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07 Sep 23. Sweden’s Saab snags Silicon Valley-based CrowdAI. Swedish defense company Saab AB acquired artificial intelligence firm CrowdAI, again expanding its footprint in the fast-growing sector.
The deal’s closing was announced Sept. 7. No financial details were shared. Saab ranked No. 33 in the latest Defense News “Top 100″ analysis of the world’s largest defense companies, raking in $3.7bn in defense revenue in 2022.
Erik Smith, president of Saab in the U.S., in a statement said the takeover provides the company “a new capability as well as deeply rooted relationships with new customers.” It also underscores “our commitment to innovation and growth in the United States,” he added.
The Department of Defense last year selected CrowdAI to help aid AI adoption, under a contract worth up to $249 m. The company was also tapped in 2019 during a “Shark Tank”-style event the Air Force hosted to quickly ink contracts.
As part of Saab, “the team we’ve built will open new doors for dual-use technological advancement that aligns with the DoD’s priorities,” Devaki Raj, the cofounder of CrowdAI, said in a statement. Its future work will mainly be carried out in San Diego, California.
Saab last month acquired BlueBear Systems, a British company that specializes in autonomy, avionics, and modeling and simulation. Terms were not disclosed at the time. BlueBear last year had a turnover of £8m, or $10m, Defense News reported. (Source: Defense News)
07 Sep 23. SAIC Announces Second Quarter of Fiscal Year 2024 Results.
- Revenues of $1.78bn; 8.3% organic growth adjusted for impact of divestitures
- Net income of $247m; Adjusted EBITDA(1) of $174m or 9.8% as a % of revenues, an increase of 70 bps year-over-year
- Diluted earnings per share of $4.56; Adjusted diluted earnings per share(1) of $2.05
- Cash flows provided by operating activities of $150m; Transaction-adjusted free cash flow(1) of $143m
- Company increases revenue, adjusted EBITDA margin(1), and adjusted diluted EPS(1) guidance for fiscal year 2024
Science Applications International Corporation (NYSE: SAIC), a premier Fortune 500® technology integrator driving our nation’s digital transformation across the defense, space, civilian, and intelligence markets, today announced results for the second quarter ended August 4, 2023.
“I am proud of the financial performance we delivered in the quarter with both strong organic revenue growth and margin expansion. We remain on track to achieve our three year financial targets and are off to a strong start,” said SAIC CEO Nazzic Keene. “Our focus remains on building and sustaining our high-performance culture to deliver value for our employees, customers, and shareholders.”
Second Quarter Summary Results
Revenues for the quarter decreased $47m or 3% compared to the same period in the prior year primarily due to the sale of the logistics and supply chain management business (Supply Chain Business) ($149m), the deconsolidation of the Forfeiture Support Associates J.V. (FSA) ($34m), and contract completions, partially offset by ramp up on existing and new contracts. Adjusting for the impact of the divestiture of the Supply Chain Business and the deconsolidation of FSA, revenues grew 8.3%.
Operating income as a percentage of revenues increased from the comparable prior year period primarily due to the gain recognized from the sale of the Supply Chain Business, improved profitability across our contract portfolio, and lower indirect costs.
Adjusted EBITDA(1) as a percentage of revenues for the quarter increased to 9.8% from 9.1% for the same period in the prior year primarily due to improved profitability across our contract portfolio and lower indirect costs.
Diluted earnings per share for the quarter was $4.56 compared to $1.30 in the prior year quarter. Adjusted diluted earnings per share(1) for the quarter was $2.05 compared to $1.75 in the prior year quarter. The weighted-average diluted shares outstanding during the quarter decreased to 53.9m from 55.9m during the prior year quarter.
Cash Generation and Capital Deployment
Cash flows provided by operating activities for the second quarter increased $9 m compared to the prior year quarter, primarily due to the timing of payroll payments, partially offset by higher cash provided by the MARPA Facility in the prior year and higher tax payments in the current year.
During the quarter, SAIC deployed $126m of capital, consisting of $100m of plan share repurchases, $20m in cash dividends, and $6m of capital expenditures.
