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11 Dec 25. Comtech Telecommunications Corp. (NASDAQ: CMTL) (“Comtech” or the “Company”), a global communications technology leader, today reported financial results for its first quarter ended October 31, 2025.

Ken Traub, Chairman, President and CEO, stated: “We are pleased to report the continued positive momentum in our business, achieving our third consecutive quarter of strong positive operating cash inflows and $51m of total liquidity. Comtech has built a much stronger financial position. We continue to be focused and selective in our product, marketing and sales initiatives which yielded another quarter of sequential improvement in our gross margin percentage as well as continued cash flow generation. Net bookings for the quarter of $102 m and our backlog of $663m do not yet include the majority of funding related to the long-term contract extension worth over $130m that we secured in early November with a domestic Tier 1 mobile network operator. Our continued progress in the first quarter was accomplished notwithstanding the short-term impacts of the U.S. government shutdown, which was resolved in November. We are particularly gratified to see the positive reaction from our current and prospective employees, vendors and customers to the recent significant improvements in Comtech’s financial position.”

Consolidated Financial Results

  • Net sales of $111.0m
  • Gross margin of 33.1%
  • Operating loss of $2.8m and net loss attributable to common shareholders of $19.8m
  • Adjusted EBITDA (a Non-GAAP financial measure) of $9.6m, or 8.7%
  • Net bookings of $101.9m, representing a book-to-bill ratio of 0.92x
  • Funded backlog of $663.0m and revenue visibility of approximately $1.1bn
  • GAAP cash inflows from operations of $8.1m
  • Total liquidity at quarter end of $51.0m

First Quarter Fiscal 2026 Consolidated Results Commentary

Consolidated net sales were $111.0m, a decrease of 4.1% compared to the $115.8m reported in the first quarter of fiscal 2025 and a decrease of 14.8% sequentially from the immediately preceding quarter. As anticipated, net sales in the Company’s Allerium and Satellite and Space Communications (“S&S”) segments were lower compared to the prior year period and the immediately preceding quarter as it streamlined its product lines and focused on strategic, higher margin opportunities while optimizing cash flow. Compared to the prior year period, Allerium reported lower net sales of call handling solutions, offset in part by higher net sales of NG-911 services. Net sales in the S&S segment were lower compared to the prior year period due to lower net sales of troposcatter solutions, timing of orders, the recent U.S. government shutdown, as well as the decision to phase out and eliminate certain low margin revenues.

Consolidated gross profit was $36.8 m, or 33.1% of consolidated net sales, a substantial improvement from the $14.5m, or 12.5% of consolidated net sales, reported in the first quarter of fiscal 2025. Consolidated gross profit declined sequentially from the $40.7m in the immediately preceding quarter, while gross profit as a percent of net sales increased from 31.2%. The year-over-year improvement is primarily due to an $11.4m non-cash charge in the first quarter of fiscal 2025 related to the write down of certain inventories as a result of restructuring activities within the S&S segment, enhanced operational efficiency, product mix improvements resulting from streamlined product lines focused on strategic, higher margin products, reduced cost structures and improved terms with customers and vendors. The sequential improvement in the Company’s quarterly gross margin percentage for the first quarter of fiscal 2026 builds upon the improving quarterly trend achieved throughout fiscal 2025.

Consolidated operating loss was $2.8m, compared to an operating loss of $129.2 m in the first quarter of fiscal 2025 and $1.9m of operating income in the immediately preceding quarter. The improvement from the first quarter of fiscal 2025 is primarily the result of a $79.6m non-cash charge in the first quarter of fiscal 2025 related to the impairment of goodwill as a result of restructuring activities within the S&S segment, higher gross profit as described above, lower selling, general and administrative expenses and lower amortization of intangibles, offset in part by higher research and development expenses. Operating loss in the first quarter of fiscal 2026 reflects $5.0m of amortization of intangibles, $2.4m of restructuring costs (of which $0.8 m and $1.6m related to the S&S and Unallocated segments, respectively), $1.1 m of amortization of stock-based compensation and $0.8m of CEO transition costs. Excluding such items, consolidated operating income for this quarter would have been $6.6m, or 5.9% of net sales.

Consolidated net loss attributable to common stockholders was $19.8m, compared to a net loss attributable to common stockholders of $155.9m in the first quarter of fiscal 2025 and net loss attributable to common stockholders of $11.6 m in the immediately preceding quarter. In addition to those items described above, and as more fully discussed in the Company’s SEC filings, net loss attributable to common stockholders in the current period included $3.9m of net dividends related to the Company’s Convertible Preferred Stock. The first quarter of fiscal 2025 included $58.6 m of net dividends related to Convertible Preferred Stock, offset in part by a $51.2m gain related to the exchange of its Series B-1 for Series B-2 Convertible Preferred Stock on October 17, 2024.

Consolidated Adjusted EBITDA (a non-GAAP financial measure) was $9.6m, compared to an Adjusted EBITDA loss of $30.8m in the first quarter of fiscal 2025 and Adjusted EBITDA of $13.3m in the immediately preceding quarter. The year-over-year improvement in Adjusted EBITDA reflects higher gross profit (both in dollars and as percentage of consolidated net sales) and lower selling, general and administrative expenses, offset in part by higher research and development expenses, as described above.

Consolidated net bookings were $101.9m, a decrease of 20.3% compared to the first quarter of fiscal 2025 and an increase of 8.0% compared to the immediately preceding quarter. The book-to-bill ratio in the first quarter was 0.92x, compared to 1.10x in the first quarter of fiscal 2025 and 0.72x in the immediately preceding quarter. As part of the Company’s transformation plan, it has refocused and prioritized its sales efforts to target higher margin opportunities in which it has greater differentiation and to optimize cash flow.

Consolidated backlog was $663.0 m as of October 31, 2025, compared to $811.0 m as of October 31, 2024, and $672.1 m as of July 31, 2025. Revenue visibility, measured as the sum of funded backlog and the total unfunded value of certain multi-year contracts, was approximately $1.1 bn at the end of the first quarter. New bookings and backlog do not yet include the full value of the multi-year contract extension worth over $130 m awarded to Comtech by a domestic Tier 1 mobile network operator in November 2025.

GAAP cash flows from operations were $8.1m, an improvement from the first quarter of fiscal 2025 cash outflows from operations of $21.8 m, and an anticipated decrease from the immediately preceding quarter’s cash flows from operations of $11.4 m. This is Comtech’s third sequential quarter of positive operating cash flow. The significant improvement from the first quarter of fiscal 2025 reflects the improved operating income, improved working capital management due primarily to improved accountability and process disciplines, as well as the timing of and progress toward completion on contracts accounted for over time, including related shipments, billings and collections.

Operating cash flows in the first quarter of fiscal 2026 include aggregate net cash payments for interest and taxes of $4.9m, compared to $6.8m in the first quarter of fiscal 2025.

Operating cash flows for the first quarter of fiscal 2026 and 2025 also include $2.2m and $5.8m, respectively, in aggregate payments for restructuring costs, including severance, proxy solicitation costs, CEO transition costs and strategic emerging technology costs for next-generation satellite technology.

Satellite and Space Communications (“S&S”) Segment First Quarter Fiscal 2026 Commentary

S&S net sales were $55.1m, a decrease of 6.5% compared to the first quarter of fiscal 2025 and 20.2% sequentially from the immediately preceding quarter. As anticipated, net sales for the quarter reflected lower net sales of troposcatter solutions, including the discontinuance of multiple low-margin product lines. The S&S segment continues to focus on capitalizing on its differentiated capabilities, addressing performance, thoughtfully evaluating the product portfolio and implementing initiatives to improve margins and cash flow generation.

