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05 Feb 26. XTI Aerospace, Inc. (Nasdaq: XTIA) (“XTI” or the “Company”), an aerospace technology company focused on building and scaling its newly acquired Drone Nerds LLC platform for enterprise and government customers, announced that it has completed the sale of its real-time location systems (“RTLS”) business by transferring all of the shares of Inpixon GmbH, a German limited liability company (“Inpixon”), to EVO 467. GmbH, a German investor group led by experienced technology and operating executives, for EUR 4.64m (approximately $5.48m), effective February 3, 2026.
“We are making disciplined decisions across the portfolio to ensure XTI is positioned for scale, profitability and leadership in markets where we see the strongest strategic and commercial opportunity,” said Scott Pomeroy, Chief Executive Officer of XTI. “This divestiture allows us to further streamline our cost base while enabling Inpixon to thrive under owners whose sole focus is advancing RTLS.”
Inpixon provides solutions in the field of indoor positioning, real-time localization, and sensor technologies and develop and distribute hardware and software systems that use sensor technology, radio technologies, and data analysis to enable the precise location of people, devices and objects within buildings.
The Company believes that the transaction supports XTI’s focus on establishing leadership in drones and driving toward sustainable profitability.
“Inpixon has advanced technology and long-term potential in the RTLS market, and we are proud of the innovation developed by the team,” Pomeroy added. “However, as we sharpen our strategic focus around drones, RTLS was no longer aligned with where we are concentrating our capital, leadership attention and growth efforts.”
Pomeroy expressed confidence in the future of Inpixon under its new ownership, noting that the buyer group brings deep technology experience, operational leadership, and global market expertise to support business continuity and continued innovation and growth.
About XTI Aerospace, Inc.
XTI Aerospace, Inc. (Nasdaq: XTIA) is an aerospace technology company focused on the advancement of vertical flight. Through its Drone Nerds LLC business, acquired in November 2025, XTI is a premier provider of unmanned aircraft systems (“UAS”), solutions, services and hardware. Through its XTI Aircraft business, the Company is engaged in the development of advanced vertical takeoff and landing (“VTOL”) aircraft with the range and speed of planes and the take-off and landing capability of helicopters.
(Source: PR Newswire)
05 Feb 26. Astronics Corporation (Nasdaq: ATRO), a leading provider of advanced technologies for global aerospace, defense and other mission critical industries, today reported preliminary, unaudited fourth quarter and full year 2025 financial results for the period ended December 31, 2025.
Preliminary Fiscal 2025 Fourth Quarter Financial Results
• Updated preliminary unaudited revenue estimated at $239.5m with estimated preliminary Aerospace sales of $219.0 m and estimated preliminary Test sales of $20.5 m
• Preliminary adjusted EBITDA margin estimated margin at a minimum of 18% of revenue(1)
Preliminary Fiscal 2025 Full Year Financial Results
• Updated preliminary unaudited revenue estimated at $861.5m
• Preliminary adjusted EBITDA margin estimated at a minimum of 15% of revenue(1)
Preliminary bookings in the quarter were estimated at approximately $257m, bringing orders for the full year to approximately $924m.
The Company also maintained its preliminary revenue expectations for 2026 of $950m to $990m representing an increase of approximately 10% to 15% over 2025. (Source: BUSINESS WIRE)
06 Feb 26. Patria Group’s Financial Review for 2025 – preliminary data.
Patria continued its growth in 2025: revenue grew 32 percent and exceeded 1bn euros, order stock over 3.5bn euros.
Financial review of 2025
Patria’s net sales and operating profit increased strongly during the last quarter of 2025. Patria’s net sales in the last quarter were EUR 417.4m, representing a 45.2% increase compared to the same period in 2024. Net sales grew across all of Patria’s business areas during the comparison period. The Group’s net sales for the financial year exceeded one-bn-euro strategic milestone, totaling to EUR 1,086.7 m, an increase of 31.6% compared to the previous year. The Group’s operating profit (EBIT) also developed positively, rising to EUR 115.9m, and the EBIT margin rose to 10.7%.
At the end of 2025, Patria’s order stock stood at EUR 3.5bn, which is all time high. Signed in December, two serial contracts with Germany on Patria 6×6 vehicles and Patria NEMO mortar systems are the largest single deal in Patria’s history. These contracts are valued at over 2 bn euros, comprising a firm order value that exceeds 1bn euros, plus options. Interest in Patria’s products and services has further increased during 2025 as defence budgets have grown.
Patria has continued to increase investments to respond to growing demand and to develop its offerings for enhanced customer value and competitiveness. The company has kicked off a comprehensive internal development programme, playing a pivotal role in achieving the planned growth, profitability and delivery capability ambitions for the upcoming years.
A significant portion of operational efforts have been directed toward increasing production capability to meet the growing demand for armoured vehicles and further develop the productivity of operations. Patria’s new operating model, based on three key business areas – Protected Mobility, Defence and Weapon Systems and Sustainment Solutions – came into effect on 1 June, 2025. The implementation of the new operating model continued smoothly also during the last quarter.
Millog had a positive impact on the Group’s net sales and operating profit, while Nammo had a significant positive impact on operating profit during the last quarter of 2025.
Highlights of 2025
• Patria has continued to develop its operations and invested in production during 2025. The company transitioned to a new operating model as of 1 June 2025. Patria has significantly increased its own production and invested in its manufacturing facilities in Hämeenlinna and Valmiera, Latvia. At the same time, Patria has advanced its business concept based on technology transfer and local manufacturing.
