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04 Dec 25. Greenbriar Equity Group, L.P. (“Greenbriar”) is announcing the formation of Applied Aerospace & Defense (“AA&D”), an enduring platform focused on empowering mission success for leading space and defense technology companies by rapidly developing and providing highly engineered hardware that performs when it matters most. An innovative leader in design and materials engineering, Applied Aerospace & Defense brings decades of advanced manufacturing excellence to the delivery of complex, mission-critical hardware and systems for aircraft, rotorcraft, satellites, launch vehicles, and missile-defense applications. AA&D was created through the transformational combination of Applied Aerospace and PCX Aerosystems, two well-established suppliers with a nationwide network of highly specialized, purpose-built facilities. AA&D supports a balanced mix of next-generation technology and platform development, large scale production programs, and aftermarket sustainment for long-life platforms with massive installed bases. Terms of the transaction were not disclosed.
Applied Aerospace & Defense brings together over 120 years of mission-critical engineering and manufacturing expertise, a combined workforce of more than 1,300 professionals, and approximately 1.3 million square feet of engineering, advanced manufacturing, and integration facilities across nine U.S. locations. Operations span complementary capabilities in metallic, composite, and polymer manufacturing for critical systems that must reliably perform under the extremes of aviation, spaceflight, and maritime environments.
“We’re proud to be partnering with Applied Aerospace & Defense as it expands critical U.S. capabilities in support of priority defense and space programs,” said Noah Blitzer, Managing Director at Greenbriar. “This combination underscores Greenbriar’s focus on building market-leading, disruptive aerospace and defense platforms positioned for long-term growth, while strengthening supply-chain reliability and resilience across the domestic industrial base.”
“Greenbriar’s long-term commitment to aerospace and defense, and their experience building scaled, differentiated manufacturing platforms make them the ideal partner to bring Applied Aerospace and PCX together,” said Trip Ferguson, the newly appointed Chief Executive Officer of Applied Aerospace & Defense. “With Greenbriar’s support, we are investing behind our people, facilities, and capabilities to provide even greater capacity, reliability, and value to our customers across critical defense, space and aviation programs.”
The formation of Applied Aerospace & Defense comes at a time of disruptive technology innovation and record demand for manufacturing excellence within the U.S. industrial base across aircraft, rotorcraft, unmanned systems, missile defense, and commercial space. By combining the capabilities and talent of both companies into a unified and cohesive platform, Applied Aerospace & Defense aims to provide its customers with access to a unique combination of qualified processes, advanced manufacturing capacity, expansive and proprietary subject matter and technology expertise, and a long-term approach to agile and responsive supply chain partnership.
Kirkland & Ellis LLP served as legal counsel, Lincoln International served as financial advisor to Applied Aerospace, and Perella Weinberg Partners served as financial advisor to PCX Aerosystems.
About Applied Aerospace & Defense
Applied Aerospace & Defense is a transformational supplier with a proven heritage delivering highly engineered solutions for military, commercial and scientific applications to blue-chip customers across markets. Operations include complementary capabilities in metal, composite, and polymer manufacturing for systems that must perform under the extremes of aviation, spaceflight, and maritime environments. Applied Aerospace & Defense has been routinely recognized for supplier excellence by longstanding customers including Northrop Grumman, RTX, Lockheed Martin, BAE Systems (Ball Aerospace) and more, supporting its critical partner positions delivering mission-critical components and complex assemblies for the most important current and next-generation platforms across the aircraft, space and defense ecosystems. The U.S. owned Company is strategically positioned with IP-enabled, vertically integrated capabilities across a combined workforce of more than 1,300 professionals, and approximately 1.3 million square feet of production space across the U.S.
About Greenbriar
Greenbriar is a middle market private equity firm with 20+ years of experience investing in market-leading services and manufacturing businesses. With $10+ billion of cumulative capital commitments, its investment strategy targets businesses led by experienced management teams capitalizing on strong long-term growth prospects that can benefit from Greenbriar’s deep sectoral expertise, strategic insight, and operating capabilities. For more information, please visit greenbriar.com. (Source: BUSINESS WIRE)
03 Dec 25. Red River, a technology transformation company specializing in AI-driven cybersecurity and IT modernization solutions for government and enterprise customers, today announced it has acquired Invictus, a mission-focused national security services provider. Invictus will operate as “Invictus, a Red River Company.”
