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26 Feb 26. GKN Aerospace owner Melrose Industries (MRON.L) on Friday posted an 8% rise in 2025 revenue, lifted by robust after-market demand and continued strength in its engines unit, but flagged softer-than-expected revenue for 2026 as sector-wide supply chain constraints persist. Heightened geopolitical tensions have pushed defence budgets higher and intensified demand for suppliers such as Melrose, while production delays at major customers have kept ageing aircraft in service for longer, lifting activity in the company’s high-margin parts and repair business. However, Melrose said that U.S. tariffs and ongoing supply chain bottlenecks continue to add complexity, contributing to its downbeat revenue forecast. The London-listed aerospace parts supplier expects 2026 revenue in the range of 3.75 bn pounds to 3.95 bn pounds ($5.05 bn-$5.32 bn), below analysts’ estimate of 4.01bn pounds, according to data compiled by LSEG. Melrose reported revenue of 3.59bn pounds for the year ended December 31, 2025. ($1 = 0.7424 pounds) (Source: Reuters)

 

27 Feb 26. Melrose Industries PLC (“Melrose”, the “Company” or the “Group”), a world-leading global aerospace and defence business, today announces its results for 2025.

Group highlights1

  • Strong performance with revenue growth of 8% and adjusted operating profit2 up 23%
  • Adjusted operating margin2 up 240bps at 18.0%
  • Free cash flow generated of £125 m (after interest and tax), a £199 m increase on 2024
  • Multi-year transformation programme completed providing excellent foundation for growth
  • Strong commercial progress, including key customer contract wins and new partnerships
  • Quality and productivity gains delivered in a complex operating environment
  • New twelve-month share buyback programme of £175 m
  • Increase in final dividend to 4.8p taking the full year dividend to 7.2p, growth of 20%
  • Positive momentum to continue in 2026, with Melrose well positioned to deliver growth in revenue, profit and cash flow towards our 2029 targets

Peter Dilnot, Chief Executive Officer of Melrose Industries PLC, today said: “Melrose delivered another strong performance in 2025. Significant profit growth was driven by increased Engines and Defence demand, together with the positive impact of our multi-year transformation programme reading through.  We generated £125 m of free cash flow, representing an inflection point for the Group, with substantial further increases in cash generation to come.  We have positive momentum and are well-positioned to benefit from expected production ramp-ups and ongoing aftermarket expansion.   We are therefore confident of further growth in 2026 and achieving our 2029 targets”.

Financial highlights1

  • Revenue of £3,589m, representing like-for-like (“LFL”) growth of 8% on the prior year
  • Adjusted operating profit2 up 23% at £647m (2024: £540m)
  • Adjusted diluted EPS2 up 25% at 32.1 pence compared to 26.4 pence in 2024. Statutory diluted EPS of 29.0 pence (2024: loss of 3.7 pence)
  • Delivery of £125 m of free cash flow2 (after interest and tax)
  • Net debt2 of £1.4 n, representing leverage2 of 1.8x, in line with our expectations and within our target range of 1.5-2.0x
  • Final dividend of 4.8 pence per share proposed, an increase of 20% on the prior year, with a total dividend of 7.2 pence, up 20% on 2024

Divisional highlights1

Engines

  • Engines revenue growth of 15% to £1,632m, with OE and aftermarket up 16% and 14% respectively
  • Adjusted operating profit2 up 27% at £520m driven by top line performance with a 300bps improvement in adjusted operating margin2 to 31.9%
  • Adjusted operating profit2 included £324m (2024: £274m) of variable consideration from RRSP contracts, in line with guidance
  • Continued development of additive fabrication capability; 100% serial production on the Fan Case Mount Ring for the PW1500G and ongoing progress on further certifications
  • Deepened relationship with the Swedish Defence Materiel Administration (“FMV”) on RM16 engine and contract awarded to develop a clean sheet uncrewed aerial vehicle demonstrator
  • Good growth in Engine repairs in the second half and secured a number of contract wins; San Diego repair facility now fully operational

Airframes

  • Structures division renamed Airframes to better reflect portfolio breadth
  • Airframes revenue growth of 3% on a LFL basis to £1,957m
  • Strong performance across Defence platforms where revenue grew 15%
  • Civil revenue was marginally lower, where we continue to manage production alongside variability in OE production rates and supply chain challenges
  • 10% growth in adjusted operating profit2 to £156m
  • Adjusted operating margin2 up 80bps at 8.0% with further progression constrained by lower civil OE volumes, product mix and lower productivity at one of our manufacturing sites in the Netherlands
  • Defence performing strongly driven by our commercial actions; over 90% of the portfolio now sustainably priced
  • Multi-year contracts signed with BAE Systems for Typhoon and Lockheed Martin for C-130J
  • Agreement with Archer to further expand engagement in the ‘Midnight’ electric platform following our capital-light approach to investment
  • Partnership signed with Anduril UK to lead future Defence Uncrewed Aerial Vehicle (“UAV”) capabilities

 

Guidance for 2026 full year3

  • Revenue range of £3.75bn to £3.95bn representing LFL growth of 10% at the mid-point reflecting OE volume ramp-up and the continued strength of the aftermarket
  • Adjusted operating profit2 of £700 m to £750 m, reflecting an adjusted operating margin2 of c.19% at the mid-point
  • Our guidance includes variable consideration of between £340m and £380m depending mainly on OE build rates of key engine programmes
  • Free cash flow2 generation range of £150m to £200m (after interest and tax)
  • In line with historical and industry seasonality, profit and cash will be second half weighted

 

24 Feb 26. MightyFly Closes $10m Financing to Scale Autonomous Hybrid eVTOL Aircraft for Expedited Logistics. MightyFly, an autonomous air logistics company developing hybrid eVTOL cargo aircraft for expedited delivery, has closed $10m in new funding from Draper Associates, At One Ventures, and 500 Global. The round brings the company’s total funding to $15m to date. The company is building a dual-use autonomous eVTOL platform designed for middle-mile and last-mile B2B and defense logistics. Its aircraft can carry 100 to 500 pounds over distances of 600 to 1,000 miles and complete multiple stops within a single route. The platform is engineered to provide fast, reliable, low-emission transport for commercial supply chains and mission-critical defence operations. MightyFly’s progress comes as U.S. policy increasingly supports the deployment of domestically built autonomous aircraft in the National Airspace System. The White House’s June 2025 Executive Order, “Unleashing American Drone Dominance,” calls for accelerated adoption and integration of advanced unmanned aircraft systems.

“MightyFly is built around autonomy as a force multiplier—delivering speed, reach, and flexibility that traditional logistics can’t match,” said Manal Habib, Founder and CEO. “By eliminating infrastructure dependencies, we enable rapid expansion.”

Investors say the company’s approach addresses structural inefficiencies in logistics. Tim Chae, Managing Partner at 500 Global, noted that autonomy has the potential to redefine supply chains. Helen Lin, Partner at At One Ventures, added that MightyFly’s platform reduces reliance on capital- and labour-intensive infrastructure, the largest cost drivers in logistics.

