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28 Nov 25. Europe’s first dual-use unicorn Quantum Systems triples valuation through extending Series C with €180m. This marks the largest capital raise in European dual-use technology.  Quantum Systems has tripled its valuation and raised €180 in a Series C Extension led by Balderton Capital. This follows its €160m Series C in May this year, bringing the total amount secured in 2025 to €340 million, which marks the largest private capital raise in Europe’s dual-use sector. The company’s valuation is now above €3bn.  Quantum Systems has emerged as Europe’s powerhouse for unmanned systems, and the new capital will fuel its multi-domain expansion across air, land, and maritime use cases. The company will accelerate its AI, software, and hardware development across all domains, connected by the multi-domain mission software MOSAIC UXS.  Following the earlier Series C financing this year, Quantum Systems has already acquired and integrated AirRobot, Nordic Unmanned, and Spleenlab. The additional capital will also support strategic acquisitions specifically aimed at strengthening and expanding Quantum Systems’ multi-domain offerings. Florian Seibel, co-CEO and co-founder of Quantum Systems, said: “Triple unicorn status is a testament to our team’s ability to build systems and a company that performs in the most demanding real-world conditions. We will now accelerate our development of hardware, software and AI to become the defining leader in multi-domain unmanned systems.”

 

19 Nov 25. Skyeton and the Mindich brothers factor: analysis of hidden risks of a Ukrainian drone manufacturer before going public. Ukrainian defense company Skyeton, the manufacturer of Raybird-3 reconnaissance complexes, part of the Carbon group of Oleksandr Stepura and Igor Hapanovich, is expanding its presence outside the country and preparing for an IPO. Skyeton can be called one of the symbols of the technological breakthrough of the defense industry. Raybird-3 reconnaissance complexes have been used by the defense forces of Ukraine for many years. After 2022, the revenue of LLC “AVK “Skaeton” increased manifold, which coincides with the growth of national demand for drones. In 2021–2024 alone, AVK Skyeton’s revenue grew 40 times: from less than $2m to over $77m. Skyeton expanded its operations in eight jurisdictions, opened production in Slovakia, and in early 2024 took a key step towards an IPO – registering almost 33m shares in the Nasdaq CSD depository. At first glance, this is a Ukrainian tech success story. But upon closer analysis, the question arises: is a company with such a business history, ownership structure, and a string of lawsuits ready to enter the public markets?

Rapid growth and increasing opacity

Skyeton’s growth rate after 2022 was high even for the defense industry: from $1.96m in 2021 to $77m in 2024. But along with the growth in financial indicators, the company was very quickly restructuring its corporate architecture – and it is this transformation that raises the most questions in terms of transparency.

After 2022, the Skyeton structure began to develop much more actively and includes eight jurisdictions that perform different functions:

  • Estonia — Skyeton Holding AS. a holding legal entity that became the main shareholder of the Ukrainian company. According to the official electronic register, the owners of the company are Oleksandr Stepura, Kostyantyn Shevchenko, Roman Knyazenko;
  • Germany — Skyeton Germany GmbH. Director – Mykyta Stepura
  • Great Britain — Skyeton Trade Ltd and Skyeton Prevail Solutions. Trading companies that are positioned for future supplies to NATO, according to an extract from the register, Mykyt Stepur was appointed director of this legal entity from August 1, 2024.
  • Slovakia — Tropozond sro According to the official registry records , the owner of the company is Skyeton Holding As, and Lidija Stepura is on the board of supervisors.
  • Switzerland — Skyeton SA – the company is registered as a Société anonyme, an extract from the register is not possible.
  • USA — Skyeton LLC is a company registered in Delaware, where no extracts on the ownership structure of legal entities are provided at all, in the register as of November 2025 there are three companies with the name Skyeton: SKYETON INC., SKYETON, INC., SKYETON USA INC. According to registration number 10132648, the company is called SKYETON INC.
  • Canada — Skyeton Inc – an extract of owners is provided only if you have an account, registration of which requires Canadian tax residency.
  • Ukraine is the operational center and the main manufacturer with the largest financial. LLC “AVK “SKAETON”. (YouControl loads data from the portal of the Ministry of Justice of Ukraine)

The Estonian Skyeton website lists the legal entities that form the holding: LLC “AVK “SKAETON”, Tropozond sro, SKYETON HQ LTD, Skyeton SA, Skyeton Inc.

In 2024–2025, the Ukrainian legal entity changed the structure of owners: individuals were removed, 99.96% was acquired by an Estonian holding. Officially, this is a logical step before the IPO. But corporate governance experts note that such changes can create risks:

  • avoidance of personal responsibility of owners,
  • complication of control over actual beneficiaries,
  • opportunity for internal redistribution of financial flows.

For a public company, such a change without detailed explanation can become a weak point in pre-IPO due diligence.

On paper, this looks like a sign of global scaling. But while the expansion may be part of a strategy to enter NATO markets, the very configuration and speed of the structure change allow us to consider it as a potential tool for reducing the regulatory burden, especially given the rapid transfer of control to the Estonian holding, the emergence of new production and trading structures in the EU and North America, and the creation of the opportunity to transfer some key processes beyond the control of Ukrainian authorities.

International structure: globality or a way to avoid control?

Why is this important right now?

At the pre-IPO stage, companies must demonstrate:

  • transparency of ownership,
  • understandable logic of the corporate structure,
  • stability of financial reporting.

In the case of Skyeton, the speed with which the company significantly changed and built its structure in 2022–2025 may look like an attempt to:

  • prepare the business for investment
  • or transfer key assets abroad
  • or create “financial gateways” between jurisdictions
  • or protect owners from potential legal risks in Ukraine.

Investors will definitely ask the question: why is a company with such growth rates simultaneously complicating its structure so quickly and legally transferring control abroad? Although control over the Ukrainian company has been formally simplified – almost 100% has been transferred to the Estonian one – Skyeton’s operational structure in 2022–2025, on the contrary, has become significantly more complicated due to the development of a network of legal entities in 8 countries.

In the end, Skyeton’s international structure is not a problem in itself — but it creates an environment that potentially facilitates the redistribution of profits between jurisdictions, reduces the effectiveness of state control, allows certain processes to be taken outside of Ukrainian regulation, and complicates the external assessment of financial flows.

When R&D, production, sales and intellectual property rights are distributed among 8 countries, and the main income comes from defense contracts, the issue is not legality, but trust: such a “complex cross-border architecture” creates more opportunities for opaque operations than guarantees that they do not occur.

