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10 Mar 26. X-Bow Systems Inc (X-Bow), the leading non-traditional producer of advanced manufactured solid rocket motors (SRMs), launch systems and defense technologies, today announced that it has entered into an agreement for Evolution Space to become part of X-Bow. This strategic move, which is scheduled to close in March or April, will significantly expand X-Bow’s production capacity and hypersonic capabilities to meet urgent Department of War (DoW) needs, while contributing to the reindustrialization of America’s defense sector.
Evolution Space hypersonic launch past the Karman Line, April 2023. Source: Evolution Space.
The acquisition, when closed, will include Evolution Space’s unique hypersonic applications and state-of-the-art SRM manufacturing facility at Stennis Space Center in Mississippi. This addition will significantly expand X-Bow’s energetics capacity, positioning the company to address critical munitions shortages and support national security objectives. By investing in domestic manufacturing capabilities, X-Bow is playing a crucial role in strengthening America’s industrial base and reducing dependence on fragile domestic supply chains or foreign suppliers.
“This strategic move is about answering our nation’s call for increased munitions production with speed and scale,” said Mark Kaufman, Chief Strategy Officer at X-Bow. “By integrating Evolution Space’s space-proven and hypersonic capabilities, X-Bow is uniquely positioned to meet the Department of War’s urgent demand for a broader range of critical applications and contribute to a more resilient national defense infrastructure.”
Key benefits of this strategic move include:
- Significant expansion of production capacity with the Stennis Space Center facility in Mississippi
- Enhanced energetic capabilities, including high burn-rate SRM technology, and advanced hypersonic propulsion systems
- Addition of proprietary trade secrets for advanced propellants and critical subcomponents like igniters
- Integration of Evolution Space’s culture of rapid prototyping and extensive testing experience
Steve Heller, Founder and Chief Executive Officer of Evolution Space and now Chief Engineer at X-Bow, added, “Joining X-Bow at this critical juncture is an exciting opportunity. Our combined strengths will drive innovation, ensure rapid, reliable production of cutting-edge propulsion systems for national security, and help revitalize American manufacturing in this crucial sector.”
This acquisition reinforces X-Bow’s commitment to revitalizing domestic munitions production and advancing America’s defense capabilities. By combining innovative technologies with expanded manufacturing capacity, X-Bow is well-positioned to address critical national security needs in an evolving global landscape.
About X-Bow Systems:
Since 2016, X-Bow Systems has rapidly evolved into the non-traditional leader in advanced solid rocket motor manufacturing and sub-orbital launch services, spearheading American reindustrialization in the new defense industrial base. With proprietary energetics technology, vertical integration from propellant development to full rocket assembly, and end-to-end launch capabilities, X-Bow is addressing critical munitions shortages and gaps in defense and space sectors.
The company brings impressive capabilities to the table: up to 3-million-pound annual energetics production capability at full capacity, advanced composite case manufacturing through Spencer Composites, innovative multi-cartridge SRM designs for enhanced performance, and AI-enabled analytics for rapid design iteration.
With 3 successful national security launches and involvement in 14 active SRM programs, X-Bow demonstrates both speed to scalability and technical expertise. The company contributes to peace through strength initiatives including hypersonic propulsion systems, next-generation missile technologies, and Department of War energetics facilities modernization.
Backed by prominent aerospace and venture capital investors—including Crosslink Capital, Razor’s Edge Ventures, Balerion Space Ventures, Boeing, Arkenstone Capital, The Capital Factory, Upsher Management Company, Event Horizon Capital, and Lockheed Martin Ventures—X-Bow is headquartered in Albuquerque, New Mexico, with a dedicated R&D facility in Socorro, NM. The company has additional presence in Texas, Mississippi, California, Alabama, Colorado, Utah, Maryland, and Washington, DC. For more information, visit www.XBowSystems.com.
