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16 Apr 26. XTI Aerospace, Inc. (Nasdaq: XTIA) (“XTI Aerospace,” “XTI,” or the “Company”), a publicly traded aerospace and defense company operating across drone distribution, unmanned systems, and advanced manufacturing markets through three dedicated divisions, and parent company of Drone Nerds, LLC, a leading drone solutions platform serving enterprise and government customers, today announced financial results for its fourth quarter and full year ended December 31, 2025, and provided the Company’s outlook for 2026.
2025 fourth quarter and full year highlights (includes the acquisition of Drone Nerds, LLC and Anzu Robotics, LLC (together, “Drone Nerds”) in November 2025, Inpixon results excluded and reflected in discontinued operations):
- Revenue of $22.5 million
- Gross profit of $4.9 million
- Gross profit as a percentage of revenue of 21.9 percent
For purposes of this release, the Company defines “pro forma” as unaudited supplemental combined financial information.
2025 pro forma fourth quarter XTI highlights(1) (includes Drone Nerds as if the acquisition had occurred as of January 1, 2024):
- Revenue of $41.7 million
- Gross profit of $8.1 million
- Gross profit as a percentage of revenue of 19.5 percent
- Net loss from continuing operations of $7.6 million
2025 full year pro forma, XTI reported the following highlights(1) (includes Drone Nerds as if the acquisition had occurred as of January 1, 2024):
- Revenue of $121.6 million
- Gross profit of $26.8 million
- Gross profit as a percentage of revenue of 22.0 percent
- Net loss from continuing operations of $39.0 million
Company guidance:
- Expecting full year 2026 revenue of $160 million or greater
2025 fourth quarter events:
- Completed approximately $40 million acquisition of Drone Nerds, a leading U.S. drone solutions provider, and secured a concurrent $25 million strategic investment from Unusual Machines, Inc. (Nasdaq: UMAC)
- Formed strategic alliance with Valkyrie Intelligence LLC (“Valkyrie Sciences”), including an investment and services agreement, to harness the intelligence derived from the sizable drone industry data set built by Drone Nerds
Recent events:
- Completed the divestiture of the Inpixon RTLS business to streamline the Company’s focus on its drone platform
- Secured $20 million Asset-Based Lending (“ABL”) credit facility with JPMorgan to support growth and liquidity, subject to customary borrowing conditions, covenants and availability
- The Autonomous Defense Systems (“ADS”) division, formed through the reorganization and redesignation of the Company’s XTI Aircraft division, and the Advanced Technology and Manufacturing (“ATM”) division, which the Company is in the process of establishing and which has not yet generated revenue
- Strengthened the composition of XTI’s Board of Directors with aviation and unmanned systems expertise through the appointments of Clinton Weber and Jonathan Ornstein
(1)
For information on unaudited supplemental combined financial information presented, see the section titled “Unaudited Supplemental Combined Financial Information” in this press release.
“The acquisition of Drone Nerds transformed XTI Aerospace into a scaled, revenue-generating platform,” said Scott Pomeroy, Chief Executive Officer of XTI Aerospace. “Drone Nerds is a leading enterprise-focused UAS solutions provider with deep customer relationships and a proven operating model that continues to deliver strong performance. Its OEM-agnostic approach and broad supplier network position us to participate in a rapidly evolving market. Just as important, the platform provides real-time data and market intelligence that informs where we invest, build, and expand. We believe this foundation positions us to support growth and support our expansion into new markets and higher-value opportunities across the business.”
“XTI Drones continues to scale as a cash-generating commercial engine. Our Advanced Technology and Manufacturing division strengthens our ability to expand our participation in the value chain through U.S.-based manufacturing. Our Autonomous Defense Systems initiative is building a pipeline of potential military and defense contract opportunities in a large and growing market. Together, these elements create a flywheel that we believe is designed to support growth, margin expansion, and long-term value creation. In 2026, our focus is execution.”