• Throughout 2025, several new agreements were made as part of the CAVS programme. In December, Patria and Germany agreed procurement contracts worth over two bn euros under the CAVS programme. The order includes Patria 6×6 vehicles and Patria NEMO mortar systems. Vehicle orders were also placed from Sweden and Denmark, which joined the CAVS programme alongside the United Kingdom and Norway during the year. By the end of the year, there were seven participating countries. Patria and Babcock agreed on manufacturing cooperation for the Patria 6×6 vehicle to meet the needs of the British Armed Forces. Through this programme, Patria has already received orders for nearly 2,000 Patria 6×6 vehicles, including options.
• The Patria TRACKX tracked vehicle was launched at DSEI UK in London in September. This new tracked vehicle is designed to operate efficiently in challenging conditions, combining excellent mobility over rough terrain, situational awareness, sufficient protection and exceptional operational range. The target is for the Patria TRACKX to be ready for serial production in 2027.
• Patria’s new F-35 assembly and component manufacturing facilities in Linnavuori, Nokia and Halli, Jämsä in Finland were completed in 2025. The assembly and maintenance facility for F-35 fighter jet engines was finished in Linnavuori. In June, an opening ceremony of the production line for assembly of F-35 forward fuselages was held in Halli.
• Patria acquired ILIAS Solutions, a leading Belgium-based digital defence platform provider. The ILIAS software platform strengthens Patria’s already solid position and expertise in defence fleet management. The ILIAS software will be integrated into the Patria OPTIME service concept, ensuring optimal performance of various fleets in all operational environments.
• In addition to the active CAVS and FAMOUS programmes, it was announced in May that Patria will lead an industrial consortium in the new Artificial Intelligence Warfare Adaptive Swarm Platform (AI-WASP) programme, which broadly applies artificial intelligence in electronic warfare and data transfer technologies. The programme received support of EUR 45 m from the European Commission.
Outlook for 2026
Demand for Patria’s products and services continues to grow strongly. Growth is further boosted by several EU-originated initiatives that support defence materiel procurement and development, as well as the increase in defence budgets in European NATO countries in accordance with the decisions at the NATO Summit 2025 in the Hague.
Net sales growth is expected to be strong in 2026, supported by an increased order stock and a positive demand environment. Most of the growth is expected to be generated by the armoured vehicle and weapon system business. Overall, the outlook remains positive.
The impact of the geopolitical situation and general economic uncertainty on long-term development in the operating environment is difficult to evaluate. These factors could potentially have significant direct and indirect impacts on the demand and Patria’s operations.
04 Feb 26. Ventus Industrial Partners, a US-based private equity firm specializing in sectors critical to national security, announces the formation of Aeron Defense (“Aeron”), and the acquisitions of General Tool Company (“GTC”) and Magna Machine Company (“Magna”), in partnership with GenNx360 Capital Partners and Admiralty Partners.
Ventus Industrial Partners Announces the Formation of Aeron Defense, a New Force in the Defense Sector, and the Acquisitions of General Tool Company and Magna Machine, in Partnership with GenNx360 Capital Partners and Admiralty Partners
Founded by leading figures from the defense and private equity industries, Aeron seeks to build a group of leading manufacturing partners to the US defense industry through significant investments in people, facilities and equipment; ownership incentives for all employees; access to industry-leading operating and advisory teams; and a focus on driving growth organically and through acquisitions.
Founded in 1947 in Reading, Ohio, GTC is a manufacturer of mission-critical defense components with a highly differentiated set of capabilities across a diverse product portfolio. GTC is a key manufacturing partner to a broad range of leading US defense primes, serving key platforms including Columbia-class and Virginia-class submarines, Ford-class aircraft carriers, Arleigh Burke-class destroyers, the F-35 fighter jet, LTAMDS and Patriot missile defense systems, and the LRSO nuclear deterrent.
As part of the transaction, Aeron will also acquire Magna, located in Forest Park, Ohio. GTC and Magna were founded together by the Kramer family and are reuniting under the GTC name. Magna has deep expertise in large-part machining and turnkey large functional assemblies and will become GTC’s fourth manufacturing site. The combined business will have 550,000 square feet of manufacturing facilities within a 10-mile radius in northern Cincinnati. The Kramer family have become minority shareholders in Aeron.
Ventus Industrial Partners is a US-based, operationally focused private equity firm, specializing in sectors critical to national security. It was founded by Valerio Massimo di Roccasecca, formerly of Cinven and founder of Avantus Aerospace; Vice Admiral William Hilarides ret. (USN), former Commander of NAVSEA; and Irwin F. Edenzon, former President of Ingalls Shipbuilding.
Valerio Massimo di Roccasecca, Managing Partner of Ventus Industrial Partners, commented:
“Aeron’s mission is to support the effort to scale the broader defense industrial base across key military programs, and to become the employer of choice within the sector through our ‘Ownership for All’ workforce incentive model and employee-centric philosophy. GTC and Magna are exceptional businesses with which to launch Aeron, and we are delighted that the Kramer family have entrusted us with their family legacy”
Admiral William Hilarides, Chairman of Aeron Defense, commented:
“Over the past 10 years, Irwin and I have been engaged in several initiatives that focused on industrial base challenges. Having decided to take a more active role, we are excited to start this journey with the dedicated and skilled workforce at GTC and Magna”
Bill Kramer, President of GTC, commented:
“For more than 75 years, General Tool Company has earned its reputation through precision, reliability, and trust. We are excited about the future, and having the right partner in Aeron Defense will allow us to strengthen that foundation, invest in our people and facilities, and deliver an even higher level of performance and capacity for our customers and the Warfighter”
Winston & Strawn LLP served as legal counsel to Aeron, and Taft LLP served as legal counsel to GTC and Magna. Harris Williams served as financial advisor and placement agent to Ventus Industrial Partners.
