Sponsored by SPX Communication Technologies
www.tcibr.com
www.enterprisecontrol.co.uk
———————————————————————————————————————
18 Jun 24. Comtech (NASDAQ: CMTL) (“the Company”) today announced its third quarter fiscal 2024 financial results in a letter to shareholders which is now posted to the Investor Relations section of Comtech’s website. Investors are invited to access the third quarter fiscal 2024 shareholder letter at comtech.com/investors/. A copy of the letter will also be filed with the Securities and Exchange Commission in a Form 8-K.
Comtech also announced that on June 17, 2024, the Company entered into a $222.0 million credit facility with a new syndicate of lenders which is expected to be funded on or around June 18, 2024. The New Credit Facility matures on July 31, 2028, consists of a committed $162.0 million term loan facility and $60.0 million revolver loan facility and is expected to have outstanding borrowings at close of approximately $187.0 million, reflecting $25.0 million drawn on the revolver. A copy of the credit agreement will be filed with the Securities and Exchange Commission in a Form 8-K.
18 Jun 24. Europe’s armor industry must merge, Arquus boss says. The European market for light and medium armored vehicles has too many players and needs to consolidate, as some companies currently lack the size necessary to push research and development, according to Emmanuel Levacher, the CEO of French armored-vehicle maker Arquus.
Joint European purchasing of armored vehicles is also needed to bring the industry together, with various national programs too small to result in high production volumes and economies of scale, compared to U.S. acquisition programs that can be a factor 10 or 20 bigger, Levacher said in a briefing with reporters at the Eurosatory defense show in Paris on Tuesday.
Belgium’s John Cockerill in January agreed to buy Arquus, and that deal is expected to go ahead next month, Levacher told Defense News. The combined company targets defense revenue of €1bn ($1.1bn) by 2026, an amount that the Arquus CEO says is enough to invest around €50m to €100m a year in “new capacities, new technologies and so on.”
Arquus posted 2023 sales of €600m, and the company invested €20m of its own money in R&D as well as €30m of French government funds, according to Levacher.
“We can still do lot of things, we are also quite agile, but I think there is a limit to also being able to finance new development, innovation and R&D,” Levacher said, “It’s not an exact science, but I think if we would be the double our size it would be better. There is an issue of reaching a critical size.”
Consolidation of European armored-vehicle programs will be key to bringing the industry together, according to the Arquus CEO. He said just joining up the industrial players wouldn’t be enough, as that would still leave European orders fragmented. “Then you will not reach what we want to achieve, which is economies of scale and reaching higher volumes, which is really the key.”
Levacher said the French-German Main Ground Combat System program to develop a future main battle tank is a demonstration of “how difficult it is to align the needs of different European countries.”
Europe can help by synchronizing and aligning R&D programs, which allows firms “to learn to work with each other and build some trust between the different companies,” Levacher said. “And then little by little, we may go together on some programs.”
The executive said an example of cooperation is the Famous program financed by the European Defence Fund, which is providing the basic building blocks for the French-Belgium program for the VBAE small reconnaissance vehicle. Finland’s Patria presented an all-terrain vehicle developed within the Famous program at Eurosatory on Monday.
Europe’s fragmented armored-vehicle industry faces competition in export markets, with firms from Turkey, South Korea, Israel and South Africa competing for international orders. Turkish firms are also increasingly a competitive threat in Europe, where they are “quite aggressive” in vying for orders for armor, according to Levacher.
With Turkey a NATO member, its companies offer products that are “very close” in terms of concept and regulation to those offered by European Union firms. Turkish defense armored-vehicle makers are competitive on cost, if not necessarily cheap due to the cost of technology that needs to be included.
“They have very good players in Turkey, and they have invested a lot in product and technologies,” the Arquus CEO said. “We respect them very much, because they have made a lot of progress. It’s nothing surprising that labor cost is a bit lower in Turkey, so that makes a bit of the difference.”
Governments increasingly demand localization as a condition for contract awards, including European clients such as Belgium, which is “not a very exotic country for us.” (Source: Defense News)
18 Jun 24. HII, Babcock announce H&B Defence joint venture to accelerate Australian submarine support. The United States’ largest military shipbuilder, Huntington Ingalls Industries (HII), and British engineering prime Babcock International Group have launched the H&B Defence company in Australia.