To date, MightyFly has developed three full-scale aircraft and completed more than 400 autonomous flights. It holds a Special Airworthiness Certificate covering multiple flight areas and airports and has generated over $1 m in revenue. The company has also signed a $220 m, 20-year LOI for intra-island delivery and a $50 m, five-year healthcare contract. (Source: UAS VISION)

 

25 Feb 26. Redwire Corporation (NYSE:RDW, “Redwire” or the “Company”), a global leader in space and defense technology solutions, today announced results for its fourth quarter and full year ended December 31, 2025.

“2025 marked the transformation of Redwire into an integrated, multi-domain space and defense tech company. This evolution is reflected in our new structure, which we believe will enable us to maintain strong positioning and continue our growth trajectory across both established and rapidly emerging domains,” stated Peter Cannito, Chairman and Chief Executive Officer of Redwire. “With continued acceleration in contract awards during the fourth quarter of 2025 and confidence provided by our record Backlog1 of $411.2 m, we are entering 2026 with strong momentum.”

Fourth Quarter and Full Year 2025 Highlights

  • Strengthened leadership in Very Low Earth Orbit (“VLEO”) with the award of a $44m phase 2 contract to advance the Defense Advanced Research Projects Agency’s Otter mission during the fourth quarter of 2025, which leverages Redwire’s SabreSat.
  • Entered into an eight-figure agreement with The Exploration Company (“TEC”) during the fourth quarter of 2025 to provide two International Berthing and Docking Mechanisms (“IBDM”) to support autonomous rendezvous and docking capabilities for TEC’s Nyx spacecraft.
  • During 2025, launched 14 PIL-BOXes, studying 18 unique molecules, to the International Space Station (“ISS”); as of December 31, 2025, Redwire had eleven active payload facilities on the ISS.
  • Completed acquisition of Edge Autonomy, a leading provider of field-proven uncrewed aerial systems (“UAS”) on June 13, 2025.
  • Delivered more than 100 Stalker/Penguin UAS in 7 countries around the world subsequent to the Edge Autonomy acquisition, including the U.S. Army (directly and via the Long Range Reconnaissance (“LRR”) program), U.S. Marine Corps, and NATO and other allied nations.
  • During the fourth quarter of 2025, opened a new 85,000 square foot facility in Ann Arbor, Michigan to increase production of critical fuel cells to meet growing demand, reflecting a key investment in a domestic, vertical integration strategy for Stalker UAS production.
  • Revenues increased 10.3% year-over-year to $335.4 m for full year 2025 and increased 56.4% year-over-year to $108.8 m for the fourth quarter of 2025.
  • Meaningful sequential and year-over-year increase in Book-to-Bill1 ratio on both an annual and quarterly basis to 1.32 as of full year 2025 and 1.52 as of the fourth quarter of 2025.
  • Ended full year 2025 with total liquidity2 of $130.2m, a 103.2% increase over the end of 2024.
  • Net Loss increased by $112.2m year-over-year to $(226.6)m for full year 2025 and increased by $18.3m year-over-year to $(85.5)m for the fourth quarter of 2025, both of which include the impact of more than $130 m and $40 m, respectively, in non-recurring activity.
  • Adjusted EBITDA3 decreased by $49.5 m year-over-year to $(50.3) m for full year 2025 and decreased by $8.9 m year-over-year to $(18.1) m for the fourth quarter of 2025.

2026 Forecast

  • For the full year ended December 31, 2026, Redwire is forecasting revenues of $450m to $500m.

“During the fourth quarter of 2025, we used proceeds from an efficient At-The-Market (“ATM”) program to repay $105.5m of outstanding debt and in February 2026, we refinanced our remaining credit agreement. As a result of these proactive steps and additional debt repayment earlier in 2025, we have significantly strengthened our balance sheet and simplified our capital structure, with an estimated total annualized interest savings of over $17 m,” said Chris Edmunds, Chief Financial Officer of Redwire. “Our financial results in the fourth quarter of 2025 reflect substantial negative impact from EAC adjustments that were largely related to programs in the development stage, and as we head into 2026, our focus remains on transitioning these programs into production, which we expect will drive gross margin improvement.” (Source: BUSINESS WIRE)

 

25 Feb 26. Indra Group (MAD:IDR):

  • The fourth-quarter order intake in 2025 totaled €8.329 bn, raising the full-year backlog to €16.083 bn (122% more than in 2024). The Defence backlog stood at €11.336bn, far exceeding the target of more than €10bn set for 2026.
  • Revenues increased by 13% in 2025 with respect to 2024, with double-digit year-on-year rises in Defence, ATM and Mobility Revenues recorded a 28% year-on-year rise in the final quarter of the year
  • EBITDA and EBIT recorded respective 17% and 18% year-on-year increases, while Indra Group’s profitability improved by half a percentage point, with the EBIT margin standing at 9.5% in 2025. The EBIT margin in the fourth quarter stood at 10.8%.
  • The net result totaled €436m, a figure 57% higher than in 2024, while the cash generation (FCF) stood at €364 in 2025, set against €328 M in 2024.
  • R&D and innovation investment reached €472m in fiscal year 2025.
  • The company sets itself financial guidances for 2026 that are at least 17% higher than those laid down in the 2024-2026 Strategic Plan: over €7 bn in revenues in local currency, an EBIT greater than €700 M and a free cash flow amounting to over €375 M.
  • Indra Group announces the payment of a €0.30 dividend per share (more than 20% above the dividend in 2024) charged to the earnings posted in 2025, payable on July 9, 2026.
  • In December, the completion of the acquisition of an 89.68% stake in the share capital of Hispasat, S.A. was formalized and the sale of the Business Process Outsourcing (BPO) unit was announced.

Main features

The backlog in 2025 reached €16.083 bn, including €6.79 bn from the Special Modernization Programs (SMPs) and €1.429 bn from the consolidation of TESS Defence. Excluding these two effects, the backlog would have grown by 9% vs. 2024, driven by strong double‑digit increases in ATM (over +23%), as well as solid growth in Minsait (+9%), Mobility (+6%) and Defence (+5%). The backlog‑to‑sales ratio for the last twelve months stood at 2.95x, compared with 1.50x a year earlier.

Revenues in 2025 rose by 13%, with all of the divisions displaying considerable growth: Defence 23%, ATM 23%, Mobility 10%, and Minsait 5%. Revenues also rose in all of the divisions in the fourth quarter of 2025: Defence 79%, Mobility 32%, Minsait 10%, and ATM 2%.

