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23 Jan 26. Babcock – Q3 trading update – strong delivery underpins FY. Third quarter trading update – strong financial and operational delivery underpins confidence in full year expectations
Babcock International Group (“Babcock” or “the Group”) provides an update on trading for the nine months of the financial year ending 31 March 2026.
Trading update to 31 December 2025
Performance through the third quarter has seen a continuation of the strong performance reported at the half year, with the Group delivering good organic revenue growth and underlying operating margin progression. With the vast majority of forecast revenue for the year now contracted, we are confident in delivering on the Board’s expectations for FY26 trading, including meeting the FY26 margin target of 8%. Should the Indonesian Arrowhead licenses (see below) be delivered in year, this should provide upside to current expectations.
Strong H1 growth continued into Q3 in Nuclear, driven by new build clean energy projects and submarine support activities. Growth was also strong in Aviation, primarily due to the ongoing ramp-up of the French Mentor 2 contract.
Marine also reported good growth, reflecting higher LGE volumes and growth of the Skynet programme. These factors more than offset the expected lower revenue in Land, due to continuing lower activity in Rail.
Continued strategic and operational momentum support future growth ambitions
Babcock’s business momentum and operational performance have continued through the period with consistent delivery of our unique and critical capabilities for our customers around the world. The strategic progress we have made and our expectation of significant opportunities across all of our business into the medium term support our future growth ambitions. Notable achievements in the period included:
- Indonesia Maritime Partnership Programme (MPP): In November, Babcock was selected as the prime industrial partner for Indonesia’s £4 billion Maritime Partnership Programme. This initiative will see the UK and Indonesia jointly develop maritime capabilities for Indonesia’s navy and fishing fleets, strengthening food security in the process. On 20thJanuary 2026, we signed a Letter of Intent covering the aims of the whole MPP and an agreement for the sale of two further Arrowhead 140 licences to be delivered in the next few months.
- Arrowhead programmes: In December, we passed another milestone on the T31 programme, laying the keel on ship 3, HMS Formidable, in our Rosyth facility in Scotland. The second ship, HMS Active, is on track for roll out and steel cut on ship 4, HMS Bulldog, are both expected in the coming weeks. We continue to progress discussions on our other international naval ship programme opportunities.
- US Virginia Class submarine build: We expanded our strategic partnership with HII to support the US Virginia Class nuclear submarine programme in Rosyth. The contract will build resiliency within HII’s submarine supply base by authorising Babcock to manufacture and build complex submarine assemblies at Rosyth for Virginia-class Block VI fast-attack submarines, a critical component of the AUKUS trilateral partnership between Australia, the UK and the US.
- ARMOR Force – positioning for UK Royal Navy (RN) autonomous transformation: We further enhanced our partnership with HII, and defence technology company Arondite, to launch the Autonomous and Remote, Maritime Operational Response – Force, (ARMOR Force) to drive the delivery of a hybrid navy through the combined use of autonomous and crewed systems in the maritime domain. The intention is to create a Type 31 Common Command Vessel capability enabling the RN’s latest frigates to control a networked force of large autonomous vessels and systems to deliver resilient anti-submarine, air defence and strike capabilities.
- UK Land programmes progression: Ramp up of the £1 billion five-year DSG follow-on contract continued through the third quarter. Also in the period, the first of 53 six-wheeled high mobility Jackal 3 “Extenda” vehicles for the British Army rolled off our production line in Devonport.
- FMSP follow on contract: We remain fully engaged with our customer regarding the follow-on to our largest contract, Future Maritime Support Programme (FMSP) to support the UK nuclear submarine fleet, which completes at the end of FY26.
Capital allocation
We couple our operational performance with disciplined capital allocation to drive shareholder value creation. Of the £200 million share buyback programme we commenced in Q2, we have returned £90 million to date and intend to complete the programme around the March year end.
CEO retirement and succession
Today we also announce the decision of David Lockwood, Group Chief Executive, to retire by the end of this calendar year. Following an extensive internal and external search process, the Board has chosen Harry Holt, the current CEO of Babcock’s Nuclear sector, as his successor. Please see the full RNS issued today.