Both companies have formed the new joint venture to accelerate Australia’s nuclear-powered submarine program and push the development of critical sovereign capability for the once-in-a-generation AUKUS conventional armed, nuclear-powered submarine program.
H&B Defence combines nuclear submarine and shipbuilding experience from Australia, the United Kingdom, and the United States to support the nation’s inaugural nuclear-powered submarine program under AUKUS.
HII Australia business lead Michael Lempke said both companies bring comprehensive expertise in every aspect of nuclear-powered submarine activities to support the development of Australia’s sovereign capability.
“H&B marks a significant step forward in an enduring partnership. HII is excited to work through H&B Defence to leverage the deep-rooted experience and advanced methodologies from Australia, the UK, and the US to support AUKUS Pillar 1.
“This collaboration is a fusion of resources and visions – aiming to enhance capabilities and foster innovation in submarine technologies and maritime systems to strengthen national and global security while ensuring a safe and secure future.”
The company, headquartered in Canberra, will work with government and key stakeholders from industry and academic sectors to develop a comprehensive program to promote and grow a skilled sovereign nuclear workforce in Australia.
Babcock Australasia chief executive officer Andrew Cridland said HII and Babcock’s H&B Defence has been established to support all steps of Australia’s optimal pathway to sovereign nuclear-powered submarines under AUKUS Pillar 1 – including workforce, nuclear infrastructure design and build, submarine defuelling and decommissioning, nuclear waste and future sustainment. (Source: Defence Connect)
17 Jun 24. L3Harris and Accenture Collaborate to Accelerate Technology Reinvention for Growth. L3Harris Technologies (NYSE:LHX) announced a strategic collaboration with Accenture (NYSE:ACN) to accelerate its technology reinvention. The initiative, part of L3Harris’ LHX NeXt transformation, is centered around building a strong digital core and establishing new ways of working that will help optimize operations and enable future growth.
L3Harris will leverage Accenture’s deep industry expertise and digital skills steeped in cloud, infrastructure, and application services to drive increased agility, scalability and improved user experiences. As part of this collaboration, a portion of L3Harris’ IT professionals will join Accenture, where they will benefit from industry-specific training, new technology and operational skills development.
“Our relationship with Accenture will enable us to modernize and automate our IT infrastructure at an accelerated rate,” said Christopher E. Kubasik, Chair and CEO, L3Harris. “As the industry’s Trusted Disruptor, we are continually identifying ways to unlock innovation so that we can deliver even greater value to our customers.”
This innovation-focused, managed service approach will provide L3Harris’ business operations, customers and team members with benefits including:
- Improved cost structure: The new governance of the IT organization will result in a consolidated, standardized and modernized IT environment with better financial management.
- Enhanced customer service and delivery: Customers will benefit from more innovative software, hardware, and systems as L3Harris continues to reinvest IT infrastructure and application savings back into the business.
- Enriched talent experience: People in the IT organization will have access to new enterprise resources, business systems, training and tools, enabling them to do their best work.
“Building a strong digital core will enable L3Harris to more quickly harness the potential of cloud and automation, take its customer service and people experience to the next level, and accelerate its ongoing reinvention,” said Julie Sweet, Chair and CEO, Accenture. “We are excited to work together to help L3Harris optimize operations, drive growth and reach new levels of performance across the business.” (Source: BUSINESS WIRE)
17 Jun 24. Quantum Corporation (Nasdaq: QMCO) (“Quantum” or the “Company”), a leader in solutions for AI and unstructured data, announced today financial results for its fiscal full year 2024 ended March 31, 2024.
Fiscal 2024 Financial Summary
- Revenue was $311.6m
- GAAP gross profit was $124.9m, or 40% of revenue
- GAAP net loss was $41.3m, or ($0.43) per share
- Annual recurring revenue was $145m
- Subscription ARR was up 33% year-over-year at $17.8m
- Adjusted non-GAAP net loss was $27.5m, or ($0.29) per share
- Adjusted EBITDA was ($5.3)m
“Following the recent completion of our financial re-evaluation process, we are pleased to be back discussing our operations and financials, including results for fiscal 2024,” stated Jamie Lerner, Chairman and CEO of Quantum. “Although this comprehensive process was time-intensive, it demonstrates our commitment to the highest standards of financial integrity and transparency. The financial restatement adjustments made were all technical accounting in nature and we found no evidence of intentional misconduct.