S&S operating income was $3.2m, compared to an operating loss of $118.8m in the first quarter of fiscal 2025 and operating income of $3.3m in the immediately preceding quarter. S&S operating income in the first quarter of fiscal 2026 was impacted by $0.8m of restructuring costs, compared to $2.4m and $0.7m, respectively, in the first quarter of fiscal 2025 and immediately preceding quarter. The improvement in Satellite and Space Communications segment operating income primarily reflects higher gross profit (both in dollars and as a percentage of related segment net sales), lower selling, general and administrative expenses and lower amortization of intangibles, offset in part by higher research and development expenses. The prior year period included a $79.6 m non-cash charge related to the impairment of goodwill within the S&S segment.

S&S Adjusted EBITDA was $6.0m in the first quarter of fiscal 2026, compared to an Adjusted EBITDA loss of $32.5m in the prior year period and $6.3m in the immediately preceding quarter. Compared to the prior year period, Adjusted EBITDA reflects higher gross profit (both in dollars and as a percentage of related segment net sales) and lower selling, general and administrative expenses, offset in part by higher research and development expenses. The sequential improvement in Adjusted EBITDA from 9.1% of related segment net sales to 10.9% in the first quarter of fiscal 2026 primarily reflects lower selling, general and administrative expenses in the more recent period.

S&S book-to-bill ratio was 0.77x. This ratio compares to 0.99x in the first quarter of fiscal 2025 and 0.65x in the immediately preceding quarter. The reduction in bookings reflects, in part, a more focused product positioning and sales approach.

Key S&S contract awards during the first quarter of fiscal 2026 included:

  • over $7.8m in orders from an international reseller of troposcatter family of systems (“FoS”), including Modular Transportable Transmission Systems (“MTTS”) and Multi-Path Radios (“MPRs”) intended for use in multiple international government end-user applications;
  • approximately $4.0m in aggregate orders related to satellite ground infrastructure solutions, including production units, intended for use in a new LEO satellite constellation network being deployed;
  • an approximate $2.5m hardware related order awarded by a leading aerospace, aviation and defense company based in the U.S.;
  • an award, valued in excess of $2.0m, calling for the supply of MTTS units to the U.S. Army;
  • approximately $2.0m in aggregate orders for satellite ground infrastructure solutions intended for use in support of a MEO satellite constellation;
  • over $1.8m in orders related to providing spare and repair services to various customers of amplifier solutions;
  • over $1.8m of incremental orders related to the supply of initial production units to a prime contractor in support of two next-generation satellite modem contracts, which the Company expects will be moving into full production during fiscal 2026;
  • an order, valued in excess of $1.4m, related to supply of multi-band amplifiers; and
  • incremental funding of approximately $1.3m for continued, ongoing training and support of complex cybersecurity operations for U.S. government customers.

In September 2025, as part of the Company’s cost savings plans, it decided to migrate certain production capabilities and operational functions to its manufacturing operations in Chandler, Arizona. Such initiative is expected to be completed in fiscal 2026, result in increased manufacturing efficiencies, allow S&S to further optimize its facilities footprint and result in recurring annualized cost savings of approximately $3.0m.

Allerium Segment First Quarter Fiscal 2026 Commentary

Allerium net sales were $55.9m, a decrease of 1.8% and 8.8%, respectively, compared to the first quarter of fiscal 2025 and the immediately preceding quarter. Compared to the prior year period, Allerium experienced lower net sales of call handling solutions, offset in part by higher net sales of NG-911 services. Allerium operating income was $5.4m, compared to $5.3m in the first quarter of fiscal 2025 and $7.1m in the immediately preceding quarter. The year-over-year change in Allerium’s operating income primarily reflects higher gross profit (both in dollars and as a percentage of related segment net sales), offset by higher selling, general and administrative expenses and research and development expenses.   Allerium’s Adjusted EBITDA was $11.3m, compared to $11.0m in the first quarter of fiscal 2025 and $13.7m in the immediately preceding quarter. Compared to the prior year period, Adjusted EBITDA reflects those factors discussed above. Sequentially, the change reflects the timing of Allerium’s performance on certain contracts received in the fourth quarter of fiscal 2025, as well as Allerium’s performance on certain projects nearing completion in the fourth quarter of fiscal 2025. Allerium’s book-to-bill ratio in the first quarter of fiscal 2026 was 1.06x, compared to 1.22x in the prior year period and 0.81x in the fourth quarter of fiscal 2025. With strategic wins in the U.S., Canada and Australia, the Company believes its position as a trusted leader in 911, NG-911 and public safety applications positions Allerium increasingly well when it comes to delivering similarly sophisticated solutions for other types of emergencies. New emergency requesting devices, such as “wearables,” vehicles, smart speakers and AI capable cameras, and new delivery methods, such as through satellite networks, are expected to drive innovation and growth within the public safety market over time.

Key Allerium contract awards during the first quarter of fiscal 2026 included:

  • approximately $27.0m of initial funding toward a multi-year contract extension ultimately awarded to Allerium in November 2025 and valued in excess of $130.0m; this contract was awarded by Allerium’s largest customer, a leading telecommunications company in the U.S. known for its network reliability and security, is for scalable services, and reinforces Allerium’s commitment to helping carriers and public safety organizations modernize critical infrastructure and optimize service reliability with confidence;
  • over $15.0m of incremental, multi-year funding related to the continued deployment of NG-911 solutions for a state in the southwestern region of the U.S.; and
  • various funded orders from a top tier U.S. mobile network operator, aggregating $5.8m and primarily for maintenance and new feature releases associated with previously deployed wireless location-based solutions.

Capital Structure and Liquidity

As previously disclosed, Comtech amended its Credit Facility and Subordinated Credit Facility on October 17, 2024, March 3, 2025 and July 21, 2025 to, among other things, suspend testing of the Net Leverage Ratio and Fixed Charge Coverage Ratio covenants until the four-quarter period ending on January 31, 2027.

At October 31, 2025 and December 10, 2025:

  • Total outstanding borrowings under the Credit Facility were $135.0 m and $130.7m, respectively; of such amounts, $17.6m and $12.6m, respectively, were drawn on the Revolver Loan. On December 1, 2025, Comtech repaid $5.0m of the Revolver Loan;
  • Total outstanding borrowings under the Subordinated Credit Facility were $101.5m and $102.1m, respectively, including interest paid-in-kind or accrued on the $35.0m subordinated priority term loan; such amount does not include the $25.7m and $32.5m, respectively, of make-whole amounts associated with the $65.0 m portion of the Subordinated Credit Facility; pursuant to the terms of the Subordinated Credit Facility, effective December 3, 2025, the make-whole amount percentage for each tranche within the $65.0m portion of the Subordinated Credit Facility is 50.0%;
  • The liquidation preference of the Company’s outstanding convertible preferred stock was $208.7m and $210.8m, respectively (excluding potential increases in the liquidation preference and other obligations that could be triggered by, among other things, breaches of covenants and/or asset sales resulting in a change in control of the Company); and
  • The Company’s available sources of liquidity totaled $51.0m and $36.9m, respectively, which includes qualified cash and cash equivalents of $41.4m and $22.3m, respectively, and the remaining available portion of the Revolver Loan of $9.6 m and $14.6m, respectively.