Invictus is a trusted mission partner with elite cyber, intelligence and enterprise modernization capabilities. With its established platform and experienced team, the company serves as the lead integrator for the Defense Intelligence Agency’s multi-year modernization of the Joint Worldwide Intelligence Communications System environment. As the prime contractor, Invictus is working to enhance cybersecurity, resilience and global mission support across the global infrastructure. Invictus also supports missions at MARFORCYBER, STRATCOM, INSCOM and other federal organizations.
The acquisition strengthens Red River’s Government Technology Systems (GTS) business unit, an innovative, agile, non-traditional government contractor of mission-based programs, and expands the company’s ability to support highly sensitive missions across the Department of War (DoW), Intelligence Community (IC) and federal civilian agencies.
“Invictus is one of the most respected mission partners in the national security community. Their deep cyber and intelligence expertise, experienced team, and track record supporting some of the government’s most critical programs make them an ideal complement to Red River,” said Anthony Christie, CEO of Red River. “Together, we are creating a scaled, mission-aligned platform capable of delivering secure, AI-enabled modernization where it matters most.”
Invictus will maintain its existing leadership team and commitments to its customers while gaining access to Red River’s expanded engineering resources, secure federal supply chain, OEM ecosystem and end-to-end delivery capabilities—spanning design, procurement, financial services, integration, implementation and managed services.
“We are excited to join Red River and continue our mission under a company that deeply respects national security, invests strategically in its capabilities and shares our commitment to customers and people,” said Jim Kelly, CEO of Invictus. “Joining forces with Red River expands the resources available to our teams while preserving the values, leadership and mission-focus that define Invictus.”
KippsDeSanto & Co. served as financial advisor and Morgan, Lewis and Bockius LLP served as legal advisor to Red River. Baird served as financial advisor and Miles & Stockbridge served as legal advisor to Invictus.
About Red River
Red River brings together the ideal combination of talent, partners and products to disrupt the status quo in technology and drive success for business and government in ways previously unattainable. Red River serves organizations well beyond traditional technology integration, bringing more than 25 years of experience and mission-critical expertise in managed services, AI, cybersecurity, modern infrastructure, collaboration and cloud solutions. Learn more at redriver.com.
About Invictus, a Red River Company
Invictus is a leading provider of technology services for national security systems. Invictus provides enterprise level engineering and operations support to national security systems to include advanced technologies, infrastructure and communications modernization support, cyber threat vulnerability assessments and mitigation strategies. Invictus provides applied research and development at our corporate cyber lab which focuses on integrating new technologies and research that advance the capabilities of cyber mission forces. Learn more at www.InvictusIC.com (Source: BUSINESS WIRE)
04 Dec 25. Sky Spy, a technology company developing compact signal intelligence (SIGINT) systems for contested and congested environments, has raised $1.6m in an oversubscribed pre-seed round to go-to-market, launch production and expand its team to deliver fully autonomous AI-driven systems. Sky Spy was founded to address a critical gap in SIGINT in today’s saturated signal environments. Lessons from the war in Ukraine have highlighted that forces contend with thousands of civilian, commercial, and military transmitters. In practice, many units have been forced to lean on visual intelligence due to the failure of traditional ground and airborne SIGINT to deliver reliable, timely results in dense, contested environments – leading to 80% of small, high-priority targets being missed.
The announcement follows the successful frontline validation of Sky Spy’s first product, Agent 001, conducted with active military units in Ukraine, where the system proved its ability to detect and geolocate hostile emitters – including UAS control stations and jammers – in one of the world’s most saturated and contested electromagnetic environments. Soldiers described Agent 001 as the first solution of its kind that has proven its capability in live combat situations.
Founded by a Ukraine-origin team, and now operating across the US and EU countries, Sky Spy’s multinational team combines technical expertise with operational experience from active combat zones.