“Our full year 2024 results reflect a significant reduction of revenue from our largest hyperscale customer, which we had expected would scale down over time but instead stopped placing orders at the end of fiscal Q1 2024. While extremely disappointed with the impact from significantly lower revenue year-over-year, we have been proactively accelerating our business transformation. During this time, our team continues to focus on improving the Company’s capital structure as well as optimizing our overall business operations.”
“These actions include improved focus and retooling of our sales and product initiatives in strategic growth areas; accelerating operational efficiencies and cost reductions to achieve $16 m of total annualized savings; year-over-year gross margin improvement of over 600 basis points; and strengthening our capital structure through balance sheet optimization, sale of non-core assets, and debt reduction. A recent example of these actions in motion, subsequent to fiscal year-end, was completing a transaction to reduce liabilities and carrying costs through the sale of service inventory assets. Then using the proceeds to pay down outstanding debt. Additionally, we have active efforts to restructure and shift resources to leverage our international footprint and to expand our channel partner network in Asia and North America,” Mr. Lerner commented further.
Mr. Lerner continued, “Looking ahead, we remain committed to getting back to profitability as well as stabilizing and improving the performance of our legacy Automation and StorNext solutions. Quantum remains dedicated to use cases for Media & Entertainment, Life Sciences, Industrial Technology, and Federal while improving our position to address the prevailing industry trends around Artificial Intelligence across the multiple verticals we serve. ActiveScale and Myriad will be the center of our growth strategy by serving use cases that drive higher recurring revenue, with improved margins, in faster growing market segments. Execution of our strategy to advance our operating model, combined with improving our capital structure, will drive step-change improvements to Quantum in fiscal 2025.”
Fiscal 2024 vs. Prior Year
Revenue of $311.6m for fiscal 2024 decreased 26.2% from $422.1m in the prior year, primarily reflecting lower revenue contribution from hyperscale customers combined with lower tape media and royalty business. Gross profit in fiscal 2024 was $124.9m, or 40.1% of revenue, compared to $143.3m, or 33.9% of revenue, in the prior fiscal year.
Total GAAP operating expenses in fiscal 2024 were $153.8m, or 49.3% of revenue, compared to $159.9m, or 37.9% of revenue, in the prior fiscal year. Selling, general and administrative expenses were $112.4m in fiscal year 2024, compared to $113.8m in the prior fiscal year. Research and development expenses were $38.0m in fiscal 2024, compared to $44.6m in fiscal 2023. Non-GAAP operating expenses in fiscal 2024 were $136.1m, compared to $142.9m in the prior fiscal year.
GAAP net loss in fiscal 2024 was $41.3m, or ($0.43) per share basic and diluted, compared to a net loss of $18.4m, or ($0.20) per share basic and ($0.28) per share diluted, in the prior fiscal year. Excluding the income statement impact of the warrants, stock compensation, restructuring charges, and other non-recurring costs, non-GAAP adjusted net loss in fiscal year was $27.5m, or ($0.29) per share basic and diluted, compared to an adjusted net gain of $3.2m, or $0.04 per share basic and $0.03 per share diluted, in the prior year.
Adjusted EBITDA in fiscal 2024 was ($5.3)m, compared to $21.1m in fiscal year 2023.
For a reconciliation of GAAP to non-GAAP financial results, please see the financial reconciliation tables below.
Liquidity and Debt (as of March 31, 2024)
- Cash, cash equivalents and restricted cash were $25.9m, compared to $26.2 m as of March 31, 2023.
- Total interest expense for the three- and twelve-month periods were $4.1m and $15.1m, respectively, compared to $3.0m and $10.6m for the same periods a year ago.
- Outstanding term loan debt, excluding debt issuance costs, was $87.9m, compared to $74.7m as of March 31, 2023. Outstanding borrowings on revolving credit facility was $26.6m, compared to $16.8m as of March 31, 2023.
o Subsequent to quarter end, we paid down $12.3m of term loan debt through improved working capital by outsourcing our service inventory logistics and management.