Sale of Logistics and Supply Chain Management Business
On May 6, 2023, SAIC closed the sale of its logistics and supply chain management business to ASRC Federal Holding Company, LLC for $356m in cash, including $355m received at closing and a post-closing adjustment for working capital. The divestiture is consistent with SAIC’s broader strategy to focus on Growth & Technology Accelerants and on innovative, platform-agnostic solutions that add shareholder value. SAIC recorded a preliminary pre-tax gain of $233m, net of $7m of transaction costs, which is included within other operating income on the condensed and consolidated statements of income.
Quarterly Dividend Declared
On September 6, 2023, the Company’s Board of Directors declared a cash dividend of $0.37 per share of the Company’s common stock payable on October 27, 2023 to stockholders of record on October 13, 2023. SAIC intends to continue paying dividends on a quarterly basis, although the declaration of any future dividends will be determined by the Board of Directors each quarter and will depend on earnings, financial condition, capital requirements and other factors.
(1)Non-GAAP measure, see Schedule 5 for information about this measure.
Backlog and Contract Awards
Net bookings for the quarter were approximately $0.7bn, which reflects a book-to-bill ratio of 0.4 and a trailing twelve months book-to-bill ratio of 0.8. SAIC’s estimated backlog at the end of the quarter was approximately $22.5bn. Of the total backlog amount, approximately $3.7bn was funded.
Notable New Business Awards:
U.S. Department of Treasury: SAIC was awarded a $1.3 bn seven-year single-award indefinite delivery, indefinite quantity (IDIQ) contract by the Department of the Treasury to provide T-Cloud, a complete range of cloud and professional services. The T-Cloud contract supports Treasury’s adoption and transformation of a multi-cloud environment by centralizing management of the systems infrastructure, platform and software-as-a-service by a single broker. SAIC is responsible for delivering a shared service cloud infrastructure model that provides enterprise-wide efficiencies in access, contracting and security. SAIC will also provide services for business operations, technical, security, network, service desk, subject matter expert support and transition services. Net bookings and backlog for the quarter do not include any value related to T-Cloud. Consistent with the Company’s policy, bookings and backlog related to this award will be recognized as the task orders under the IDIQ are received.
Notable Recompete Awards:
Naval Air Warfare Center Weapons Division: SAIC was awarded a multiple-award IDIQ contract with a $249m ceiling from the U.S. Navy to continue supporting the Naval Air Warfare Center Weapons Division (NAWCWD)’s combat instrumentation platforms used for training and test evaluation ranges. Under the new contract, SAIC will perform systems design and integration, hardware and software upgrades or modifications for the Combat Environment Instrumentation Systems (CEIS). SAIC will also provide services to support global position system-based range equipment, airborne electronic warfare (EW) systems, warning & countermeasures systems and range Radio-Frequency/Electro-Optical Tracking systems. The Company will deliver test support and instrumentation for unmanned aerial vehicle (UAV) and telemetry systems.
Notable Space and Intelligence Community Awards:
U.S. Space and Intelligence Community: During the quarter, SAIC was awarded approximately $520m of contract awards by space and intelligence community organizations. These awards represent a combination of new business and recompetes.
SAIC was awarded the following contracts subsequent to the end of the quarter which are not included in the current quarter net bookings and book-to-bill:
U.S. Space Force: SAIC was awarded a seven-year, $575 m contract by the United States Space Force to support its Ground Based Radar Maintenance and Sustainment Services (GMASS). Under the contract, SAIC will provide on-going sustainment and modification of the GMASS Contract-covered systems, including Upgraded Early Warning Radars (UEWR), the Precision Acquisition Vehicle Entry (PAVE) Phased Array Warning System (PAWS), and the Perimeter Acquisition Radar Attack Characterization System (PARCS) radars and all associated systems and equipment. In addition to sustaining operational capabilities, the contract will also utilize an integrated roadmap to highlight incremental opportunities and areas for innovation to promote backlog items and improve operational efficiencies. Through this work, SAIC will help further modernize critical missile warning and space domain awareness radars for key Space Force missions.
(Source: BUSINESS WIRE)
07 Sep 23. EagleView’s owners explore sale of aerial imagery provider -sources. The private equity owners of EagleView Technologies are exploring a sale of the provider of aerial imagery and data analytics services that could value it at about $2bn, including debt, according to people familiar with the matter. Vista Equity Partners and Clearlake Capital, the owners of EagleView, have hired investment banks William Blair and Rothschild & Co to advise the company on its sale process, the sources said, requesting anonymity as the matter is confidential. EagleView generates about $300m in revenue and 12-month earnings before interest, taxes, depreciation, and amortization (EBITDA) of $165m, the sources said.