 

10 Dec 25. Vatn Systems, a defense technology company building autonomous underwater vehicles (AUVs) for the US military, allied nations, and commercial customers, today announced it has raised $60m in Series A funding, bringing total funding to $76.5m. The round was led by BVVC, with participation from new investors such as Hanwha, Geodesic Capital, Airbus Ventures, Dauntless Ventures, Trousdale Ventures, and Veteran Ventures Capital. Major existing investors also participated in the round, including DYNE Ventures, Propeller Ventures, Decisive Point Ventures, SAIC Ventures, Centre Street Partners, Cubit Capital, and Lockheed Martin Ventures.

“Vatn Systems is on a mission to become the next underwater defense prime in a world where autonomous systems dominate the naval battlespace,” said Nelson Mills, co-founder and CEO of Vatn Systems. “Demand for affordable, scalable autonomous systems in undersea environments is accelerating rapidly. This funding strengthens our position as the leader in deployable AUV technology and enables us to expand our team, accelerate R&D, and scale manufacturing to capture this growing demand and win critical contracts both domestically and internationally.”

“Vatn Systems has built a significant competitive moat in the AUV market through their advanced navigation technology, modular platform, and scalable manufacturing approach,” said Joe Musselman, Managing Partner at BVVC. “Rarely have we seen a company execute with this speed and precision to achieve these growth rates in just two years. Their ability to deliver affordable, multi-mission systems at scale addresses a critical capability gap, and we’re proud to lead what we believe is the largest funding round in the AUV space.”

The Series A announcement follows significant momentum for Vatn Systems, including the company’s first international contract win in Singapore. The company continues to deepen partnerships with the U.S. Navy and Marine Corps while expanding its global customer base.

About Vatn Systems

Vatn Systems is a leading defense technology company building autonomous underwater vehicles that can be deployed at scale for the US military and allies. Founded in 2023 by a team of maritime experts and military leaders, Vatn Systems is on a mission to be the next underwater defense prime in a world where autonomous systems dominate the naval battlespace. Vatn’s flagship products include the Skelmir S6 compact modular underwater effector and the Skelmir S12, a 12.75-inch diameter platform that merges the capabilities of a traditional AUV with the agility and performance of a lightweight torpedo, designed to attrit threats, deploy sensors and decoys, and support electronic warfare missions at scale. Both vehicles are powered by INStinct, Vatn’s proprietary inertial navigation system that delivers precise, GPS-free navigation in harsh maritime environments at a fraction of the cost of traditional systems. For more information, visit www.vatnsystems.com and follow the company on LinkedIn. (Source: PR Newswire)

 

10 Dec 25. Rheinmetall CEO makes fresh pitch to buy part of KNDS NV, Bloomberg reports. Rheinmetall AG (RHMG.DE) Chief Executive Officer Armin Papperger is making a fresh pitch to buy part of rival KNDS NV and create a European land defence company that would consolidate the continent’s fragmented market, Bloomberg reported on Wednesday, citing sources with knowledge of the matter. Papperger has spoken to politicians in Berlin and representatives of state-owned development bank KfW in recent months about investment options to tie up the two tankmakers, the sources said. (Source: Reuters)

 

09 Dec 25. AeroVironment, Inc. (NASDAQ: AVAV) (“AeroVironment” or the “Company”) reported today financial results for the fiscal second quarter ended November 1, 2025.

Second Quarter Highlights:

  • Record second quarter revenue of $472.5m up, 151% year-over-year; with BlueHalo contributing $245.1m and legacy revenue of $227.4 m up 21% year-over year
  • Bookings of $1.4bn; Book-to-bill ratio of 2.9

“AV is operating from a position of strength as evidenced by our record second quarter results, all-time high bookings and long-term contract wins,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “We have built a portfolio of integrated capabilities and advanced technologies to meet the market’s accelerating demand and serve as a partner of choice in critical moments. While we are pleased with our results for the quarter, we are just getting started. We are confident that our unmatched innovation, strategic partnerships and agility to expand our manufacturing capacity enable us to address evolving defense needs and lead the generational shift in defense over the longer-term.”

FISCAL 2026 SECOND QUARTER RESULTS

Revenue for the second quarter of fiscal 2026 was $472.5m, an increase of 151% as compared to $188.5m for the second quarter of fiscal 2025, due to higher product sales of $173.8m and higher service revenue of $110.2m. The acquisition of BlueHalo on May 1, 2025 contributed to $134.4m and $110.7m of the current quarter product and service revenue, respectively. From a segment standpoint, Autonomous Systems (“AxS”) recorded revenue of $301.6m and Space, Cyber and Directed Energy (“SCDE”) recorded revenue of $170.9m.

Gross margin for the second quarter of fiscal 2026 was $104.1m, an increase of 41% as compared to $73.6m for the second quarter of fiscal 2025, reflecting higher product margin of $19.5m and higher service margin of $11.0m. Fiscal 2026 second quarter gross margin was negatively impacted by $24.2m of intangible amortization expense and other related non-cash purchase accounting expenses, as compared to $3.7m in the second quarter of fiscal 2025. As a percentage of revenue, gross margin fell to 22% from 39%, primarily due to an increase in the proportion of service revenue resulting from the BlueHalo acquisition and the increased amortization and other non-cash purchase accounting expenses.

Loss from operations for the second quarter of fiscal 2026 was $(30.2)m as compared to income from operations of $7.0m for the second quarter of last fiscal year. The current quarter was negatively impacted by $48.2m of intangible amortization and other related non-cash purchase accounting expenses as compared to $4.8m in the second quarter of fiscal 2025. The decrease year-over-year was primarily due to an increase in selling, general and administrative (“SG&A”) expense of $60.4m, which includes an increase of $24.0 m of intangible amortization expense, incremental headcount resulting from our acquisition of BlueHalo which closed on May 1, 2025, and an increase of $4.6m of acquisition related expenses; an increase in research and development (“R&D”) expense of $7.3m; partially offset by an increase in gross margin of $30.5m.

Other income, net for the second quarter of fiscal 2026 was $9.6m, as compared to other loss, net of $(0.7)m for the second quarter of fiscal 2025. The increase year-over-year was primarily due to an increase in interest income due to a combination of higher cash and investment balances, lower intertest bearing debt balances and an increase in unrealized gains on equity security investments.

Benefit from income taxes for the second quarter of fiscal 2026 was $(2.3) m, as compared to $(0.2) m for the second quarter of last fiscal year. The increase year-over-year was primarily due to the loss before income taxes.

Net loss for the second quarter of fiscal 2026 was $(17.1)m, or $(0.34) per diluted share, as compared to net income of $7.5m, or $0.27 per diluted share, in the prior-year period, respectively. The current quarter was negatively impacted by $48.2m, or $0.77 per diluted share, of intangible amortization and other related non-cash purchase accounting expenses as compared to $4.8m, or $0.14 per diluted share, in the second quarter of fiscal 2025.

Non-GAAP adjusted EBITDA for the second quarter of fiscal 2026 was $45.0m and non-GAAP earnings per diluted share were $0.44, as compared to $25.9m and $0.47, respectively, for the second quarter of fiscal 2025.

BACKLOG

As of November 1, 2025, funded backlog (defined as remaining performance obligations under firm orders for which funding is currently appropriated to us under a customer contract) was $1.1bn, as compared to $726.6m as of April 30, 2025.