Guidance
For the fiscal first quarter of 2025, the Company expects the following guidance:
- Revenues of $72.0m, plus or minus $2.0m
- Non-GAAP adjusted basic net loss per share of ($0.09), plus or minus $0.02
- Adjusted EBITDA of approximately ($2.0)m
For fiscal year 2025, the Company expects the following outlook:
- Revenues of $310m, plus or minus $10.0 m
- Non-GAAP adjusted basic earnings per share of ($0.10), plus or minus $0.05
- Adjusted EBITDA of $15.0m, plus or minus $5.0m
This assumes an effective annual tax rate of negative 14%; non-GAAP adjusted net loss per share assumes an average basic share count of approximately 96 m in the fiscal first quarter of 2025 and approximately 96.4m for the fiscal year 2025. (Source: BUSINESS WIRE)
17 Jun 24. FN Browning Group & Financial Results 2023.
Summary:
- In 2024, to mark its 135th anniversary, the Herstal Group is changing its name to FN Browning Group. This change, supported by a comprehensive brand identity, is accompanied by the announcement of an exhibition dedicated to the Group’s brands and their contribution to Liège’s industrial heritage, to be held at La Boverie in Liège (Belgium) from April to August 2025.
- FN Browning Group also publishes its first activity report for the financial year 2023. It presents a historic net profit of 75m euros, with an EBIT of 90m euros and sales of 908 m euros.
FN Browning Group
On 14 June 2024, the Group is officially changing its name to FN Browning Group, succeeding the Herstal Group.
Julien Compère, CEO FN Browning Group: As we celebrate our 135th anniversary, the name FN Browning Group highlights the leading brands that have built our outstanding global reputation. John Moses Browning and FN Herstal joined forces in the 19th century to design pioneering small arms that gave birth to modern weaponry. Today, our products and services continue to set global standards for innovation and dependability. FN Browning Group reflects our commitment to stay true to this DNA by continuing, as our vision states, “to set market-leading standards that anticipate the needs of the most demanding defence institutions, law enforcement authorities, responsible firearm owners and hunters”.
The FN Browning Group name change is supported by a comprehensive brand identity that reflects the Group’s strategy and details its vision, mission and strategic drivers.
This is presented on the Group’s new website: www.fnbrowninggroup.com.
Ars Mechanica Exhibition
To mark its 135th anniversary, FN Browning Group is also pleased to announce a major exhibition organised by its Ars Mechanica Foundation in collaboration with the City of Liège and hosted by the La Boverie Museum (Belgium).
Open to the public from 25 April to 26 July 2025, the exhibition will be dedicated to the Group’s history, its acute sense of innovation and its undeniable contribution to Liège’s industrial heritage. It will feature a wide range of unique artefacts testifying to the achievements of the Group’s brands in the various fields they have explored since 1889: small arms, vehicles, aircraft engines, aerospace and sports, among others.
Financial Results 2023
Julien Compère, CEO FN Browning Group: FN Browning Group has emerged stronger from 2023, with solid sales and a historic net profit. All our operating subsidiaries ended the year with positive results, and I would like to congratulate our teams in Belgium, the United States, Portugal, Finland and the United Kingdom. Our financial, industrial and commercial fundamentals are solid and we can look forward to the coming months with confidence.
In 2023, FN Browning Group posted sales of 908 m euros, its second-highest figure ever.
The Defence & Security Division, with the FN and Noptel brands, contributed more than 500 m euros, and the Hunting & Shooting Division, with the Browning and Winchester* brands, more than 400m euros.
The Group’s net profit reached a record level of more than 75m euros, with an EBIT of 90m euros. The EBITDA margin also improved, rising from 10% to over 14%.
The FN Herstal subsidiary is returning to positive results thanks to sales of more than 300m euros and the success of the cost reduction plans implemented since 2022.
FN Browning Group will pay a dividend of 15 m euros to its shareholder Wallonie Entreprendre, which is owned by the Walloon Region, an entity of the Belgian federal state.
Activity Report 2023
FN Browning Group presents its first activity report for the year 2023.
It is introduced by an exclusive interview with the Belgian Minister of Defence, Ludivine Dedonder.
It also presents the latest news from the Group, its subsidiaries and its brands around the world, including new products and services, industrial and R&D capabilities, and continuous improvements in corporate governance.