1 As at 23 January 2026, the average of analysts’ forecasts, compiled by Modular Finance, for FY26 revenue was £5,082 million, (with a range of £5,026 million to £5,130 million) and for underlying operating profit, £409 million (with a range of £403 million to £416 million). Consensus can be found on our website at: www.babcockinternational.com/investors/consensus/
21 Jan 26. Leonardo chair rows back on Fincantieri merger comments. Leonardo’s (LDOF.MI) chairman on Tuesday rowed back on comments he made about a possible merger with Italian shipbuilder Fincantieri (FCT.MI),dismissing them as a light-hearted quip. Stefano Pontecorvo floated the idea of a future combination between the two state-controlled groups at a business conference in Milan on Monday. The chair of the Italian defence and aerospace group was addressing an audience that included Claudio Cisilino, Fincantieri’s executive vice‑president for operations.
“I made a quip, in clearly joking tones, about a possible merger between Leonardo and Fincantieri,” Pontecorvo, a retired career diplomat, said in a statement.
The remarks “do not reflect any hypothesis currently under consideration and there are no formal files or dossiers relating to potential industrial operations” between the two firms, he added. Leonardo and Fincantieri cooperate on several programmes, but past discussions over deeper industrial integration have stalled amid political issues and diverging business priorities. (Source: Reuters)
20 Jan 26. Defense tech startups had their best funding year ever in 2025. Defense-technology startups had their best funding year ever in 2025, with investors keen to finance autonomous systems and artificial intelligence for the battlefield, according to data from business-intelligence providers that track venture capital funding. The value of venture capital deals in defense technology jumped to a record $49.1bn last year from $27.2bn a year earlier, according to data compiled by PitchBook and shared with Defense News. The PitchBook data includes startups that provide dual-use technology, including companies whose primary markets are civilian but also have defense applications. Equity funding for defense technology startups more than doubled to $17.9bn last year from $7.3bn in 2024, according to CB Insights, which uses its own classification method and also includes dual-use companies. Defense tech outpaced overall equity funding, which rose 47% to $469.3bn on the back of rising funds for AI startups, based on CB Insights data. Investor money is flowing into defense as military spending rises globally, with some of the biggest budget increases in Europe. Meanwhile, battlefield use of drones and AI-enabled systems in Ukraine has helped validate those technologies, with a focus on cheap, scalable systems and faster data processing and decision-making.
“Ukraine demonstrated drone and autonomous system effectiveness in real combat, fundamentally shifting how VCs view defense investments,” said Jason Saltzman, head of insights at CB Insights, in an emailed comment. He said the growing investor base and investment opportunities in dual-use artificial intelligence helped drive record defense-tech funding.
In 2026, defense-tech startups will have to prove to investors they can turn funding into actual production at scale, according to Saltzman. Manufacturing scale is “the next competitive battleground” in the defense-tech space, said Ali Javaheri, senior analyst for emerging technology at PitchBook, in emailed comments. “We are going to see a concerted push to expand throughput through investments not just in new facilities, but in the production toolchain itself, including robotics and software-augmented manufacturing.” American defense-technology startups attracted most of the money last year, with equity funding in the U.S. nearly tripling to $14.2 bn from $5 bn a year earlier, according to CB Insights. That compares to defense-tech equity funding in Europe rising 38% to $2.48 bn. The difference is partly explained by more large funding rounds in the United States last year, including Anduril raising $2.5 bn in June, valuing the California-based maker of autonomous systems and battlefield software at $30.5 bn. Texas-based Saronic, which makes uncrewed surface vessels, raised $600 m in February at a valuation of $4 bn. The comparison was more favorable for Europe in terms of the count of defense-tech startups that received investor backing, according to the CB Insights data, with the number of equity funding deals there rising 67% to 100, compared to the tally in the U.S. rising 30% to 155 deals. Last year’s funding rounds for primarily defense-focused startups were led by Anduril, Helsing and Saronic, the same trio that topped the charts in 2024, according to Crunchbase, another company that compiles VC funding data. Helsing, which develops battlefield AI software, raised €600m ($695m) in June at a reported valuation of €12bn. The number of firms actively investing in defense tech increased 41% last year, with “mainstream venture” dropping previous ethical objections to investing in defense and reframing it as supporting democratic values, according to Saltzman at CB Insights. AI opened new funding opportunities in both pure defense applications and broader dual-use technology, he said. The emphasis in 2026 is shifting towards the speed of getting systems fielded, and budgets this year will prioritize artificial-intelligence enabled systems, autonomous platforms and collaborative combat aircraft, according to Saltzman.