About Evolution Space:
Founded in 2018, Evolution Space is a leading provider of rapidly-responsive solid rocket motors for the next generation of space research and defense. With locations in Stennis Space Center, Mississippi and Mojave, California Evolution specializes in purpose-built motors, propellants and subsystems critical to the SRM industry. In 2023, Evolution became the 9th privately-funded company to put a launch vehicle in space, and the 2nd to do it with a solid rocket motor. (Source: PR Newswire)
10 March 126. REPKON USA Holdings, Inc., a U.S.-based defense 10 contractor that delivers innovative solutions for the defense, aerospace, and energy manufacturing industries, today announced the company and its subsidiaries will be renamed as Paligen Technologies, Inc. effective immediately.
The adoption of the new name forms part of a broader rebranding strategy intended to create a distinct and independent market identity. The transition to Paligen Technologies is designed to eliminate any potential confusion regarding its company affiliations arising from the previous name, reinforce brand clarity, and better align the company’s identity with its operations, business direction, and presence in the U.S. The new name also more closely aligns with its mission. The word, Paligen, is a combination of the words palingenesis, meaning rebirth or renewal, and paladin, which refers to a noble warrior or champion for a just cause. The unification of these two concepts clarifies the company’s identity and capabilities to customers, key partners, and government leadership.
“The name Paligen embodies the company’s mission and the posture of our nation’s industrial base at this unique time in history. It fits who we are and what we do. While we have a desire to distinguish ourselves and present clearly to our customers, this move also presents us with an opportunity to align our identity with our mission.” said Bryan Van Brunt, President of Paligen Technologies, Inc.
Subsidiaries of Paligen Technologies, Inc. will bear the Paligen branding as well. Paligen Aerospace and Defense, LLC includes its defense programs with the U.S. Department of War and its commercial aerospace business. Paligen Chemical, LLC is its chemical engineering company that designs and operates energetics facilities, and McCormick Stevenson, LLC will bear the Moniker, “a Paligen Technologies Company.”
Paligen Technologies, Inc. has distinguished itself with accelerated growth, success, and expansion since its launch in 2024. Significant milestones in the company’s formative years include a $435 million United States Army awarded contract to produce Trinitrotoluene (TNT) in the United States, a first since the 1980s. The acquisitions of prominent defense engineering firm, McCormick Stevenson Corporation, and a former General Dynamics – Ordnance and Tactical Systems 38-acre manufacturing facility location in Garland, Texas added key capabilities to an already robust program and technical team.
About Paligen Technologies
Paligen Technologies, Inc. is a U.S.-based company with over 400 employees that manufactures aerospace and defense components; provides world-class engineering and design services for aerospace, defense and maritime applications; and designs, constructs and operates chemical production facilities. Paligen Technologies, Inc. has its headquarters in Tampa, Florida with locations in Kentucky and Texas. (Source: PR Newswire)
10 Marc 26. MDA Space Ltd. (“MDA Space” or the “Company”) (TSX: MDA) announced today that it has launched a marketed public offering (the “Offering”) of common shares of MDA Space (the “Common Shares”) in the United States and Canada, representing the Company’s initial public offering in the United States.
In connection with the initial public offering in the United States, MDA Space has filed an application to list its Common Shares on the New York Stock Exchange (the “NYSE”) under the symbol “MDA”. Trading of the Common Shares is expected to commence on the NYSE following pricing of the Offering and will continue on the Toronto Stock Exchange (the “TSX”) under the symbol “MDA”.
A total of US$300 million of Common Shares will be offered by MDA Space for sale in the Offering, which will be conducted through a syndicate of underwriters led by J.P. Morgan and RBC Capital Markets, who are acting as joint lead active bookrunners, and BMO Capital Markets, Deutsche Bank Securities, Jefferies, Scotiabank, and Canaccord Genuity, who are acting as joint active bookrunners. The Offering will be priced in the context of the market, with the price per share (the “Offering Price”) to be determined at the time of entering into an underwriting agreement for the Offering (the “Underwriting Agreement”).
MDA Space will also grant the underwriters an over-allotment option, exercisable for a period of 30 days from the date of the Underwriting Agreement, to purchase up to an additional 15% of the number of Common Shares to be sold pursuant to the Offering.