The 2023 Activity Report is available on the Group’s website: www.fnbrowninggroup.com/news/activityreport.
* Winchester is a registered trademark of Olin Corporation.
18 Jun 24. HAL shares: Hindustan Aeronautics in focus as Defence Ministry looks to procure 156 light combat helicopters.
HAL share price: HAL shares are up 84 per cent in 2024 so far and 167 per cent in the past one year. Chola Securities recently included HAL among its investment ideas for the forthcoming Budget.
Shares of Hindustan Aeronautics Ltd (HAL) are in focus on Tuesday after the PSU defence company said the Request for Proposal (RFP) has been issued by the Ministry of Defence for procurement of 156 Light Combat Helicopter. This included 90 units for Indian Army and 66 units for IAF.
In a filing to stock exchanges, HAL said: “We would like to inform that, Request for Proposal (RFP) has been issued by the Ministry of Defence for procurement of 156 Light Combat Helicopter (90 nos. for IA and 66 nos. for IAF),” it said.
HAL shares are up 84 per cent in 2024 so far and 167 per cent in the past one year.
Chola Securities recently included HAL among its investment ideas for the forthcoming Budget, saying the stock is a pure play on defence and Make in India.
Our of the total allocations of Rs 47,65,768 crore (approx. $574bn) in the interim Budget 2024-2025, Rs 6,21,541 crore ($74.8bn) has been earmarked to the Ministry of Defence (MoD). Representing an increase of 4.7 per cent over the previous allocations.
HAL, Chola Securities said, is sitting on strong order book of around Rs 94,000 crore, up 15 per cent YoY, and that its pipeline is strong. “Ministry of Defence has set a target of achieving a turnover of Rs 1.75 lakh crore in aerospace and defence manufacturing by 2025, which includes exports of Rs 35,000 crore.
Chola Securities said HAL has established strategic alliances with General Electric (USA), Safran Helicopter Engines (France) and Airbus.
“It’s a net debt free, having cash per share of about Rs 395. Shareholders enjoy dividend yield of 0.59 per cent. Strong financials ROE of 29 per cent, margins 32 per cent based of FY’24,” it said. (Source: Google/https://www.businesstoday.in/)
13 Jun 24. Adarga, the leader in AI-driven information intelligence, today announced the acquisition of US strategic risk intelligence firm, J2X Solutions. This move further strengthens Adarga’s expanding ecosystem of products and services, providing its fast-growing global customer base with the unparalleled quality, speed, and breadth of intelligence needed to gain decision advantage in today’s unpredictable threat landscape.
The J2X team has decades of experience in identifying, assessing, and mitigating complex risks for the US government and private corporations. Comprised of elite former military officers, federal law enforcement officers, and intelligence analysts, they specialise in areas such as supply chain risk, insider threat, due diligence, and geopolitical risk. They have helped organisations to minimise losses, de-risk global operations, identify emerging threats, and streamline security.
Combined with Adarga’s cutting-edge AI platform – built to enrich and accelerate intelligence outputs with state-of-the art information analysis capabilities – the J2X team’s unique skills and expertise will enhance Adarga’s existing risk intelligence services. They will also inform its continuously evolving product roadmap and reinforce Adarga’s competitive position in the market as it delivers organisational resilience to some of the world’s most demanding customers in the face of increasing competition.
The acquisition supports and accelerates Adarga’s expanding US growth, marked by recent contract wins with the Defence & National Security community. The combination of the two companies will deliver added value to J2X’s existing customers by leveraging Adarga’s technology and its proprietary curated data sets, enabling the team to rapidly interrogate, contextualise, and connect ms of global data points to derive valuable insight and foresight into near- and long-term threats.
“We are thrilled to integrate J2X’s leading capabilities with our robust products and services,” said Adarga CEO and Founder, Rob Bassett Cross, adding “This acquisition reinforces our commitment to delivering unrivalled excellence in information intelligence. Combining deep expertise and innovative technologies, underpinned by our state-of-the-art AI platform, will empower organisations across the UK, US and our allies with the foresight and clarity needed to navigate today’s complex geopolitical environment.”