“Growth will depend on whether these startups can solve the harder problem: translating venture capital into large-scale manufacturing capacity and navigating supply-chain constraints that have kept most from reaching battlefield scale,” Saltzman said.
Manufacturing-focused defense investment rose to $4.7 bn across 39 deals in 2025 from $2.6 bn across 24 deals in 2024, according to PitchBook data published in a separate research note on Friday. Much of the scale-up capital for manufacturing between 2022 and 2025 went to drones, space systems and infrastructure, and defense electronics and sensing, according to the data.
The implication for investors going into 2026 will be that “execution, not invention, will determine returns,” Javaheri wrote. “Companies that convert facilities into repeatable output will disproportionately capture both capital and contract velocity.”
Defense tech investment will continue to grow in 2026, according to Javaheri, in comments to Defense News. He said autonomy will remain a core focus, but broadening beyond aerial systems into maritime and ground vehicles in particular, while industry consolidation will show a clear acceleration.
“I would not be surprised to see a major venture-backed defense tech startup acquired by a traditional prime contractor in the first half of the year as incumbents look to buy proven capabilities rather than build them from scratch,” Javaheri said.
Venture capital exits from defense-tech investments also jumped to a record last year, rising to $54.4 bn from $18.2 bn in 2024, PitchBook data show. Most of the exits were through acquisitions of defense-tech startups, led by Nvidia’s €20 bn purchase of Groq, which makes AI hardware and software for applications including military autonomous systems. (Source: Defense News)
20 Jan 26. KONGSBERG Acquires Zone 5 for Development and High-Volume Production of Affordable Missiles. Geir Håøy, CEO of KONGSBERG, said that the acquisition of Zone 5 represents a significant strategic step for the company, highlighting Zone 5’s leadership in developing affordable missiles that can be produced at scale.
Recent conflicts, he noted, have underscored the importance of high-volume defense capabilities in modern warfare, both to counter mass drone attacks and to strike a broad range of adversary targets to create effective deterrence. Demand for such capabilities is growing rapidly.
KONGSBERG brings a world-leading portfolio of advanced air defense and long-range strike missile technologies. Zone 5’s products complement this portfolio well, enabling the combined company to offer more comprehensive and flexible systems. By pairing KONGSBERG’s high-performance solutions with Zone 5’s high-volume, cost-effective assets, the company aims to help nations manage increasingly complex defense scenarios.
Zone 5 has secured notable successes in competitive U.S. defense programs, including the U.S. Air Force’s Extended Range Attack Munition (ERAM), the Family of Affordable Mass Missiles (FAMM), and Defense Innovation Unit initiatives focused on low-cost systems to defeat larger drones.
Eirik Lie, President of Kongsberg Defence & Aerospace, said Zone 5 aligns closely with KONGSBERG’s ambitions to expand its strike missile portfolio, develop full-spectrum air defense capabilities, and strengthen its presence in the United States. He praised Zone 5’s ability to bring new technologies to market amid intense industry competition.
Under the agreement, KONGSBERG will acquire 90 percent of Zone 5, with the management team retaining a minority stake. Zone 5 will operate as an independent subsidiary following closing, subject to regulatory approvals.
Thomas Akers, Chairman, CEO, and CTO of Zone 5, said the two companies share core values centered on customer commitment, engineering excellence, and employees, and expressed confidence that the partnership will support efficient scaling while preserving Zone 5’s innovative culture.
(Source: UAS VISION)
20 Jan 26. Kromek Group plc (“Kromek” or the “Group”) Interim Results.
Kromek Group plc (AIM: KMK), a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments, announces its unaudited interim results for the six months ended 31 October 2025.