Where does the Mindich clan appear — and why does it amplify the overall risk picture?

Coincidence or not, it is significant that both Mindić brothers appear not only in corruption cases in the energy sector, but also in suspicions related to defense projects. Timur Mindić, in addition to the main case, is mentioned in connection with Fire Point, a company that NABU and the media are investigating for possible price gouging and opaque connections through nominal owners associated with his entourage.

“Rumors are going around quite actively that (Fire Point’s) drones are linked with Mindich, and I have every conviction that this version of events corresponds to reality,” the government source, who is familiar with the investigation’s materials, told the Kyiv Independent. NABU did not respond to any questions regarding Mindich.”

“NABU and SAPO reported suspicions to the organizer of a scheme of ms of embezzlement in the purchases of energy equipment by JSC “Kharkivoblenergo”. This was reported by the NABU press service. According to a source of the UP in law enforcement agencies, this is a relative of the co-owner of “Kvartal 95″ Timur Mindich,” the article in Economic Pravda states.

As a result, a picture is emerging of not isolated incidents, but of the Mindich brothers’ systematic involvement in corruption risks in two sensitive areas at once – energy and defense. And although Skyeton, according to available data, is not directly involved in these stories, it is precisely the proximity to such a business environment that creates an undesirable reputational background for the company.

It is important to understand that Skyeton is not formally part of the Mindichs’ businesses. However, for many years the company moved in a close business environment to structures associated with the Carbon brand, where the interests of both Stepura and Mindich intersected.

Key facts:

  • According to the information on the official website, the company ” Robotenx”, co-owned by Oleksandr Stepura and Leonid Mindich, is part of the “Robotenx” group, an extract from YouControl confirms this data;
  • in 2017, Stepura and Mindich together represented Carbon at the Petroleum Ukraine industry conference;
  • In 2017–2018, Robotenx and Skyeton simultaneously participated in projects of the Kirovograd Flight Academy, applying for the same tenders.

Description & Contracts

Skyeton is the manufacturer of the Raybird-3 unmanned aviation system, designed for both military and commercial use, founded in 2006. It is part of the “Carbon” group of companies owned by Oleksandr Stepura and Ihor Hapanovych. As of November 2025, the company had raised $22.7m in investments. For 2024, its Estonian holding company, Skyeton Holding AS, reported losses of $209k.

From 2017 to October 2025, the company participated in 8 tenders issued by the NAU Flight Academy, SE “Progress”, and State Emergency Service (SES), primarily for the supply and maintenance of aircraft and UAVs. Most of the value came from three Raybird-3 contracts for the State Emergency Service in 2022, accounting for $3.4m out of the total tender value of $3.59m.

In March 2022, the “Come Back Alive” foundation raised $508.6k to purchase a Raybird-3 drone for the Ukrainian Armed Forces, valued at $512k. In February 2023, Minister Mykhailo Fedorov reported that two more Raybird-3 drones had been delivered. An August 2024 article noted that between February 2022 and May 2024, Skyeton received commercial orders for over 75 reconnaissance systems from Ukraine’s defense forces, totaling ~$38.4m based on the drone’s price.

Skyeton’s plans to go public

Skyeton is preparing for an IPO and registered with Nasdaq CSD, the central securities depository, in February 2024. This means that Skyeton Holding AS is legally ready for public status and potential listing, but has not yet made a public offering of shares. In Estonia, a company cannot technically go public until its shares are registered with the central depository. This step is a prerequisite for an IPO. The company placed 37m shares at €2.5 per share. The company is valued at €94.8m.

To go public, a company must have consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) for at least two years, as well as an audit by an approved independent auditor. Skyeton submitted its first annual report for 2024. Skyeton’s report does not include an “Independent Auditor’s Report,” and at the end, there is the signature of the notary who submitted the report. At the same time, the former Interim Chief Financial Officer wrote in his Li that he implemented the company’s first adoption of IFRS in 2023-2024. In October 2025, KPMG Baltics OÜ was registered as its auditor. The company is likely to enter Nasdaq First North (Tallinn), where the requirements are more lenient (1 year of reporting, no profitability, but with a transparent structure). Within 2–3 years, a transition to the main Nasdaq Baltic market is expected to occur.

Skyeton’s connection to Robotenks and the Mindich family

Oleksandr Stepura, the first founder of Skyeton and its former CEO from 2006 to 2024, owns 88.6% of Skyeton Holding AS as of February 2025. Since 2016, Stepura and Leonid Kharitonovich Mindich, a citizen of Ukraine and the USA, and Timur Mindich’s cousin, according to media reports, have been co-owners of the Ukrainian legal entity Robotenks LLC, which manufactures and sells containerized, modular automatic gas stations. Robotenks Trading House LLC is the official dealer of Robotenks LLC.

Since 2016, Stepura and Leonid Mindich have owned the Ukrainian legal entity Fuel Company Nova LLC, which is engaged in the retail sale of fuel, through Robotenks LLC.

In 2018, Stepura and Mindich visited the Kirovograd Flight Academy. During the visit, a memorandum of cooperation with Skyeton was signed, according to which a plant for producing K-10 Swift training aircraft will be located at the flight academy.

Leonid Mindich, suspected of organizing a multi-m‑hryvnia embezzlement scheme at Kharkivoblenergo, was released from custody in June 2025 after posting bail of UAH 8m (~$191k). According to investigators, National Anti-Corruption Bureau (NABU) and Specialized Anti‑Corruption Prosecutor’s Office (SAPO), he orchestrated corrupt procurement contracts in 2021, inflating the cost of transformers and electricity meters in deals with companies he controlled, to the tune of more than UAH 132m (~$4.8m). Meanwhile, in July 2025, Ukraine’s parliament passed Law No. 12414, which significantly weakens the independence of NABU and the SAPO – a move that many saw as linked to the Mindich case. The law triggered massive public protests in Kyiv, Lviv, Odesa, Dnipro, and other cities, with demonstrators warning that NABU and SAPO could be subordinated to the Prosecutor General’s Office if it were implemented. Human Rights Watch called the law “a knife in the back” for Ukraine’s anti-corruption reform. Many analysts argue that if it were not for the public protests, the law would have been implemented, effectively placing NABU and SAPO under the control of the Prosecutor General’s Office.