“Joining forces with Adarga represents a significant milestone for J2X Solutions,” noted Chris Gore, J2X’s President. “Our longstanding commitment to providing strategic risk intelligence aligns perfectly with Adarga’s industry-leading approach to information analysis. Our combined strengths will deliver enhanced intelligence capabilities to our customers and enable them to counter an ever-growing number and range of threats.”
About Adarga
Adarga is an AI software leader specialising in information intelligence. Its technology is deployed to allied armed forces, national security organisations, and the commercial sector, delivering information and decision advantage in a world of increasing geopolitical threats. Headquartered in London, UK, Adarga has an expanding global footprint in the US and Australia.
Adarga’s flagship product, Vantage, is underpinned by its state-of-the-art AI platform, and provides analysts, planners, and commanders with a vital ability to rapidly extract, contextualise, interrogate, and connect information drawn from ms of internal and external sources in over 75 languages – in a single, secure environment.
Adarga’s services offering includes an AI innovation and deployment team that is supporting customers to design, develop, and scale AI capabilities, and an in-house geopolitical research unit that provides analysis-as-a-service to strengthen organisations’ operational resilience.
About J2X Solutions
J2X Solutions is a veteran-owned consulting company with a team that draws on decades of experience in the military and federal law enforcement. Specialising in areas such as supply chain risk, insider threat, due diligence, and geopolitical risk, J2X’s executives are experienced in delivering robust strategic risk intelligence programmes to the US Government, Global Fortune 50 enterprises, and small businesses. (Source: BUSINESS WIRE)
13 Jun 24. Merlin, the leading developer of safe, autonomous flight technology for fixed-wing aircraft, and EpiSys Science, Inc. (EpiSci), a software AI and autonomy company delivering groundbreaking solutions for dual-use applications, today announced that they have agreed to terms for the future acquisition of EpiSci by Merlin. With this strategic move, Merlin will solidify its position as the frontrunner in the autonomous aviation industry. Together the combined entity expands the suite of supported platforms to over 23 unique types, including operations on the X-62 VISTA, Cessna Caravan, F-16, L-29 Delfin, Berkut 540, C130J Super Hercules, KC-135 Stratotanker, multiple Unmanned Surface Vessels (USV), and small Unmanned Aerial Systems (sUAS).
“With the acquisition of EpiSci, we are uniquely positioned to lead the charge in autonomous aviation, which demands adaptable solutions that work across multiple platforms,” said Matt George, CEO and co-founder, Merlin. “We look forward to the final steps in this acquisition so that we can begin the real work of combining our efforts towards a versatile, trusted autonomy solution that unlocks human potential and delivers unparalleled value to our customers and stakeholders.”
“By merging with Merlin, we are choosing to deliver our TacticalAI autonomy software suite to the marketplace at significantly accelerated timelines and with greater impact. EpiSci has long been driving innovation in the hardware-centric industry by developing rapidly deployable autonomous software. Our team will continue to focus on empowering our warfighters through the integration of trusted, collaborative autonomy with TacticalAI,” added Bo Ryu, Founder and CEO, EpiSci.
Founded in 2012, EpiSci is a software company that develops next generation, tactical autonomy solutions. To date, EpiSci has participated in autonomy efforts across the acquisition lifecycle with a diverse set of DoD customers. TacticalAI-enabled products have been integrated on multi-domain platform types, including recent work with the AFWERX Autonomy Prime program and through the DARPA Air Combat Evolution program on the USAF TPS X-62 VISTA. In addition, EpiSci’s work is delivering value across domains by partnering with the Space Development Agency (SDA) to track hypersonic weapons and during successful Navy demonstrations powering heterogeneous platforms of airborne and surface vessels. These collective efforts resulted in an AFWERX Strategic Funding Increase (STRATFI) of $15M in committed, matching funds to accelerate the deployment of advanced autonomy capabilities. EpiSci’s target market, tactical autonomy, complements Merlin’s current transport aircraft pursuits, enabling the merged entity to capture the entire mission profile of the customer.
Merlin, headquartered in Boston, Massachusetts, is well known for its multi-year partnership with the U.S. Air Force, most recently having completed data collection flights in the KC-135 Stratotanker at MacDill Air Force Base. These important tests followed the company’s February 2024 agreement with Air Mobility Command (AMC) and Air Force Materiel Command (AFMC), to design, integrate, test, and demonstrate aspects of the Merlin Pilot on the KC-135 Stratotanker for the first time.