Financial Highlights
- Revenue increased substantially to £15.0m (H1 2025: £3.7m)
o Advanced Imaging revenue of £10.8m; revenue of £2.5m excluding Siemens Healthineers contribution, representing a 41% increase on an underlying basis (H1 2025: £1.7m)
o CBRN Detection revenue more than doubled to £4.3m (H1 2025: £2.0m)
- Gross margin improved to 71.7% (H1 2025: 56.9%)
- Adjusted EBITDA* of £6.0m (H1 2025: £2.3m loss)
- Profit before tax of £3.1m (H1 2025: £5.7m loss)
- Cash and cash equivalents at 31 October 2025 were £1.2m (30 April 2025: £1.7m)
- Secured a revolving credit facility of £6.0m – of which £1.0m had been drawn as at 31 October 2025 – plus a £0.5m asset finance facility to ensure there is sufficient capital to drive further growth
- Board remains confident in the outlook for the year as the business continues to perform in line with market expectations
*A reconciliation of adjusted EBITDA can be found in the Financial Review.
Operational Highlights
Advanced Imaging
- Substantial growth due to delivery under landmark agreements signed in FY 2025 with Siemens Medical Solutions USA, Inc. (“Siemens Healthineers”) to enable the production of cadmium zinc telluride (“CZT”) detectors for single photon emission computed tomography (“SPECT”) application
- Sustained delivery under collaboration contracts and other component supply agreements, with customers including recognised Tier 1 OEMs, Analogic Corporation and Spectrum Dynamics
- Continued to make good operational and commercialisation progress in its photon-counting computed tomography (“PCCT”) detector development, with the commercialisation programme on track amid accelerating industry-wide adoption of CZT technology
- Excellent results achieved in validation trials with a leading medical clinic headquartered in the US of technology developed under the ultra-low dose molecular breast imaging programme funded by Innovate UK
CBRN Detection
- Growth driven by execution on strategy to secure key government customers and expand distributor network alongside market recovery
- Initial order, worth £1.7m, received under the UK Government’s Radiological Nuclear Detection Framework for the Group’s nuclear security products
- Contract secured with the Defence Science and Technology Laboratory of the UK Ministry of Defence (“MoD”), worth £250k, for the development of novel methods of enhancing the detection of biological agents and incidents
- Received new CBRN Detection orders in the year from customers globally, including from the UK, Europe, the US, Japan, Canada and Australasia
Manufacturing and IP
- Continued to execute on programmes for the expansion of production capacity and process automation, resulting in greater manufacturing productivity and cost efficiency
- Applied for three new patents and had three further patents granted, with the total number of patents held being in excess of 190
Dr Arnab Basu, CEO of Kromek, said: “We are pleased with the strong performance delivered in the first half of the year, with growth achieved across both Advanced Imaging and CBRN Detection. Sales in our CBRN segment more than doubled during the period, reflecting the growing global focus on national security and the increasing adoption of our market-leading technologies. In Advanced Imaging, our underlying business saw an increase in revenue driven by renewed engagement with our customers following the completion of our deal with Siemens Healthineers. We are seeing good progress as our Advanced Imaging customers prepare for the launch of their next-generation scanners, reaffirming the value and relevance of our cutting-edge solutions in the market.
“Looking ahead to the second half of the year, with robust customer engagement and a good order book, we expect the momentum achieved in H1 to continue. As a result, we remain on track to deliver a full-year performance in line with market expectations, supported by focused execution of our strategy and the continued demand for our innovative technologies.”
21 Jan 26. Bodycote acquires Rhode Island-based Spectrum Thermal Processing
The deal grows Bodycote’s US presence and strengthens support for defence and industrial clients. Bodycote, a provider of specialist thermal processing services, has acquired Spectrum Thermal Processing, a heat treatment provider based in Cranston, Rhode Island.
The transaction closed on 14 January and integration activities are currently in progress.
With this acquisition, Bodycote increases its presence in North America and strengthens its ability to serve aerospace, defence, space, and industrial clients throughout the northeastern US.