Tenders of Robotenks and Robotenks Trading House:

  • from May 2015 to August 2025, Robotenks won 6 tenders worth UAH 114.5m (~$2.7m), in which there were no competitors and only Robotenx LLC participated;
  • in October 2017, Robotenks LLC won a tender worth UAH 1.06m (~$39.4k) to repair mobile document control scanner terminals for the Lviv Railway regional branch of Ukrainian Railways JSC. The only competitor in the tender was Vending Technology LLC. The NGL.media anti-corruption center found that the documents submitted for the tender by both companies contained the same names, identical references to material and technical resources and employees, and had the same errors. In 2017, the co-founder of Vending Technology LLC, Serhiy Bohdanov, was associated with Oleksandr Stepura’s legal entities. The companies also shared an IP address, communicated by email, and used the same phone number as their contact number. In September 2020, the Antimonopoly Committee fined Robotenks LLC and Vending Technology LLC a total of UAH 136k (~$4.8k) for collusion in tenders and banned the companies from participating in open tenders for 3 years;
  • in 2019, Robotenx LLC was involved in criminal proceedings and was suspected of conducting fictitious economic activities;
  • from 2021 to 2025, Robotenx Trading House LLC, the official dealer of Robotenx LLC, won 12 tenders worth UAH 17.2m (~$409k). All tenders were non-competitive;
  • in July 2022, Colonel Roman Rosenberg, Commander of the Ukrainian National Guard Aviation Brigade, signed a contract worth UAH 19.9m (~$540k) with Robotenks Trading House LLC for the purchase of fuel tanks. In January 2024, the State Bureau of Investigations initiated criminal proceedings because these tanks had been purchased at an inflated price, resulting in an overpayment of UAH 11.9m (~$323k). On June 29, 2024, Colonel Rosenberg was charged and sent to a pre-trial detention center;
  • the Training Center of the National Guard of Ukraine signed a contract with Robotenks Trading House LLC for the purchase of 72 fuel tanks for a total of UAH 64.4m (~$1.75m), specifying changes to the technical characteristics. The price was presumably inflated by UAH 25m (~$680k) due to changes in technical requirements that were agreed upon by the training center’s management. In January 2023, criminal proceedings were initiated against an officer at the training center, who was, presumably, in charge of technical requirements.

Timur Mindich’s involvement in a major corruption scandal in the Ukrainian energy sector

On November 10, 2025, the NABU and the SAPO released part of their investigation into a corruption scheme in the energy sector. According to the materials, including audio recordings of conversations between individuals involved in the investigation, the main activity of the exposed criminal organization was the systematic receipt of illegal benefits from Energoatom’s contractors. Under the cover of officials, a shadow hierarchy operated: from “curators” at the Ministry of Energy to back offices in central Kyiv, where “black accounting” was conducted. Tens of millions of dollars were laundered from Energoatom, which has an annual turnover of UAH 200b (~$4.8b). According to NABU, the scheme was as follows: if a private business wanted to work (sell goods or provide services) with Energoatom, it had to pay a 10-15% kickback. If you refused, you would not be paid and would be removed from the supplier list.

The audio recordings feature a person whom the other individuals involved refer to as “Professor” (nickname). According to available information, this is Herman Halushchenko (Minister of Energy from 2021 to July 2025), who by early November 2025 had already held the position of Minister of Justice of Ukraine. Later in court, the SAPO prosecutor reported that the leader of the criminal group, Timur Mindich, had exerted influence on Energy Minister Halushchenko. Mindich fled Ukraine before the searches were made, and NABU is trying to locate him and return him to Ukraine. In November 2025, President Volodymyr Zelenskyi imposed sanctions against Timur Mindich.

Timur Mindich’s and Mike Pompeo’s connection to the drone and missile producer Firepoint

As of August 2025, according to the Kyiv Independent, NABU was investigating FirePoint, a drone company, over allegations of misleading the government on drone pricing and delivery volumes. FirePoint, which has become one of Ukraine’s top drone suppliers, is accused of inflating component costs and delivery numbers. The investigation also traces potential ties to Timur Mindich. Despite the accusations, FirePoint denies any wrongdoing, dismissing the investigation as based on rumors. The company, which experienced rapid growth in 2023, has received substantial government contracts for its FP-1 drones and Flamingo missiles, with figures suggesting the firm is set to receive over $1b in 2025. Later that month, NABU announced that they were not investigating the Flamingo missile case.

In November 2025, former U.S. Secretary of State Mike Pompeo has become a member of the advisory board of Ukrainian defense company Fire Point.

 

25 Nov 25. Agile Defense today announced the full integration of IntelliBridge, completing a strategic transformation that positions the company to deliver mission-critical digital, data, cyber, and AI solutions at greater speed and scale across the federal landscape. The integration brings together delivery, operations, growth, finance, and leadership functions under one cohesive enterprise built to meet the dynamic demands of national security and civilian missions. The unified organization is already delivering strong results. Since the acquisition, Agile Defense has secured multiple wins across defense, homeland security, intelligence, and civilian agencies, a clear validation that the company’s model and mission-first approach are resonating with customers seeking modern, AI-enabled capabilities.

“Completing this integration represents a defining moment for Agile Defense,” said Rick Wagner, CEO of Agile Defense. “Customers are affirming the value of an organization purpose-built to fuse mission understanding, modern engineering, and full-stack AI services. We set out to build a company that evolves quickly and delivers at the speed of mission—and the market is showing us that this model works.”

By combining the strengths of both companies, Agile Defense now offers an expanded portfolio of capabilities across digital transformation, advanced data and AI engineering, cybersecurity, and intelligence solutions. This integration enhances the company’s ability to support complex missions from the tactical edge to the enterprise.

“The strength of our unified organization is showing up every day in delivery outcomes and operational performance,” said Khalid Hassouneh, President of Agile Defense. “Our teams are bringing new capabilities directly into existing missions, modernizing how our customers operate, and driving impact from within. This is the power of a unified enterprise that knows the mission and the technology, shows up for it, and delivers.”

Agile Labs, the company’s innovation and solution engineering hub, has further accelerated the organization’s technical offerings, producing mission-ready products, scalable AI and data solutions, and rapid prototypes designed for operational environments. Agile Defense is now broadening access to our innovation portfolio through Tradewinds Solutions Marketplace, which is CDAO’s (Chief Digital and AI Office) Acquisition Ecosystem Marketplace, built to disrupt traditional acquisition and procurement processes and enable the delivery of emerging technology solutions across the Department of War (DoW).