About Aeron Defense
Aeron’s mission is to build a group of leading manufacturing partners to US defense primes through significant investments in people, facilities and equipment; access to industry-leading operating and advisory teams; and a focus on driving growth organically and through acquisitions. At Aeron’s core is an innovative approach to hiring, retaining and developing its people, including an incentive model that grants every current and future employee an opportunity to share in Aeron’s success.
For more information: www.aerondefense.com
About Ventus Industrial Partners
Ventus Industrial Partners is a US-based, operationally focused private equity firm, specializing in sectors critical to national security. It was founded by Valerio Massimo di Roccasecca, formerly of McKinsey, Cinven, Board Member of GE Avio, and founder and Board Member of Avantus Aerospace; Vice Admiral William Hilarides ret. (USN), former Commander of NAVSEA and Chairman of the Australian Government’s Naval Shipbuilding Expert Advisory Panel; and Irwin F. Edenzon, former President of Ingalls Shipbuilding.
For more information: www.ventusindustrial.com
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market industrial manufacturing and business-to-business services companies. GenNx360 partners with companies having proven and sustainable business models in expanding industries with the objective of implementing and supporting value-enhancing organic and inorganic initiatives to accelerate growth, deliver cost efficiencies, and generate strong financial returns. GenNx360 has been named as a Top 50 Private Equity Firm in the Middle Market and a Top 50 Private Equity Firm for Executives, and has also been recognized as a Founder-Friendly Investor. GenNx360 was founded in 2006 and is headquartered in New York City.
For more information: www.gennx360.com (Source: BUSINESS WIRE)
05 Feb 26. Saab year-end report 2025: Record order bookings – building for growth.
Saab presents the full-year results for 2025.
“I am pleased to end the year with strong results for order bookings, sales, operating income and operational cash flow in the quarter. 2025 was a record year for Saab where we secured several important orders and continued to see high demand. At the same time, we continue to invest in capacity expansion and new capabilities to build for future growth. Based on our strong market momentum and order backlog we are upgrading our medium-term target for organic sales growth,” says Micael Johansson, President and CEO, Saab.
Key highlights Q4 2025
• Order bookings in the fourth quarter increased to SEK 100,111m (17,556), driven by strong growth in large orders.
• Sales amounted to SEK 27,697m (20,850) which corresponded to an organic sales growth of 34.5% (29.3).
• All business areas and Combitech reported sales growth, with particularly strong development in Surveillance and Dynamics.
• EBITDA amounted to SEK 4,203m (2,734) and corresponded to an EBITDA margin of 15.2% (13.1).
• EBIT increased 67% and amounted to SEK 3,261m (1,953), corresponding to a margin of 11.8% (9.4). Adjusted for the divestment of Saab TransponderTech AB, that generated a capital gain of SEK 336m, EBIT increased 50% to SEK 2,925m (1,953), corresponding to a margin of 10.6% (9.4).
• Net income increased to SEK 2,568m (1,442) and earnings per share amounted to SEK 4.73 (2.66)
• Operational cash flow increased to SEK 6,281m (3,558).
• Net liquidity amounted to SEK 3,989m (2,211).
• The Board proposes a dividend for 2025 of SEK 2.40 (2.00) per share.
• Upgraded medium-term targets for 2023-2027: organic sales growth of around 22% (CAGR) (changed from 18%). EBIT growth to be higher than the organic sales growth and a cumulative cash conversion of >60% (unchanged).
Presentation of Saab’s Q4 and full-year 2025 results
Saab’s CEO and President Micael Johansson and CFO Anna Wijkander will present Saab’s Q4 and full-year 2025 results.
03 Feb 26. Filtronic hopes to meet lofty valuation. The company aims to attract more customers to its next-generation technology.
• Revenues fell 2 per cent
• Profit fell 62 per cent
Barely a day goes by without SpaceX featuring in the news, but the supply chain of the world’s most valuable private company commands fewer column inches, including communications technology provider Filtronic (FTC).
The company reported first-half earnings of £2.6m on revenues of £25.3m, falling by 62 per cent and 2 per cent, respectively, versus the prior year. This was largely due to increased investment spend, including product evolution and a new manufacturing facility in Sedgefield, County Durham, set to open later this month.
The first half included progress in this product evolution, including the switch from gallium arsenide to gallium nitride in Filtronic’s amplifiers, which should improve their power and efficiency.
“Our focus on high-frequency RF [radio frequency] technologies continues to differentiate us with customers operating in the most demanding environments,” said chief executive Nat Edington.
Adding more customers in addition to SpaceX remains a priority, and Filtronic signed multi-year contracts with a European space customer and a leading European defence prime during the period.
Management has guided for 2026 revenue and Ebitda estimates to be broadly in line with analysts’ expectations of £55.5mn and £10.9mn, respectively. The company’s (unquantified) record order book covers 90 per cent of FY2026 revenues.
The shares have risen more than 40 per cent since we covered them in our Aim 100 feature. They now trade on a heady 46 times analysts’ 2027 earnings estimates, so we await a more attractive entry point. Hold.
Last IC view: Hold, 97p, 4 Feb 2025. (Source: Investors Chronicle)
03 Feb 26. TransDigm Group Incorporated (NYSE: TDG), a leading global designer, producer and supplier of highly engineered aircraft components, today reported results for the first quarter ended December 27, 2025.
First quarter highlights include:
• Net sales of $2,285 m, up 14% from $2,006 m in the prior year’s quarter;
• Net income of $445m;
• Earnings per share of $6.62;
• EBITDA As Defined of $1,197m, up 13% from $1,061 m in the prior year’s quarter;
• EBITDA As Defined margin of 52.4%
• Adjusted earnings per share of $8.23, up 5% from $7.83 in the prior year’s quarter; and
• Upward revision to fiscal 2026 financial guidance.