Spectrum Thermal Processing operates with Nadcap accreditation and ITAR compliance. Its services include vacuum heat treatment, low pressure carburising, and gas nitriding.
The facility is situated within a key aerospace and defence region and will become part of Bodycote’s Aerospace, Defence & Energy (ADE) division.
Customers will continue to work with their existing contacts at Spectrum and should not expect immediate changes to service levels. Over time, they will have access to Bodycote’s wider network and specialist technologies.
Bodycote chief executive officer Jim Fairbairn said: “This acquisition reflects our ongoing commitment to invest in high-growth, high-value sectors and to expand our capability in regions where customers need us most.
“Spectrum’s proven technical expertise and strong local relationships enhance our service offering and strengthen our position as the most experienced thermal-processing network in New England.”
The move adds to Bodycote’s network of Nadcap-accredited sites in the Northeast and Mid-Atlantic regions, including locations in Connecticut, Massachusetts, New Hampshire, New Jersey, and Pennsylvania.
This broader platform is expected to improve proximity for customers, reduce ramp-up times, and support supply chain resilience.
Bodycote Aerospace and Defence president Heidi McNary said: “Spectrum brings unique equipment, specialist processing capability, and a highly respected team into the Bodycote family.
“Their expertise strengthens our advanced heat-treating portfolio and further enhances the value we provide to aerospace engine manufacturers, defence primes, and leading industrial customers in the region.”
Bodycote aims to reinforce its service capacity and technical offering within one of the nation’s densest aerospace and defence corridors through this acquisition. (Source: airforce-technology.com)
20 Jan 26. Kromek – Shares in this tech small cap have doubled – and could do so again
Simon Thompson: The group has moved into profit, wiped out debt and is winning a raft of new orders
- First-half revenue quadrupled to £15mn
- Pre-tax profit of £3.1mn (loss of £5.7mn in prior half-year)
- Small net cash position
Eye-catching first-half results from radiation detection technology specialist Kromek (KMK:9.75p) reflect the landmark agreement signed at the start of last year with Siemens Medical Solutions. Kromek has transferred 15 of its 174 furnaces for cadmium zinc telluride (CZT) production to the German group and is providing it with intellectual property and related services (licensed on a non-exclusive basis) for next-generation CZT-based single photon emission computed tomography (SPECT) detector applications in advanced medical imaging.
Kromek booked £8.3mn of revenue from Siemens Medical, which underpinned a sixfold increase in revenue to £10.7mn and an operating profit of £3.5mn from its advanced medical imaging unit. Importantly, Kromek has retained ownership of the patents, so it is able to serve and enter agreements with other original equipment manufacturers in SPECT or other advanced imaging markets. These companies are also advancing medical imaging technology that is playing a vital role in the early detection of serious illnesses. Excluding the contribution from Siemens Medical, divisional revenue increased by 41 per cent to £3.4mn.
The deal with Siemens Health also transformed the group’s balance sheet and slashed finance costs. Kromek has received $30mn (£22.3mn) of instalments (as opposed to revenue) from the German group and is due a further $7.5mn of payments over the next three years. Kromek is in a small net cash position excluding lease obligations.
The other key take in the first-half results was a much-improved performance from the group’s chemical, biological, radiological and nuclear (CBRN) detection segment. Divisional revenue more than doubled to £4.3mn and operating losses halved to £0.3mn, highlighting growing global demand for its mission-critical detection solutions. The group has signed distribution agreements with five new partners across Europe, the Middle East and Asia and now has representations in 39 countries. Kromek is clearly seeing increased commercial momentum, having received £4.8mn of orders in the current financial year (over half of which are still to be delivered) including the first order (worth £1.7mn) under the UK government’s radiological nuclear detection framework.
The directors are maintaining full-year earnings guidance, which analysts at house broker Cavendish believe points to full-year revenue of £27.1mn and a pre-tax profit of £2.3mn. On this basis, the shares are rated on a forward price/earnings ratio of 25, having almost doubled in value since I suggested buying them last autumn (‘This tech small-cap is reporting profit for the first time’, IC, 16 September 2025).