  • Defence (+36%): Revenues reached €1.407bn, driven by strong growth in Spain, AMEA and Europe, supported by Ground Vehicles (including TESS and the radars in Vietnam), the Special Modernization Programs, Eurofighter, Space (Galileo and Deimos) and Weapons and Ammunitions (Meteor).
  • ATM (+12%): Air Traffic revenues totaled €523m, with solid double‑digit growth led by the Americas (radio contract in the U.S. and Canada iTEC) and Europe (UK radar contract)
  • Mobility (+10%): Revenues amounted to €398m, with notable progress in AMEA (Philippines tolls, Saudi railway), Europe (Ireland ticketing) and Spain (ticketing and ITS). Growth accelerated to 32% in the fourth quarter, boosted by a 69% increase in the Americas thanks to contracts for Lima Airport (Peru) and U.S. tolling.
  • Minsait (+5%): Revenues reached €3.129 bn, with strong performance in civil‑sector business lines, particularly Public Administrations & Healthcare (+12%), Financial Services (+4%) and Energy & Industry (+2%).

Organic revenues in 2025 (excluding the inorganic contribution of acquisitions and the exchange rate effect) rose by 9%, with solid growth in all of the divisions: Defence 17%, ATM 9%, Mobility 8%, and Minsait 6%.

The net order intake in 2025 increased by 139% (10% excluding the SMPs and TESS), with significant growth in all of the businesses, particularly Defence, mainly due to the Air and Space Defence Systems, Ground Vehicles, Ground Systems, FCAS project, Weapons and Ammunitions and Eurofighter project segments. The order intakes also increased in ATM, due to the contribution of the radio renewal contract in the United States, the air navigation radars in the United Kingdom, and the business in Spain, and Mobility, thanks to the railway maintenance contracts in Chile, the urban traffic management in Ireland and the toll project in Colombia. The book-to-bill order intake ratio with respect to sales stood at 2.34x vs. 1.11x in 2024.

The EBITDA Margin in 2025 stood at 11.7% vs. 11.3% in 2024, with 17% EBITDA growth in absolute terms. This improvement mainly reflects higher revenue increases across all divisions, particularly Defence and ATM. Excluding the impacts of TESS and the exceptional clean‑up of an iNM project in Central Europe, the 2025 EBITDA Margin would have been 12.2%. In the fourth quarter of 2025, the EBITDA Margin reached 12.5% (or 14.3% excluding those impacts), and EBITDA grew 31% in absolute terms.

The Net Profit in 2025 stood at €436m compared to €278m in 2024, constituting 57% growth, mainly as a result of the operational improvement and the one-off impact on the financial results stemming from the increase in the valuation of the stake in TESS, among other factors.

The Free Cash Flow in 2025 stood at €364m compared to €328m in 2024. In the fourth quarter of the year, the cash generation stood at €307 M vs. €234 M in the same period of the previous year.

The Net Debt stood at €583 M in December 2025, set against the positive Net Cash position totaling €86m in December 2024. The Net Debt/LTM EBITDA ratio (excluding the IFRS 16 impact) stood at 1.0x (affected by the payment of Hispasat+Hisdesat, which did not contribute to the EBITDA) in December 2025, set against the figure of 0.2x recorded in December 2024.

The 2025 goals were comfortably surpassed, with revenue in local currency at €5.53bn (+6% vs. >€5.2bn), EBIT at €517m (+6% vs. >€490m), and free cash flow excluding TESS and Hispasat+Hisdesat at €319m (+6% vs. >€300m). (Source: BUSINESS WIRE)

 

26 Feb 26. KBR, Inc. (NYSE: KBR) today announced its fourth quarter and fiscal 2025 results.

“Fiscal 2025 was a year of disciplined execution for KBR as our teams delivered strong operational and financial performance despite a challenging award environment,” said Stuart Bradie, President and Chief Executive Officer.

“We expanded margins, generated robust cash flow, and grew backlog and options while continuing to advance our strategy toward higher‑value, technology‑enabled, and recurring work. Importantly, we also made meaningful progress on the planned spin‑off, sharpening the strategic focus of each business and positioning both companies for long‑term value creation. As we enter fiscal 2026, we are confident in our outlook, supported by strong backlog coverage, improving award momentum, and the continued commitment and performance of our people.”

1 As used throughout this release, book-to-bill and bookings and options exclude long-term UK PFIs and the Plaquemines LNG project.

2 As used throughout this earnings release, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted earnings per share, and Operating cash conversion are non-GAAP financial measures. All non-GAAP financial measures reflect results from continuing operations. See additional information at the end of this release regarding non-GAAP financial information, including reconciliations to the nearest GAAP measures.

Fourth Quarter Fiscal 2025 Consolidated Results Review

(All comparisons against the fourth quarter fiscal 2024 unless noted.)

Revenues were $1.9 bn, down 11% or $223m, due to the slower pace of awards and contingency EUCOM scope reductions.

Operating income was $191 m, up 36% or $51m, primarily due to increases in Equity in earnings of unconsolidated affiliates, decreases in Selling, general and administrative expenses, and a $26 m resolution of an outstanding contract dispute associated with a legacy U.S. government project that did not recur in the current year.

Net income attributable to KBR was $111m, up 46% or $35m, primarily due to increases in Operating income noted above and decreases in Interest expense, partially offset by increases in Provision for income taxes.

Diluted earnings per share attributable to KBR were $0.87, up 53% or $0.30, in line with increased Net income attributable to KBR noted above and lower diluted weighted average common shares outstanding due to open market share repurchases.

Adjusted EBITDA2 was $238 m, up 5% or $12 m, primarily due to strong project execution, favorable mix and prudent cost management. Adjusted EBITDA2 margin was 12.6%, up ~190bps in line with the above.

Adjusted earnings per share2 were $0.99, up 10% or $0.09, due to the increase in Adjusted EBITDA2 noted above and lower adjusted weighted average common shares outstanding due to open market share repurchases.

Backlog and options as of the quarter end totaled $23.2bn, up 13% from the prior year. Book-to-bill1 was 0.9x for the quarter.

Summarized Fourth Quarter and Fiscal 2025 Segment Results

Revenues

Fourth Quarter Fiscal 2025 Segment Results Review

Mission Technology Solutions (MTS)

Revenues were $1.3 bn, down 14% and $213m, due to contingency EUCOM scope reductions and procurement delays across U.S. Government Defense and Intelligence clients, funding restrictions from U.S. Government Federal Civilian clients, and delays in new awards, including awards won under protest. Revenues from International Government clients and Commercial clients remained largely consistent with the prior year.

Operating income was $118 m, up 44% and $36m, due to a $26m resolution of an outstanding contract dispute associated with a legacy U.S. government project that did not recur in the current year and decreases in Selling, general and administrative expenses driven by the decline in Revenues and cost savings from the segment realignment announced in January 2025. Operating income margin was 9.1%.

Adjusted EBITDA2 was $145 m, up 4% or $6m, due to strong project execution and favorable mix, along with disciplined management of Selling, general and administrative expenses. Adjusted EBITDA2 margin was 11.2%, up ~198bps from the prior year.

Backlog and options as of the quarter end totaled $19.1 bn, up 15% from the prior year. Book-to-bill1 was 0.5x for the quarter reflecting award cadence timing.