“At Merlin, we have always championed our aviate, navigate, communicate approach to developing and deploying autonomous flight technology across aircraft platforms. EpiSci has similarly focused on the sense, decide, act paradigm for the comprehensive development of trusted multi-domain autonomy to elevate human performance. The synergies across our corporate ethos, teams, and technologies are undeniable. This acquisition enables Merlin to quite literally double-down on our opportunities to advance the safety and scalability of autonomous systems,” continued George.
About Merlin
Founded in 2018 and headquartered in Boston, with additional offices in Denver and flight test facilities in Mojave, CA and Kerikeri, New Zealand, Merlin is building a platform-adaptable advanced automation system to perpetuate a resilient air network. To learn more, visit www.merlinlabs.com or follow us on X @merlinaero.
About EpiSci
EpiSci is a software company that develops next generation, tactical autonomy solutions for national security problems. EpiSci’s autonomy software is hardware agnostic, operationally informed, tactically relevant, and has piloted swarms of uncrewed aerial and maritime systems and tactical fighter aircraft. Additional applications include human-machine teaming for air dominance, cognitive sensors, networks for advanced communications systems, and battle management command and control for informed decision-making. EpiSci delivers unmatched speed, cost-efficiency, and scalability as the preferred partner for defense agencies & industry teams seeking mission-critical autonomy solutions. Learn more at EpiSci.com and follow EpiSci on LinkedIn. (Source: BUSINESS WIRE)
13 Jun 24. Introducing Element U.S. Space & Defense – The Next Chapter for NTS Technical Systems. NTS Technical Systems—the global authority for independent testing services across multiple industries—has reemerged as Element U.S. Space & Defense, marking a new era in the company’s transformative 63-year legacy. As a trusted government testing partner and pioneer service provider in space exploration since the 1960s, this new brand identity underscores its commitment to space and defense while continuing to serve other commercial markets.
“We have been intentional in setting the standard for testing excellence since 1961, and our decision to rebrand as Element U.S. Space & Defense exemplifies that commitment—embodying our concerted focus, expansion plans and investments aimed at raising the bar for testing services that will advance the space and defense industry’s important work,” said President & CEO of Element U.S. Space & Defense, Dennis Pyatt. “Our trusted team remains dedicated to providing the same high-quality testing services that define our legacy while simultaneously expanding our capabilities to better serve the U.S. Government and the U.S. industrial base.”
Following Element Materials Technology’s acquisition in September 2022, the NTS brand was divided—merging NTS Labs into Element’s portfolio while NTS Technical Systems was established as a separate and independently operated entity within the Element portfolio focusing on industrial bases in space and defense. This rebranding represents the next logical step in the company’s evolution, strategically aligning with its mission to deliver the most advanced testing services to this distinct market. While the company will now conduct business as Element U.S. Space & Defense, its legal name will remain NTS Technical Systems, allowing for continuity under existing contracts, purchase orders and agreements.
The company is globally regarded for its technical excellence and reliability, offering advanced testing services to meet stringent military and commercial compliance standards. From environmental simulations and EMI/EMC testing to ballistics, munitions, dynamic and hydraulics testing, its services mitigate risks and accelerate product development and market readiness.
To learn more about Element U.S. Space & Defense’s rebranding and its award-winning test and engineering services, please visit www.elementdefense.com.
About Element U.S. Space & Defense: Element U.S. Space & Defense, (formerly NTS Technical Systems) stands at the forefront of testing innovation, as a trusted government testing partner to NASA, the U.S. Department of Defense, government agencies and prominent industry leaders across the space and defense sectors. Today, Element U.S. Space & Defense brings more than 60 years of experience and expertise in navigating the most complex projects and programs in the world. From centrifuge testing for the latest Mars rover, vibration testing for the Space Launch System (SLS), or environmental simulations for next-generation missiles, Element U.S. Space & Defense is the pioneering partner for highly custom, end-to-end testing design and implementation. For additional information about Element U.S. Space & Defense, visit www.elementdefense.com or call (800) 270-2516. (Source: BUSINESS WIRE)
————————————————————————————————————————
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
———————————————————————————————————————–