“Sky Spy was built by people who’ve seen how unreliable intelligence costs lives,” said Arsenii Hurtavtsov, CEO of Sky Spy. “Our mission is simple: to give forces real-time awareness in the spectrum – because the side that dominates the spectrum dominates the war.”
Sky Spy’s flagship payload, Agent 001, turns small drones into autonomous spectrum hunters by combining RF intelligence with visual confirmation. Weighing just over 500 grams, it detects, classifies, and localises radio emitters in real time – providing actionable intelligence in environments where legacy systems fail. The system uses proprietary filtering algorithms, custom RF hardware, and unique combat data to deliver market-leading precision even under jamming and GPS-denied conditions.
Unlike existing systems designed for large aircraft or static networks, Agent 001 runs its full signal-processing pipeline onboard, allowing immediate response without external compute. It integrates seamlessly with any existing COP/C2 infrastructure at a fraction of the price of legacy SIGINT platforms.
Sky Spy has already attracted the attention of several world-leading UAS producers and is in the process of integrating its technology into next-generation tactical ISR platforms, introducing a new capability and data layer for intelligence operations. The company is carefully selecting its first partners to deploy the system at scale.
The pre-seed round was co-led by Expeditions Fund and Superangel, joined by Freedom Fund, Sunfish Partners, Crosscourt Ventures, and Material Ventures.
Andrzej Rościszewski, Investment Associate at Expeditions Fund said: “We were looking for a while to find a product that could radically improve signal intelligence in contested environments. Sky Spy’s initial product, trained on battlefield electromagnetic data, offers an attritable, airborne radio-reconnaissance platform, which aims to solve one of the most pressing problems in today’s battlefield. The team is highly motivated, brings strong credentials from their prior work on C2 systems, and has already validated their solution with end users. We look forward to supporting their international expansion.”
Jaan Kokk, Senior Associate at Superangel said: “From the first meeting, Sky Spy impressed us with their deep technical talent and real operational insight. Their work aligns with the growing need across Europe and NATO for practical, rapidly deployable sensing capabilities. We believe they have the rare ability to move fast, solve hard problems, and deliver capabilities that work where it matters.”
About Sky Spy
Sky Spy develops a new generation of smart portable SIGINT systems for contested environments. Agent 001, our flagship, battlefield-proven payload turns drones into radio spectrum hunters, allowing users to detect, classify and geolocate hostile emitter threats in real time. Built by a team of founders from Ukraine, and now operating across the US and Europe, Sky Spy gives clients real-time actionable intelligence in saturated signal environments where legacy systems fail. Using proprietary filtering algorithms, custom RF hardware, unique combat data, and advanced direction-finding methods, we achieve the highest precision in the smallest form factor ever created.
For more information, visit: https://www.skyspy.ai/
About Superangel
Superangel is a leading early-stage venture capital fund based in Tallinn, Estonia, with offices in Sweden and the UK, investing across the Baltics, Nordics, and UK. The firm backs pre-seed and seed-stage technology companies with both capital and hands-on founder support. Its focus areas include deep tech, AI, robotics, energy, and next-generation infrastructure. Since 2013, Superangel team has invested in more than 100 startups, including globally recognized successes such as Bolt, Veriff, and Pipedrive. The fund continues to expand its portfolio through its latest investment vehicles, supported by leading institutional investors and key partners committed to strengthening Europe’s security and technological edge.
To learn more, please visit: https://superangel.io/
About Expeditions Fund
Expeditions is a leading early-stage investor in the future of European security. Founded in 2021 by a team of early researchers and pioneers in the future of warfare, Expeditions invests in leading startups at the intersection of security and deep tech. It is a champion for innovation in these crucial sectors, breaking down institutional resistance and driving the policy changes that will enable exceptional European founders to succeed.
For more information, visit: https://expeditionsfund.com/
04 Dec 25. 6K Additive, a global leader in advanced metal powders and alloy additions, today announced the successful completion of its IPO on the Australian Stock Exchange (ASX), raising A$48m at an offer price of A$1.00 per CDI (Offer Price). At the Offer Price, 6K Additive has an initial market capitalization of approximately A$267m and an enterprise value of approximately A$206m. The Company’s CDIs will trade on ASX under the ticker symbol 6KA. The IPO attracted strong support from a range of new institutional, family office and sophisticated investors in Australia and overseas, together with existing shareholders. Trusted by leading organizations across aerospace, defense, space, medical, energy, and automotive sectors, 6K Additive plans to use the newly secured capital to support its expansion plan to better serve its growing customer base and broaden its product offerings.