Cavendish has a discount cash flow derived target price of 26p, which suggests further material upside potential, but Kromek will have to continue winning new orders to drive non-Siemens revenue higher to warrant that valuation. It seems likely that it will do so, so I would hold on to your shares. Hold. (Source: Investors Chronicle)
20 Jan 26. Czech defence group CSG launches 3.8bn euro IPO. Czech-based defence firm Czechoslovak Group (CSG) is offering up to 15.2% of the company in an initial public offering of new and existing shares, giving it a market capitalisation of 25 bn euros ($29.19 bn), CSG said in its prospectus on Tuesday. The offer price is 25 euros per share, according to the prospectus. The offering consists of 30 m new shares and up to 122 m existing shares including an over-allotment, which are held by CSG’s owner, Czech bnaire Michal Strnad CSG, one of the world’s fastest-growing defence firms, announced its intention to float shares in Amsterdam last week, and the IPO is likely to become the largest global defence listing by funds raised. Assuming the over-allotment is exercised, Strnad is set to earn net proceeds of nearly 3 bn euros from the deal, and the company a net 724 m euros, according to the prospectus. Trading in the shares is expected to start on Friday, according to the timeline in the prospectus. ($1 = 0.8565 euros) (Source: Reuters)
20 Jan 26. QinetiQ to align US business with Trump’s defense priorities. British defence and security group QinetiQ (QQ.L),said on Tuesday it is aligning its U.S. business to the administration’s priorities, after President Donald Trump’s recent call for sweeping changes to America’s defense industry. Earlier this month, Trump called for a substantial increase in the U.S. military budget as well as blocking U.S. contractors from dividend payouts or share buybacks, intending to speed up weapons production. QinetiQ operates in the U.S. through its Global Solutions division under which it offers services such as advanced sensing, surveillance, cyber and intelligence capabilities to U.S. and international defence customers. It is currently restructuring its US business, which has been hit by operational and profitability challenges stemming from geopolitical uncertainty and shifting procurement cycles. QinetiQ said it continues to expect organic revenue growth of about 3% and an operating margin of 11% for the full year. In its third quarter trading update, its order intake stood at 3 bn pounds ($4.03 bn), including the recent LTPA contract extension. The group added that it is also right-sizing its Australia business and streamlining its UK operations. ($1 = 0.7440 pounds) (Source: Reuters)
16 Jan 26. TransDigm Group Incorporated (NYSE: TDG) today announced it has entered into a definitive agreement to acquire Jet Parts Engineering and Victor Sierra Aviation Holdings (collectively “the Companies”), portfolio companies of Vance Street Capital, for approximately $2.2 bn in cash, including certain tax benefits.
Jet Parts Engineering
Jet Parts Engineering (“JPE”), headquartered in Seattle, Washington, is a leading independent designer and manufacturer of aerospace aftermarket solutions, primarily proprietary OEM-alternative parts and repairs. JPE serves commercial, regional and cargo airline customers, as well as maintenance, repair and overhaul (“MRO”) providers. JPE’s products are highly engineered, proprietary PMA components with a strong presence across major commercial aerospace platforms. Nearly all of JPE’s revenue is derived from the commercial aftermarket. In addition to its engineering headquarters in Seattle, Washington, JPE has engineering and component repair locations in Texas, New York, Florida, Alabama and the United Kingdom. JPE employs approximately 300 people.
Victor Sierra Aviation
Victor Sierra Aviation Holdings (“VSA”) is a leading designer, manufacturer, and distributor of proprietary PMA and other aftermarket parts serving the commercial aerospace end market – primarily the general aviation and business aviation sectors. VSA is a leading collection of brands including McFarlane Aviation, Tempest Aero Group, and Aviation Products Systems. VSA offers a complete line of highly engineered PMA, custom design and OEM products, as well as service and repair stations. Nearly all of VSA’s revenue is derived from the commercial aftermarket. VSA primarily operates out of three facilities: Baldwin City, Kansas; Burlington, North Carolina; and Granite City, Illinois. Additional satellite facilities are in Illinois, Texas, Kentucky and Washington to provide support and strategic proximity to customers. VSA employs approximately 400 people.