“There is real momentum behind the technologies and solutions our teams are delivering,” said Mike Pansky, Chief Transformation Officer. “From Workforce, our agentic AI platform, to our mission-ready virtual SOC capability, Agile Labs is producing solutions that transform how our customers operate and improving mission outcomes while reducing time and cost. That’s the standard we hold ourselves to: innovation that makes a measurable difference in the field.”

Agile Defense’s momentum is reinforced by several key achievements across 2025, including a new award from the DoW Chief Digital and Artificial Intelligence Office (CDAO) to provide AI engineering support to the Combatant Commands and Joint Staff, its first SBIR Phase III award supporting the U.S. Department of State’s Office of Open Source Intelligence (OSN), and a sole-source award continue supporting mission-critical work at U.S. Marine Forces Reserve (MARFORRES). These milestones underscore the company’s ability to convert proven innovation into operational outcomes across national security missions. With integration complete, Agile Defense is positioned to capture expanding demand for AI-enabled modernization across the federal government. Continued growth, industry recognition, and new customer engagements highlight the company’s readiness for its next phase.

“The federal landscape is changing rapidly, and Agile Defense is moving out in front,” added Wagner. “We are built for the challenges ahead—and we are ready to help our customers stay ahead as missions, threats, and technologies continue to evolve.”

About Agile Defense: Agile Defense stands at the forefront of innovation, driving advanced capabilities and solutions tailored to the most critical national security and civilian missions. With nearly 2,000 teammates operating in North America, Europe, Asia, and the Middle East, Agile Defense supports our customer missions around the globe. Our collaborative and multi-disciplinary teams bring creativity and flexibility to developing advanced digital transformation, cyber, data analytics and AI solutions. We are not afraid to take on the most difficult challenges because we know that together, we can accomplish anything. Learn more at AgileDefense.com. (Source: PR Newswire)

 

26 Nov 25. Uvision Group, a global pioneer in smart integrated systems, has announced the complete acquisition of SpearUAV, an Israeli defense tech company, developer of encapsulated AI-based loitering systems. The acquisition marks another significant step in Uvision’s continued expansion, and in its strategy to deliver a comprehensive, multi-layered approach of loitering munitions across all domains to customers around the globe. This acquisition will accelerate SpearUAV’s ability to realize its vision as the integral “battalion-level air force”, providing persistent support and operational reach It is centered on the Viper family of encapsulated AI-driven loitering systems that bring reconnaissance, attack, Electronic Warfare (EW) and Counter-UAS (C-UAS) advanced capabilities,  amplifying multi-Mission dominance across air, ground, sea and Sub-sea domains. The Viper family and product portfolio complement Uvision’s HERO family of Loitering Munitions, together forming an integrated suite of systems that can set new versatile solutions for the growing demand in the global defense market. While HERO systems address missions at higher echelons, providing precision surveillance, target acquisition, and strike capabilities for tactical and operational formations, Viper systems focus on lower tactical levels, including units operating from ground vehicles, navy vessels and submarines.

Dr. Ran Gozali, CEO of Uvision, stated: “We have great confidence in SpearUAV’s management team, technologies, innovation and capabilities. Over recent years, Spear’s strategy has aligned closely with our long-term vision. As UVision continues to expand – including our recent move into a new facility with advanced production, R&D and testing infrastructure — the merger strengthens our ability to deliver a robust and versatile product portfolio. By combining forces, we will deliver strong, versatile product portfolio and integrated solutions with greater operational impact and value to our customers.”

Yiftach Kleinman, CEO of SpearUAV, added: “Since Uvision’s initial strategic investment four years ago, our collaboration has proven very effective and successful. This acquisition is first and foremost an achievement of SpearUAV’s team, whose innovation and professionalism – utilizing the vision of our founder, Gadi Kuperman – have positioned the company today as a global leader in encapsulated loitering weapon systems. Joining forces under the Uvision group will allow us to expand our reach and deliver greater value to global customers”.

About UvisionAir Ltd

Uvision group designs and manufactures combat-proven smart integrated systems, providing military organizations around the globe with precise and effective operational attack capabilities. Its innovative, cost-effective systems are based on cutting-edge technology and 30 years of extensive field experience by military professionals, engineers, and management.

The HERO series of systems provides high-precision strike capabilities, based on unique aerodynamic platform configurations, flight qualities for precision-attack, integrated advanced airborne guidance, navigation and computer vision algorithms.

Uvision group offers a common operating system that allows mission management, that can be integrated with any host C4I system – thereby meeting the requirements of today’s modern battlefield for combat in complex and dynamic environments.

The HERO series of loitering munitions is suitable for tactical and strategic targets ‒ whether for short, medium or long-range – utilizing a variety of warheads to ensure maximum mission effectiveness. The units are operationally deployed and combat proven. ISO certified, Uvision is fully committed to providing turnkey solutions to its extensive network of partners and customers around the world, with high-quality service and customer support.

About SpearUAV

SpearUAV Ltd. is a system house, specializing in encapsulated, AI-based loitering weapon systems for cross-domain applications – ground, air, sea, and sub-sea.

Spear provides military customers, organizations, and governments around the globe with a unique, field-proven, MIL-STD solutions. Spear’s solutions are at the core of the emerging “Organic Air Force” for battalion level, empowering maneuvering forces with autonomous, on-demand capabilities such as loitering munitions, ISR, EW, and more.

 

24 Nov 25. Amentum Holdings, Inc. (“Amentum” or the “Company”) (NYSE: AMTM), a leading advanced engineering and technology company, today announced results for the fourth quarter and fiscal year ended October 3, 2025, and issued guidance for fiscal year 2026.

Annual Revenues of $14.4bn, 4% growth on a pro forma basis

Annual Net Income of $66m; Annual Adjusted EBITDA of $1,104m

Annual Diluted Earnings Per Share of $0.27; Annual Adjusted Diluted Earnings Per Share of $2.22

Annual Operating Cash Flow of $543m; Annual Free Cash Flow of $516m

Backlog of $47bn; Book-to-Bill — 1.6x Fourth Quarter, 1.2x Full Year

Reduced Net Debt to $3.6bn and Net Leverage to 3.2x

“Amentum’s strong fourth quarter results cap off what has been a remarkable first year as a public company. Financial performance exceeded our expectations, demonstrating the resilience of our business and its alignment with enduring global trends and the mission critical priorities of our customers,” said Amentum Chief Executive Officer John Heller. “Looking ahead, Amentum is well positioned to benefit from tailwinds in key strategic growth areas including global nuclear energy, critical digital infrastructure, and space systems and technology. With a robust financial backdrop, recognized leadership in accelerating global markets, and a team focused on delivering innovative solutions, we enter fiscal year 2026 with significant momentum and excitement for the future.”