Highlights:
• 6K Additive, Inc. (6K Additive or the Company) commences trading on the ASX under ticker symbol ‘6KA’.
• Well-supported Initial Public Offering (IPO) which raised A$48m at an Offer Price of A$1.00 per CHESS Depositary Interest (CDIs), resulting in a market capitalisation based on the Offer Price of A$267m and an enterprise value of A$206m.
• The current Burgettstown expansion plan, as detailed under the Company’s DPA Title III Grant, is fully funded following the IPO raise, with the potential to facilitate a 5x increase in powder production, site consolidation, and the addition of ingot melt capability.
• The Company’s US$27.4m loan from the EXIM Loan in partnership with the United States Department of War approval announced last week provides flexibility for additional growth initiatives beyond the current expansion plan.
• The Company continues to experience strong demand for its premium metal powders and is supporting this growth through higher production volumes and improved operational performance.
• 6KA will host an Investor Webinar tomorrow Friday, 5 December 2025 at 11.30am Sydney time to provide an overview of the Company and discuss recent achievements.
Expansion plan
The combination of IPO proceeds and a US$23.4m grant from the US Department of War’s Defense Production Act Title III enables 6K Additive to scale its metal-powder production capacity to over five times its current output, from ~200 metric tons to 1,000 metric tons, and initiate commercial ingot production capability. Construction is already underway at the Company’s 45-acre global headquarters in Burgettstown, PA. Plans include expanding the existing powder-production operations with space for up to ten additional UniMelt® systems, adding new structures for feedstock preparation, melting operations for ingots, and building a dedicated refractory production facility.
Newly Secured EXIM Loan
The IPO comes on the heels of 6K Additive’s recent media release of the approval of a US$27.4m Export-Import Bank low-cost long-term loan facility (EXIM Loan). The EXIM Loan builds upon the DPA Title III Grant of US$23.4m to finance the construction of four new buildings and the acquisition of advanced equipment to produce titanium, nickel powders and alloy additions.
With the combination of IPO proceeds, the DPA Title III Grant, and the new EXIM Loan, 6K Additive is well-capitalised to:
• Complete its near-term capacity expansion program at its global headquarters campus in Burgettstown, PA on schedule;
• Invest in additional UniMelt® plasma systems and downstream processing equipment to significantly scale titanium and high-performance nickel alloy powder production; and
• Pursue strategic growth opportunities with key clients in the aerospace, defence, energy, and industrial sectors.
Sales Pipeline Grows to US$240m
6K Additive’s sales pipeline has expanded to US$240m as at end of November 2025, marking a US$10m increase over the past two months. This growth highlights the strong demand for 6K Additive’s premium metal powders. As demand is expected to continue to grow, 6K Additive remains committed to scaling production and optimizing operating metrics to deliver exceptional value to its customers and partners.
“The IPO and resulting capital fast-track the realization of our vision and achieve the scale with attractive unit economics and unique material breadth required by customers in defense, aerospace, energy, and medical markets,” said Frank Roberts, CEO and Managing Director of 6K Additive. “As a strategic supplier to the U.S. Department of War and its Tier-1 contractors, our products, production processes and technology have been qualified in their supply chains, reinforcing these relationships. This growth enables a domestic supply of critical materials for applications such as hypersonics, nuclear fusion, medical implants, and rocket-engine development.”
David Seldin, 6K Additive Chairman of the Board and Managing Partner of Anzu Partners commented, “As an institutional investor in 6K Additive from its inception, I witnessed this organisation grow to the leading domestic provider of metal powders and alloy additions. The breadth and quality of 6K Additive’s products, the trusted relationship with the US Department of War and the dedicated employee talent, underscores the potential this organization has in the coming 3-5 years.”