FISCAL 2026 — OUTLOOK FOR THE FULL YEAR

For fiscal year 2026, the Company now expects revenue of between $1.95bn and $2.0bn, net loss of between $(38)m and $(30)m, non-GAAP adjusted EBITDA of between $300 m and $320 m, loss per diluted share of between $(0.76) and $(0.61) and non-GAAP earnings per diluted share, which excludes amortization of intangible assets, other non-cash purchase accounting expenses, equity securities investments gains or losses, and equity method income or loss of between $3.40 and $3.55.

The foregoing estimates are forward-looking and reflect management’s view of current and future market conditions, subject to certain risks and uncertainties, including certain assumptions with respect to our ability to efficiently and on a timely basis integrate acquisitions, obtain and retain government contracts, changes in the timing and/or amount of government spending, react to changes in the demand for our products and services, activities of competitors, changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates and investors should review all risks related to achievement of the guidance reflected under “forward-looking statements” below and in the Company’s filings with the Securities and Exchange Commission. (Source: BUSINESS WIRE)

 

10 Dec 25.  COHORT PLC (“Cohort” or “the Group”) Half Year Results For Six Months Ending 31 October 2025.

Robust performance with strong order book sustained

Cohort plc, the independent technology group, today announces its half year results for the six months ended 31 October 2025.

Financial highlights

  • Revenue up 9% to £128.8m (2024: £118.2m).
  • Adjusted* operating profit marginally lower, as expected, at £9.7m (2024: £10.1m). A net margin of 7.5% (2024: 8.6%).
  • Adjusted* earnings per share of 16.16 pence (2024: 20.00 pence), reflecting the half’s adjusted* operating profit and higher weighted share capital.
  • Order intake of £122.3m (2024: £139.2m), 0.9x the period’s revenue (2024: 1.2x).
  • Sustained strong order book of £604.5m at 31st October (30 April 2025: £616.4m).
  • Interim dividend increased 10% to 5.80 pence per share (2024: 5.25 pence per share), reflecting the Board’s confidence in the Group’s growth prospects and continued commitment to our progressive dividend policy.
  • Net debt at 31 October 2025 of £32.5m as highlighted in the AGM Update announcement (31 October 2024: £37.9m net funds; 30 April 2025: £5.3m net funds), reflecting planned capital expenditure and working capital build ahead of record planned deliveries in H2.

Operational highlights

  • The increased revenue was driven by a strong maiden first half contribution from EM Solutions and increases from all Group businesses except MCL (the latter following a record result in the comparative period in 2024).
  • The Communications and Intelligence division delivered a 23.2% increase in adjusted* operating profit on a 13.2% increase in revenue, a net margin of 16.8% (2024: 15.5%). The result included a maiden contribution from EM Solutions and stronger performances at MASS and EID.
  • The Sensors and Effectors division’s net margin of 4.8% (2024: 8.3%) in part reflects the expected higher levels of low margin deliveries on the Italian sonar programme, and the sale of SEA’s Transport business early in the period (30 June 2025), with an improved performance at Chess.
  • Order intake was good at MASS, especially Electronic Warfare Operational Support; Chess and SEA also reported order intake above or close to their respective revenue levels for the first half.

Looking forward

  • The order book of £604.5m includes over £145m of revenue deliverable in the second half. Together with H1 revenues, this covers 94% of consensus forecast revenue for the full financial year. As of early December, this cover now stands at 96%.
  • Our outlook for the full year remains unchanged. Increased delivery in both divisions is expected to contribute to the anticipated full-year growth in Group profit performance and adjusted* earnings per share.
  • We continue to see a positive outlook for organic growth in the coming years underpinned by healthy demand in our core defence markets.

* Adjusted figures exclude the effects of marking forward exchange contracts to market value (£324k credit; 2024: £100k charge), amortisation of other intangible assets (£2.6m; 2024: £1.0m), exceptional items (£0.5m credit; 2024: nil) and acquisition costs (£nil; 2024: £0.2m). Page 2 of 15

Commenting on the results, Nick Prest CBE, Chairman of Cohort, said:

“The Group delivered an increased revenue performance in the first half. As expected, adjusted operating profit was slightly short of last year’s record performance due to the margin mix in Sensors and Effectors. Solid order intake ensured we have sustained our very strong order book at a high level, whilst the increased interim dividend reflects the Board’s confidence in the Group’s growth prospects and continued commitment to our progressive dividend policy.”

“Increased delivery in both divisions is expected to contribute to the anticipated full-year growth in Group profit performance and our outlook for the full year remains unchanged in terms of revenue, adjusted operating profit, adjusted earnings per share and closing net funds. We continue to see a positive outlook for organic growth in the coming years underpinned by healthy demand in our core defence markets.”

Dividend timetable:

Interim dividend announcement date 10 December 2025

Record date 9 January 2026

Dividend payment date 17 February 2026

Dividend Reinvestment Plan (‘DRIP’) election date 26 January 2026

A DRIP is provided by Equiniti Financial Services Limited. The DRIP enables the Company’s shareholders to elect to have their cash dividend payments used to purchase the Company’s shares. The latest election date is advised above. More information can be found at www.shareview.co.uk/info/drip.

 

10 Dec 25. Cohort sell-off is a buying opportunity. Defence group Cohort’s (CHRT) 9 per cent increase in sales, but 4 per cent fall in adjusted operating profit was largely in line with brokers’ forecasts. The lower profit was attributed to a weaker mix, with more low-margin work done at ELAC Sonar, which is delivering the first of four sonar systems to the Italian navy. Chief executive Andy Thomis said the system is technically more complex than previous installations, with the number of sensors installed increasing by “a factor of over 100”, so it has built in additional contingency to account for potential risks. He expects margins on the contract to improve once the first system is in place. Cohort also recorded a £27.9m cash outflow during the period, compared with an inflow of £34.7m a year earlier. The reasons given were higher capex as a new ELAC Sonar factory in Kiel completes and an increase in working capital to support new deliveries. The company still expects to have net cash (excluding leases) of between £10mn and £15m by the year-end, given a much stronger second-half profit weighting. House broker Investec maintained its earnings per share growth forecast of more than 10 per cent this year, to 59p a share. Our call to move the shares from buy to hold months ago on valuation concerns looks prescient, given a subsequent 40 per cent share price slide. The long-term prospects for the business still look good, though, and we think short-term concerns about a peace deal between Russia and Ukraine present a buying opportunity. Even if an uneasy peace is reached, the geopolitical picture looks no less secure. Buy. Last IC view: Hold, 1,750p, 16 Jul 2025. (Source: Investors Chronicle)

 

10 Dec 25. Rheinmetall has announced the takeover of Muni Berka GmbH, a company based in Dietersdorf, Saxony-Anhalt, specialising in the field of ammunition disassembly and storage. The aim of the now contractually agreed takeover is to significantly increase the group´s own storage capacities, which have become necessary due to the considerable growth in the group´s production of ammunition and components. The acquisition also expands the group´s network to gain capacities for the disposal and recycling of explosives, as well as further research and development expertise in the field of explosives, fuses and pyrotechnics. The parties have agreed on confidentiality regarding the purchase price. The transaction is still subject to the usual regulatory approvals.

In addition to Dietersdorf, Muni Berka has a location in Ochtrup (North Rhine-Westphalia). The existing infrastructure enables Rheinmetall to have a direct access of the acquired capacities without any loss of time or further follow-on investments.