The following new business awards were announced:

  • Awarded an estimated $117 m cost‑plus‑fixed‑fee follow‑on contract to provide Foreign Military Sales support to NAVAIR’s F/A‑18 and EA‑18G Program Office
  • Awarded a technical support services contract by the U.S. Geological Survey with a $350m ceiling to support operations at the Earth Resources Observation and Science Center
  • Awarded two firm‑fixed‑price task orders totaling $103 m to support strategic decision‑making, capability development, and personnel readiness for the U.S. Space Force and Department of the Air Force
  • Awarded a $77 m firm‑fixed‑price task order under the U.S. Space Force Decision Support for Headquarters Analysis contract to advance digital engineering and assured communications in support of AFRL and Space Systems Command modernization
  • Awarded a cost‑plus‑fixed‑fee contract with a $149 m ceiling under the AFLCMC ADEDDIS program to deliver analytics, digital transformation and systems engineering supporting operator readiness at Eglin Air Force Base

In addition, MTS announced the following positions on IDIQ contracts that provide competitive differentiation and future growth potential:

  • Awarded a seat on the Missile Defense Agency’s SHIELD contract, a $151 bn ceiling vehicle supporting homeland and layered missile defense
  • Awarded a seat on the NAVSUP WEXMAC 2.1 – Territorial Integrity of the United States contract, a $10 bn ceiling vehicle supporting expeditionary logistics and contingency operations

Sustainable Technology Solutions (STS)

Revenues were $590m, down 2% or $10m, driven by delays in new awards as customers reassessed capital allocation, including reduced petrochemicals capex and a pause in certain green projects with increased emphasis on affordability and energy security.

Operating income was $117m, up 17% or $17m, primarily due to increases in Equity in earnings of unconsolidated affiliates due to strong project execution on an LNG project and prior year losses on the legacy Ichthys project that did not recur in the current year, partially offset by increases in Selling, general and administrative expenses related to business development growth and the implementation of a new enterprise resource planning system. Operating income margin was 19.8%.

Adjusted EBITDA2 was $121 m, up 3% or $4m, due to strong project execution. Adjusted EBITDA2 margin was 20.5%, up ~101 bps in line with the above.

Backlog as of the quarter end totaled $4.2bn, up 5% from the prior year. Book-to-bill1 was 1.6x for the quarter reflecting strengthening award momentum.

The following new business awards were announced:

  • Awarded a strategic 10-year digitally-enabled general maintenance services contract for Petro Rabigh’s Polymer I and Polymer II plants in the Kingdom of Saudi Arabia
  • Awarded an integrated field management services contract by Basra Oil Company for the Majnoon Oil Field in southern Iraq to support production optimization and field modernization
  • Awarded a detailed engineering services contract to support Qatar’s offshore development in the Bul Hanine oil and gas field
  • Awarded a detailed engineering design contract by ENKA İnşaat ve Sanayi A.Ş. for the Associated Gas Upstream Project Phase 2, part of the Gas Growth Integrated Project in the Basra region of Iraq
  • Awarded a technology and engineering contract by IGNIS to support the development of a new green ammonia facility in A Coruña, Spain
  • Awarded a technology licensing and engineering contract for KBR’s PureMSM green methanol technology by Fikrat Al‑Tadweer to support a biomethanol facility converting landfill gas into clean fuels in Saudi Arabia
  • Awarded the front‑end engineering design contract for Coastal Bend’s planned natural gas liquefaction and export facility on the Texas Gulf Coast.

Additionally, during the quarter, KBR announced that its joint venture, Brown & Root Industrial Services (BRIS), has signed a definitive agreement to acquire Specialty Welding and Turnarounds (SWAT), a leading provider of turnaround, cooling tower and industrial catalyst services. This strategic acquisition creates one of the largest specialty welding and turnaround service providers in North America and supports KBR’s strategy to grow recurring service revenue through unconsolidated joint ventures while maintaining a disciplined, capital‑light operating approach. The transaction closed on January 6, 2026.

 

26 Feb 26. NODA AI Raises $25m in Series A led by Bessemer Venture Partners to Accelerate Development of AI-Powered Orchestration Platform and Autonomous Plays for Department of War (DoW) and Intelligence Community NODA AI’s Series A funding will accelerate progress of key DoW customer milestones for the orchestration of cross-vendor, mixed fleet autonomous systems.. NODA AI Inc., developer of the novel algorithmic weapons and tactics orchestration platform for all-domain, cross-vendor systems, today announced that it has raised $25m in Series A funding, led by Bessemer Venture Partners with participation from Booz Allen Ventures, Draper Associates, Bloomberg Beta, and Alumni Ventures. The investment will allow NODA AI to accelerate delivery on key milestones to Department of War and United Kingdom Ministry of Defense customers, deepen its integration across more than 30 existing platforms, and extend its technical capabilities into new defense and intelligence markets.

“Mass autonomy in defense demands a new generation of algorithmic warfare – a new market category and technical approach that we are pioneering at NODA AI,” said Philong Duong, Chief Executive Officer. “The essence of defeating adversaries is making better, faster decisions, and the next frontier will be the ability to harmonize decision making across an ecosystem of independent autonomous systems with diverse capabilities. While much of the defense industrial base is focused on building the best vehicles and their respective platform autonomies, functionally the chess pieces, we are ruthlessly focused on creating the brains, the best chess player — a system capable of adaptive reasoning, real-time tactics and strategy handling, and the ability to transform a set of independent capabilities into desired effects.”

NODA AI was founded in 2024 by Global War on Terrorism veterans to address the problem that the current control systems for unmanned technologies are fragmented, vendor-siloed, and overly deterministic — creating operational siloes and excessive cognitive load for the warfighter. To address this problem, the company is building a novel open and vendor-agnostic reasoning platform architected to design, develop, and deploy algorithmic warfare across manned and unmanned systems.

As an independent cognitive layer, NODA AI works with OEMs to understand and integrate different vehicles and autonomous capabilities into their growing 30+ OEM ecosystem. NODA AI also works with government partners to develop cross-platform tactics and strategies, leveraging its novel AI-reasoning engine to orchestrate those tactics across large, mixed fleets and transform today’s siloed platforms into combined and decisive combat power.

The platform is already in demand by defense and intelligence officials: its selection over several large incumbents in key programs and its demonstrated ability to integrate rapidly with other vendors have drawn strong endorsements from government leaders.

“NODA AI has been selected to lead the development of the orchestration layer for our multi-domain collaborative autonomy program. Their work is vital to advancing the Department’s autonomous force structure and directly supports the Secretary of War’s priorities,” a senior DoW official stated. “Their advanced AI orchestration technologies enable seamless coordination across unmanned and manned systems spanning air, space, surface, subsurface, and ground domains, making them pivotal to achieving operational superiority.”

In just nine months from pre-seed funding, NODA AI has created the largest technically integrated partner system in defense autonomy and has received multiple awards with major defense programs. It has partnered with several large defense primes, like Booz Allen Hamilton and Huntington Ingalls Industries, to accelerate development.