Quarter-to-Date Results
Net sales for the quarter increased 13.9%, or $279 m, to $2,285 m from $2,006m in the comparable quarter a year ago. Organic sales growth as a percentage of net sales was 7.4%.
Net income for the quarter was $445m, a decrease of $48 m, or 9.7%, compared to $493 m in the comparable quarter a year ago. The decrease in net income primarily reflects higher interest expense as a result of the increase in TransDigm’s year-over-year gross debt balance. The decrease was partially offset by the increase in net sales described above and the application of our value-driven operating strategy.
GAAP earnings per share were reduced in the first quarter of fiscal 2026 and 2025 by $1.02 per share and $0.83 per share, respectively, as a result of dividend equivalent payments made during each quarter. As a reminder, GAAP earnings per share are reduced when TransDigm makes dividend equivalent payments pursuant to its stock option plans. These dividend equivalent payments are made during TransDigm’s first fiscal quarter each year and also upon payment of any special dividends.
Adjusted net income for the quarter increased 5.0% to $479m, or $8.23 per share, from $456 m, or $7.83 per share, in the comparable quarter a year ago.
EBITDA for the quarter increased 5.5% to $1,147m from $1,087m for the comparable quarter a year ago. EBITDA As Defined for the quarter increased 12.8% to $1,197m compared with $1,061m in the comparable quarter a year ago. EBITDA As Defined as a percentage of net sales for the quarter was 52.4% compared with 52.9% in the comparable quarter a year ago.
“We are pleased with our team’s performance and operating results for the first quarter. This is a solid start to the 2026 fiscal year,” stated Mike Lisman, TransDigm Group’s CEO. “Total revenue ran ahead of our expectations. Additionally, bookings were strong in all three of our major market channels. In the first quarter, our commercial OEM market revenue increased in the double digits on a percentage basis as we supported higher build rates at the OEMs. Further, both our commercial aftermarket and defense markets performed well, with each of these markets growing in the high single digits. Our reported EBITDA As Defined margin for the quarter was 52.4%. This margin includes a dilutive impact from our recent acquisitions of roughly 2.0%. Adjusting for acquisition dilution, the EBITDA margins of our base businesses improved nicely year over year. This solid margin performance was a result of the team’s continued execution on our value drivers.
Additionally, subsequent to quarter end, we announced two acquisitions, which when closed will bring three new operating units into TransDigm. We are excited to have agreements to acquire Stellant, Jet Parts Engineering, and Victor Sierra. In the aggregate, approximately $3.2 bn of capital is expected to be deployed for these acquisitions. These are good, growing businesses with proprietary products that generate significant aftermarket revenue and fit well within TransDigm. As we look ahead to the remainder of fiscal 2026, we have significant liquidity and financial flexibility to address any likely range of capital requirements and remain highly focused on our capital allocation.
As always, we remain committed to our operating strategy and the TransDigm value drivers. We look forward to the opportunity to continue creating value for our shareholders throughout the remainder of fiscal 2026.”
Acquisition Activity
As previously announced on October 6, 2025, TransDigm completed the acquisition of Simmonds Precision Products from RTX Corporation. Simmonds Precision Products is a leading global designer and manufacturer of fuel & proximity sensing and structural health monitoring solutions for the aerospace and defense end markets.
Subsequent to the quarter, and as previously announced on December 31, 2025, TransDigm has entered into a definitive agreement to acquire Stellant Systems, Inc. (“Stellant”) from Arlington Capital Partners for approximately $960 m in cash. Stellant is a leading global designer and manufacturer of high-power electronic components and subsystems serving the aerospace and defense end market.
Additionally subsequent to the quarter, and as previously announced on January 16, 2026, TransDigm has entered into a definitive agreement to acquire Jet Parts Engineering (“JPE”) and Victor Sierra Aviation Holdings (“VSA”) from Vance Street Capital for approximately $2.2 bn in cash. JPE is a leading independent designer and manufacturer of aerospace aftermarket solutions, primarily proprietary OEM-alternative parts and repairs. 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.
Share Repurchase Activity
During the thirteen week period ended December 27, 2025, TransDigm repurchased approximately 85 thousand shares of its common stock at an average price per share of $1,250 for a total amount of approximately $0.1 bn.
Please see the attached tables for a reconciliation of net income to EBITDA, EBITDA As Defined, and adjusted net income; a reconciliation of net cash provided by operating activities to EBITDA and EBITDA As Defined; and a reconciliation of earnings per share to adjusted earnings per share for the periods discussed in this press release.
Fiscal 2026 Outlook
Mr. Lisman stated, “We are raising our full year fiscal 2026 financial guidance primarily to reflect our first quarter performance and current expectations for the remainder of the fiscal year. As we look across the balance of fiscal 2026, overall trends remain favorable for our primary end markets – commercial OEM, commercial aftermarket and defense. We continue to expect the commercial OEM market to see the highest rate of growth in fiscal 2026 as we support increasing build rates at the OEMs.” This guidance excludes any contribution from the pending acquisitions of Stellant and JPE and VSA.