With this acquisition, the group significantly increases its storage capacity for raw materials, such as explosives, as well as for projectiles, fuses, primers and propellant modules (collectively referred to as ‘full shot’). The acquisition enables Rheinmetall immediately to permanently store more than 1m 155 mm projectiles or 500,000 155 mm full shots. This increase is particularly necessary in connection with the new production site in Lower-Saxony at the Unterlüß site, where up to 350,000 artillery shells per year shall be produced in the future. The strategic intention here is also to be able to fulfill the requirements for security of supply in Germany by generating domestic value added.

Armin Papperger, CEO of Rheinmetall AG: “In order to secure Germany’s strategic sovereignty in the field of ammunition production, we are creating a national production site in Unterlüß, Lower-Saxony, which will primarily ensure the supply of the Bundeswehr. By significantly expanding the necessary storage capacities, we are once again investing in the security and defence capabilities of our country and our partner countries”.

With Ochtrup as a large site in North Rhine-Westphalia and another factory in Germany, the acquired sites of Muni Berka fit seamlessly into Rheinmetall’s production network. Even production from Spain can be stored here. Since acquiring Expal Munitions in August 2023, Rheinmetall has seven operational sites in Spain. Rheinmetall plans to produce up to 1.5 m artillery projectiles per year by the end of 2030.

 

09 Dec 25. Chemring Group plc, today reports results for the year ended 31 October 2025, noting strong progress, delivering the plan, record order book, and a robust outlook. The Board’s expectations for the Group’s 2026 operating performance remains in line with market expectations.

Highlights include:

  • Resilient revenue growth of 2% with continued strong momentum in Countermeasures & Energetics, offset by softness in Sensors & Information due to short-term delays in UK Government spending
  • Underlying operating profit margin of 14.8% (2024: 14.3%) reflecting a focus on operational excellence, and Energetics expansion programmes delivering ahead of schedule
  • Improved cash conversion of 114% (2024: 103%) with continued focus on working capital
  • Net debt was £89.0m (2024: £52.8m), driven by capital investment. Net debt to underlying EBITDA of 0.90x (2024: 0.58x)
  • Another record order book of £1,345m, providing excellent medium-term revenue visibility
  • Good progress made on capital projects to date with completed programmes delivering ahead of expectations
  • Acquisition of Landguard Systems to further enhance and accelerate growth in Roke
  • The Board’s expectations for the Group’s 2026 operating performance remain unchanged. Higher capex and finance charges now expected as a result of increased investment in Norway
  • Approximately 76% (2024: 77%) of expected 2026 revenue is already covered by the order book

Michael Ord, Group Chief Executive, commented: “2025 has been another year of progress, delivering improved shareholder returns supported by strong margins and robust cash conversion. This performance reflects our commitment to building a resilient, high-quality Group. Momentum in Countermeasures & Energetics continued during the year, partially offset by short-term softness in Sensors & Information due to delays in UK Government spending. Looking ahead, our record order book demonstrates that customer priorities remain aligned with Chemring’s market-leading products and services. The outlook for sustained defence spending remains strong. Growing geopolitical uncertainty is driving increased expenditure across our target markets, particularly within NATO, and Chemring is well positioned to capitalise on this demand, which we expect to persist well into the next decade. We have created a strong, sustainable platform for growth and remain committed to our ambition of doubling annual revenue to approximately £1bn by 2030.”

 

09 Dec 25. Chemring bolstered by strong energetics demand. The group’s order book has risen by a third over the past 12 months

  • Roke rocky as UK government orders wane
  • Brokers trim current-year forecasts

Chemring (CHG) delivered a solid set of results, which were in line with its recent trading update. Once the negative effects of the discontinued Alloy Surfaces business is stripped out, pre-tax profit grew by 31 per cent on revenue that only edged up by 2 per cent. This was largely driven by the continued high demand for the energetics materials used in munitions. Chemring’s countermeasures and energetics arm increased sales by 17 per cent and underlying operating profit by 37 per cent. “Multiyear” orders from customers mean 95 per cent of this year’s expected revenue, and 93 per cent of next year’s, is already in the bag. The group’s order book rose by a third to £1.3bn. The sensors and information arm was a weak point, though. Revenue there fell by 18 per cent and operating profit by a quarter, which was blamed on delays to UK government orders as another strategic sector review was completed. Chief financial officer James Mortensen said the division is expected to return to “mid-double-digit” growth this year, albeit weighted towards the second half. Brokers trimmed forecasts on the back of higher than expected build costs for its Norwegian expansion project – half of which is being funded by grants. Expectations of a peace deal between Russia and Ukraine have also weighed on the shares in recent weeks. But as one of our Ideas of the Year for 2025, the shares have still performed creditably – generating a total return of 47 per cent so far. And as mentioned in January, depleted munition stocks still need rebuilding – and Chemring’s real growth should be evident once current capacity upgrades come on stream from 2027 onwards. Buy. Last IC view: Buy, 518p, 4 Jun 2025. (Source: Investors Chronicle)

 

09 Dec 25. German warship maker TKMS to soon decide on possible GNYK takeover.

  • Summary
  • TKMS carries out pre due diligence on shipyard GNYK, CEO says
  • CEO expects decision on possible deal in next few weeks
  • TKMS expects 100-150 m euros in operating profit in 2026

German warship builder TKMS expects to decide in the next few weeks on whether to buy neighbouring shipyard German Naval Yards Kiel (GNYK), its CEO Oliver Burkhard said on Monday, as the group considers expansion to meet rising demand. TKMS, which was spun off from parent Thyssenkrupp in October, already bought insolvent shipbuilder MV Werften in 2022, and a purchase of GNYK would further increase its capacity at a time when governments boost defence spending. Talks with GNYK, which is owned by France-based shipping group CMN Naval, are currently underway, and Burkhard said TKMS was in what he called a “pre-due-diligence” stage to see whether a purchase made sense.

“For us, this would be a good opportunity, but it is not a must. And I believe it is important that we know very quickly whether it is worthwhile to deepen talks,” Burkhard told reporters after presenting full-year results.

TKMS GIVES MUTED OUTLOOK

In a sign of how attractive the naval defence sector has become, Rheinmetall (RHMG.DE), Europe’s largest ammunition maker, in September agreed to buy the warship division of another German shipbuilder, Luerssen Group, for around 1.35bn euros ($1.57bn). Shares in TKMS were flat on Monday after the company offered a cautious earnings outlook for 2026, underscoring its dependence on large individual orders and payment schedules that sometimes stretch over several years. The company expects adjusted operating profit of 100 m to 150 m euros in the fiscal year through September 2026, compared with 131m euros generated in 2025 and 143m euros forecast for next year by analysts in a company-provided poll. TKMS has been benefiting from a surge in defence spending, driven by shifting U.S. foreign policy that is putting greater pressure on Europe to boost its own defences against Russia, which continues to wage war in Ukraine. This has helped lift TKMS’ order backlog to 18.2 bn euros at the end of September – more than tripling over the past five years. ($1 = 0.8584 euros) (Source: Reuters)

 

08 Dec 25. Cobham Satcom, a global leader in satellite communications technology, and Gatehouse Satcom, a global frontrunner in advanced 5G NTN (Non-Terrestrial Networks) software, today announced a strategic merger between Gatehouse Satcom and Cobham Satcom’s Network Division. This merger marks a major step in accelerating the satellite industry’s transition towards standardized 5G-based connectivity across commercial, government, defense, and emerging direct-to-device markets.