Clearlake and Vista declined to comment. EagleView and Rothschild did not immediately respond to requests for comment.
In 2015, Vista took a majority stake in EagleView. In 2018, Clearlake bought a significant stake from Vista, becoming an equal owner in EagleView.
Bellevue, Washington-based EagleView Technologies is a provider of software that can be used to measure rooftops with satellite images from the sky, mainly used by insurance companies to make more accurate decisions. The company is utilizing a vast library of images and its patented 3-D measurement software to provide software tools to customers in industries such as insurance, construction, government and public utilities. In the past, the company’s tools have been used to help improve police and fire department response times and also to help cities prepare for emergencies and natural disasters. (Source: Reuters)
07 Sep 23. Defense startup Anduril acquires UAS-maker Blue Force Technologies. A top Anduril exec told Breaking Defense the company will spend “significant” independent R&D funding to continue developing Blue Force Technologies’ Fury aircraft.
Anduril Industries, the relatively new defense tech firm started in 2017, announced today it is acquiring autonomous aircraft developer Blue Force Technologies, with its eyes on bringing “affordable mass” to the Pentagon.
“This is a campaign and really kind of a vision of ours [and] has been for years to be able to bring a different kind of mass quickly back to the Department of Defense at a time where the traditional industrial base can’t provide it, and we desperately need it,” Christian Brose, chief strategy officer for Anduril, told Breaking Defense in an interview ahead of the announcement. Specific details of the deal were not publicly disclosed.
Blue Force Technologies, based out of North Carolina, is best known for a developmental autonomous aircraft called “Fury,” which the companies say is a group 5 vehicle with “fighter-like performance.” The Pentagon characterizes aircraft into groups based on size: group 1 represents small hand-held quad-copters while group 5 aircraft are similar to full-scale helicopters.
Brose said part of what attracted Anduril to Blue Force was how Fury fits into the fleet of other autonomous vehicles Anduril is already developing, such as the Ghost small unmanned aerial system and the Dive autonomous undersea vehicle. He added that Anduril plans to make “significant” investments into continuing to mature Fury, which is approaching its first flight.
Anduril’s announcement comes just days after Deputy Defense Secretary Kathleen Hicks revealed her own plans to initiate a new effort, dubbed “Replicator,” which will aim to produce thousands of autonomous drones within two years.
“It’s very much a direction that I think Anduril has been headed in for years now, in terms of seeking to deliver the kinds of objectives that Replicator is talking about,” Brose said, adding that he did not personally know anything about Hicks’ new effort beyond what she said publicly.
“That’s very much where we have been focused as a company and the acquisition of Blue Force Technologies, the further maturation and fielding of the Fury aircraft I hope will very much be a part of that initiative,” he continued.
Brose, who himself is a former top congressional staffer for the Senate Armed Services Committee, said he believes the money, technology and industrial capacity are all available to make Replicator “eminently doable.”
The devil, he said, will be in the details, which Hicks has admitted will remain few and far between for the time being.
In a recent interview with Breaking Defense, Anduril founder Palmer Luckey noted the company’s eventual goal remains to become a prime defense contractor that can “fight and win across multiple areas.”
In that interview, conducted before today’s news, Luckey said, “I think we are positioned super well, and I think that is not apparent from the things that we are publicly talking about across our product line.”
(Source: Defense News Early Bird/Breaking Defense.com)
07 Sep 23. Zapata AI, an Industrial Generative AI Software Company, to Go Public Through Business Combination with Andretti Acquisition Corp.
- Zapata AI is the Industrial Generative AI software company developing solutions to enterprises’ hardest problems
- Transaction values the company at an implied pre-money equity value of $200m
- Andretti Acquisition Corp. is familiar with Zapata AI through a commercial partnership with Andretti Autosport, in which Zapata AI’s Orquestra® platform provides the Andretti INDYCAR® team with real-time analytics to inform race strategy and deliver performance edges
- Business combination expected to provide up to approximately $84 m to the pro forma company’s balance sheet, depending on the level of redemptions
- Proceeds will be used to fuel continued innovation, drive enterprise customer acquisition and advance Zapata AI’s growth strategy
- Zapata AI’s visionary CEO and leadership team to lead the combined company
- Investor call scheduled for today, September 6, 2023 at 8:30am ET
Zapata Computing, Inc. (“Zapata AI” or the “Company”), the Industrial Generative AI software company developing solutions and applications to solve enterprises’ hardest problems, and Andretti Acquisition Corp. (NYSE: WNNR), a publicly traded special purpose acquisition company, announced today that they have entered into a definitive business combination agreement that will result in Zapata AI becoming a U.S. publicly listed company. Upon closing of the transaction, the combined company is expected to be listed on the New York Stock Exchange under the new ticker symbol “ZPTA”.