Liquidity and Capital Resources
At December 31, 2025, the Company had $16.7 million of unrestricted cash and cash equivalents. An additional $0.2 million of cash is included in current assets of discontinued operations and is not included in unrestricted cash balances.
The Company does not currently expect to require additional capital to support the ordinary-course operating needs of the Drone Nerds business. However, the Company may seek additional capital in the future to support strategic acquisitions and the development of its advanced systems and domestic manufacturing initiatives.
Subsequent to December 31, 2025 and through the date of this filing, holders of certain warrants issued in connection with our 2025 public offerings exercised warrants to purchase 3,963,408 shares of the Company’s common stock. These exercises resulted in aggregate cash proceeds to us of approximately $7.9 million. We engaged ThinkEquity LLC as our exclusive advisor in connection with the solicitation of these warrants for which we paid cash compensation of 3% of the gross proceeds, or approximately $0.2 million. After deducting such commissions, the net proceeds we received from these warrant exercises was approximately $7.7 million. (Source: PR Newswire)
14 Apr 26. ICON, the global leader in robotic construction technologies and large-scale 3D printing, announced today the launch of ICON Prime – a dedicated defense and space tech business unit focused on deploying ICON’s robotic construction systems for the U.S. military and NASA. The new business unit allows ICON to focus efforts on the specialized needs and demands of efforts like modernizing military construction and developing robotic systems for delivering infrastructure and buildings on the Moon.
“Advanced construction technologies are no longer peripheral to national security, they are foundational to military readiness, force projection, and interplanetary exploration,” said Will Hurd, President of ICON Prime.
Alongside the launch, ICON announced the appointment of Will Hurd as President of ICON Prime. Hurd, a former CIA clandestine officer, three-term U.S. Congressman from Texas, and AI policy pioneer, will lead ICON Prime’s strategy and government partnerships as the company scales its robotic construction technology across the national security enterprise and beyond Earth.
“ICON was founded to radically rethink how the world builds,” said Jason Ballard, Co-Founder and CEO of ICON. “With ICON Prime, we are bringing together our robotics, software, and materials innovations into a defense and space tech unit to help government partners build faster, more resilient infrastructure at a lower cost. We want to bring robotic construction to bear on the nation’s most pressing readiness and national security challenges. Will Hurd brings extraordinary experience at the intersection of technology, national security, and public policy, and his leadership will help scale this work at a critical moment.”
“Advanced construction technologies are no longer peripheral to national security, they are foundational to military readiness, force projection, and interplanetary exploration,” said Will Hurd, President of ICON Prime. “ICON is the pioneer in robotics and advanced materials that have fundamentally changed how we build more resilient structures from military installations to disaster response. The need to swiftly build at lower cost is real, and the opportunity to scale where we need it most has never been greater.”
ICON Prime launches with significant momentum. To date, ICON has been awarded more than $360 million in government contracts, delivering projects and research initiatives in partnership with the U.S. Army, U.S. Air Force, U.S. Marine Corps, U.S. Space Force, Defense Innovation Unit (DIU), Defense Advanced Research Projects Agency (DARPA), and the National Aeronautics and Space Administration (NASA). ICON’s 3D-printed military structures are in operation across installations today, and the company has completed more than 240 homes and infrastructure projects worldwide including military barracks, robotics labs, simulated space habitats, vehicle hide structures and innovation centers. ICON Prime will serve as the company’s primary platform for partnering with government and national security agencies to deliver resilient, mission-critical infrastructure using robotic construction systems to meet the operational demands needed to support the warfighter and national security priorities.
Two major projects are at the heart of ICON Prime’s near-term work. The first is a $62.8 million production contract awarded by the U.S. Army in December 2025 with construction underway in January 2026 to build 10 3D-printed barracks at Fort Bliss in El Paso, Texas. The project marks the largest deployment of robotic construction technology for the Department of War (DoW) in history. Ten fully compliant barracks units are targeted for delivery within six months, dramatically compressing timelines compared to conventional military construction.