GAAP Results

GAAP revenues increased 77% for the fourth quarter and 72% for the full year primarily as a result of revenues from the combination with Jacobs’ Critical Mission Solutions and Cyber & Intelligence (CMS) businesses. GAAP operating income increased as a result of the contribution from CMS, partially offset by increased intangible amortization expense. GAAP net income and diluted earnings per share improved year-over-year due to higher operating income and lower interest expense.

Pro Forma and Non-GAAP Results

Pro forma revenues, which include the results of CMS prepared in accordance with the requirements of Article 11 of Regulation S-X, increased 10% for the fourth quarter and 4% for the full year driven by growth in both Digital Solutions and Global Engineering Solutions. Pro Forma Adjusted EBITDA increased 8% for the fourth quarter and 5% for the full year primarily due to the higher revenues and improved operating performance. Pro Forma Adjusted Net Income and Adjusted Diluted Earnings Per Share increased primarily as a result of the higher operating profit.

Pro Forma and Non-GAAP Segment Results

Digital Solutions revenues increased 11% for the fourth quarter and 7% for the full year, driven by higher volume from new commercial digital infrastructure contract awards and the benefit of additional working days; partially offset by the expected ramp-down of certain historical programs and the divestiture of Rapid Solutions. Adjusted EBITDA increased 5% for the fourth quarter and 8% for the full year due to the higher revenues and improved operating performance.

Global Engineering Solutions revenues increased 9% for the fourth quarter and 2% for the full year, driven by new contract awards, growth on existing programs, and the benefit of additional working days; partially offset by the transition of contracts from consolidated to unconsolidated joint ventures and the expected ramp-down of certain historical programs. Adjusted EBITDA increased 11% for the fourth quarter and 3% for the full year due to the higher revenues and improved operating performance.

Cash Flow Summary

During the three months ended October 3, 2025, Amentum generated $270m of net cash from operating activities and used $8m and $559m of cash in investing and financing activities, respectively. Net cash provided by operating activities was driven by strong cash earnings and disciplined working capital management. Net cash used in investing activities included $7 m in capital expenditures which resulted in quarterly free cash flow of $261 m. Financing activities consisted primarily of $550 m in principal payments on our Term Loan. As of October 3, 2025, Amentum had $437 m in cash and cash equivalents and $4.0bn of gross debt.

Backlog and Contract Awards

As of October 3, 2025, the Company had total backlog of $47.1bn, compared with $45.0bn as of September 27, 2024, an annual increase of 5%, driven by $16.5bn in net bookings and a 1.2x book-to-bill. Funded backlog as of October 3, 2025 was $5.6bn.

Notable Q4 Fiscal Year 2025 Highlights

  • Space Force Range Contract (SFRC) – The United States Space Force awarded Amentum SFRC, a new $4bn single-award indefinite delivery indefinite quantity contract with a ten-year ordering period, to advance the national capability for Assured Access to Space from the Eastern and Western space and missile ranges through responsive and flexible operations, maintenance, sustainment, systems engineering and integration solutions. The previously announced protest was resolved during the fourth quarter and therefore the award is now reflected in backlog and book-to-bill.
  • Sellafield Decommissioning and Nuclear Waste Partners (DNWP) – Sellafield awarded Amentum positions totaling over $1.8bn over 15 years to deliver expert decommissioning solutions. Under the DNWP framework, which represents an expansion in the scope and scale of Amentum’s current operations, the Company will employ multidisciplinary, end-to-end engineering and project management capabilities to carry out remediation work and retrieve hazardous waste from legacy ponds on the site in Cumbria, England.
  • Contract for Organizing Spaceflight Mission Operations and Systems (COSMOS) – NASA awarded Ascend Aerospace & Technology, a joint venture in which Amentum is a partner, a new nine-year $1.8bn contract to leverage advanced engineering and technology solutions, including model-based systems engineering tools for the mission control center, simulated mission environments, training systems, training support for astronauts, instructors and flight controllers. The award is under protest and therefore is not yet included in backlog or book-to-bill.
  • Classified Intelligence Contracts – Amentum secured multiple awards totaling nearly $700m to provide intelligence customers with a comprehensive suite of advanced engineering and technology solutions, including an award to provide AI-enabled software coding in a secure environment. (Source: BUSINESS WIRE)

 

27 Nov 25. Terma A/S has completed the acquisition of OSL Technology (OSL), a UK-based leader in counter-drone security and safety systems. The acquisition marks a major step in Terma’s strategy to build market-leading capabilities in Counter-Unmanned Aircraft Systems (C-UAS) and critical-infrastructure protection. OSL is a UK-based counter-drone and intelligent security specialist with its roots in the civil airspace domain, helping major airports and national-infrastructure sites detect, track, and manage drones and other aerial threats in complex environments. Terma brings decades of experience from the defense and security domain, supplying radar and command-and-control solutions to navies, air-defense units, and critical infrastructure operators. The combined team bridges civil and defense mindsets and practices into a single, end-to-end C-UAS solution that can detect, track, classify, decide, and respond to threats within seconds. Together, Terma and OSL now combine defense-grade sensors, AI-driven analytics, and real-world operational expertise in an open, modular ecosystem. Integrating Terma’s situational-awareness heritage with OSL’s full-stack counter-drone suite provides continuous coverage and intelligent fusion across sea, air, and land – including third-party sensors and effectors – enabling one trusted operational picture that caters from the tactical to the strategic.

Henriette H. Thygesen, CEO, Terma, said, “OSL’s operational performance – from years of protecting critical infrastructure at Heathrow and other major sites – shows it delivers where it matters most. Paired with Terma’s multi-domain capacity, built on decades of delivering situational awareness and defense-grade command-and-control, and further informed by partnerships in Ukraine, we now offer one of the most comprehensive C-UAS suites on the market, helping to set a higher standard for protecting people, airspace, and critical infrastructure. This is not only about Denmark here and now; it delivers a strong, comprehensive C-UAS solution that can contribute to European flagship projects such as the proposed EU drone initiative.”

For airport authorities, critical-infrastructure operators, and defense customers, the combined offering provides one integrated C-UAS picture – with rapid deployment and immediate operational effect.