“NODA AI is building the AI-native connective tissue for defense autonomy, enabling collaboration and interoperability between systems, and we’re proud to partner with their team as they define the future of algorithmic warfare.” said Janelle Teng Wade, Partner at Bessemer Venture Partners. “We’re impressed by their technical depth, speed of execution, and mission-driven focus to deliver real operational advantage,” Dr. Ray O. Johnson, Operating Partner at Bessemer Venture Partners, added.

“NODA AI has been the fastest growing company in our portfolio and is onto something big,” said Paige Craig, Managing Partner of Outlander, who led early investments in notable defense companies like Scale AI and Havoc AI.

 

26 Feb 26. UK’s Rolls-Royce soars on aero-engines and data centres.

  • Summary
  • Launches 7 to 9bn pound share buyback for 2026-2028
  • 2025 profit of 3.64bn pounds up 40% on last year
  • Upgrades 2026 forecasts, mid-term guidance
  • CEO promises more growth from nuclear, narrow-body engines
  • Shares hit record high, up 6%

Rolls-Royce promised further strong growth after its profit jumped 40% last year driven by a robust performance in airline engines and new data centre business, enabling it to lift returns and send its stock to record highs. Shares in the British company, whose engines power Airbus A350 widebody jets and Boeing 787s, climbed 6% to 1,383 pence, extending their rally since CEO Tufan Erginbilgic joined in 2023. It announced a share buyback of between 7bn and 9bn pounds ($9.5-12.2bn) for 2026 to 2028, on top of its dividend, and upgraded both this year’s forecasts and its mid-term targets. Erginbilgic launched a fundamental overhaul of the group when he arrived, driving a sharp turnaround despite supply chain pressures across aerospace and lingering tariff uncertainty.

NUCLEAR AND NARROW-BODIES

The company said its power systems business benefited from the rapid build-out of data centres and higher military spending on naval power systems, while its aero-engines business grew as airlines flew its engines more and Rolls improved durability. Erginbilgic said there was more growth to come, highlighting a potential return to supplying engines for narrow-body planes and progress in nuclear, where Rolls is developing small modular reactors favoured by governments seeking to decarbonise grids. The company guided to mid-term targets for underlying operating profit of between 4.9 bn and 5.2 bn pounds and an operating margin of 18% to 20%, bringing it into line with GE Aerospace, its main competitor in the widebody market.

Interactive Investor’s Richard Hunter called the results “sparkling”.

“The group clearly has unfulfilled ambitions to maintain the momentum,” he said of Rolls, whose share price more than doubled last year and has risen over 1,000% in the last three years.

GOVERNMENT SUPPORT

Asked about prospects for a British subsidy to help fund further development of the UltraFan engine, which could enable a move into the larger narrow-body jet market, Erginbilgic sounded confident.

“It is natural that government will look to support that,” he told reporters, adding that talks with potential partners on the narrow-body plan were underway.

For 2025, the company reported underlying operating profit of 3.46 bn pounds, well ahead of consensus, while its guidance for 2026 of between 4 bn and 4.2 bn pounds is at least 8% ahead of analyst forecasts. ($1 = 0.7378 pounds)(Source: Reuters)

 

24 Feb 26. ERT, a Macquarie Capital–backed company, announced today it acquired Sev1Tech, a digital modernization and IT transformation partner supporting complex space, defense and national security initiatives. The acquisition expands ERT’s ability to deliver secure, mission-aligned digital solutions to support modernization, resilience and operational effectiveness for government customers operating in highly regulated mission environments.

“Today’s missions require reliable, secure and cost-effective solutions built with an understanding of how things actually get done,” said Mark Lee, chief executive officer of ERT. “Sev1Tech’s work with the USSF, along with their networking and IT modernization expertise broaden ERT’s capabilities and strengthen our ability to deliver solutions to current customers while opening up new markets for both teams.”

Sev1Tech is known for supporting government organizations as they modernize legacy systems, enhance cyber resilience and accelerate digital adoption across complex enterprise environments. Uniting with ERT will allow its personnel to continue supporting existing customers and contribute to expanded IT and digital engineering offerings.

“Joining ERT allows us to expand our impact while staying focused on the mission outcomes our customers expect,” said Bob Lohfeld, chief executive officer of Sev1Tech. “The combination doesn’t just benefit our space and signal customers. With deeper insights into advanced engineering and operations, we can offer even more value to all our customers while accelerating the exceptional delivery we are known for.”

The transaction reflects ERT’s continued investment in integrating digital modernization capabilities into mission engineering and operational support across the space and defense enterprise for their customers.

KippsDeSanto & Co. served as the exclusive financial advisor to Sev1Tech for this transaction.

About ERT

ERT is a digital engineering and mission services company supporting government customers across space, defense and national security domains providing mission-focused solutions integrating engineering, analytics and operational expertise to address complex challenges. In 2024, Macquarie Capital completed an investment in ERT to drive growth and support the company in expanding its client base.

About Sev1Tech

Sev1Tech provides IT modernization, cloud, cybersecurity, engineering, training and program support services to U.S. government agencies and major commercial organizations. Headquartered in the Washington D.C. metro area, Sev1Tech is a trusted contractor supporting critical missions across defense, intelligence, homeland security, space, and health markets. Sev1Tech has been partnered with DFW Capital Partners since 2019. (Source: BUSINESS WIRE)

 

24 Feb 26.  Leonardo DRS Announces Financial Results for Fourth Quarter and Full Year 2025.

  • Revenue: $1.1bn for the fourth quarter and $3.6bn for the year
  • Net Earnings: $102m for the fourth quarter and $278m for the year
  • Adjusted EBITDA: $158m for the fourth quarter and $453m for the year
  • Diluted EPS: $0.38 for the fourth quarter and $1.03 for the year
  • Adjusted Diluted EPS: $0.42 for the fourth quarter and $1.15 for the year
  • Bookings: $1.1bn for the fourth quarter and $4.2bn for the year (full year 2025 book-to-bill ratio of 1.2x)
  • Backlog: $8.7bn, up 3% from prior year
  • Initiates strong 2026 guidance

Leonardo DRS, Inc. (Nasdaq: DRS), a leading provider of advanced defense technologies, today reported financial results for the fourth quarter and full year ended December 31, 2025.

CEO Commentary

“Our 2025 results exemplify another year of exceptional customer demand and double-digit revenue growth. We are investing, innovating and delivering mission-critical capabilities at speed for our customers. Our company’s success is intrinsically tied to the success of our customers and is powered by our talented people. As we look forward, we will leverage our platform-agnostic approach, differentiated technology portfolio and innovation to drive continued, sustainable growth,” said John Baylouny, President and CEO of Leonardo DRS.