03 Dec 25. Electra.aero, Inc. (Electra) today announced the launch of “Electra Defense”, a new business unit focused on meeting defense mission needs, as the company develops the EL9, a dual-use, nine-passenger hybrid-electric ultra-short takeoff and landing (ultra-STOL) aircraft for the U.S. Military.
With the ability to take off and land in spaces as short as 150 feet, Electra’s EL9 enables access to helicopter-sized areas in austere or remote environments while maintaining the safety, cost, and long-range benefits of a fixed-wing aircraft.
The Electra EL9’s ability to access austere locations, carry 1,000 lbs. over 1,000 nautical miles, and generate 600 kW of expeditionary power represents next-generation capabilities for mobility and special operations forces.
The launch of Electra Defense builds on growing global market demand from militaries for long-range, runway-independent solutions to execute distributed operations and alleviate demand on larger airlift assets like the C-17 and C-130. The EL9’s ability to access austere locations, carry 1,000 lbs. over 1,000 nautical miles, and generate 600 kW of expeditionary power represents next-generation capabilities for mobility and special operations forces.
“The military can no longer solely rely on trucks or helicopters to conduct logistics missions over long distances, and we need to preserve the efficiency of existing airlift assets. The multi-mission ultra-STOL EL9 is the sprinter van of the skies, enabling the military to execute agile combat employment to deliver people, power, and payloads at the last tactical leg,” said Donn Yates, Vice President & General Manager of Electra Defense. “We look forward to continuing our work with our government partners to deliver this aircraft ahead of the threat.”
The new business unit follows the successful execution of government directed test events with the U.S. Air Force at the Air Force Research Laboratory’s (AFRL) Future Flag 25-3 test event in September, where Electra’s EL2 prototype aircraft executed an operational scenario with command and control of logistics assets, conducted a quiet ultra-short takeoff and landing, and powered up an MQ-9 Reaper UAV to demonstrate agile combat deployment capabilities. The test events followed the June announcement of a memorandum of understanding between Electra and Lockheed Martin Skunk Works® to accelerate commercialization of the EL9 and explore global opportunities for programs of record.
Defense Missions Powered by the EL9
The EL9’s novel ultra-STOL capabilities leverage Electra’s technical leadership in hybrid-electric aviation and blown-lift aerodynamics.
The aircraft’s hybrid-electric architecture enables greater range, payload capacity, quieter acoustic signatures, and 600 kW of power generation, unlocking a wide variety of missions, including:
• Last Tactical Mile Logistics
• Sustainment Support for Agile Combat Employment (ACE)
• Ship to Shore Transport
• CASEVAC/Personnel Recovery
• Expeditionary Power/Command & Control (C2)
• Quiet Infil/Exfil for Special Operations Forces (SOF) Missions
• Maritime Patrol & Intelligence, Surveillance, and Reconnaissance (ISR)
“The EL9’s ability to take off and land from ships and runways as short as 150 ft mitigates the scarcity of available runways in contested environments. Should a conflict break out in the Indo-Pacific, long-range runway-independent airlift is needed to support ACE and counteract the inevitable targeting of runway infrastructure,” said General (Ret.) Doug Brown, Co-Chair, Electra Advisory Board.
Existing Government Partnerships
The recently completed government-directed tests with the U.S. Air Force at Future Flag 25-3 marked the latest milestone under Electra’s $85 m Strategic Funding Increase (STRATFI) contract awarded by AFWERX to develop, test, and demonstrate hybrid-electric aircraft.
In addition, Electra continues to partner with the U.S. Army on a Small Business Innovation Research (SBIR) contract to advance the research and development of hybrid-electric powertrain, power, and propulsion systems (HEPPS). The partnership enables the U.S. Army to leverage Electra’s technical leadership in developing and testing hybrid-electric propulsion systems and evaluating its potential to improve the effectiveness of current and future Army aircraft platforms.
Dual-Use Capabilities on Display
Electra has been showcasing the real-world capabilities of its ultra-STOL takeoff and landing aircraft through nearly two years of successful flight demonstrations of its two-seat EL2 prototype. This year, Electra flew commercial demonstrations from novel airstrips, austere environments, and campus settings at Virginia Tech and commercial, off-runway demonstrations at Watertown International Airport and at Griffiss International Airport in upstate New York with the U.S. Air Force. These flights underscore the novel mission capabilities enabled by Electra’s ultra-STOL aircraft for both commercial and defense customers.