TransDigm now expects fiscal 2026 financial guidance to be as follows:
• Net sales are anticipated to be in the range of $9,845 m to $10,035 m compared with $8,831m in fiscal 2025, an increase of 12.6% at the midpoint (an increase of $90m at the midpoint from prior guidance);
• Net income is anticipated to be in the range of $1,952 m to $2,064 m compared with $2,074m in fiscal 2025, a decrease of 3.2% at the midpoint primarily due to additional interest expense relating to the financing activities completed during the fourth quarter of fiscal 2025 (an increase of $42 m at the midpoint from prior guidance);
• Earnings per share is expected to be in the range of $32.47 to $34.39 per share based upon weighted average shares outstanding of 58.3 m shares, compared with $32.08 per share in fiscal 2025, which is an increase of 4.2% at the midpoint (an increase of $0.86 per share at the midpoint from prior guidance);
• EBITDA As Defined is anticipated to be in the range of $5,140m to $5,280m compared with $4,760 m in fiscal 2025, an increase of 9.5% at the midpoint (an increase of $60m at the midpoint from prior guidance and corresponding to an EBITDA As Defined margin guide of approximately 52.4% for fiscal 2026);
• Adjusted earnings per share is expected to be in the range of $37.42 to $39.34 per share compared with $37.33 per share in fiscal 2025, an increase of 2.8% at the midpoint compared to prior year (an increase of $0.87 per share at the midpoint from prior guidance); and
• Fiscal 2026 outlook is based on the following market growth assumptions:
• Commercial OEM revenue growth in the high single-digit to mid-teens percentage range;
• Commercial aftermarket revenue growth in the high single-digit percentage range; and
• Defense revenue growth in the mid single-digit to high single-digit percentage range. (Source: PR Newswire)
03 Feb 26. AMETEK, Inc. (NYSE: AME) today announced its financial results for the fourth quarter ended December 31, 2025.
AMETEK’s fourth quarter 2025 sales were a record $2.0bn, a 13% increase over the fourth quarter of 2024. On a GAAP basis, fourth quarter earnings were a record $1.73 per diluted share. Adjusted earnings in the quarter were a record $2.01 per diluted share, up 7% from the fourth quarter of 2024. Adjusted earnings adds back non-cash, after-tax, acquisition-related intangible amortization of $0.22 per diluted share and excludes acquisition-related pre-tax costs of $17.6 m, or $0.06 per diluted share, for the Faro Technologies acquisition.
GAAP operating income was a record $505.5 m. Adjusted operating income was a record $523.0 m, up 12% versus last year’s fourth quarter. Operating cash flow in the quarter was a record $584.3 m, free cash flow was a record $527.3 m, and free cash flow to net income conversion was 132%.
“AMETEK’s fourth quarter and full year results were outstanding,” stated David A. Zapico, AMETEK Chairman and Chief Executive Officer. “Contributions from strong organic sales growth, recent acquisitions, and tremendous operating performance, led to excellent core margin expansion and impressive cash flow conversion. These record results reflect the proven strength and durability of our operating model and the outstanding contributions from our colleagues.”
For the full year, sales were $7.4 bn, an increase of 7% over 2024. On a GAAP basis, full year 2025 earnings per diluted share were $6.40. Full year adjusted earnings were $7.43 per diluted share, up 9% versus the prior year. Adjusted earnings for the full year adds back non-cash, after-tax acquisition-related intangible amortization of $0.91 per diluted share and excludes acquisition-related pre-tax costs of $37.3m, or $0.12 per diluted share.
Full year GAAP operating income was $1.91 bn. Full year adjusted operating income was $1.94bn, up 7% versus last year, with 26.2% adjusted operating margins. AMETEK established annual records for sales, operating profit, operating margin, EBITDA, EBITDA margin, and both GAAP and adjusted earnings per share.
A reconciliation of reported GAAP results to adjusted results is included in the financial tables accompanying this release and on the AMETEK website.
Electronic Instruments Group (EIG)
EIG sales in the fourth quarter were a record $1.37bn, an increase of 13% over the same period in 2024. On a GAAP basis, EIG’s fourth quarter operating income was a record $396.1 m, or 28.9% of sales. Adjusted EIG operating income was a record $413.7 m, up 7% from the prior year.
“EIG delivered excellent results in the fourth quarter,” commented Mr. Zapico. “The double-digit sales growth was driven by positive organic sales growth and contributions from recent acquisitions. EIG delivered strong operating performance in the quarter resulting in record operating income and 50 basis points of core margin expansion.”
Electromechanical Group (EMG)
EMG sales in the fourth quarter were $628.9m, up 15% from the fourth quarter of 2024. EMG’s fourth quarter operating income increased 28% to $142.5 m, and operating income margins were 22.7% in the quarter, up 240 basis points versus the prior year’s results.
“EMG performed exceptionally well in the fourth quarter to complete an outstanding year. Sales growth was broad based with double digit organic sales growth in each EMG division resulting in robust profit growth and sizeable margin expansion,” noted Mr. Zapico.
2026 Outlook
“Our businesses delivered excellent results in 2025. This success highlights the strength of the AMETEK Growth Model, the quality of our niche, differentiated businesses, and the attractiveness of our markets. We enter 2026 with a record backlog, improving end market dynamics, and significant financial flexibility to support both our organic growth initiatives and to deploy capital on strategic acquisitions, driving continued long-term value creation.”
“For 2026, we expect overall sales to be up mid to high single digits compared to 2025. Adjusted earnings per diluted share are expected to be in the range of $7.87 to $8.07, up 6% to 9% over the comparable basis for 2025.
“For the first quarter of 2026, overall sales are expected to be up approximately 10% compared to the same period last year. Adjusted earnings in the quarter are anticipated to be in the range of $1.85 to $1.90 per share, up 6% to 9% compared to the first quarter of 2025,” concluded Mr. Zapico. (Source: PR Newswire)
03 Feb 26. Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), reported operating results for the second quarter of fiscal year 2026, ended December 26, 2025.