Zapata AI spun out of Harvard University in 2017 with a mission to create significant value for enterprises with generative AI and other advanced algorithms that leverage quantum techniques. The Company’s proprietary quantum techniques run on classical (non-quantum) hardware such as CPUs and GPUs—and have the potential to revolutionize existing AI solutions by making them cheaper, faster and more accurate. Zapata AI’s IP portfolio is made up of over 100 global patents and patent applications, including generative AI and industrial optimization technologies.
The Company’s offerings include Zapata AI Prose™, a large language model generative AI solution, and Zapata AI Sense™, which generates new analytics solutions to complex industry problems. These industrial solutions, which uniquely process both text and numbers, run on Zapata AI’s full-stack Quantum AI software platform, Orquestra®, enabling the Company to train and deliver AI models within customers’ hybrid cloud and multicloud environments, including Microsoft Azure, AWS, and others. Zapata AI’s proprietary technology is able to deliver enterprise-ready AI solutions across a wide variety of industries, including life sciences, finance, chemicals, automotive, government/defense, aerospace and energy.
The Company works with a growing ecosystem of blue-chip partners including Amazon, Google, Andretti Autosport, IBM, NVIDIA, Quantinuum, IonQ, and DARPA. By providing enterprises with a complete AI software stack and advanced AI models, Zapata AI is seeking to provide AI and machine learning software solutions.
Andretti Acquisition Corp. is familiar with Zapata AI and its unique capabilities through Zapata AI’s commercial partnership with Andretti Autosport, which leverages Orquestra® to gain a performance edge in race strategy for NTT INDYCAR® SERIES events. This partnership showcases how industry-leading brands are adopting and utilizing the Company’s Industrial Generative AI solutions to solve complex problems and enhance their competitive positions. Combining with Andretti Acquisition Corp. will give Zapata AI access to the capital markets as well as enhanced financial flexibility to fuel its technical roadmap, drive enterprise customer acquisition, and advance its growth strategy.
“Our engineers and scientists have spent years building, testing and refining our proprietary software to put Zapata AI—and our customers—at the forefront of the generative AI revolution,” said Christopher Savoie, CEO of Zapata AI. “We believe generative AI is shaping a once-in-a-generation opportunity, and the capital and relationships afforded through this business combination will only strengthen our market position. We are participating in an enormous total addressable market where we have the potential to create disproportionate value for our customers and our investors.”
Michael Andretti, Co-CEO of Andretti Acquisition Corp., commented, “Zapata AI’s Industrial Generative AI solutions have demonstrated their applicability helping enterprises across a range of industries solve complex problems and make better business decisions – we have experienced this firsthand in the AI-driven race strategy solutions and advanced analytics capabilities they are delivering to Andretti Autosport. The Company is already working with some of the world’s largest and most recognizable organizations, and based on our understanding of its vast capabilities, compelling go-to-market strategy and ambitious growth plan, we believe there is tremendous enterprise revenue opportunity.”
Transaction Overview
The transaction values Zapata at an implied pre-money equity value of $200m, with existing Zapata shareholders set to roll over 100% of their equity into the combined entity, or 20.0m shares at a price of $10.00. Andretti Acquisition Corp.’s sponsors and certain investors that own or have the right to receive founder shares will own a combined 5.8m shares, or an implied value of approximately $58m. Andretti Acquisition Corp.’s public shareholders currently hold approximately 7.9m shares, all of which are subject to redemption. The pro forma equity value of the combined company (inclusive of the remaining cash in trust at Andretti Acquisition Corp. after redemptions) is expected to be between $281m and $365 m, depending on the level of redemptions.