Electra plans to accelerate the development of aircraft for military customers, beginning flight testing of the EL9 in 2027. With over 2,200 provisional orders from over 60 commercial customers worldwide, Electra Defense leverages affordability and schedule benefits from the EL9’s dual-use economies of scale for production and sustainment. Its commercial order pipeline represents an industry leading $15 bn in aircraft value. To learn more about Electra Defense, visit https://www.electra.aero/defense.
About Electra
Electra.aero, Inc. (Electra) is an advanced aerospace company building hybrid-electric Ultra Short airplanes that achieve unprecedented performance advantages to fly people and cargo seamlessly without airports, emissions, or noise. With the EL9 Ultra Short, Electra is pioneering Direct Aviation, the next level of connectivity that brings air travel closer to where we live, work, and play. Electra’s Ultra Short technology delivers 2.5x the payload and 10x longer range with 70% lower operating costs than helicopters and eVTOLs, with significantly greater safety and far less certification risk.
Electra’s team includes some of the most respected and successful entrepreneurs and engineers in novel aircraft design, with over 40 prior aircraft successfully developed and/or certified. Lockheed Martin Ventures, Honeywell, and Safran are among Electra’s strategic investors, along with Prysm Capital, Statkraft Ventures (Norway’s sovereign fund), the Virginia Innovation Partnership Corporation (VIPC), and other private investors. Electra’s contracted customers include NASA, the U.S. Air Force, the U.S. Army, and the U.S. Navy, along with over 2,200 letters of intent from 60+ commercial customers, including both airlines and helicopter operators. (Source: PR Newswire)
03 Dec 25. Heven AeroTech Raises $100m in Series B, Reaching $1bn Valuation. Heven AeroTech, a pioneer in hydrogen-powered Unmanned Aerial Systems (UAS), has announced a $100m raise through a Series B round that values the company at $1bn.
The round is being led by strategic investor IonQ, a quantum computing company, alongside returning investors that include Texas Venture Partners.
Virginia-based Heven AeroTech, founded in 2019 with global operations, specializes in hydrogen fuel cell propulsion for extended-endurance aerial systems. Its flagship Z1 platform achieves flight times exceeding 10 hours and ranges of over 600 miles, delivering unprecedented operational capability for defense, public safety, and commercial missions.
The new investment will position Heven AeroTech to meet escalating demand from U.S. Special Operations Command, combatant commands, and allied forces for long-endurance, energy-independent UAS platforms.
“Reaching unicorn status validates not just our technology, but our execution,” said Bentzion Levinson, CEO and Founder of Heven AeroTech. “This capital will enable us to scale U.S. manufacturing capacity, accelerate quantum-enabled capabilities across our platform, and deliver long-endurance hydrogen-powered systems at the speed and volume our national security customers demand. We’re building for the battlefield of today and tomorrow.”
The new investment will be deployed across three strategic priorities, which align with observed demand from defence, public safety and commercial customers:
• U.S. Manufacturing: Expansion of domestic production infrastructure to meet surging customer demand and eliminate supply chain dependencies.
• Rapid Fielding: Buildout of hydrogen generation and logistics infrastructure to support persistent forward operations.
• Advanced Systems & Quantum Integration: Development of quantum-secure communications, alternative positioning and navigation systems for GPS-denied environments, and AI-powered autonomous operations.
The funding announcement comes on the heels of Heven’s strategic partnership with quantum computing leader IonQ. Leveraging this collaboration, Heven will immediately launch a new quantum-focused engineering division with an emphasis on integrating quantum computing capabilities directly into Heven’s platforms. This new division will significantly expand Heven’s product offerings to provide customers with superior, next-generation solutions for positioning, navigation, and timing (PNT) requirements in contested and degraded operating theaters, a critical need identified by the Pentagon following lessons learned from conflicts in Ukraine and Gaza.
About Heven AeroTech
Heven AeroTech, headquartered in Sterling, Virginia, specialises in the development and manufacturing of hydrogen fuel cell-powered, long-endurance aerial vehicles for defence and commercial applications, offering unparalleled flight range and operational resilience.