• Q2 FY26 Bookings of $288 m grew 18.6% year-over-year; book-to-bill of 1.23
• Record backlog of $1.5 bn; up 8.8% year-over-year
• Record first-half revenue with Q2 FY26 Revenue of $233 m; GAAP net loss of $15m; and adjusted EBITDA of $30 m, up 36.3% year-over-year
• Q2 FY26 Operating Cash Flow of $52m with Free Cash Flow of $46m
“We delivered second quarter fiscal 2026 results that were ahead of our expectations, with solid year-over-year growth in backlog, revenue, and adjusted EBITDA, and robust free cash flow,” said Bill Ballhaus, Mercury’s Chairman and CEO. “Our ability to accelerate progress on a number of our customers’ high-priority programs once again contributed to strong results this quarter, including record first-half revenue.”
“In the second quarter we secured bookings of $288 m, with a 1.23 book-to-bill, resulting in a record backlog approaching $1.5 bn. Revenue for the second quarter was $233 m, resulting in a 7.1% year-over-year increase in the first half. GAAP net loss of $15 m, adjusted EBITDA of $30 m, and adjusted EBITDA margin of 12.9%, each improving year-over-year. Operating cash flow of $52 m, and free cash flow of $46 m, were well ahead of our expectations.”
Second Quarter Fiscal 2026 Results
Second quarter fiscal 2026 revenues were $233 m, compared to $223 m in the second quarter of fiscal 2025.
Total bookings for the second quarter of fiscal 2026 were $288 m, yielding a book-to-bill ratio of 1.23 for the quarter.
GAAP net loss and loss per share for the second quarter of fiscal 2026 were $15 m and $0.26, respectively, compared to GAAP net loss and loss per share of $18 m and $0.30, respectively, for the second quarter of fiscal 2025. Adjusted earnings per share (“adjusted EPS”) was $0.16 per share for the second quarter of fiscal 2026, compared to $0.07 per share in the second quarter of fiscal 2025.
Second quarter fiscal 2026 adjusted EBITDA was $30 m, compared to $22 m for the second quarter of fiscal 2025.
Cash flows provided by operating activities in the second quarter of fiscal 2026 were $52 m, compared to $85 m in the second quarter of fiscal 2025. Free cash flow, defined as cash flows from operating activities less capital expenditures for property and equipment, was $46 m for the second quarter of fiscal 2026 and $82 m for the second quarter of fiscal 2025.
Backlog
Mercury’s total backlog at December 26, 2025 was $1.5 bn, an approximate $119 m increase from a year ago. Of the December 26, 2025 total backlog, $807 m represents orders expected to be recognized as revenue within the next 12 months.
05 Feb 25. Dataline Labs, a London-based AI data analysis company that delivers strategic insights across enterprise divisions has raised $1 m in pre-seed funding led by Haatch Ventures with participation from the British Business Bank and angel investors.
Following the raise, the startup has also been selected for the Ministry of Defence’s Digital Supply Chain Hub Defence Testbed Accelerator, where it will work alongside defence manufacturers including Babcock, Thales and Rheinmetall BAE Systems Land to address critical data challenges across UK defence supply chains.
Alongside this, the company is launching MIRA AI, a cutting-edge platform that lets non-technical teams query business data using plain English and get instant insights without waiting on technical support.
Solving The Data Disconnect
Founded by CEO Evan Shapiro and CTO Chris Lawson, Dataline Labs tackles a problem both founders encountered throughout their careers. From multinational banks to 30-person startups, they saw the same thing: essential business data spread across disconnected systems, spreadsheets and legacy software. In many organisations, extracting usable insights still requires months of engineering work and specialist expertise.
Dataline Labs addresses this by transforming fragmented data sources into clean, AI-ready datasets in minutes rather than months – and, crucially, providing AI with the business context needed to interpret that data accurately. At a time when “learn to code” became the default response to difficulty working with data, the company is backing a different approach: one where teams can ask questions in plain English and receive usable answers.
Evan Shapiro, CEO and Co-Founder of Dataline Labs, said: “We spent years watching companies drown in their own data. The information was there, but getting to it meant waiting on overloaded engineering or data teams, with dozens of tasks ahead of yours! We started Dataline Labs because we believed there had to be a faster way – and now we’re proving it with a vote of confidence from investors and the MoD.”
Sophie Weavers-Wright, Head of Platform & Portfolio at Haatch Ventures said: “Evan and Chris have built something genuinely impressive in a short space of time. Two first-time founders going from zero to MoD selection in a short period of time tells you everything about the quality of the technology and the team. We’re excited to back them as they scale.”
Looking Ahead
The funding follows a whirlwind period of growth for the London-based startup. To date, it has now delivered projects across sectors including smart buildings, asset management, Manufacturing, business media and ESG reporting.
The company will use the new capital to expand its team, continue rolling out MIRA AI to enterprise clients, and deliver on its work with the Ministry of Defence – building the connective tissue that lets the UK’s defence supply chain actually talk to itself.
Beyond defence, Dataline Labs is setting its sights on several industries where data fragmentation remains endemic, including marketing, manufacturing, retail, private equity, property and professional sports.
About Dataline Labs
Dataline Labs, a UK-based AI data analysis company that delivers strategic insights across a company’s divisions through its flagship platform, MIRA . Founded in 2023 by Evan Shapiro (CEO) and Chris Lawson (CTO), the company serves clients across manufacturing, retail, property, professional sports and defence. Dataline Labs is backed by Haatch Ventures, British Business Bank and Innovate UK, and has been selected for the Ministry of Defence’s Digital Supply Chain Hub Defence Testbed Accelerator. For more information, visit datalinelabs.com
About Haatch Ventures
Haatch Ventures is an award-winning early-stage investor backing B2B SaaS companies at pre-seed and seed stage. Founded by Scott Weavers-Wright OBE and Fred Soneya, Haatch has invested in over 120 companies with a collective portfolio valuation exceeding £900 m and 27 exits. Haatch is supported by a £20 m partnership with the British Business Bank through its Regional Angels Programme. For more information, visit haatch.com
27 Jan 26. Ondas closes USD 1bn offering and announces Singapore Airshow portfolio. Ondas has formally launched its defence and security portfolio to be unveiled at the Singapore Airshow 2026, which begins on February 3. The portfolio integrates autonomous intelligence, surveillance and reconnaissance (ISR), counter-UAS, aerial and ground unmanned systems, with decision-support technologies into a modular software-defined, scalable system-of-systems. The company also announced that it expects the gross proceeds from its offering that closed Jan. 12, 2026, to be approximately USD 1bn. If the common stock warrants are fully exercised on a cash basis, Ondas has the potential to raise approximately USD 3.4 bn in additional gross proceeds. Ondas intends to use the net proceeds from this offering for corporate development and strategic growth, including acquisitions, joint ventures and investments.