The Boards of Directors of each of Zapata and Andretti Acquisition Corp. have approved the transaction. The transaction will require the approval of the stockholders of Andretti Acquisition Corp. and is subject to satisfaction or waiver of the conditions stated in the business combination agreement and other customary closing conditions, including the receipt of certain regulatory approvals. The transaction is expected to close in the first quarter of 2024.
Additional information about the proposed transaction, including a copy of the business combination agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Andretti Acquisition Corp. with the Securities and Exchange Commission (“SEC”) and available at www.sec.gov. More information about the proposed transaction will also be described in Andretti Acquisition Corp.’s proxy statement/prospectus relating to the business combination, which it will file with the SEC.
Advisors
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC (“CCM”), is serving as exclusive financial advisor and lead capital markets advisor to Andretti Acquisition Corp. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to Andretti Acquisition Corp. Foley Hoag LLP is serving as legal counsel to Zapata.
(Source: BUSINESS WIRE)
07 Sep 23. Melrose Industries PLC (“Melrose”, the “Company” or the “Group”), an Aerospace Engines and Structures Group, today announces its interim results for the six months ended 30 June 2023 (“the Period”).
Melrose Group – at constant currency3
Trading ahead of expectations – upgraded guidance
- Upgraded full year guidance: Aerospace 2023 adjusted1 operating profit range increases by over 8% to between £375m and £385m with a higher Engines margin than previously guided
- Net debt leverage1 reducing towards 1x EBITDA1 by the end of 2023 (before share buyback programme)
- This outperformance further underpins the achievement of the 2025 guidance
Half year results
- Aerospace revenue of £1.63bn, growth of 19%3 over last year (15% including businesses being exited)
- Aerospace adjusted1 operating profit of £175m, more than 2.5x the prior year
- Aerospace adjusted1 operating margin of 10.7% an increase of 5.8 percentage points on the prior year and 3.2 percentage points on the second half of 2022
- Adjusted1 diluted earnings per share increased to 7.5p (2022: 0.2p). Statutory loss per share was 3.0p (2022: 16.8p)
- Restructuring and repricing progressing well combined with improved quality and arrears reduction
- Net debt1 of £553m in line with expectations, reducing leverage1 to 1.5x (pro-forma 2022 opening leverage18x)
Earlier shareholder returns
- Higher confidence and strong progress allows Melrose to commence early its share buyback programme, at the beginning of October 2023, starting with a £500m buyback over 12 months and being well placed to continue thereafter keeping leverage1 comfortably within previous guidance
- Continuation of the progressive annual dividend, with an interim dividend of 1.5 pence per share declared
New Investor Event – Engines
- To be held on site in Sweden, the global HQ for the Engines business, during October 2023 to showcase in more detail and colour the full quality of the Engines business, including a new target for Engines operating margins to rise above 30% post 2025
Management changes
- Melrose is now a long-term aerospace group with exceptional organic growth prospects. In line with this new strategic direction, on 7 March 2024 Simon Peckham and Geoffrey Martin will step down as Melrose Chief Executive and Group Finance Director respectively, to be replaced by Peter Dilnot (currently Melrose Chief Operating Officer) and Matthew Gregory (currently Chief Financial Officer GKN Aerospace) respectively. Thus providing management continuity as Melrose becomes a pureplay aerospace group. Simon Peckham, Geoffrey Martin and Christopher Miller will not stand for re-election as directors at the 2024 AGM
By division – at constant currency3
Engines
- Engines revenue growth of 19% in the first half with adjusted1 operating profit nearly doubling and adjusted1 operating margin up to 24.5%
- Engines aftermarket growth of 46% driven by recovering flying hours and the Group entering the lucrative aftermarket ‘sweet spot’ allowing an above market performance
Structures
- Structures revenue growth of 18%3 (13% including businesses being exited) and adjusted operating margin reaching 2.5% in the first half versus loss-making in the first half of 2022
- Civil ramp-up delivering 24% growth. Defence repricing and portfolio work accelerated with around 25% of the renegotiations planned by 2025 being successfully concluded in the last few months
Demerger of GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen
- The demerger of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses from Melrose into Dowlais Group PLC successfully completed on 20 April 2023 as scheduled
Upgraded guidance for 2023 full year (assuming US $ = 1.25 average exchange rate for the year)
Group
- Revenue of between £3.35bn and £3.45bn
- Aerospace adjusted1 operating profit between £375m and £385m
- Aerospace adjusted1 EBITDA of between £525m and £535m
- PLC costs reducing to £30m
- Net debt leverage1 reducing towards 1x EBITDA1 by the end of 2023 (before share buyback programme)
Simon Peckham, Chief Executive of Melrose Industries PLC, today said:
“We are delighted with these results and the outlook for Melrose. Whilst there is still work to do, the business is very capable of producing over £1 bn of EBITDA and providing excellent returns for shareholders. This is further demonstrated by the confidence to start early the share buyback programme. Chris, Geoff and I are pleased to hand over to Peter and Matthew to continue the great performance achieved by Aerospace, and to guide this handover during the coming months and into 2024. Melrose shareholders own a truly special business, with rapidly increasing profits, exceptionally strong long-term cash flows and a disciplined shareholder focused approach to capital.”