MDA Space intends to use the net proceeds of the Offering to allow the Company to pursue its growth strategies, including expanding its customer base and solutions, supporting the growth of existing customers, and pursuing other strategic opportunities, which may include acquisitions or investments. MDA Space may also use a portion of the net proceeds of the Offering for general corporate purposes, including the repayment of a portion of amounts outstanding under the Company’s existing credit facilities.
Closing of the Offering will be subject to customary conditions, including the entering into of the Underwriting Agreement, the listing of the Common Shares on the NYSE and the TSX, and any required approvals of the NYSE and the TSX.
In connection with the Offering, MDA Space filed a preliminary prospectus supplement to its base shelf prospectus filed on August 7, 2025 with the securities regulatory authorities in each of the provinces and territories of Canada. The preliminary prospectus supplement and a base shelf prospectus have also been filed with the U.S. Securities and Exchange Commission (the “SEC”) as part of a registration statement on Form F-10 under the U.S.-Canada multijurisdictional disclosure system relating to the Common Shares which has been filed with the SEC but has not yet become effective.
The Offering will be made in Canada only by means of the base shelf prospectus and the preliminary prospectus supplement and in the United States only by means of the registration statement, including the base shelf prospectus and the preliminary prospectus supplement. In the United States, the Common Shares may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. The base shelf prospectus, the preliminary prospectus supplement and the registration statement contain important information about the Offering and prospective investors should read such documents, as well as the documents incorporated by reference therein, for more complete information about the Company and the Offering before making an investment decision. Copies of the base shelf prospectus and the preliminary prospectus supplement can be found on SEDAR+ at www.sedarplus.ca, and a copy of the registration statement can be found on EDGAR at www.sec.gov. An electronic or paper copy of the final prospectus supplement, the corresponding base shelf prospectus and any amendment to the documents may be obtained, without charge, from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at and ; or RBC Capital Markets LLC, Attention: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, NY 10281, by phone at 1-877-822-4089, or via email at . by providing the contact with an email address or address, as applicable.
No securities regulatory authority has either approved or disapproved the contents of this press release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Common Shares in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.
About MDA Space
Building the space between proven and possible, MDA Space (TSX:MDA) is a trusted mission partner to the global defence and space industry. A robotics, satellite systems and geointelligence pioneer with a 55-year+ story of world firsts and more than 450 missions, MDA Space is a global leader in communications satellites, Earth and space observation, and space exploration and infrastructure. The global MDA Space team of more than 4,000 space experts has the knowledge and know-how to turn an audacious customer vision into an achievable mission – bringing to bear a one-of-a-kind mix of experience, engineering excellence and wide-eyed wonder that’s been in our DNA since day one. For those who dream big and push boundaries on the ground and in the stars to change the world for the better, we’ll take you there.
(Source: PR Newswire)
11 Mar 26. Rheinmetall drives expansion forward and stays on course for success
2025: Operating result at record level, margin increased again
Fiscal year 2025:
- Consolidated sales up significantly by 29% to €9,935 million
(2024: €7,715 million)
- Operating result improves by 33% to €1,841 million
(previous year: €1,389 million)
- Group operating result margin increases to 18.5%, up from 18.0% in the previous year
- Rheinmetall Backlog at a new record level of €63.8 billion, up 36%
(previous year: €46.9 billion)
- Dividend proposal of €11.50 per share, after €8.10 in the previous year
Note: As discontinued operations of the Group, the figures for the civilian business, which is up for sale, are no longer included in the reporting. The previous year’s figures have been adjusted in accordance with the provisions of IFRS 5.
Guidance 2026: Strong sales growth and rising margin expectations once again
- Rheinmetall forecasts sales and earnings growth to continue in fiscal year 2026
- Group sales are expected to grow by 40% – 45% to €14.0 billion to €14.5 billion
- Group’s operating result margin expected to be around 19%
Düsseldorf-based Rheinmetall AG significantly expanded its business with the armed forces in 2025 and further increased its profitability. While consolidated sales rose by just under 30%, the operating result improved by as much as a third compared with the previous year. The technology group’s order backlog continued to increase thanks to major high-volume orders. The tense security situation underpins the promising position of the Group, whose products are playing an increasingly important role for the increase in defence capabilities in Germany and its partner countries.