Both Q4 and full year 2025 financial results were impacted by two non-routine items, which are most visible at the operating segment level. The company entered into a transaction with a customer to license its laser intellectual property for quantum applications to a leading quantum computing technology company. The company entered into a 10-year license agreement totaling $100 m, which resulted in a net present value of $73 m reflected in both fourth quarter and full year 2025 revenue and Adjusted EBITDA at the company level and within the Advanced Sensing and Computing (“ASC”) segment. Additionally, in the fourth quarter the company entered into a memorandum of understanding to conclude work on a legacy foreign ground surveillance program. The conclusion of this program resulted in a $67 m negative impact to revenue and a $65 m headwind to Adjusted EBITDA at the company level and within the Integrated Mission Systems (“IMS”) segment for full year 2025. Collectively, these two non-routine items will be referred to as the “net non-routine impact”. The company’s GAAP and non-GAAP metrics for both the Q4 and full year 2025 periods include the impact of these items.

Revenue growth for the fourth quarter was up 8% compared to 2024. The year-over-year growth in Q4 was propelled by strong demand for tactical radars, electric power and propulsion and advanced infrared sensing as well as a tailwind from the net non-routine impact. Full year 2025 revenue growth was 13% over the prior year with robust growth evident throughout the business.

Adjusted EBITDA growth in the fourth quarter was largely from higher volume and the tailwind from the net non-routine impact but margin contraction resulted from less favorable mix and less efficient program execution primarily driven by increased material input costs. Similarly, full year 2025 Adjusted EBITDA growth came from higher volume and improved profitability on the Columbia Class program but margin remained flat due to greater investment in internal research and development and less efficient program execution primarily driven by increased material input costs.

Strong operating performance combined with decreased interest and other (net) expense along with a reduced tax rate drove year-over-year net earnings and Adjusted Net Earnings growth for both the fourth quarter and full year 2025. The factors driving net earnings and Adjusted Net Earnings also translated to diluted EPS and Adjusted Diluted EPS growth in the quarter and for the full year.

Cash Flow

Net cash flow generated by operating activities was $425 m for the fourth quarter and $366 m for the full year. Additionally, the company generated significant Free Cash Flow in the fourth quarter of $376 m and full year Free Cash Flow was $227 m.

Dividend and Stock Repurchases

During the fourth quarter, the company paid dividends to shareholders totaling approximately $24m or $0.09 per common share. In full year 2025, the company paid a total of $96m in dividends or $0.36 per common share. DRS today announced that its Board of Directors declared a cash dividend of $0.09 per common share payable on March 24, 2026, to shareholders of record on March 10, 2026.

In Q4, the company repurchased 292,564 shares of its common stock for approximately $11m. For the full year, the company repurchased 893,292 shares of its common stock for approximately $35m.

Balance Sheet

At year end, the balance sheet had $647m of cash and $191m of outstanding borrowings under the company’s credit facility, which provides the company with sufficient financial capacity to deploy capital for growth and return capital to shareholders, while maintaining a healthy balance sheet.

DRS received $1.1bn in new funded contract awards during the fourth quarter and $4.2 bn for the full year. Fourth quarter bookings were primarily driven by electric power and propulsion programs aided by demand for advanced infrared sensing and tactical radar technologies. Full year bookings showed exceptional diversity with demand evident throughout the business. Customer demand in 2025 was most apparent for electric power and propulsion, advanced infrared sensing, counter UAS, naval network computing and tactical radar technologies.

Strong full year bookings drove the company’s fourth consecutive year of a book-to-bill ratio of 1.2x or better. Healthy contract awards resulted in increased total and funded backlog, which stood at $8.7 bn and $4.6 bn at year end, respectively.

Segment Results

Advanced Sensing and Computing (ASC) Segment

In the fourth quarter, ASC bookings were driven by demand for the company’s advanced infrared sensing, tactical radars, lasers and ground network computing technologies. Full year bookings were bolstered by demand for advanced infrared sensing, naval network computing, tactical radars and airborne and intelligence sensing.

ASC revenues were up in Q4 as the quantum laser IP license and robust growth in tactical radar programs offset less favorable compares from program timing. Full year ASC revenues reflected strong growth throughout the segment.

ASC Segment Adjusted EBITDA growth in Q4 was primarily driven by the quantum laser IP license agreement. Full year ASC Segment Adjusted EBITDA growth was driven by higher volume and the quantum laser IP license agreement but was offset by increased investment in internal research and development and higher material input costs.

IMS bookings for the fourth quarter were primarily driven by strong demand for the company’s electric power and propulsion technologies. Full year bookings reflected customer demand across the segment.

IMS revenue growth in the fourth quarter came from electric power and propulsion programs offset by the headwind from the legacy foreign ground surveillance program conclusion. Full year IMS revenue growth reflected strength across electric power and propulsion as well as counter UAS programs.

Segment Adjusted EBITDA and Segment Adjusted EBITDA margin declined in the fourth quarter and full year caused by the headwind from the legacy foreign ground surveillance program conclusion. This non-routine item overshadowed operational leverage from higher volume and improved program profitability of the Columbia Class program in both periods.

2026 Guidance

Leonardo DRS is initiating 2026 guidance as specified in the table below:

The company does not provide a reconciliation of forward-looking Adjusted EBITDA and Adjusted Diluted EPS due to the inherent difficulty in forecasting and quantifying the adjustments that are necessary to calculate such non-GAAP measures without unreasonable effort. Material changes to any one of these items could have a significant effect on future GAAP results.

(Source: BUSINESS WIRE)

 

 

25 Feb 26. Italian defence group Leonardo beats 2025 guidance, cuts debt.

Summary

  • Group continues to benefit from growth in defence electronics
  • Orders lifted by logistics support contract in Kuwait
  • Debt down 44% on-year after sale of underwater unit
  • Business update to be presented in Rome on March 12

Italian defence and aerospace group Leonardo (LDOF.MI) on Wednesday said it had beaten its 2025 financial targets, reporting significant growth in all key areas and a substantial reduction in debt, buoyed by strong demand for military and security equipment.

The Rome-based company has been shifting its business away from traditional defence towards integrated security and technologies.

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Leonardo said it continued to benefit from robust growth in its defence electronics business in Europe and the U.S. through its unit, DRS.

New orders rose 14.5% year-on-year in 2025 to 23.8bn euros ($28.09bn), surpassing the top end of the forecasted range of 22.75 bn euros. A sizeable logistics support contract in Kuwait and higher orders linked to the GCAP jet fighter programme boosted orders, it said.

Total revenues over the year were up almost 11% to 19.5bn euros, above the expected 18.6 bn euros and with a double-digit increase in all business sectors.

The group’s net debt at the end of last year was down 44% to 1 bn euros from 1.8 bn euros the previous year, mainly thanks to the sale of the UAS underwater business to Italian shipbuilder Fincantieri (FCT.MI) in early 2025.

“We exceeded the challenging guidance, which had been already upgraded during the year. Such a performance represents the completion of the value-accretion path launched three years ago,” Chief Executive Roberto Cingolani said in a statement.

Leonardo raised its targets for orders, free cash flow and net debt in July after posting solid results for the first six months of the year.

In previous years, the state-controlled group has pushed for broad alliances with European peers, accelerating its growth and contributing to the consolidation in the sector.