Driving innovation in 5G NTN connectivity

The new entity – formed by combining Gatehouse Satcom and the Network Division of Cobham Satcom – will operate as a subsidiary within the Cobham Satcom Group. Kenney Schmidt Christiansen, current CEO of Gatehouse Satcom, will continue as CEO for the new, merged entity. Its mission will be to deliver integrated 5G NTN network solutions that strengthen interoperability and enable next generation satellite connectivity.

“Joining forces with Cobham Satcom gives us the scale and talent to accelerate our ambitions,” said CEO Kenney Schmidt Christiansen. “Together, we will continue developing world-class 5G NTN software and hardware for commercial, government, and defense customers, now in an even stronger structure supported by Cobham Satcom’s operational scale and network expertise.”

Uniting expertise to shape the future of connectivity

The joint entity brings together Cobham Satcom’s heritage in radio access network platforms and ground infrastructure, with Gatehouse Satcom’s cutting-edge 5G NTN software capabilities. It will develop the 3GPP-compatible 5G NTN software that Gatehouse Satcom has already proven in LEO, MEO, and GEO, meeting the fast-growing market needs for satellite operators to provide 5G-NTN-based stand-alone or coexisting legacy services. With renewed investment, expanded capabilities, and a unified innovation roadmap, the new entity will maintain the existing product portfolio and expand next generation 5G/6G NTN connectivity solutions to enable our customers to serve maritime, defense, IoT, enterprise, and direct-to-device markets worldwide.

Cobham Satcom’s continued commitment to its customers

Cobham Satcom will hold the majority share of the new entity and will continue serving its core maritime, government and enterprise markets, providing satellite communication offerings and products through its trusted SAILOR, Sea Tel, EXPLORER, and TRACKER brands.

“This acquisition creates significant strategic opportunities as the satellite communications industry undergoes rapid transformation.” Christophe Duret, CEO of Cobham Satcom, said. “By merging our Network Division’s decades of expertise with Gatehouse Satcom’s groundbreaking 5G NTN capabilities, we’re strengthening our technology roadmap and providing satellite operators and service providers with an unmatched end-to-end platform to support their transition to 5G NTN.”

The transaction is subject to customary regulatory approvals.

 

05 Dec 25. DEFSEC Technologies Inc.  announces 62.5% increase in revenue generating headcount from previously announced 24 on October 29, 2025.

  • Approximately 704% increase in annualized program billings on government services over FY2024 billings of $1m1.
  • Approximately 845% increase in annualized gross margin contribution from government services of approximately $2.3m2 over FY2024 gross margin of $0.2m3.

DEFSEC Technologies Inc. (TSXV: DFSC) (TSXV: DFSC.WT.U) (NASDAQ: DFSC) (NASDAQ: DFSCW) (“DEFSEC” or the “Company”) announced significant momentum in its government services business as it expects to add an additional 15 roles to the 24 roles previously disclosed in the Company’s news release dated October 29, 2025, for a total of 39 roles staffed commencing in February, 2026. All dollar amounts in this news release are in Canadian Dollars unless otherwise noted. All roles have been staffed with a large part of the increase due to an expansion of work scope with the Directorate Land Command Systems Program Management Software Engineering Facility (“DSEF”) contract for digital modernization of the Canadian Armed Forces. DEFSEC has arranged to fast track the fulfillment of this new work scope requirement by subcontracting 13 of the additional 15 roles from ADGA Group Consultants Inc. (“ADGA”). Commencement of work in February 2026 is subject to customary administrative onboarding procedures. The Company has already received DSEF’s statement of work and expects to complete onboarding procedures over the next several weeks in time for the February start. The cumulative impact of the additional resources means that, effective February 2026, when work commences, the Company’s go-forward annualized program billings are expected to increase to approximately $8.3m4, compared to the $5.1m5 as reported in Company’s news release dated October 29, 2025. Additionally, annualized gross margins on a go-forward basis on programmatic work are expected to increase commensurately to approximately $2.3m (with approximately $0.5m of the increase in gross margin associated with the roles added since October 29, 2025). This moves the Company significantly further towards its goal of achieving a cash flow positive operation on the commercialization of its technology and resources.

“It’s very gratifying to see the continued momentum in our programmatic work on digital modernization of the Canadian Armed Forces with our industry partners,” said Sean Homuth, DEFSEC President and CEO. LGen Jean-Marc Lanthier (Ret’d), President and CEO of ADGA, commented that “ADGA brings experienced software development experts who have supported DND for many years. We look forward to continuing to deploy this operationally critical talent in collaboration with DEFSEC so the customer benefits from teams ready to deliver without delay.”

“The announcement today means that DEFSEC’s annualized go-forward revenue run rate of approximately $8.3M at the beginning in February 2026 are expected to be approximately 704% higher than our actual Fiscal 2024 programmatic revenue of $1.0M,” added Mr. Homuth. “Additionally, partnering with ADGA will have the effect of an immediate impact on revenue and margin when this additional, ongoing work commences in February 2026.”

Mr. Homuth concluded by noting that “This collaboration with ADGA is a great example of two Canadian defence companies working together to quickly deliver upgraded capability to our Canadian Armed Forces. We continue to be well positioned for further momentum and growth as the Canadian government works to increase defence spending on critical capabilities within our sphere of expertise”.

The Company noted that these updated go-forward revenue run rate and margin contribution numbers announced today exclude its product business, principally ARWEN sales, which are projected to increase significantly in Fiscal 2025 over Fiscal 2024. The Company expects further revenue growth as the Canadian government continues to put action to their planned defense spending and increased margins as the Company continues to scale its programmatic services. While the Company expects to file its year-end filings shortly, they will largely be in line with the Q3 growth trajectory and will present a strong financial position owing to the financing completed in Q4.

About DEFSEC

DEFSEC (TSXV: DFSC and DFSC.WT.U; NASDAQ: DFSC and DFSCSW; FSE: 62UA) develops and commercializes breakthrough next-generation tactical systems for military and security forces. The company’s current portfolio of offerings includes digitization of tactical forces for real-time shared situational awareness and targeting information from any source (including drones) streamed directly to users’ smart devices and weapons. Other DEFSEC products include countermeasures against threats such as electronic detection, lasers and drones. These systems can operate stand-alone or integrate seamlessly with OEM products and battlefield management systems, and all come integrated with TAK. The company also has a new proprietary non-lethal product line branded PARA SHOT™ with applications across all segments of the non-lethal market, including law enforcement. The Company is headquartered in Ottawa, Canada, with a representative office in London, UK.  For more information, please visit https://www.defsectec.com (Source: PR Newswire)

 

07 Dec 25. HD Hyundai has initiated a review on the establishment of a new shipyard in India.

  • Signed an exclusive business agreement with the Tamil Nadu state government to promote the establishment of a new shipyard
  • Tamil Nadu state assessed as the most optimal site with climate and rainfall similar to Ulsan, and is expected to have additional large-scale investments in port facilities
  • Will also be partnering with an Indian state-owned enterprise for port crane business to deliver goliath and jib cranes to local shipyards
  • “India is a market with strong growth potential, and we hope to expand cooperation and develop it into a new growth engine”

HD Hyundai announced on Sunday, December 7, that it signed a strategic and comprehensive partnership with the Tamil Nadu state government regarding the establishment of a new shipyard in India. The ceremony was held recently in Madurai, southern India, with the attendance of Tamil Nadu Chief Minister M.K. Stalin, State Industries Minister T.R.B. Rajaa, and Head of Corporate Planning at HD Korea Shipbuilding & Offshore Engineering, Choi Hannae.