The Fort Bliss project builds on a successful prototype effort conducted in partnership with the Defense Innovation Unit (DIU) and the Army’s Installation Management Command (IMCOM) and U.S. Army Corps of Engineers (USACE). Fort Bliss represents the successful transition of ICON’s technology from prototype R&D to full production at scale on a major Army installation, a milestone that validates robotic additive construction as a viable and repeatable solution for DoW infrastructure across installations.
The second major project extends ICON Prime’s Army partnership and scale. In March 2026, ICON was awarded a $67.9 million contract — with a total cumulative face value of $201 million — to construct a Rotational Unit Billeting Area (RUBA) and supporting infrastructure at the Joint Readiness Training Center, Fort Polk, Louisiana. The project is designed to enhance reception, staging, onward movement, and integration (RSOI) operations. Phase 1 is targeted for completion in 2027. The award, issued by the Theater Support Center, HQ Mission and Installation Contracting Command at Joint Base San Antonio-Sam Houston, Texas, represents 3D-printed construction as a permanent, scalable solution for military facilities.
The launch of ICON Prime comes at a moment of mounting urgency for U.S. defense infrastructure. Senior defense officials have described domestic military installations, many relying on structures decades beyond their intended lifespan, as a readiness crisis. ICON Prime addresses this gap directly. This technology allows warfighters to move past traditional constraints and stand up infrastructure in months instead of years. It fundamentally changes how the Warfighters plan and execute missions. ICON’s additive construction capability enables onsite robotic construction capabilities with reduced logistics dependencies through simplified supply chains, rapid construction through 24/7 operations and reduced personnel requirements to support worldwide operations. This isn’t just a construction shift; it’s an operational one. By building faster, ICON Prime provides the U.S. military with a unique combination of operational flexibility and strategic surprise. This capability through ICON’s technology has already been validated through 65+ full-scale wall tests and 100+ component tests meeting DoW’s Unified Facility Criteria, with additional seismic design tests planned for 2026.
ICON’s government work extends beyond Earth. The company has been awarded nearly $60 million from NASA to develop space-based construction systems capable of building humanity’s first-ever structures on the lunar surface. In November 2022, ICON secured a Small Business Innovation Research (SBIR) Phase III award to support the development of an advanced construction technology system designed to use local resources on the Moon and Mars as building materials. Working with NASA’s Marshall Space Flight Center in Huntsville, Alabama along with joint collaborations with industry, government, and academic institutions, ICON is delivering projects to prove out its lunar construction technology capabilities. ICON also delivered the 1,700 square foot simulated Martian habitat, Mars Dune Alpha, at Johnson Space Center in Houston, Texas, for use during NASA’s Crew Health and Performance Analog (CHAPEA). ICON Prime is poised to support NASA’s plans to return to the Moon and establish a sustained lunar presence.
“Military readiness. Space dominance. Power projection in tough environments. Every one of these challenges has advanced construction at its core and America doesn’t currently have a construction capability equal to the threat.” Hurd continued. “ICON Prime changes that.”
For more on ICON’s military construction and technology advancements, visit iconprime.com or follow on X™, Instagram®, Facebook®, YouTube®, LinkedIn, or Threads® (@ICON3DTech).
About ICON Prime
ICON Prime is ICON’s dedicated defense tech company and military, space, intelligence, and government business unit, focused on deploying ICON’s robotic construction systems, AI-driven software, and advanced materials for defense and mission-critical infrastructure. ICON Prime’s work spans U.S. military installations, expeditionary infrastructure, disaster response, and space-based construction programs. For more information, visit ICONPrime.com.
(Source: BUSINESS WIRE)
14 Apr 26. Hanwha Aerospace hosted permanent representatives from 30 NATO member states for the inaugural ‘Hanwha-NATO PermReps Strategic Dialogue’, presenting its next-generation defense vision spanning unmanned systems, manned-unmanned teaming, and satellite capabilities.