Its board is due to approve an update to its business plan on March 11, with a presentation scheduled for the following day.

($1 = 0.8472 euros)(Source: Reuters)

 

26 Feb 26. German defence contractor Hensoldt on Thursday reported full-year revenue slightly below market expectations but a surge in high-value orders and strong backlog demonstrated its gains from Europe’s rearmament push. The sensors and electronic warfare specialist reported 2025 revenue of 2.46 bn euros ($2.90 bn), below the 2.50 bn euro company-compiled consensus. The shortfall occurred despite what executives described as structurally rising demand, supported by Germany’s defense reset and steady procurement activity by its NATO allies.

“The geopolitical situation is forcing Europe to sustainably strengthen its defence capabilities,” CEO Oliver Doerre said in a statement. “Germany has taken on a key role here and has been a major driver of our order intake momentum in 2025.”

Germany retains a 25.1% golden share in the company, reflecting its sensitivity as a national security asset, while Italy’s Leonardo (LDOF.MI) holds roughly 23%.

Profitability remained resilient. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 452 m euros, reflecting a margin of 18.4%, in line with expectations and above the company’s own forecast.

Order intake jumped 62% to 4.71bn euros, lifting its order backlog to 8.83bn euros.

Still, the numbers highlight Hensoldt’s constraints. Supply chain tightness in electronic components and ongoing hiring bottlenecks continue to shape the pace at which it can convert its backlog into revenue.

For 2026, Hensoldt forecast revenue of about 2.75bn euros and set an adjusted margin target of 18.5%-19.0%.

Management also reiterated expectations for a sustained book-to-bill ratio in the 1.5-2.0 range — a signal that it sees no cooling in demand for its radar, electronic warfare and optoelectronics devices.

Hensoldt’s sensors equip platforms from the Eurofighter Typhoon to the Puma infantry fighting vehicle. ($1 = 0.8492 euros) (Source: Reuters)

 

24 Feb 26. Aalyria secures US$100m to power next-generation space communications networks. Advanced aerospace communications firm Aalyria has raised US$100 m (AU$141.7 m) in new funding, pushing its valuation to US$1.3 bn (AU$1.8 bn) and accelerating efforts to build the digital backbone for next-generation satellite and defence communications. The Series B funding round was led by Battery Ventures and J2 Ventures, with additional investment from DYNE and other backers. The capital will support global deployment of Aalyria’s Spacetime network orchestration software and Tightbeam laser communications terminals. Founded in 2021 using technology originally developed at Google and Lawrence Livermore National Laboratory, Aalyria aims to transform space communications by linking satellites, aircraft, ships and ground infrastructure into unified, self-optimising networks.

Chief executive Chris Taylor said the company was building a “communications and networking layer” capable of coordinating thousands of independent systems in real time, improving reliability, security and performance across commercial and military space operations.

Unlike traditional broadcast communications, Aalyria’s systems rely on tightly focused directional signals and laser links to transmit data faster and more securely. Its Spacetime platform continuously adjusts network connections to account for satellite movement, weather disruption and shifting operational priorities. The technology is already being integrated into major satellite programs, including the Lightspeed low-Earth orbit constellation being developed by Canadian operator Telesat. Aalyria’s software will help manage data routing, spectrum allocation and link performance across the global network. The company also secured partnerships with key aerospace and defence organisations, including Airbus, NASA and the European Space Agency, positioning it as a critical enabler of next-generation space infrastructure. Investors said Aalyria’s combination of artificial intelligence-driven network orchestration and high-speed optical communications addresses one of the biggest challenges facing the rapidly expanding space economy: managing tens of thousands of satellites and exponentially growing data volumes. (Source: Space Connect)

 

 

23 Feb 26. V2X, Inc. (NYSE:VVX) today announced financial results for the fourth quarter and full-year 2025 ended December 31, 2025, and established guidance for full-year 2026.

“V2X ended 2025 with another quarter of strong performance, underscoring our team’s successful execution of our strategy,” said Jeremy C. Wensinger, President and Chief Executive Officer. “We are entering 2026 with significant momentum. Our recent awards and alignment to National Security priorities for readiness and modernization are creating tailwinds for continued growth. Additionally, we are continuing to prioritize investments and expand partnerships to deliver innovative solutions that anticipate and fulfill our customers’ requirements. These growth priorities are further supported by the strength of our capital structure. As we look ahead, V2X is well positioned to continue to deliver readiness enabling solutions to support our customers’ evolving requirements, while generating enhanced value for our shareholders.”

Fourth Quarter 2025 Results

In the fourth quarter, V2X reported record revenue of $1.22bn, which represents 5% year-over-year growth. The Company reported solid topline growth and strong operating performance, yielding double-digit growth in adjusted net income1 and adjusted EPS1. Net income for the quarter was $22.8m. Adjusted net income1 was $49.3m, an increase of $6.6 m dollars, or 16%, year-over-year. Fourth quarter GAAP diluted EPS was $0.72. Adjusted diluted EPS1 for the quarter increased 17% year-over-year to $1.56.

V2X delivered record adjusted EBITDA1 of $88.7m, with a margin of 7.3%, representing an increase of $2.6 m dollars, or 3%, from the prior year.

Fourth quarter net cash provided by operating activities was $209.5m. Adjusted net cash provided by operating activities1 increased 3% year-over-year to $172.4 m.

At the end of the fourth quarter, net debt for V2X was $758m, representing an improvement of $116 m year-over-year and achieving its 2.2x net leverage ratio1.

Total backlog as of December 31, 2025 was $11.1 bn. Funded backlog1 was $2.3 bn. Book-to-bill1 in the quarter was approximately 0.7x.

Full-Year 2025 Results

Full-year revenue was $4.48bn, representing a 4% increase compared to the previous year.

Net income for the year was $77.9m. Adjusted net income1 was $166.8 m, an increase of $27.9 m dollars, or 20%, year-over-year. Full-year GAAP diluted EPS was $2.45. Adjusted diluted EPS1 for 2025 was $5.24, increasing 21% year-over-year. Full-year adjusted EBITDA1 was $323.3 m with a margin of 7.2%.

Net cash provided by operating activities in 2025 was $182.0 m. Adjusted net cash provided by operating activities1 was $148.3 m.

The Company is not providing a quantitative reconciliation with respect to the foregoing forward-looking non-GAAP measures in reliance on the “unreasonable efforts” exception set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, unusual, one-time, non-ordinary, or non-recurring costs, which relate to M&A, integration and related activities cannot be reasonably estimated. Forward-looking statements are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Safe Harbor Statement below.

Fourth Quarter Conference Call

Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Monday, February 23, 2026. U.S.-based participants may dial in to the conference call at 877-300-8521, while international participants may dial 412-317-6026. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/3do4py9pnRx

A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through March 9, 2026, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10195666.