“Joining Terma is an extraordinary opportunity for OSL and our customers. Terma’s multi-domain expertise together with our C-UAS platform and agility create unmatched depth of capability – from sensor to decision to response. It means faster detection, smarter classification, and precisely coordinated action. It’s the perfect combination of innovation and assurance”, said Mark Legh-Smith, CEO, OSL.

Terma and OSL will serve customers worldwide in C-UAS and critical-infrastructure protection, leveraging OSL’s operational excellence and Terma’s technology base and global reach to deliver fast, reliable, and scalable solutions across civilian and defense sectors. MW&L Capital Partners acted as exclusive financial advisor and Kromann Reumert, Addleshaw Goddard and Deloitte acted as legal- and tax-advisors to Terma. Cavendish acted as exclusive financial advisor to OSL with Bird & Bird acting as legal advisor.

 

26 Nov 25. Fairbanks Morse Defense to Acquire Truflo Marine from IMI. Expanded valve and actuator design and manufacturing capabilities further expand FMD offerings and global customer base. Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management, has entered into an agreement with IMI plc, to acquire its Birmingham, UK-based Truflo Marine business. This strategic acquisition significantly enhances the company’s valve design, engineering, and manufacturing capabilities and strengthens its ability to support allied naval submarine and surface vessels around the world.

“Adding Truflo Marine’s advanced valve capabilities to our portfolio will allow us to bring the best solutions to our customers,” said Steve Pykett, CEO of Fairbanks Morse Defense. “Truflo Marine’s suite of highly-engineered products, including their exceptional hull valves, perfectly complements our existing capabilities.  The result is an unmatched combination to ensure operational readiness of our customers. Truflo Marine’s products have ensured the integrity and survivability of submarines and their crews for decades. We are proud to welcome the Birmingham team to the FMD family as we continue to invest in world-class technology and talent to support navies around the world.”

Truflo is a recognized leader in advanced valve design and control solutions for mission-critical naval systems. Its portfolio includes a robust suite of intellectual property and high-performance valve designs currently in service on more than 34 allied navies worldwide.  The acquisition includes Truflo’s Birmingham UK facility and approximately 270 employees, further increasing FMD’s operational footprint. This expanded engineering and manufacturing base enhances FMD’s capacity to deliver high-performance components that advance fleet readiness.

“This acquisition represents another strategic investment to reinforce our international and domestic capabilities,” Pykett added. “By combining Truflo’s design expertise with FMD’s manufacturing and service network, we are better positioned to deliver integrated valve solutions that meet the evolving needs of today’s allied naval forces.”

This sale is subject to customary closing conditions, including regulatory review and approval. (Source: ASD Network)

 

25 Nov 25. Accelerating its global leadership in the production of metal powder and alloy additions, 6K Additive today announced the Export-Import Bank of the United States (EXIM) has approved a USD27.41m financing package for 6K Additive. This strategic funding bolsters domestic production of metal powder for additive manufacturing and traditional powder metallurgical processes used in component production for defense, hypersonic, nuclear and other critical applications used by the Department of War (DoW) and its supply chain partners, along with commercial organizations.  It is intended that the planned expansion will scale 6K Additive’s powder capacity in Burgettstown, PA, from 200 metric tons to over 1,000 metric tons per year. The EXIM loan complements 6K Additive’s USD$23.4m Defense Production Act grant award in supporting the Pennsylvania plant expansion.

“We are experiencing growth in demand for our refractory, titanium and nickel powders for additive manufacturing, and the EXIM financing supports scaling to meet this growth by expanding our state-of-the-art powder and alloy footprints. We also intend to expand our product offerings with ingot production for forging and castings,” said 6K Additive CEO Frank Roberts. “Key to our success is our talented employee team. The EXIM loan supports hiring the very best engineers, operators and support staff to significantly grow the organization to meet anticipated market demand over the next 3-5 years.”

“This expansion is proof that American manufacturing is innovating and growing,” said EXIM Chairman John Jovanovic. “My first Board action is about rebuilding America’s industrial base, securing critical supply chains, and making sure America leads in the industries of the future. Partnering with the Department of War on this effort underscores EXIM’s role as an economic tool to effectuate President Trump’s agenda for revitalizing our domestic manufacturing and bringing supply chain security to America.”

“This U.S. Export-Import Bank loan will scale domestic production capacity for advanced metals needed for defense applications and strategic economic sectors,” said the Honorable Michael Cadenazzi, the Assistant Secretary of War for Industrial Base Policy. “This loan also builds upon the Department of War’s 2023 Defense Production Act Title III investment in 6K Additive and exemplifies the whole-of-government approach to building and scaling critical mineral capabilities.”

[1] Approximately AUD42.15 m based on AUD1.00:USD0.65 exchange rate

The Make More in America Initiative (MMIA) is a comprehensive federal program launched by the Export-Import Bank of the United States in April 2021 with an initial $3 bn allocation. Designed as a cornerstone of America’s industrial strategy, the MMIA works to strengthen domestic manufacturing capacity, secure critical supply chains, and enhance U.S. competitiveness in strategic sectors. EXIM evaluates MMIA applications based on their potential to strengthen supply chain resilience, create sustainable jobs, and align with broader national security priorities. Like all EXIM loans once approved, 6K Additive’s loan is subject to mutually agreed upon and fully executed loan documentation and satisfaction of condition precedent which is expected to be finalized in the next 90 days. In line with the MMIA initiative, the expansion is expected to generate 50 new skilled positions in engineering, technical operations, and administrative roles. These jobs will provide opportunities for residents while attracting specialized talent to the region. 6K Additive offers a full suite of premium metal and alloy powders including nickel, titanium, and refractory metals such as tungsten, niobium, and rhenium that are all sought after materials for the US DoW’s defense and hypersonic missile production. 6K Additive utilizes the award-winning UniMelt® production-scale microwave plasma process which precisely spheroidizes metal powders while controlling the chemistry and porosity of the final product with zero contamination and high-throughput. Companies interested in working with 6K Additive regarding their specific powder requirements are encouraged to visit 6K Additive’s website at 6KAdditive.com.

 

26 Nov 25. EOS announces settlement of ASIC investigation into 2022 revenue guidance. Industry. Australian defence company Electro Optic Systems has announced the settlement of an investigation initiated by the national financial regulator Australian Securities and Investments Commission. The settlement, announced on 26 November, includes an agreed proposed penalty of $4m for the approval of the Federal Court after ASIC investigated disclosure matters in 2022 and the company’s 2022 revenue guidance. ASIC has alleged that between May and June 2022, EOS issued earnings guidance to the ASX that it expected its 2022 revenue to equal or exceed $212.3m; however, by 25 July 2022, EOS became aware that its 2022 revenue was likely to be $164m with a possibility of an additional $27m. The company then did not disclose that information for 14 weeks, until 31 October 2022.

