet allied operational needs. The consummation of the JV is subject to a number of closing conditions.
*Sky-Watch awarded $4.5 m to develop advanced Counter Electronic Warfare (CEW). AIRO’s leading drone technology business, Sky-Watch, in partnership with Aalborg University renowned for its engineering excellence and a leading technology collaborator, has been awarded $4.5m to develop advanced CEW capabilities for integration across Sky-Watch UAS platforms. Building on the operational success of the RQ-35 ISR drone, already trusted for missions in GNSS/GPS-denied and EW-contested environments, this program is focused on critical onboard systems designed to help customers operate in even harsher conditions and counter high-energy, targeted EW threats. Development is expected to begin in Q1 2026, with the first demonstrator expected mid-2026, reinforcing AIRO?s commitment to providing the warfighter with dynamic, resilient tools for the most challenging operational theaters.
*Bullet (Degree-Trans LLC) interceptor drone LOI. Signed a Letter of Intent in October 2025 to establish a 50/50 joint venture to produce and deploy Bullet’s combat-proven fixed-wing UAV technology across the United States, NATO defense markets and Ukraine. Under the terms of the LOI, AIRO intends to integrate Bullet’s high-speed, modular interceptor drone platform into U.S. manufacturing and defense infrastructure. The advanced interceptor drone achieves remarkable speeds of up to 300 mph, establishing it as one of the fastest unmanned aerial defense systems available. The LOI is non-binding and subject to the execution of a definitive JV agreement.
* U.S. manufacturing expansion announced. Initiated plans for a new U.S. manufacturing and engineering site to scale RQ-35 Heidrun production and accelerate next-generation drone development. The facility is expected to support AS9100 aerospace quality standards and serve defense and select commercial customers.
*Electric Air Mobility: cargo drone and Canada expansion. Introduced a medium lift cargo UAV concept for middle mile logistics supported by Jaunt Air Mobility?s Slowed Rotor Compound (SRC) technology, and expanded activities within Québec?s YMX Innovation Zone to advance testing, certification, and early deployment. Jaunt is pursuing approximately $34 m in Canadian support through grants, reimbursements, and tax incentives, with about 30 percent already committed and the balance subject to additional program approvals.
*While our third quarter revenue was impacted by timing delays related to customer-requested capability enhancements to certain drone platforms, I’m pleased with our overall progress during the first nine months of 2025,” said Joe Burns, Chief Executive Officer of AIRO.
Dr. Chirinjeev Kathuria, Executive Chairman, added, “We are continuing to see strong demand within the broader drone industry and unprecedented tailwinds driven by evolving defense requirements and the proven effectiveness of unmanned systems in modern conflicts. Our current and expected partnerships with battle-tested Ukrainian technology providers like Bullet and Nord Drone Group position us at the forefront of next-generation unmanned systems development.?
Third Quarter 2025 Financial Results
Third quarter revenue was $6.3m, compared to $23.7m in the prior-year period. The decrease reflects shipment timing in the Drones segment after customer-requested capability enhancements, which shifted approximately $20m of planned third quarter deliveries into the fourth quarter. As of November 14, 2025, the Company has booked fourth quarter revenue totaling $24.5 m.
Training revenue increased by $0.9 m to $1.6 m in the third quarter of 2025 compared to prior-year period, driven by higher activity under multiple IDIQ contracts and higher-margin ground target vehicle programs. The Company submitted a sources-sought response for the next Naval Special Warfare contract, projected at approximately $20 m over five years, reinforcing Coastal Defense’s role as a trusted provider of specialized military flight training to the U.S. and allied nations.
Gross profit was $2.8m, down from $16.3m in the prior year. Gross margin was 44.4% as compared to 68.7% in the prior year, reflecting product mix and shipment timing, particularly in Drones.
Net loss was $8.0m compared to $30.3m in the third quarter of 2024, reflecting lower one-time items and overall operating cost controls.