Presentation slides that will be used in conjunction with the conference call will also be made available online in advance on the “investors” section of the company’s website at https://gov2x.com. V2X recognizes its website as a key channel of distribution to reach public investors and as a means of disclosing material non-public information to comply with its obligations under the U.S. Securities and Exchange Commission (“SEC”) Regulation FD. (Source: PR Newswire)

 

24 Feb 26. MTU Aero Engines (MTXGn.DE)forecast 2026 revenue and profit broadly in line with analyst expectations on Tuesday, betting on sustained high demand for its engine maintenance services as issues with Pratt & Whitney’s GTF engines are expected to keep shop visits more frequent. The company reported fourth‑quarter adjusted revenue of 2.44bn euros ($2.87bn), beating a company‑compiled consensus of 2.39 bn. The Week in Breakingviews newsletter offers insights and ideas from Reuters’ global financial commentary team. Sign up here. The engine maker has been navigating the fallout from partner Pratt & Whitney’s warning last year that a powder metal defect could lead to cracking in some GTF engine components, an issue that grounded hundreds of Airbus (AIR.PA) tab A320neo aircraft for accelerated inspections and repairs. It guided for 9.2bn to 9.7bn euros in adjusted revenue and 1.35 bn to 1.45bn in adjusted operating profit in 2026, as strong global demand for engine maintenance offsets persistent costs linked to the troubled engine programme. At midpoint, the targets were in line or slightly above market expectations.

MTU’s CEO Johannes Bussmann said the company “made the most of market opportunities in 2025”, adding it was “well positioned” for further growth this year.

The results offer the clearest read yet on the financial fallout from the GTF engine recall, which has driven heavy shop‑visit volumes in MTU’s maintenance, repair and overhaul business while pressuring margins through MTU’s 18% share of programme costs. ($1 = 0.8490 euros) (Source: Reuters)

 

23 Feb 26. French defence technology group Exosens (EXENS.PA) issued a higher medium-term guidance on Monday, after its net profit from continued operations more than doubled in 2025 driven by very strong demand in the defence and surveillance markets. The company, which went public in June 2024, expects yearly organic revenue growth of 15%, versus a previous target for above mid-single-digit percentage growth. It also raised its organic growth target for earnings before interest, taxes, depreciation and amortisation (EBITDA) to more than 15% from high single-digits. Military equipment orders have jumped after Russia’s invasion of Ukraine in 2022 and Washington’s more recent push for European allies to raise their defence spending.

“We saw a marked acceleration in requirements for defence imaging applications and, in particular, in surveillance, where fast-evolving drone threat landscape represents a major structural shift,” Exosens CEO Jerome Cerisier said in a press release.

The maker of night-vision gear and components for scientific instruments reported a net profit of 70.2 m euros ($83.04 m) from continued operations for 2025, up from 34.1 m euros a year earlier, while revenue jumped 22% to 468.2 m euros.

Exosens, whose defence business makes up 75% of its revenue, proposed an annual dividend of 0.30 euros per share. ($1 = 0.8454 euros) (Source: Reuters)

 

19 Feb 26. MDA Space Establishes 49North to Secure Multi-Bn Canadian Defense Pipeline. On Thursday, February 19, 2026, MDA Space Ltd. (TSX:MDA) officially launched 49North, a wholly-owned subsidiary dedicated to the Canadian terrestrial and multi-domain defense market. Headquartered in Ottawa, the new entity is strategically positioned to capture a significant portion of the $180 bn in procurement spending unlocked by Canada’s latest Defence Industrial Strategy (DIA).

While MDA Space remains focused on orbital infrastructure and geointelligence, 49North will act as a “sovereign Canadian provider” for terrestrial prime-contractor roles. The subsidiary is designed to meet the government’s mandate of awarding 70% of defense acquisitions to domestic firms, focusing on systems that integrate land, air, and maritime operations.

Strategic Context: Capturing the C4ISR Market

The formation of 49North follows a series of high-profile defense wins for the parent company, including its selection for the U.S. Missile Defense Agency’s $151 bn SHIELD program in January 2026. 49North will leverage this technical heritage to focus on:

  • Multi-Domain C4ISR: Integrating Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance across disparate military platforms.
  • Sovereign Sensing: Deploying advanced radar and sensing technologies for maritime and airborne surveillance, specifically targeting the modernization of the Canadian Surface Combatant (CSC) program.
  • Autonomous Systems: Development and sustainment of secure digital mission systems for next-generation drone and uncrewed platforms.

Executive Leadership

To lead the new organization, MDA Space has appointed Joe Armstrong as President of 49North. Armstrong, who reports directly to MDA Space CEO Mike Greenley, brings over 25 years of experience, most recently serving as COO for Defense & Security at CAE, where he managed defense portfolios in more than 40 countries.

“An addition to our well-known space capability, 49North is a natural extension and evolution of our commitment to provide urgently needed sovereign defence capabilities across all defence domains,” said Mike Greenley, CEO of MDA Space. “By bringing together proven systems expertise under a dedicated organization, 49North enhances domestic industrial capacity and delivers the disciplined execution required for Canada’s sovereignty.”

Operational Roadmap and Bidding Strategy

49North begins operations with an immediate mandate to bid on major naval and aviation sustainment contracts. Unlike the traditional “space-first” focus of the parent company, 49North will prioritize:

  1. In-Service Support (ISS): Providing long-term maintenance and technical upgrades for complex defense platforms.
  2. Digital Mission Systems: Implementing secure, AI-driven data fusion layers that allow Canadian forces to maintain a “decision advantage” in contested environments.
  3. Allied Partnerships: Aligning Canadian technical standards with Five Eyes and NATO interoperability requirements.

The subsidiary’s launch signals a shift in MDA Space’s corporate architecture, moving from a specialized space firm to a broad-spectrum defense prime capable of competing with global giants like Lockheed Martin and BAE Systems for domestic contracts. (Source: Satnews)

 

19 Feb 26. Unifly acquires Switzerland’s SORA Consulting. Unifly has today announced the acquisition of Swiss-based SORA Consulting, a specialist advisory firm supporting advanced drone operations through regulatory strategy, mission approvals, and Specific Operations Risk Assessment (SORA) training. SORA Consulting will be integrated into Unifly Consulting, “strengthening Unifly’s local presence in Switzerland and the wider DACH region and expanding its capacity to support complex drone operations across Europe,” said Unifly in a press release.

SORA Consulting has supported authorisations for organisations across a wide range of use cases, including BVLOS operations, operations near assemblies of people, and flights in restricted airspace. The company has helped enable missions ranging from surveying and construction monitoring to security, drone-in-a-box deployments, and delivery-focused operations.

SORA Consulting was founded in 2016 by Dannick Riteco, who previously worked at the Swiss Federal Office of Civil Aviation (FOCA) and has been a member of the JARUS Safety Risk Management expert group since 2016, contributing to the evolution of the SORA methodology from early versions to today. In 2017, SORA Consulting was designated as a Qualified Entity (QE) by Swiss FOCA to review applications on its behalf. The company has also contributed to EASA projects including SHEPHERD and has trained authorities and operators across EMEA and North America. (Source: www.unmannedairspace.info)

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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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