(Source: UAS VISION)
01 Dec 25. Heven AeroTech, a pioneer in hydrogen-powered Unmanned Aerial Systems (UAS), today announced a $100m raise through a Series B round that values the company at $1bn.
The round is being led by strategic investor IonQ (NYSE: IONQ), a leader in quantum computing, alongside returning investors that include Texas Venture Partners.
Virginia-based Heven AeroTech, founded in 2019 with global operations, specializes in hydrogen fuel cell propulsion for extended-endurance aerial systems. Its flagship Z1 platform achieves flight times exceeding 10 hours and ranges of over 600 miles, delivering unprecedented operational capability for defense, public safety, and commercial missions.
The new investment will position Heven AeroTech to meet escalating demand from U.S. Special Operations Command, combatant commands, and allied forces for long-endurance, energy-independent UAS platforms.
“Reaching unicorn status validates not just our technology, but our execution,” said Bentzion Levinson, CEO and Founder of Heven AeroTech. “This capital will enable us to scale U.S. manufacturing capacity, accelerate quantum-enabled capabilities across our platform, and deliver long-endurance hydrogen-powered systems at the speed and volume our national security customers demand. We’re building for the battlefield of today and tomorrow.”
The new investment will be deployed across three strategic priorities, which align with observed demand from defense, public safety and commercial customers:
• U.S. Manufacturing: Expansion of domestic production infrastructure to meet surging customer demand and eliminate supply chain dependencies.
• Rapid Fielding: Buildout of hydrogen generation and logistics infrastructure to support persistent forward operations.
• Advanced Systems & Quantum Integration: Development of quantum-secure communications, alternative positioning and navigation systems for GPS-denied environments, and AI-powered autonomous operations.
The funding announcement comes on the heels of Heven’s strategic partnership with quantum computing leader IonQ. Leveraging this collaboration, Heven will immediately launch a new quantum-focused engineering division with an emphasis on integrating quantum computing capabilities directly into Heven’s platforms. This new division will significantly expand Heven’s product offerings to provide customers with superior, next-generation solutions for positioning, navigation, and timing (PNT) requirements in contested and degraded operating theaters, a critical need identified by the Pentagon following lessons learned from conflicts in Ukraine and Gaza.
About Heven AeroTech
Heven AeroTech, headquartered in Sterling, Virginia, specializes in the development and manufacturing of hydrogen fuel cell-powered, long-endurance aerial vehicles for defense and commercial applications, offering unparalleled flight range and operational resilience.
(Source: PR Newswire)
01 Dec 25. Torque Capital Group today announced its acquisition of Joe Gibbs Manufacturing Solutions (“JGMS” or the “Company”) from Joe Gibbs Racing. The Company is a leading manufacturer of advanced specialty composites and assemblies for solid rocket motor (SRM) propulsion systems, as well as precision machined components for aerospace, space, defense and select racing applications.
Following the transaction, the Company will rebrand as JGA Space & Defense (“JGA”), reflecting its evolution from performance racing into a focused space and defense supplier. The new name underscores JGA’s commitment to precision, reliability and cutting-edge engineering in delivering critical products and components to the U.S. defense industrial base, including next-generation hypersonic rocket nozzles.
Torque and its principals will provide substantial financial and operational resources to support JGA’s growth. This investment will build on the Company’s track record of delivering highly engineered, high-performance solutions and mission-critical quality to its customer base which includes leading innovators in the space and defense markets.
As part of its growth strategy, JGA has secured approximately 60,000 square feet of modern manufacturing space in Huntersville, North Carolina. The Company expects to begin operations in the new facility in the first quarter of 2026, with an option to double the footprint to meet anticipated future demand. The expansion will increase production capabilities, add capacity for key customers and support job creation in the local community.
“This investment, expansion and rebranding represent an exciting new chapter for JGA Space & Defense,” said Jonathan Saltzman, Managing Partner of Torque Capital Group. “As growth-oriented entrepreneurs and operators, we are closely aligned with JGA’s legacy of precision, innovative engineering and excellence, and we are proud to support pivotal roles in the supply chains for both national security and space exploration. With an expanded facility, a growing team and additional manufacturing capabilities, we are well positioned to scale operations, drive innovation and deepen long-term customer partnerships in the space and defense industries.”