For the year 2026, the Group expects continuing growth in sales and earnings with further increases in profitability.
With the discontinuation of its automotive activities, which are up for sale, the Group will now focus entirely on the defence business. Through acquisitions and strategic partnerships in the defence sector, Rheinmetall has at the same time completed its transition to a comprehensive systems provider for the armed forces. In addition to its existing domains of land and air, Rheinmetall is now also active in the naval sector following its acquisition of naval shipbuilder NVL, as well as in the space domain. With this broad product range, Rheinmetall is meeting the armed forces’ significantly increased demand for operational equipment, particularly for ships, vehicles and ammunition, and also covers future growth areas such as digitalisation, drone technology and satellite technology.
Armin Papperger, Chief Executive Officer of Rheinmetall AG: “The world is changing rapidly, and Rheinmetall is well prepared. We are needed when it comes to increasing the defence capabilities of Germany and Europe and creating an effective deterrence. With our products, we will have a significant share in the increasing equipment spend of the armed forces and deliver what modern armed forces need in the 21st century. We are setting sail with our new Naval Systems division and are now picking up full speed.”
“We have achieved a new record operating result and will continue to improve the Group’s profitability. We are well positioned for new major projects with the armed forces. We are on track for success with our acquisitions and partnerships, which will enable us to continue securing our growth in the long term. The development into a cross-domain technology company in the defence sector is paying off already today.”
Armin Papperger on the discontinuation of the automotive activities and the focus on the military business: “We have carefully considered the difficult decision to part ways with the many employees who represent our automotive activities. We are responsibly supporting our colleagues in their transition to a good solution outside our group and have already created effective collective protection for them. It is now our responsibility to serve our country and our customers – so that we can all continue to live in safety and peace in the future.”
Group reports significant jump in profits amid rising sales
Rheinmetall generated sales of €9,935 million in the 2025 fiscal year. Compared to the previous year’s sales of €7,715 million, this means an increase by €2,220 million or 29%. The 2025 fiscal year continued to be marked by rising demand as a result of the necessary military build-up in Europe. Business with the German Armed Forces, who are investing heavily in equipment, is becoming increasingly important in this context. The share of sales generated in Germany rose by 4 percentage points to 38%, up from 34% in the previous year. The foreign share of consolidated sales amounts to 62%.
On December 31, 2025, the Rheinmetall Backlog was €63.8 billion, a new high, after €46.9 billion in the previous year. This figure includes both binding order backlog and framework agreements (frame backlog).
The Group’s operating result climbed significantly once again, rising by 33% to €1,841 million, thus once again increasing disproportionately to the sales growth achieved. This significantly exceeded the previous year’s figure of €1,389 million. The Group’s operating result margin was 18.5%, once again exceeding the previous year’s figure of 18.0%.
The earnings after taxes rose to €835 million, up 3% on the previous year’s figure of €808 million. After deduction of €139 million attributable to other shareholders (previous year: €91 million), the earnings attributable to Rheinmetall AG shareholders amounted to €696 million, compared with €717 million in the previous year. Earnings per share from continuing operations rose significantly from €17.19 to €22.73.
On this basis, a proposal will be made to the Annual General Meeting on May 12, 2026 to pay a dividend of €11.50 per share for the 2025 fiscal year, up from €8.10 in the previous year. This corresponds to a payout ratio of 45.5% (previous year: 41.8%).
The operating free cash flow generated by the Rheinmetall Group in the 2025 fiscal year reached €1,218 million. After €1,056 million in the previous year, the operating free cash flow improved by around 15% in the reporting period, due to customer payments, which were higher than expected in 2025.
Vehicle Systems: Sales and operating result continue to rise significantly
Sales at Vehicle Systems, which is primarily active in the field of military wheeled and tracked vehicles, amounted to €4,992 million in the 2025 fiscal year. This represents a significant increase of 32% over the previous year’s figure of €3,790 million.
Significant contributions to sales resulted from the delivery of swap body trucks and the launches of tactical vehicle programmes such as the Boxer wheeled armoured vehicles in the MIV variant for the United Kingdom and as heavy weapon carrier for the German Armed Forces.