During the visit, the company briefed the delegation on its proven defense platforms, including the K9 self-propelled howitzer and the Chunmoo Multiple Rocket Launcher System.
Hanwha Aerospace supplies the K9 to six NATO member states, Poland, Finland, Estonia, Norway, Romania, and Türkiye, and holds the top global market share in self-propelled howitzers. The Chunmoo system has also been exported to Poland, Estonia, and Norway, further expanding the company’s strategic cooperation with NATO.
The company also presented its localization strategy, which contributes not only to European defense capabilities but also to local economies and industrial ecosystems. Hanwha Aerospace has broken ground on H-ACE Europe, a production facility in Romania, and established a joint venture with Poland’s WB Electronics for local production of Chunmoo guided missiles, deepening its integration into Europe’s defense industrial base.
14 Apr 26. Concurrent Technologies’ (CNC) pipeline of business is growing as militaries rush to update their equipment in the face of rising security threats.
The company designs and manufactures robust computers that can endure extreme conditions. They are sold to defence contractors and then installed in armoured vehicles and aircraft, often being used to power sensing technology. Radar is a strong driver of demand, according to chief executive Miles Adcock, who told the Investors’ Chronicle that the war in Ukraine was increasing the need for drone detection technology.
Concurrent’s pipeline of work is growing strongly. Last year, it secured £145m-worth of design wins – more than three times its revenue. These wins “typically convert” into purchase orders within three years and revenue within 10 years, according to the company. House broker Investec points out that design wins slowed in the second half of the year because of the US government shutdown, but that the overall figure was still “very large relative to the rest of financials”.
When these come down the pipeline, they will boost already strong growth figures. Its revenue rose by 14 per cent while gross profit was up 22 per cent to £24.5m, which expanded the gross margin to 53 per cent. As a technology company, it has been exempt from all US tariffs costs. It has also avoided the worst of the memory chip price rises, with most of its orders secured through to next year.
Concurrent’s strong performance is reflected in the demanding forward price/earnings ratio of 24 times, but its balance sheet strength and structural growth drivers more than justify this valuation. Buy.
Last IC View: Buy, 186p, 9 Sep 2025 (Source: Investors Chronicle)
10 Apr 26. Italian government shakes up Leonardo leadership, replacing Cingolani as CEO. Leonardo CEO Roberto Cingolani is to be replaced at the helm of the Italian defense company in a surprise move by the Italian government which sources said was related to his decision to shift Leonardo’s focus away from kinetic products as wars rage around the world.
At the end of his three year mandate running the Italian state-controlled firm, Cingolani appeared on course for another term after overseeing a slew of new industry team-ups and a major rise in share value.
But on Thursday the Italian government said its pick for new CEO was Lorenzo Mariani, currently head of the Italian arm of European missile house MBDA.
Mariani is no stranger to Leonardo. When Cingolani was named CEO three years ago, Mariani was appointed co-general manager, effectively Cingolani’s number two.
A year ago he was moved over to MBDA, a company he had worked at before his arrival at Leonardo.
Previously he had also held down various roles at Leonardo including commercial director and head of electronics, making him very much a company man. Before starting his career he served as an officer in the Italian navy.
“Mariani is a safe choice, a top manager who has been at Leonardo before, knows the industry and military interlocutors,” said Alessandro Marrone, who heads the defense program at Rome think tank IAI.
“There will be no learning curve as defense budgets accelerate,” he added.
For his part, Cingolani oversaw a four-fold increase in Leonardo’s share price during his three year tenure, as the defense sector flourished thanks to rearmament programs triggered by the Ukraine war.
Last month Leonardo predicted it would see annual orders of €32 billion ($37 billion) a year by 2030, up from €23.8 billion last year, and announced a bullish new industrial plan.