For more information about JGA Space & Defense, please visit www.JGASD.com. (Source: PR Newswire)
01 Dec 25. Solid State is back on track.
Simon Thompson: The group is winning new orders and a modest rating fails to reflect its traction
• First-half revenue up 38 per cent to £85.1m
• Adjusted operating margin improves from 5.1 to 6.5 per cent
• Underlying pre-tax profit almost doubled to £4.9m
• Closing order book up 14 per cent to £87.3m
• Forward PE ratio of 15.5 (2026) and 14.2 (2027)
• Prospective dividend yield of 1.9 per cent
Worcestershire-based value-added electronics group Solid State (SOLI: 147.5p) reported a first-half profit almost as large as for the whole of the previous financial year, albeit it is recovering from a low base.
That’s because a delayed order with Nato Support and Procurement Agency, the main service provider for Nato, was finally delivered, thus enabling £23.3m of revenue from defence and security shipments to be booked in its systems business (antennas, communication equipment and computing systems). Adjusting for “periodic communications programme revenue” and currency movements, underlying revenue increased by 3.6 per cent.
Importantly, the order book looks increasingly robust, having increased 14 per cent to £87.3m year-on-year, of which more than 60 per cent is scheduled for delivery in the second half to de-risk full-year revenue estimates (£145m). Furthermore, since the half-year end, the group has secured an initial order worth $10.8m (£8.2m) under Project CAIN, a major defence programme, for a UK Government end user. The order represents a significant milestone in Solid State’s strategy to deliver cutting-edge, mission-critical technologies to the UK’s armed forces and security community. Delivery of these initial systems is scheduled for the first half of 2026.
In addition, the group’s power division, Custom Power, has recently won several major orders with a total value of $7.4mn. These relate to the supply of specialist power packs for applications across unmanned aerial vehicles, maritime technologies, portable medical devices, industrial applications and the energy sector. In the US, Custom Power has secured repeat and new demand from both Tier 1 defence and customers in the air and maritime domains as well as commercial customers for advanced battery technologies used in autonomous vehicles. In the UK, follow-on orders have been secured from key customers in the medical device, industrial and energy sectors.
Earnings estimates de-risked
The current order book is now £97.4m, which helps to de-risk revenue expectations of £149mn for the 2026-27 financial year, too. Brokerages Cavendish and Zeus Capital pencil in 44 per cent growth in full-year pre-tax profit to £7.2m, rising to £8m the following financial year, to produce consensus earnings per share (EPS) of 9.5p and 10.4p. On this basis, the shares are rated on forward price/earnings (PE) ratios of 15.5 and 14.2, respectively, a 11 per cent discount to Solid State’s closest peer and a modest rating for a modestly leveraged business targeting growth markets.
Moreover, the board has identified a strong pipeline of acquisition opportunities to internationalise the group and replicate its established UK technology and expertise in new geographies. This is a lower-risk way of accelerating regional growth and a sensible strategy. Analysts anticipate current net debt of £7.1mn falling to £3.8-4.8m (March 2026) and £2.1-2.6m (March 2027), so the group has the funding available to make acquisitions. The projected deleveraging reflects cumulative free cash flow of £10m across the two financial years, a healthy sum in relation to the group’s market capitalisation of £84m.
The acquisition strategy aligns with the board’s goal to grow the underlying core business (normalised for the periodic revenue peaks associated with initial adoption of communications technology) and deliver earnings per share (EPS) of 20p by 2030. If the group succeeds in doubling EPS over the 2026-2030 forecast period, then the shares should re-rate well beyond Cavendish’s target price (253p), which is only based on earnings projections for next year and embeds a target PE ratio of 24.
So, with full-year earnings estimates de-risked, the group winning orders and the forward earnings multiple modest, it’s time to upgrade our previous hold recommendation (‘Add this small-cap defence stock to your watchlist’, 8 July 2025) to buy. (Source: Investors Chronicle)
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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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