The Companies collectively generated approximately $280 m in revenue for the calendar year ended December 31, 2025.
Mike Lisman, TransDigm’s Chief Executive Officer, stated, “We are excited to have an agreement to acquire Jet Parts Engineering and Victor Sierra, two well run, profitable businesses that will fit well within TransDigm. The Companies’ highly engineered, proprietary OEM-alternative parts and services generate nearly 100% commercial aftermarket revenue. These businesses offer a unique value proposition to their airline, business, and general aviation end user customers as an alternative to OEM parts and are each growing nicely. We will continue to offer this unique value proposition to customers and grow both companies under TransDigm ownership, where they will operate independently, consistent with our long-term approach to running our businesses. We look forward to working with and continuing to support the Companies’ customers. As with all TransDigm acquisitions, we expect these acquisitions to create equity value in-line with our long-term private equity-like return objectives.”
Nick Howley, TransDigm’s Chairman added, “This is a natural progression for TransDigm. We have had a long-term and sizable PMA effort within our existing operating units. Since the formation of TransDigm, we have regularly used our uniquely broad aerospace engineering and market knowledge to design and offer our aftermarket customers a range of well engineered products that provide a mix of improved life, superior performance, and other benefits. Both Jet Parts Engineering and Victor Sierra are good businesses that align well with our model.”
The acquisition is subject to regulatory approvals in the United States and customary closing conditions. (Source: PR Newswire)
16 Jan 26. SEEQC, Inc. (“SEEQC” or the “Company”), a developer and manufacturer of scalable, energy efficient digital chips for quantum computing systems, today announced that it has entered into a definitive merger agreement with Allegro Merger Corp. (“Allegro”), an SEC reporting company. Under the terms of the merger agreement, and subject to the satisfaction of the conditions set forth therein, SEEQC will form a wholly owned subsidiary, which will merge with and into Allegro, with Allegro surviving the merger as a wholly owned subsidiary of SEEQC. In connection with the execution of the merger agreement, the Company and Allegro entered into subscription agreements for the sale of approximately $65 m of common stock of Allegro (the “PIPE transaction” and together with the merger, the “transactions”). Upon completion of the merger, all outstanding shares of common stock of Allegro, including those to be sold in the PIPE transaction, will be canceled and exchanged for the right to receive shares of SEEQC’s common stock. The transaction values SEEQC at approximately $1 bn. SEEQC develops and manufactures digital, chip-based solutions that integrate control, readout, and classical processing functions directly on-chip integrated with quantum processors (QPUs) for quantum computing system developers. By colocating these functions with qubits at milliKelvin temperature, SEEQC’s architecture reduces reliance on room-temperature electronics and supports low-latency, efficient data throughput quantum computing operations. SEEQC’s chip-based architecture is designed to operate across multiple qubit modalities, including superconducting, spin silicon, and other quantum technologies. The Company’s technology has been deployed in research and system-integration collaborations with government agencies, academic institutions, and industry partners, including work with IBM under the U.S. Department of Defense’s DARPA Quantum Benchmarking Initiative, as well as previously disclosed collaborations with NVIDIA, Booz Allen Hamilton, and Rigetti – among others. Additional information regarding the proposed transactions, including their closing conditions, will be included in a Current Report on Form 8-K to be filed by Allegro with the Securities and Exchange Commission.
The Board of Directors of SEEQC and Allegro have unanimously approved the transactions. The transactions are anticipated to close in the second quarter of 2026, subject to the satisfaction of customary closing conditions, including regulatory and shareholder approvals.
Advisors
Centerview Partners LLC is serving as financial advisor to SEEQC, and BTIG, LLC is serving as capital markets advisor to SEEQC and sole placement agent on the PIPE transaction. DLA Piper LLP (US) and Perkins Coie LLP are serving as legal advisors to SEEQC. Graubard Miller is serving as legal advisor to Allegro. Ellenoff Grossman & Schole LLP is serving as legal counsel to the placement agent, BTIG, LLC.