“Providing accurate and timely earnings guidance to investors is a core obligation of listed entities and vital to properly informed decision making in our public markets,” ASIC chair Joe Longo said.

“EOS has accepted that it failed to correct its guidance when it became aware that its annual revenue forecast was overstated by tens of ms of dollars.

“Continuous disclosure of market-sensitive information is fundamental to upholding market integrity and supporting a fair and efficient financial system.”

EOS has now reportedly admitted to breaching its continuous disclosure obligations by failing to disclose to the ASX a materially significant decline worth tens of ms of dollars in its 2022 annual revenue forecasts.

ASIC and EOS will ask the Federal Court to impose a $4 m penalty, which reflects the seriousness of the contravention while considering EOS’ ongoing cooperation with ASIC’s investigation and its early admission of liability. The penalty is subject to consideration and approval by the Federal Court.

ASIC will seek declarations of contravention. It is a matter for the court to determine whether the penalties are appropriate and to make other orders.

EOS has stated that it accepts ASIC’s conclusion that it breached its continuous disclosure obligations in the period from 25 July 2022 to 31 October 2022.

EOS supports the declarations and penalty sought by ASIC and recognises the importance of meeting its continuous disclosure obligations, according to Garry Hounsell, chair of the company.

“This outcome represents a constructive resolution with ASIC that allows the business to move forward with clarity, removing the potential of protracted litigation on the matter,” he said.

“We believe this outcome is in the best interests of the company and its shareholders. Since late 2022, we have made significant progress in strengthening our business and remain committed to best-practice and transparent communication.

“As we look to the future, we are well-positioned to execute our strategic priorities and deliver long-term value for our shareholders.”

In addition, ASIC has separately commenced separate proceedings against the former CEO and director of EOS, Dr Ben Greene, for allegedly breaching his director’s duties. ASIC has alleged that Greene breached his director’s duties in relation to EOS’ failure to disclose changes to its 2022 revenue guidance to the market. ASIC alleges Greene failed to exercise care and diligence in his consideration of material downgrades worth tens of ms of dollars to the space, communications and defence systems manufacturer’s 2022 revenue forecasts. Between May and June 2022, EOS issued earnings guidance to the ASX that it expected its 2022 revenue to equal or exceed $212.3m. By 25 July 2022, ASIC alleges that Greene knew or should have known that the company’s 2022 revenue was likely to be substantially less than the amount and that EOS was required to disclose an earnings update to the ASX. Despite this, ASIC alleges Greene failed to adequately inform the board of EOS and voted in favour of EOS board resolutions deferring the disclosure.

“Directors are required to exercise care and diligence in their roles, especially when they are made aware of material changes to financial information and in consideration of continuous disclosures to the market,” Longo said.

“ASIC will allege that Dr Greene was aware of a material change in the company’s guidance but fell short in his consideration of these financials and EOS’ requirements to disclose them to the ASX.

“ASIC will not hesitate to act to uphold market integrity and support a fair and efficient financial system for all Australians in our public markets.”

ASIC will seek civil penalties, disqualification orders and declarations against Greene. (Source: Defence Connect)

 

25 Nov 25. France’s Safran expects annual India revenue to triple to more than $3.4bn by 2030. French aerospace group Safran (SAF.PA) said on Wednesday it expects annual revenue from India, the world’s fastest growing aviation market, to triple to more than 3bn euros ($3.48bn) by 2030. Half of that revenue will be generated by facilities within the country, Safran CEO Olivier Andries said in a statement, as the company inaugurated a maintenance, repair, overhaul (MRO) shop for LEAP engines in the southern Indian city of Hyderabad. The company invested 200 m euros in the facility, which is expected to be operational next year. Safran, which co-produces LEAP engines with GE Aerospace (GE.N) through their CFM International venture, reported 27.32bn euros in revenue in 2024. The LEAP-1A competes with Pratt & Whitney to power the Airbus A320neo, while the LEAP-1B is the sole engine on the Boeing 737 MAX. Addressing the inauguration, India’s Prime Minister Narendra Modi said he had met with the Safran board. He asked the company to explore setting up aircraft engine and component design facilities in the country, amid a broader push by his government to make India an aviation hub. (Source: Reuters)

 

21 Nov 25. Moog Inc. (NYSE: MOG.A and MOG.B), a worldwide designer, manufacturer and systems integrator of high-performance precision motion and fluid controls and control systems, today reported record fiscal fourth quarter 2025 results and another year of outstanding performance. The results highlight continued progress against the company’s long-term financial objectives.

“We finished fiscal 2025 with an exceptional fourth quarter performance, achieving record financial results,” said Pat Roche, CEO. “This performance capped an outstanding year of delivering for our customers and driving continuous operational improvements. The momentum reflects our strategy in action across the business, and positions us to deliver continued value creation.”

Quarter Highlights

  • Quarterly records set for sales, adjusted operating margin, both earnings per share figures and free cash flow.
  • Sales increased to over $1bn, driven by record sales in each of the Space and Defense, Military Aircraft and Commercial Aircraft segments.
  • Operating margin improved, reflecting stronger financial performance and lower simplification charges.
  • Adjusted operating margin expanded, driven by operational strength, partially offset by tariff pressure.
  • Diluted net earnings per share increased, benefiting from incremental profit from higher sales and lower simplification charges.
  • Adjusted diluted net earnings per share increased, benefiting from incremental profit from higher sales.
  • Record free cash flow driven by customer advances.

Year Highlights

  • Record net sales reflect higher demand across the aerospace and defense portfolio.
  • Twelve-month backlog increased 20%, reaching a record $3.0 bn.
  • Operating margin and adjusted operating margin improved, both driven by stronger financial performance, partially offset by tariffs and last year’s benefit from the Employee Retention Credit (ERC).
  • Diluted net earnings per share and adjusted diluted net earnings per share increased, both driven by incremental profit from higher sales and expanded operating margin.