Ahamed, Managing Director and CEO of Guidance Tamil Nadu; T.R.B Rajaa, Tamil Nadu Minister for Industries; M.K. Stalin, Chief Minister of Tamil Nadu; Choi Hannae, Head of Corporate Planning at HD Korea Shipbuilding & Offshore Engineering)

The Indian government is strategically pursuing the “Maritime Amrit Kaal Vision 2047” in an effort to become one of the world’s top five shipbuilding and shipping nations. To achieve this goal, the government is actively reviewing not only the expansion of existing shipyards but also the establishment of new facilities. In practice, the Indian government has shortlisted five states—including Tamil Nadu, Gujarat, and Andhra Pradesh—as candidate sites for the construction of a new shipyard and is currently in the process of identifying the most suitable location. Seeking to revitalize the local economy, the Tamil Nadu state government has made the establishment of a shipyard its top priority and has expanded efforts to provide incentives and subsidies, enhance infrastructure, and secure skilled talent. As a result, the state has ultimately selected HD Hyundai as its project partner for the establishment of the new shipyard. In particular, the Thoothukudi region of Tamil Nadu—cited as one of the candidate sites for the new shipyard—is regarded as an optimal location, with temperature and rainfall conditions similar to those of Ulsan, Korea, where HD Hyundai Heavy Industries is located. It already hosts major Korean companies such as Hyundai Motor Company and Samsung Electronics, and large-scale investments are planned for nearby port facilities, further strengthening expectations for future business expansion. Earlier this month, HD Hyundai also signed a Memorandum of Understanding on the collaboration for maritime & port crane development in India with BEML (Bharat Earth Movers Limited), a state-owned enterprise under the Indian Ministry of Defence, in Bengaluru, southern India. Headquartered in Bengaluru, BEML operates in various sectors including defense and aerospace equipment, mining and construction equipment, and railway and metro vehicles. The company also has multiple manufacturing bases in southern India, including Bengaluru and Kolar.  Through this agreement, HD Hyundai plans to strengthen collaboration with BEML across the entire crane manufacturing process—including design, production, and quality assurance—aiming to gradually build port crane manufacturing capabilities within India. Looking ahead, the company also plans to expand its business by supplying goliath and jib cranes to local shipyards in India. In relation to this, HD Hyundai Samho, a shipbuilding affiliate of HD Hyundai, successfully delivered a 600-ton Goliath crane to Cochin Shipyard, India’s largest state-owned shipbuilder, in February of this year. In addition, in August, HD Korea Shipbuilding & Offshore Engineering, the intermediary holding company for the shipbuilding division, announced it would acquire HD Hyundai Eco Vina from Doosan Enerbility to further reinforce HD Hyundai’s ongoing expansion in the crane business.

An HD Hyundai official said, “India is a market with strong growth potential, backed by the government’s robust commitment to fostering the shipbuilding industry,” adding, “We will continue to expand cooperation with India in the shipbuilding and offshore sectors and develop it into a new growth engine.” Earlier in July this year, HD Hyundai signed an MOU with Cochin Shipyard to promote cooperation in a wide range of areas, including design and procurement support, productivity enhancement, and human capital development. More recently, the scope of this partnership has been expanded to include naval vessel projects, further strengthening HD Hyundai’s presence in India. (Source: PR Newswire)

 

02 Dec 25. Moody’s Upgrades Eutelsat’s Rating on French Government Stake, Capital Boost.

Moody’s Ratings has upgraded Eutelsat Communications SA’s long-term corporate family rating to Ba3 from B2, the rating agency announced Monday.

The upgrade reflects two key factors:

  1. Government-Related Issuer (GRI) Status: The rating action acknowledges Eutelsat as a Government-related Issuer following the French State’s acquisition of a 29.65% stake, making it the largest shareholder. This resulted in a one-notch uplift, according to Ernesto Bisagno, Moody’s Vice President and lead analyst for Eutelsat.
  2. Improved Credit Metrics: The upgrade also reflects expected improvements in credit metrics following a major capital raise.

Capital Raise Details

The upgrade follows Eutelsat’s announcement of a €1.5bn capital raise, which included:

  • A reserved issuance on November 21, which raised €828m at €4.00 per share.
  • A €670m rights issue, priced at €1.35 per share, which will run until December 9. Core shareholders have already committed approximately 71% of this offering.

Following these steps, the French State will become Eutelsat’s largest shareholder with the 29.65% stake.

Financial Outlook and Debt

  • Debt Ratios: Reported net debt to EBITDA is expected to decline significantly, from 3.9x in fiscal year 2025 to around 2.5x in fiscal year 2026.
  • Unsecured Debt Upgrade: Moody’s also upgraded the ratings on senior unsecured debt instruments issued by Eutelsat SA to Ba3 from B1. This applies to three sets of €600 m notes maturing in July 2027, October 2028, and April 2029.
  • Long-Term Guidance: Eutelsat reiterated its guidance for total revenue to increase to €1.5-1.7bn by fiscal year 2029, representing a compound annual growth rate of approximately 6.6%. The company also expects its EBITDA margin to improve to at least 60%, up from 54.4% in fiscal 2025.
  • Capital Expenditure: Moody’s anticipates Eutelsat will generate negative free cash flow of around -€500 m annually on average over 2026-2028 due to substantial planned investments:
  • €2 bn between 2025 and 2029 for its Low Earth Orbit constellation (OneWeb).
  • An additional €2bn from 2028 for the IRIS 2 program.

Stable Outlook

The stable outlook reflects Moody’s expectation that Eutelsat will stabilize its earnings profile over the next 12-18 months. This stabilization is anticipated to be driven by the ramp-up of its Low Earth Orbit operations through OneWeb and a stronger contribution from government services. (Source: Satnews)

 

05 Dec 25. ICEYE secures new funding to expand sovereign SAR systems and deepen Europe’s space intelligence. ICEYE has raised EUR 150m in new financing led by General Catalyst, along with a EUR 50m secondary placement that values the company at EUR 2.4bn (USD 2.8 bn). The space intelligence firm said the investment will speed up delivery of sovereign satellite systems and data services across Europe.

Rafal Modrzewski, Co Founder and CEO of ICEYE, said: “ICEYE’s SAR technology has become a core strategic and tactical tool for governments and institutions worldwide. Our team has a strong track record of turning advanced SAR technology into concrete results for customers who need answers in minutes, not days.”

He added: “This funding enables us to deepen that commitment by investing in the expansion of our world leading SAR constellation, next generation sensing capabilities, and data intelligence services that help governments and organizations manage risk and respond faster. For European nations and allies, that means greater control over their own space based intelligence – and a partner capable of delivering at industrial scale.”

Jeannette zu Fürstenberg, Managing Director and Head of Europe at General Catalyst, said: “Europe’s security starts with sovereign space capability. ICEYE enables that, with the world’s largest SAR constellation, software defined satellites, and fully sovereign missions that put independent visibility back in Europe’s hands.”

She added: “Ministries and intelligence agencies can secure borders via on-demand imagery, while nations seeking full control can deploy their own turnkey satellite missions. That’s why we see ICEYE as a rising global space prime.”