- Described in the glossary to the 2023 Interim Financial Statements
- Results for the period ended 30 June 2022 have been restated for discontinued operations and the one for three share consolidation
- Like-for-like growth is calculated at constant currency against 2022 results and excludes businesses being exited
06 Sep 23. HALO X-ray Secures Investment to Accelerate its Disruptive X-ray Diffraction Technology for Security Screening and Contraband Detection.
Investments in HALO X-ray Technologies will support regulatory approval of the first fieldable XRD system in checkpoint security operations and deployments to key airport screening operations.
HALO X-ray Technologies Ltd, a developer of next-generation X-ray diffraction (XRD) technology for aviation and security screening applications, announced today that the Innovation Science & Seed Fund (UKI2S), a venture fund science and technology focused venture capital fund, led a £2M Series A investment funding round alongside Agilent Technologies Inc. and the Midlands Engine Investment Fund (MEIF) through the MEIF West Midlands Equity Fund, managed by venture capital firm Midven to advance HALO’s XRD screening solutions.
“We are thrilled to have the support of market leader Agilent to join with UKI2S and Midven,” said Simon Godber, HALO’s Chief Executive Officer. “This investment will support HALO’s principal goal to substantially reduce false alarm rates for global checkpoint screening systems, leading to faster passenger throughput and significant reductions in airport operational costs. Agilent’s investment along with its product development and manufacturing expertise in global security and field detection markets will help us deliver critical new screening capability to address aviation security and international customs and borders screening challenges. We welcome the support of UKI2S and the continued backing from the MEIF through Midven, to help drive the business through these next important periods of rapid growth”.
“HALO’s innovative XRD platform enables through-barrier identification of chemicals and materials and makes this long-promised capability available, so it can be used in a wide range of security and contraband detection missions,” said Geoff Winkett General Manager & Vice President Molecular Spectroscopy at Agilent Technologies.
Andy Muir, Investment Director for UKI2S and Future Planet Capital Group said: “Investment in innovation is critical to the future of global security, which is why we are delighted to invest in HALO from our Defence and Security portfolio within the UK Innovation & Science Seed Fund. Our part in this raise is not only to invest, but also to identify and amplify co-investment into organisations that have scalable opportunity via dual-use capabilities. Congratulations to the whole team in this vital next stage of HALO’s growth.”
Andy Bard, Portfolio Manager at Midlands-based venture capital firm, Midven, part of the Future Planet Capital Group, said: “We are pleased to continue to invest in HALO’s effective XRD platform and operationalise the advancements the HALO team has achieved that make XRD a high value and deployable solution. Our investment will support key deployments to European airport screening operations and add sales and logistical support for installations in Europe and the US”.
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
05 Sep 23. Austal manoeuvres as sovereign defence prime, says annual report. Australian-based global shipbuilding company Austal has released some significant management changes and insight into its Australian strategy during an official conference call and via the Austal Annual Report 2023.
Austral detailed that its total revenue for the year increased by 10.9 per cent in financial year 2023 – although earnings were negatively impacted with a further writedown on the recently commenced Towing, Salvage, and Rescue Ships program and an expected annual loss of $13.8 m – during a conference call on 31 August.
“Austal delivered nine ships in FY2023 and maintained a strong balance sheet, while allocating considerable enhancing capital as we strengthened our strategic position in the US defence shipbuilding sector,” said Austal chief executive officer Paddy Gregg.