EBITDA was $(5.7)m, an improvement from $(23.1)m in the prior-year period. Adjusted EBITDA was $(8.0) m compared to $10.9 m in the prior-year quarter, primarily reflecting the revenue timing and increased operating expenses as noted above and increased operating expenses as the Company scales its public company operations.
As of September 30, 2025, cash and restricted cash totaled $83.7m. During the quarter the Company completed an upsized underwritten public offering of 4,830,000 shares of common stock, including the full exercise of the underwriters? option to purchase 630,000 additional shares on September 12, 2025, for gross proceeds of $89.4m before underwriting discounts, commissions, and expenses. The Company used $19.4 m of proceeds to repurchase 1.1 m shares of its common stock from certain existing stockholders and intends to use the remaining proceeds to fund growth initiatives across its operating segments and to pursue opportunistic acquisitions of complementary businesses, products, services, or technologies that align with its strategy.
EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See ?Non-GAAP Financial Measures? below for the definition of each non-GAAP financial measure and the tables that follow for a reconciliation of each of these non-GAAP measures to net (loss) income, the most comparable GAAP measure.
Outlook
The Company expects full-year 2025 revenue to exceed 2024 revenue of $86.9 m, subject to supplier deliveries and customer acceptance as AIRO incorporates customer-requested capability enhancements on certain drone models. (Source: BUSINESS WIRE)
12 Nov 25. U-Space closes a 24m euros series A to expand into the global smallsat constellation market. After an initial €7m funding round in 2022, the French small satellite manufacturer U-Space has announced a new €24m Series A round led by Blast, the French Ministry of Armed Forces’ Definvest fund managed by Bpifrance, and Expansion, alongside Primo Capital through its investment fund Primo Space, Karot Capital, ARIS, and Vertech Finance. Building on its early commercial successes and driven by the ambition to become Europe’s leading smallsat constellation manufacturer, U-Space, now expanding into global markets, has secured renewed confidence from its long-standing financial partners and earned the trust of new investors. With three satellites already on-orbit, around ten more to be produced and delivered over the year ahead, and major contracts signed with leading players such as CNES and Safran, U-Space has made a name for itself in the small satellite manufacturing market. This proven reliability, and the strong potential it signals for future growth, has convinced U-Space?s long-standing financial partners to once again back the French company. U-Space has drawn inspiration from the best practices of the automotive industry to embrace a serial production approach. At the heart of its industrial strategy lies the U-Zine, an 850 m² cleanroom facility designed to ultimately reach a production rate of one satellite per day. The software development enabled by the ?24 m raised will significantly support this ramp-up, with the first milestone being one satellite produced per week by 2027.
“U-Space’s position within the value chain, combined with its technological expertise, gives it highly promising commercial potential. We are confident that the company has all the assets needed to establish itself as Europe?s leading manufacturer in the small satellite constellation market,” said Ilaria Cavalleri, Investment Principal, Primo Space Fund.
Over the past few years, U-Space has demonstrated its ability to build a strong team and implement robust industrial processes. This new phase marks a strategic turning point, with the scaling up of production and expansion into international markets. We are proud to support a team and a company that are turning their space vision into industrial reality,? said Alexis Bès de Berc, Investment Manager (VC) at Blast Following its recent commercial success with the United Arab Emirates’ National Space Science and Technology Center (NSSTC), U-Space is now turning to global markets, particularly Asia-Pacific and the Middle East.
Fabien Apper, President and Co-founder of U-Space, said, “These regions demonstrate remarkable technological dynamism and a strong will to develop their space economies. They are strategic markets where we can contribute, both on governmental and commercial programs. This is an opportunity to demonstrate our ability to support global space ambitions, and this funding will allow us to do so. This is the beginning of a new phase of development for U-Space, enabling the company to expand into global markets and solidify its leadership ambitions in the satellite constellation sector. ” (Source: Satnews)
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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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