In Singapore, Ondas will deliver its vision for governing low-altitude airspace to ground as a single autonomous operational domain. The company will present its unified command-and-control layer, which connects autonomous counter-UAS and unmanned ground platforms into a single coordinated system. The company’s products are centrally controlled by a unified software-defined decision-making logic layer. This operational layer delivers real-time situational awareness, closed-loop detect-to-defeat workflows and autonomous response capabilities. (Source: www.unmannedairspace.info)
02 Feb 26. Bengaluru-based aerospace components manufacturer JJG Aero has secured $30m in Series B funding from Norwest. The capital will be deployed primarily to build and add capacity at its upcoming facility in North Bangalore, drive further vertical integration, and support other strategic initiatives. This round brings the total funding raised to $42m and includes the $12m Series A led by CX Partners in April 2024.
Established in 2008, JJG Aero specializes in manufacturing high-precision machined components with in-house special process finishing capabilities, serving the aircraft systems and engines segment. The company also operates a subsidiary that serves auto component and industrial segments. JJG Aero’s client roster includes American and European OEMs and Tier-1 vendors such as Collins Aerospace, Safran, GE Aerospace, Pratt & Whitney, Woodward, and Liebherr.
“The last five years have witnessed exponential growth for companies such as ours that possess the capabilities, processes, compliance standards, and customer relationships to meet global aerospace demand. The opportunity is immense. From having two small one-acre sites, we are now building a massive Unit 3 on a 10-acre site with further backward and forward integration, and space to expand into adjacencies at the opportune time,” said Anuj Jhunjhunwala, CEO of JJG Aero. “The aerospace supply chain is facing an all-time high demand from aircraft manufacturers, which legacy vendors in the Western world are struggling to meet. With our strengths and value proposition, we see ourselves as a key player for precision-machined components in the aerospace ecosystem. India has emerged as an attractive destination for sourcing components and parts by global leaders, and we are excited to be selected by so many marquee clients as a strategic growth vendor.”
“We are thrilled to invest in JJG Aero, our first investment in this segment. JJG Aero has demonstrated remarkable growth, with a CAGR of 35% over the last three years. This investment will enable JJG Aero not only to continue its growth trajectory through capacity addition but also to upgrade the quality of earnings by focusing on higher value-added components,” said Shiv Chaudhary, Managing Director at Norwest. “Indian businesses have a proven ability to provide high-quality products and services as an outsourcing partner to customers around the world. With strong industry tailwinds, we believe that aero-parts and component manufacturing is emerging as an important segment in India’s manufacturing outsourcing story. We believe JJG Aero is well-positioned to capitalize on these opportunities and further solidify its presence in the market.”
From simple 2-axis to complex 5-axis machining, JJG Aero offers a comprehensive range of manufacturing services, complemented by over 30 NADCAP-approved special processes, including electroplating, anodizing, paint, and NDT. The company also performs mechanical assemblies, testing, and other value-added services to its esteemed client base.
Veda Corporate Advisors acted as the sole transaction advisor on the deal.
About JJG Aero
Established in 2008, JJG Aero is a Bengaluru-based aerospace components manufacturer specializing in high-precision machined components with in-house special process finishing capabilities for the aircraft systems and engines segment. The company offers comprehensive manufacturing services from simple 2-axis to complex 5-axis machining, complemented by over 30 NADCAP-approved special processes, including electroplating, anodizing, paint, and NDT. JJG Aero serves a prestigious roster of American and European OEMs and Tier-1 vendors, including Collins Aerospace, Safran, GE Aerospace, Pratt & Whitney, Boeing, Woodward, and Liebherr. With a CAGR of 35% over the last three years, the company is expanding its capabilities through a new 200,000 sq ft facility on 10 acres in North Bangalore, targeting ₹1,000 Crore in annual revenue by 2032-33. JJG Aero also operates a subsidiary serving auto component and industrial segments. For more information, visit www.jjgmachining.com
About Norwest
Norwest is a global venture and growth equity investment firm managing more than $15.5 bn in capital. Since its inception, Norwest has invested in more than 700 companies and currently partners with more than 250 companies in its venture and growth equity portfolio. The firm invests in early- to late-stage businesses across key sectors with a focus on enterprise, healthcare and consumer. The Norwest team offers a deep network of connections, extensive operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Menlo Park and San Francisco, Calif.; Mumbai, India; and Tel Aviv, Israel. In India, Norwest has a successful history in partnering with innovative companies across Financials, Industrials, Technology, Internet, Healthcare & Pharma and Consumer sectors. Some of the firm’s most notable investments in India include Swiggy, Sila, Regency Health, Amagi, Infinx, and Veritas Finance. For more information, please visit www.norwest.com. (Source: PR Newswire)
30 Jan 26. Australia’s Electro Optic Systems (EOS) is “very likely” to shift its headquarters and stock market listing from Australia to Europe within a year, its CEO told Reuters, in a strategic pivot to capitalise on booming European defence spending.