About SEEQC
SEEQC is building quantum computers on a chip. SEEQC’s digital chip technology is designed to make quantum systems scalable, energy efficient, and commercially viable. SEEQC’s chip-based approach works across the entire quantum ecosystem. Its digital chips power quantum AI and heterogeneous computing. Founded as a spin-out from Hypres, itself founded by key members from IBM’s superconducting electronics division, SEEQC is led by a world-class team and operates advanced chip development and fabrication facilities in the United States and Europe.
About Allegro
Allegro Merger Corp. is an SEC reporting company formed to consummate a strategic transaction with a business or entity. (Source: BUSINESS WIRE)
16 Jan 26. York Space Systems (York), a modern defense prime built for speed and scale, announced it has launched the roadshow for its proposed initial public offering of 16,000,000 shares of its common stock. In addition, York intends to grant the underwriters a 30-day option to purchase up to an additional 2,400,000 shares of its common stock at the initial public offering price, less underwriting discounts and commissions. The initial public offering price is expected to be between $30 and $34 per share. York has applied to list its common stock on the New York Stock Exchange under the ticker symbol “YSS.” Goldman Sachs & Co. LLC, Jefferies, and Wells Fargo Securities are acting as lead bookrunning managers for the proposed offering. J.P. Morgan and Citigroup are acting as joint bookrunning managers. Truist Securities, Baird, and Raymond James are acting as bookrunners. Canaccord Genuity, Needham & Company, and Academy Securities will serve as co-managers. The proposed offering will be made only by means of a prospectus. When available, a copy of the preliminary prospectus related to the proposed offering may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, when available, a copy of the preliminary prospectus related to the proposed offering may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at 1-866-471-2526, by facsimile at 212-902-9316 or by email at ; Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, by telephone at (877) 821-7388 or by email at ; Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, by telephone at 800-645-3751 (option #5) or by email at . A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The proposed offering is subject to market conditions, and there can be no assurance as to whether or when the proposed offering may be completed, or as to the actual size or terms of the proposed offering.
About York Space Systems
York Space Systems is a leading, U.S.-based, space and defense prime providing a comprehensive suite of mission-critical solutions for national security, government and commercial customers. York is one of the only space and defense primes with proprietary hardware and software capabilities designed to address customers’ complex mission requirements across the critical elements of the entire space ecosystem throughout the mission lifecycle. York is purpose built to address evolving national security space challenges and to adapt to the ongoing shift in the U.S. government’s mission needs and procurement processes, where economics, agility, rapid capabilities, and heritage drive customer decision making. (Source: BUSINESS WIRE)
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Ultra-high precision, modularity and speed to defeat dynamic targets
OpenWorks is a provider of modular autonomous vision systems that deliver ultra-high performance real-time detection, identification and tracking of highly dynamic aerial threats at long range.
Our specialist capability lies in our dynamic positioners, EO/IR optical units, approach to sensor fusion and common interface that enables the integration of third-party detectors, classifiers, interceptors and effectors. Artificial intelligence modules work seamlessly with primary detectors and C2 to provide comprehensive detection, identification, tracking and slewing-to-cue against complex backgrounds and foregrounds.
OpenWorks is internationally and operationally proven across C-UAS and Air Defence.
Vision Pace
Designed to enhance dynamic multi-threat engagement, Vision Pace offers microradian precision targeting to kinetic defeat chains, marking a step-change for layered air defence. The development is intended to provide capability to expeditionary force protection, GBAD, SHORAD, M-SHORAD across land and naval domains.
Vision Flex
Vision Flex provides the highest performance surveillance, tracking and classification capability available, for use on static, mobile and un-crewed systems. Vision Flex cameras are highly configurable and can be used with built-in twin-AI modules of third Party classifiers and trackers.
Vision Flex is easy to integrate through standard interfaces and has a range of plug-and-play optical modules and upgrades to allow it to be configured easily to suit each mission or site.
Vision Guard
Vision Guard is a highly configurable, autonomous, portable and deployable platform that provides automated alerts with AI detection and classification.
It can be configured with combinations of active and/or passive sensors to suit the mission. Detections and alerts are streamed out to a handheld tablet or other systems via the standard interface, SAPIENT, Asterisk etc.
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