The Series E round brought in investors from across Europe, including A.P. Moller Holding, Bpifrance, Vinci (BGK Group), RiO Family Office, and Finnish backers such as Solidium, Ilmarinen, European Tech Collective, Keva, Lifeline Ventures, Tesi, Varma Mutual Pension Insurance Company, and Peter Sarlin. ICEYE said the new capital supports continued growth of its constellation and faster deployment of sovereign systems and sensing technologies. ICEYE operates the world’s largest synthetic aperture radar satellite fleet, providing near real time insights in any weather or light conditions. Its fourth generation platform delivers commercial SAR imagery with resolutions of up to 16 cm and allows new capabilities to be added through software updates from the ground. The company has already supplied sovereign systems to several European allies, including agreements with the Polish Armed Forces, Portuguese Air Force, Royal Netherlands Air Force, Greek National Space Program, and Finnish Defence Forces, alongside a SAR data agreement with NATO Allied Command Operations. ICEYE has launched 62 satellites to date and plans to increase production to one satellite per week next year to meet rising demand for sovereign space capability. (Source: Google/DIE)

 

05 Dec 25. Castelion, a cutting-edge defense technology company working to restore America’s conventional deterrence capability, announced today it raised $350m in Series B financing, positioning the company to directly advance a top Pentagon modernization priority: hypersonic munitions production at scale. The capital raise supports critical technical and manufacturing milestones: integrating Castelion’s first hypersonic weapon, Blackbeard, with U.S. Army and U.S. Navy operational platforms; building its production and final-assembly facility, Project Ranger; and multi-service platform testing in 2026. The round was led by Altimeter Capital and Lightspeed Venture Partners, with participation from Lavrock Ventures, Andreessen Horowitz, General Catalyst, First In, Space VC, Cantos, BlueYard, Avenir, Champion Hill, and Interlagos.

“Blackbeard helps close America’s hypersonic capability gap against China and Russia,” said Bryon Hargis, CEO and Co-Founder of Castelion. “This funding lets us build fast, test often, and produce at volumes that matter in the real world.”

CAPITAL DEPLOYMENT: SPEED TO PRODUCTION

The company’s latest investment round enables Castelion to expand manufacturing and workforce development across the United States:

Project Ranger (Sandoval County, New Mexico): Tooling, commissioning and production ramp at the 1,000-acre solid rocket motor manufacturing campus announced in November. The facility will be capable of producing thousands of Blackbeard missiles per year and support hundreds of industrial high-skilled jobs in the region.

Test Cadence and Platform Integration: Continuing high-tempo test cadence in 2026 with increasingly complex capability demonstrations and integration with operational launch platforms.

Follow-on System Development: Parallel maturation of a second hypersonic product line, leveraging shared low-cost subsystem infrastructure.

INVESTOR CONFIDENCE IN DEFENSE INNOVATION

“Castelion was founded by a special team of SpaceX alumni who, in just 2.5 years, took a clean-sheet hypersonic from concept to 25+ flight tests and major integration contracts,” said Erik Kriessmann, Partner at Altimeter Capital. “We’re leading this round because of what they’ve achieved in record time and so they can rapidly scale production of one of the U.S. Department of War’s most critical capabilities: affordable, mass-produced hypersonics, from hundreds to thousands of missiles per year.”

“Castelion isn’t just building missiles; they’re rebuilding America’s industrial depth,” said Connor Love, Partner at Lightspeed Venture Partners. “This team has proven they can move from blank sheet design to hardware under test faster than anyone thought possible.”

“Lavrock invests in critical technologies that strengthen America’s national security, and Castelion is doing exactly that,” said Alex Poulin, Partner at Lavrock Ventures. “Hypersonics only matter if you can build them at scale. Castelion’s team understands that, and they’re engineering a production-ready capability designed for real-world manufacturing and deployment. We’re proud to be early backers of a team focused on delivering capacity, not just concepts.”

“Hypersonic weapons capacity will shape great power competition for generations,” said Katherine Boyle, General Partner at Andreessen Horowitz. “China recognized this a decade ago and deployed at scale. Castelion leads America’s arsenal renewal with the speed, cost advantage, and volume at scaled production that our nation demands.”

“Castelion is transforming the economics of our defense industrial base,” said Paul Kwan, Managing Director, General Catalyst. “Modern deterrence demands hypersonic capability at a pace, scale and cost that the U.S. has never seen.”

BREAKING THE COST-SPEED PARADIGM

In 2025, Castelion conducted more than 20 development flight tests, validating weapon-critical subsystems including internally manufactured solid rocket motors, control actuation systems, flight computers, seekers, thermal protection materials, and mission software. Each campaign focuses on low-cost, mass-producible architectures which replace designs historically built in low volumes, at extreme cost, or only on multi-year timelines.

Castelion’s approach compresses design-to-launch cycles from years to months and establishes the industrial base required for high-rate missile production, not boutique inventory.

ABOUT CASTELION

Castelion builds American hypersonic deterrence through rapid, affordable, and scalable production of advanced strike weapons. Blackbeard is the first U.S. hypersonic system engineered from inception for industrial-rate output, commercial unit cost, and continuous flight test iteration. The company is headquartered in Torrance, California, with manufacturing operations in New Mexico, Texas, and California. For more information on Castelion, please visit www.castelion.com.

ABOUT ALTIMETER CAPITAL

Altimeter is a technology-focused investment firm built by a founder for founders. Altimeter’s mission is to help visionary entrepreneurs build iconic companies, disrupt markets and improve lives through all stages of growth. Altimeter manages a variety of funds that invest in the public and private markets and seeks to serve as an expert long-term partner to companies as they enter the public markets.

ABOUT LIGHTSPEED VENTURE PARTNERS

Lightspeed is a global, multi-stage, venture capital firm managing over $40B in assets. Since its founding in 2000, Lightspeed has been the first investor and an early backer of some of the most innovative companies in the world including Abridge, Anthropic, Castelion, Glean, Mistral, Navan, Netskope, Rubrik, Snap, Wiz, and more. Learn more at lsvp.com. (Source: PR Newswire)

 

08 Dec 25. Boeing says Trump’s equity stake plan doesn’t apply to big US defense firms. U.S. President Donald Trump’s plan to take government equity stakes in strategic industries doesn’t apply to major defense firms, the head of Boeing’s defense unit said on Saturday, in contrast to previous comments by a senior government official. The government wants industry to make investments in facilities, and large contractors are expected be able to do this without government assistance, Steve Parker, Chief Executive Officer of Boeing Defense, Space & Security, said on a panel at the Reagan National Defense Forum, an annual industry event in Simi Valley, California. Speaking about the prospect of the U.S. government investing in exchange for ownership rights, “it really only applies on the supply chain, particularly for the smaller companies coming through where that might be a way forward for them,” Parker said.

“I don’t think it really applies to the Primes,” Parker added, referring to big legacy defense contractors like Boeing, Lockheed Martin, RTX and Northrop Grumman.

Parker pointed to Boeing’s recent billions invested in St. Louis, Missouri where the company makes fighter jets. In August, U.S. Commerce Secretary Howard Lutnick said the Trump administration was weighing equity stakes in major defense contractors, including Lockheed Martin, a move that sent shares of Lockheed, Boeing and other defense firms higher. This year, the Trump administration has taken equity stakes in chipmaker Intel and rare earths company MP Materials, in an effort to prioritize national security in critical sectors where China has become increasingly dominant. Trump has said the government will take stakes in more companies. (Source: Reuters)

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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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