EOS (EOS.AX) the world’s first export contract for a 100-kilowatt-class laser weapon when the Netherlands bought its system for 71 m euros ($85 m) in August 2025.
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CEO Andreas Schwer now sees scope for many similar deals amid urgent European demand for drone-defence technology and growing sovereignty concerns over where intellectual property is held.
FINAL DECISION EXPECTED IN FIRST HALF
If completed, the shift would make EOS the first major defence company to relocate permanently to Europe to keep access to the continent’s expanding defence market, as governments scramble to build sovereign military capabilities amid concerns of reduced U.S. support under President Donald Trump.
Schwer said a final decision was expected in the first half of 2026. Germany is a likely location for the new base and listing, though Amsterdam is also under consideration given the Netherlands’ role as EOS’s first laser-system customer. He declined to identify a third country being considered.
The choice will depend partly on whether the country agrees to enter a long-term framework agreement with EOS, Schwer said.
EOS rebased closing price outperformed the ASX300 index by more than 700% over the last year.Contracts in August and and December, pushed the price to record highs.
Shifting the headquarters requires no regulatory approval and “should happen by the end of this year”, Schwer said. A relisting could happen then, or in early to mid-2027.
Production and engineering facilities are already being set up in Germany, Schwer said, adding EOS was in talks with 10 European governments about future orders.
Destroying small drones with missiles can cost tens of thousands of euros per shot, compared with as little as one to 10 euros for high-energy laser systems, a price gap reshaping air-defence economics as drone threats proliferate.
“There is no noise, no gunshot, no light. It simply causes the drone to fall from the heavens from a huge energy impact that makes it melt down,” Schwer said.
High-energy lasers are not yet fully battle-tested. Rain, fog and dust can severely degrade the effectiveness of the beams, while substantial cooling and energy demands make frontline use hard to predict.
Item 1 of 5 A target combusts, as it is hit by Apollo’s high-energy laser weapon, produced by Electro Optic Systems (EOS), mounted on a shipping container near Canberra, Australia, May 2022, is shown in this screengrab obtained from a handout video. Electro Optic Systems (EOS)/Handout via
EUROPE’S BATTLE FOR SOVEREIGNTY
Control of IP is emerging as a central issue in Europe’s defence build-up.
Anticipated export curbs on U.S. laser systems exceeding 50 kW make it imperative for Europe to develop its own capability.
“We have not seen any client who told us they don’t mind where you produce and where the IP is sitting. Those times are gone,” Schwer said.
EOS owns all its IP, which is domiciled in Singapore, enabling it to transfer its technology to clients, Schwer said. It benefits from Singapore’s export rules, which make it relatively easy to transfer or duplicate IP.
EUROPE’S RACE TO CATCH UP
Amid mounting security threats from Russia’s war in Ukraine, EOS’s plan to relocate highlights both Europe’s technological gap and its determination to reduce dependence on the U.S.
The U.S. and China have already fielded laser demonstrators with combat units, though they are not yet deployed at scale. A 100 kW fibre laser system developed by Israel’s Iron Beam became the first to be fully deployed in December.
In contrast, Europe’s high-energy laser programmes remain largely in prototype or research and development. No European high-energy lasers exceeding 50 kW are in operational service.
EOS, meanwhile, is developing a 300 kW laser system, which it says would allow it to shoot down missiles and rockets, as well as drones.
Germany’s Rheinmetall (RHMG.DE), and European missile maker MBDA have demonstrated a 20 kW naval laser system in sea trials, while France’s Cilas has tested a 2 kW system against small drones.
Rheinmetall had planned to start series production of its laser weapon systems in 2029, but is now aiming for an earlier start given the current environment, a spokesperson said. ($1 = 0.8358 euros) (Source: Reuters)
02 Feb 26. Danish C-UAS Startup Shotling Raises €700K Oversubscribed Pre-Seed (Myriad-IPO CLUB-EIFO) for Anti-Drone Shotgun. Shotling, a Danish defense technology startup specializing in kinetic short-range counter-UAS (C-UAS) systems, today announced the closing of a pre-seed financing round with €700K committed out of a targeted €500K. The round is led by Myriad Defense Fund, with co-investment from IPO CLUB’s Fund II America 2030, and a non-dilutive match-loan granted by EIFO, the Export and Investment Fund of Denmark, supporting Shotling’s mission to deliver rapid-fire modular shotgun systems against FPV drones and loitering munitions—as the global counter-UAS market accelerates towards $10B by 2030, with kinetic defense segment showing strong momentum (25%+ CAGR).
Shotling delivers advanced, patent-pending kinetic hard-kill systems for short-range drone defense.
Shotling’s rotary shotgun system provides unmatched close-range defense (50–100m) against the rapidly growing threat of kamikaze drones, combining a gatling-style design, with novel, high-capacity magazines, and firing rates up to 3,000 RPM using standard or tungsten-based 12-gauge shells. With deep expertise in weapons engineering and active defense, the Shotling team is advancing kinetic hard-kill solutions urgently needed by military units and critical infrastructure operators worldwide.
About Shotling
Shotling delivers advanced, patent-pending kinetic hard-kill systems for short-range drone defense. Its rotary shotgun platform provides affordable, adaptable countermeasures against FPV drones and loitering munitions, protecting military and civilian infrastructure from emerging aerial threats. Discover more at www.shotling.com.
About Myriad Defense Fund
Myriad invests in deep technology startups redefining defense and commercial capabilities across the Nordics and Europe.
About IPO CLUB
America 2030 is a late-stage venture capital fund dedicated to transformative investments in defense, energy, and AI infrastructure, backing founders focused on resilience and global security across the Western world. (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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