Quarter Results

Sales in the fourth quarter of 2025 increased in all of the segments compared to the fourth quarter of 2024, driven by records in Commercial Aircraft, Space and Defense and Military Aircraft. Commercial Aircraft sales increased 27% to $252 m, driven by volume on major production programs and aftermarket associated with strong fleet utilization of the 787 and A350 programs. Space and Defense sales increased 17% to $307m, reflecting broad-based demand across the defense portfolio, including missile controls and satellite components. Military Aircraft sales increased 10% to $236m, driven by higher activity associated with the MV-75 program and by incremental pricing, primarily within aftermarket. Industrial sales increased 5% to $253m as demand for medical devices and data center cooling pumps increased.

Operating margin in the fourth quarter of 2025 increased 180 basis points to 11.9% compared to the fourth quarter of 2024, reflecting stronger performance and lower simplification charges. Industrial operating margin increased 860 basis points to 12.7%, reflecting both higher simplification charges incurred in the prior year, and the resulting current year benefits, partially offset by tariff pressure. Military Aircraft operating margin increased 210 basis points to 14.0%, driven by pricing activities as well as a favorable sales mix. Space and Defense operating margin was 10.2%, essentially flat year over year, as profitable sales growth was largely offset by charges associated with the settlement of a legal dispute. Commercial Aircraft operating margin decreased 400 basis points to 11.4%, primarily due to tariff pressure and an unfavorable sales mix.

Adjusted operating margin in the fourth quarter of 2025 increased 20 basis points to 13.7% compared to the fourth quarter of 2024. Military Aircraft adjusted operating margin increased 210 basis points to 14.1%, driven by pricing activities as well as a favorable sales mix. Space and Defense adjusted operating margin increased 190 basis points to 15.1%, driven by profitable sales growth, partially offset by investments in product development, business capture and operational readiness. Industrial adjusted operating margin increased 70 basis points to 13.9%, as a favorable sales mix and simplification initiatives more than offset tariff pressure. Commercial Aircraft adjusted operating margin decreased 440 basis points to 11.4%, primarily due to tariff pressure and an unfavorable sales mix.

Free cash flow for the quarter was a record $199 m, driven by strong cash generation from changes in working capital, in particular cash generated from customer advances. Capital expenditures were $42 m, reflecting continued investment in manufacturing operations.

Year Results

Sales for fiscal 2025 increased 7% compared to fiscal 2024, reflecting record sales in each of the Commercial Aircraft, Space and Defense and Military Aircraft segments. Commercial Aircraft sales increased 15% to $904 m, due to strong aftermarket demand and the ongoing widebody production ramps. Space and Defense sales increased 9% to $1.1 bn, driven by continued broad-based defense demand across the portfolio. Military Aircraft sales increased 9% to $888 m, driven by higher activity for the MV-75 and new production programs. Industrial sales decreased 4% to $956 m, due to divestitures completed at the beginning of the fiscal year.

Operating margin for fiscal 2025 increased 40 basis points to 11.6% compared to fiscal 2024, due to stronger financial performance across all of the segments. The increases were partially offset by tariffs, primarily in Commercial Aircraft and Industrial, and by last year’s ERC benefit. Industrial operating margin increased 190 basis points to 11.3%, driven by the benefit of simplification initiatives. Military Aircraft operating margin increased 60 basis points to 11.1%, driven by stronger business performance and pricing benefits, partially offset by the gain from the sale of a mature product line. Space and Defense operating margin decreased 70 basis points to 11.8% due to last year’s ERC benefit. Commercial Aircraft operating margin decreased 10 basis points to 12.4%, driven by pressure associated with tariffs, offset by the sale of a non-core product line as part of the portfolio shaping activities.

Record adjusted operating margin for fiscal 2025 increased 30 basis points to 13.0% compared to fiscal 2024, reflecting stronger financial performance across all of the segments. Industrial adjusted operating margin increased 80 basis points to 13.5%, due to the benefit from simplification initiatives, partially offset by tariff pressure. Military Aircraft adjusted operating margin increased 40 basis points to 12.3%, driven by stronger business performance and pricing benefits. Space and Defense adjusted operating margin increased 20 basis points to 13.5%, supported by profitable sales growth, partially offset by last year’s ERC benefit and this year’s investments to support growth. Commercial Aircraft adjusted operating margin decreased 30 basis points to 12.4%, reflecting tariff pressure, partially offset by a non-core product line sale.

Free cash flow for the year was $128m, reflecting business investments to support the record level of sales, including capital expenditures and within working capital.

Fiscal 2026 Financial Guidance

“Fiscal year 2026 will be another great year in which we continue to build our financial strength,” said Jennifer Walter, CFO. “We will achieve a record level of sales, further expand our operating margin and make meaningful progress towards generating strong free cash flow.”

Operating margin and adjusted operating margin for fiscal 2025 included approximately 50 basis points of tariff pressure. Operating margin and adjusted operating margin for fiscal 2026 is forecasted to include 80 basis points of tariff pressure. (Source: BUSINESS WIRE)

 

17 Nov 25. Hughes doesn’t have funding to cover the next 12 months activity. Hughes Satellite Systems owned by EchoStar admitted it doesn’t have enough money now to cover its next 12-months activity and says one option is to declare Chapter 11 bankruptcy. The company’s obligations include $1.5bn (€1.29bn) borrowing obligation to repay in August, Hughes has a declining asset in the form of 783,000 subscribers to its Jupiter 3 Ka-band satellite, launched in December 2023. Jupiter 3, also known as EchoStar 24, is owned by EchoStar and Hughes pays EchoStar $190m annually to lease its capacity. The costs emerged in a SEC filing made by Hughes on November 14. Recent filing reveals that as a result of the recent $17bn sale of spectrum by EchoStar to SpaceX there is an obligation to refer existing HughesNet subscribers and customers to SpaceX’s Starlink. There are also options for SpaceX to acquire satellites and regulatory assets from Hughes and EchoStar.

“Because the SpaceX Transactions […] are signed at our parent and/or its subsidiaries, we do not expect completion of the SpaceX Transactions to resolve our going concern qualification,” Hughes noted “In addition, our parent, EchoStar, may not provide additional liquidity in the future necessary to meet our obligations as they come due.”

“Because we do not currently have the necessary cash on hand and/or projected future cash flows or committed financing to fund our obligations, including our debt maturities, for at least twelve months, substantial doubt exists about our ability to continue as a going concern,” added Hughes.

While Hughes currently has $119m in cash and other receivable assets but $1.5bn in debt that matures in August 2026. Hughes, in its SEC filing, says it can no longer rely on EchoStar’s cash to aid its own liquidity problems. (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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