No explanation has been given by the Italian government led by Giorgia Meloni for the change in management, and the decision drew criticism from opposition politician Carlo Calenda.
“It’s absurd to remove Cingolani like this without any explanations in a sensitive sector where he was appreciated by investors and partners. And it’s necessary for the government to clarify whether there are reasons of security or performance,” he posted on X.
Leonardo’s share price dropped in early trading on Friday.
A trained physicist, Cingolani served as “green transition” minister in a former Italian government in 2021 before Meloni picked him to lead Leonardo in 2023.
Meloni chose him despite her defense minister Guido Crosetto pushing at the time for the appointment of Mariani as CEO.
Cingolani forged new team-ups with Turkey’s Baykar to build drones in Italy and with Rheinmetall to build tanks in Italy.
He also stressed the need for Leonardo to increase its focus on cyber security and digitalization and recently launched Leonardo’s new Michelangelo Dome, a multi-layered air defense system.
Two Italian experts who declined to be named said Cingolani’s focus on non-kinetic programs convinced the government to opt instead for Mariani, who is more closely linked to nuts and bolts armaments programs.
“Cingolani was keener on the non-kinetic portfolio at Leonardo, but high-end, large-scale conflicts are the name of the game right now,” said one analyst. “Hard core defense is at the top of the agenda for armed forces and companies. You need deep engagement with customers about hard core needs,” he added.
A second source who was knowledgeable of the government’s decision said, “Cingolani put the focus on cyber programs when Mariani was at MBDA guaranteeing accelerated extra production of missiles which were perhaps simpler but more essential at this time,” he said.
The source noted that Pierroberto Folgiero, the CEO of another state controlled Italian firm, Fincantieri, had also promised the government a reduction in production times for naval vessels. (Source: Defense News)
14 Apr , 26. Lockheed Martin (NYSE: LMT) today announced it is increasing the capacity of its venture capital fund, Lockheed Martin Ventures, from $400 million to $1 billion—an increase of 250% and the largest boost in investment since the fund was established in 2007. Lockheed Martin will use the increase over future periods to mature critical technologies for national security, helping accelerate the most promising technologies from R&D to availability in the Defense Industrial Base.
“Our venture capital investments are a critical part of our overall strategy to develop and integrate the best technologies for national security now and in the future,” said Evan Scott, CFO, Lockheed Martin. “Our investments help create a pipeline of cutting-edge technologies that create a resilient industrial base, drive growth, and ultimately help the United States and its allies deter the most pressing emerging threats.”
Why it Matters
For nearly 20 years, Lockheed Martin Ventures has helped fund companies with promising technologies that complement Lockheed Martin’s leading national security capabilities and help advance solutions to best meet customer mission needs in the future.
This approach has helped accelerate technologies across a wide range of pioneering research, including quantum computing, autonomy, AI, directed energy, advanced materials, microelectronics and more. As new capabilities transition into the Defense Industrial Base, they open new possibilities for mission success with greater efficiency, better cost effectiveness, and stronger threat deterrence.
Facts and Figures
- Founded in 2007 with initial funding of $100 million
- Lockheed Martin Ventures has invested more than $500 million in more than 120 companies.
- More than 60 companies have matured to become suppliers to Lockheed Martin, receiving more than $750 million in contracts from the company.
- Over the past two years, 25 companies have been added to the portfolio.
- Lockheed Martin Ventures is one of the most active and longest continuously operated Aerospace and Defense Corporate Venture Capital firms in the United States.
What’s Next
This August, the fund will host its 9th annual Demo Day at Lockheed Martin’s headquarters, showcasing portfolio companies and new start-ups driving a new era of innovation for aerospace and defense. At the most recent Demo Day, 15 portfolio companies engaged with numerous Lockheed Martin leaders and subject matter experts in lively sessions of collaboration and learning.
Companies seeking more information about Lockheed Martin Ventures opportunities can contact the team here.
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