At €7,797 million Rheinmetall Nomination at Vehicle Systems (including framework agreements) was slightly below the previous year’s figure of €8,349 million. The largest individual projects are orders for 8×8 Boxer infantry fighting vehicles worth €2,883 million, shares in the Leopard 2 A8 battle tank worth €1,179 million and HX2 trucks worth €347 million.
The operating result improved by €158 million to a total of €583 million in the 2025 reporting year. At 11.7%, the operating result margin exceeded the previous year’s figure of 11.2% due to improvements in the product mix of the individual projects mentioned.
Weapons and Ammunition: Operating result rises by a third
Weapon and Ammunition generated sales of €3,532 million in the reporting year with its activities in weapons, ammunition and protection systems. Measured against the previous year’s figure, this represents an increase of €749 million or 27%. As in the previous year, significant growth momentum came from Germany, other NATO countries and Ukraine, which is the most important customer country.
Weapon and Ammunition once again achieved an order volume (Rheinmetall Nomination) of €7,126 million, exceeding sales by more than 100%. However, this fell short of the previous year’s level of €12,307 million, which was influenced by a significant framework agreement for artillery ammunition. In 2025, the framework agreement for mobile rescue stations for the German Armed Forces, worth over €1,056 million, was the largest single order. The main drivers for the increase in order intake, which rose to €6,736 million (2024: €6,237 million), were orders from the Nordic countries Denmark, Finland, Norway and Sweden.
The operating result rose by €247 million, or around 31%, to €1,037 million in the 2025 fiscal year (previous year: €790 million). The increase is mainly due to higher sales volumes, an improved product mix and continuous cost optimisation. As a result of these measures, the operating result margin improved from around 28% in the previous year to 29% in the reporting year.
Electronic Solutions: Further increase in sales and operating profit margin
Electronic Solutions, with products in the digitalisation sector of the armed forces, infantry equipment, air defence and simulation, increased its sales in the 2025 fiscal year to €2,504 million, exceeding the previous year’s figure by 45% (previous year: €1,726 million). Sales from the major order placed in the 2025 fiscal year for the TaWAN digitisation programme and from the delivery of speech sets with hearing protection functionality ordered in the previous year, both for the German Armed Forces, made a significant contribution to this increase in sales. In addition, further sales contributions were generated from the delivery of additional Skyranger and Skynex air defence systems, both to European customers.
Including framework agreements, Rheinmetall Nomination at Electronic Solutions rose to a new high of €14,235 million in the 2025 fiscal year (previous year: €5,065 million). This again represents more than double growth of 181%. The largest individual orders were secured from German customers, namely the German Armed Forces’ TaWAN digitisation programme, the replacement procurement of the IdZ-ES soldier system and the SPOCK1 satellite programme. Important contract successes were also achieved in connection with the production and delivery of Boxer infantry fighting vehicles, as well as with further Skyranger and Skynex air defence systems for European customers.
At €366 million, the operating result of Electronic Solutions was 68% higher than the previous year’s figure of €217 million. The operating result margin increased further from 12.6% in the previous year to 14.6% in the reporting year, mainly due to higher sales and increased productivity in the processing of large orders.
Rheinmetall Group guidance for 2026: Strong sales growth with rising return expectations
Based on current market expectations, the Rheinmetall Group anticipates significant sales growth for the current 2026 fiscal year and anticipates an increase in the operating result margin and thus also an improvement in operating result. By January 1, 2026 the group structure has been redesigned. In addition to Vehicle Systems and Weapon and Ammunition, the new segments Air Defence, Digital Systems and Naval Systems have been established.[1]
The Rheinmetall Group’s annual sales in the 2026 fiscal year is expected to grow by 40% – 45% to €14.0 billion to €14.5 billion (sales in the 2025 fiscal year: €9.9 billion).
Based on the sales guidance, Rheinmetall expects an improvement in the Group operating result and a Group operating result margin of around 19% in the current 2026 fiscal year (operating result margin in fiscal year 2025: 18.5%), taking into account consolidation effects and holding costs.
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