“This year has been exceptional in terms of contract wins in the US business and puts significant future stability back into the business. Clearly the investment, in partnership with our major customer, in adding a steel production line to our aluminium capability has been money well spent.
“We made significant investments in the USA with both completion of the San Diego service centre investment and the arrival of the floating dock, enabling future revenue growth in line with our business case. (Source: Defence Connect)
25 Aug 23. SCOUT Space acquires Free Space to expand technical capabilities & defense expertise. Free Space was founded in January of 2022 by Gil Valdes and Vin Bisceglia to build new Space Domain Awareness (SDA) and Space Security Solutions for the U.S. Government (USG), its allies and aligned commercial, satellite operators. During their six years working in the space industry, the company recognized that the space domain was rapidly becoming a less permissive and more contested environment wherein critical satellite constellations were regularly under threat from hostile actors. Due to these growing threats, they founded Free Space to ensure all aligned spacecraft could operate, navigate and communicate freely.
The Free Space team developed the Guardian Satellite and Trellis satellite autonomy software concepts, which will eventually serve as critical, New Space security infrastructures. Since the Company’s inception, Free Space has secured more than $1.5m in U.S. Space Force (USSF) contracts to develop this technology, with strong backing from critical USG agencies.
In July of this year, SCOUT announced it had successfully completed an oversubscribed Seed round led by Decisive Point, with majority investment by Noblis Ventures, the corporate venture arm of Noblis, and with participation from Fusion Fund, Techstars and VIPC.
“This acquisition is the result of SCOUT’s business plan to strengthen the company by expanding our defense and technical capabilities with strategic acquisitions. With a high market demand for our on-orbit services and mission augmentation capabilities, this acquisition uniquely positions SCOUT to respond immediately to our government customers’ needs. We look forward to welcoming this team into our incredible SCOUT family.” — Eric Ingram, CEO, SCOUT Space
“We are thrilled to announce the beginning of an extraordinary journey as Free Space joins forces with the fabulous team at SCOUT. Today, we embark on a new chapter together that will shape the future of space domain awareness and advanced satellite technology to another level. As we combine our expertise, resources and visionary spirit, we are poised to accelerate disruptive new solutions that will usher in a new era of vision-based autonomy and SDA solutions. We are looking forward to expanding this amazing frontier together.” — Vin Bisceglia, Vice President of Growth, SCOUT
“Free Space is thrilled to join forces with SCOUT in this mission to deliver groundbreaking space domain awareness and security solutions for government and commercial space operators. Through this business combination, we bring the grit, talent, and capital needed to deliver the space security infrastructure that our military, civil, and commercial space customers require, and on a much more rapid timeline. Vin and I look forward to working with SCOUT’s founders, Eric and Sergio, and their stellar team to build the go-to space security and safety company at SCOUT.” — Gil Valdes, Vice President of Government Programs, SCOUT. (Source: Satnews)
01 Sep 23. Anzen Engineering targets US markets with new headquarters. Anzen Engineering, a European aerospace engineering company, has officially launched a new Washington, DC-based headquarters with the goal of securing more US military and civilian contracting opportunities for the Spanish-based firm. The creation of the new US-based headquarters adds to the company’s current roster of international offices in Switzerland and the United Arab Emirates (UAE), all co-ordinated from Anzen Engineering’s main corporate headquarters in Madrid, Spain. The new US headquarters will be the base of operations for the company’s new Anzen Engineering USA subsidiary, CEO Pablo de la Cruz Greciet said.
“Our new US subsidiary will enable us to provide … clients with local support when needed, participate in US government contracts, and avoid restrictions linked with export controls and others,” Greciet told Janes
(Source: Janes)
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SPX CommTech, part of SPX Technologies Inc, innovates specialised technologies within the Radio Frequency (RF) spectrum to ensure a smarter, more secure future for all. Formed by TCI and ECS, SPX CommTech’s Battlespace portfolio enables defence and security teams to detect, defeat and exploit RF signals to enhance communications intelligence (COMINT) and counter unmanned aerial systems (Counter-UAS). Additionally, its Tactical Data Link portfolio allows intelligence gathering agencies, special forces, emergency response, and security teams to securely and reliably transfer video and data between enabled-aircraft and ground teams over long distances for airborne Intelligence, Surveillance, Reconnaissance (ISR). For more information visit www.tcibr.com and www.enterprisecontrol.co.uk
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