BUSINESS NEWS

Sponsored by SPX Communication Technologies (TCI & ECS)

 

www.tcibr.com

 

www.enterprisecontrol.co.uk

 

————————————————————————————————————————————————————————————————————————————————————————————————————————————————

05 Dec 24. Safran plans significant US expansion of defense and space business. French technology company Safran is significantly expanding its defense and space business in the United States, including investments in manufacturing across several states.  Newly branded Safran Defense & Space Inc. will focus on bringing its high-tech solutions in satellite propulsion and communication, geospatial artificial intelligence and GPS-denied navigation to the U.S. in a more robust way, Joe Bogosian, Safran president and CEO, told Defense News in a recent interview. Safran is also well known for its best-selling commercial jet engine it developed in a joint venture with General Electric. While the company’s technology has been integrated into many U.S.-based weapon systems, such as the commander’s site on the Army’s new M10 Booker armored fighting vehicle, Bogosian said, the U.S. expansion will enable even better collaboration with the U.S. military and defense industry and foster continued innovation with American engineers and developers.

“I think it meshes well with kind of a new thinking in the U.S.,” Bogosian said.

“What is the best available technology or the asymmetric warfare to give our guys an unfair advantage? If that unfair advantage comes with a technology that’s five years ahead of its time compared to anything else in the U.S. and just happens to come from France, we can bring it from France,” he said, “and we can put it here and put further design, further engineering and manufacturing, all in the U.S. and you start to morph that technology into a U.S. variety.”

The company will soon open its new headquarters in Arlington, Virginia. Colocated at the headquarters will be the company’s new geospatial artificial intelligence business grown from a recently purchased French AI company with the ability to crunch a massive amount of data very quickly.

The newly acquired technology surprised everyone in the room during a demonstration for Special Operations Command in Florida meant to show how the technology can rapidly count cars and boats in an area. It suddenly flagged the presence of a Russian MiG fighter jet, according to Bogosian. The system was not mistaken; it turned out there was a MiG on display outside of an aviation museum in Miami.

Expansions to current Safran facilities include its electro-optics and infrared systems facility in Bedford, New Hampshire, and the Safran Federal Systems facility for Assured Positioning, Navigation and Timing in Rochester, New York.

The company is also setting up its newest facility for small satellite propulsion in Denver, Colorado. Once established, Bogosian sees the potential for expansion beyond producing plasma propulsion systems for satellites to include other capabilities, such as Safran’s Hemispherical Resonator Gyroscope, which has been tested by the U.S. military.

“We feel the demand for HRG is going to double, and so clearly, it just opens the door for another capability to be brought into the U.S.,” he said.

Additional investment will be made in testing and telemetry operations in Norcross, Georgia. (Source: Defense News Early Bird/Defense News)

 

05 Dec 24. US Navy sub builder acquires advanced steel manufacturer to support expansion of AUKUS sub construction capacity. Key US Navy ship and submarine builder Huntington Ingalls Industries has entered into a definitive agreement to acquire South Carolina-based complex metal fabricator W International and Vivid Empire, specialising in the manufacture of shipbuilding structures, modules and assemblies, including nuclear-powered submarines. Upon completion of the transaction, the manufacturing facility in Goose Creek, South Carolina, will operate within Huntington Ingalls Industries’ (HII) Newport News Shipbuilding (NNS) division, with the site to support the construction of nuclear-powered submarine and aircraft carrier modules and structures for US Navy programs and will help support the US delivery of conventionally armed, nuclear-powered submarines to the Royal Australian Navy under the trilateral AUKUS agreement. As part of this acquisition, all current employees will be offered positions with HII to continue to work on site.

HII president and CEO Chris Kastner highlighted the pivotal role this acquisition will play in expanding the US submarine production capacity and its impact on AUKUS timelines, saying, “It lets us efficiently add trained talent and state-of-the-art manufacturing capabilities to the urgent job of building ships, making it a unique opportunity to accelerate throughput at Newport News Shipbuilding in support of the Navy and AUKUS.” The acquired assets include advanced production facilities with state-of-the-art equipment, tooling and infrastructure used to fabricate complex metal modules and structures, and are located on a leased 45-acre site with more than 480,000 square feet of manufacturing space.

The site has barge and rail access, and is strategically located near Charleston, in a region with a rapidly growing shipbuilding ecosystem and highly skilled trades workforce.

Kastner added, “HII is committed to increasing build rates for our Navy customer, and this investment in capacity alongside the Navy will help us do that.”

The facility in Goose Creek will be known as Newport News Shipbuilding – Charleston Operations, operating within HII’s Newport News Shipbuilding division. Current NNS vice president and chief transformation officer Matt Needy will become general manager of the site. (Source: Defence Connect)

 

06 Dec 24. Denel turnaround hits obstacles. Unreleased funding and the non-sale of assets and properties are some of the challenges threatening Denel’s turnaround strategy. In a recent presentation to Parliament’s Portfolio Committee on Planning, Monitoring and Evaluation, Denel provided an update on its turnaround, which is aimed at making the company more efficient, reducing debt, providing working capital, improving morale, regaining market share, and regaining strategic capabilities, amongst others. Achievements include Section 189 retrenchments as part of restructuring, appointing new leadership, reducing ICT and infrastructure costs (R112 million per annum), reducing staff costs (R433 million per annum), and partially settling legacy debt. Still on the to do list is settling remaining legacy debt; improving skills, leadership, and employee morale; upgrading equipment, including ICT infrastructure; and improving on programme delivery. Turnaround has been hampered by a number of issues, including R900 million of recapitalization funds being held back due to certain turnaround conditions not being met, and the sale of non-core assets not being approved. This includes resistance from the Department of Defence (DoD) to selling shares in Hensoldt South Africa. Denel’s latest turnaround was supposed to raise R5.2 billion to achieve sustainability, with Denel raising R1.8bn by exiting/selling non-core assets, and government providing the remaining R3.3 billion. This was boosted by R1 billion coming from the Denel Medical Benefit Trust, allowing production to restart and salaries to be paid. The R3.3bn from government was only made partially available from the end of March 2023, with the balance conditional on the sale of non-core assets. “The sale of non-core assets has met with resistance from the DoD and so far not been realised, with the balance of legacy debt, trade creditors and critical capex funding still ring-fenced and not released by the National Treasury,” Denel stated. This leaves it “in a cash constrained vulnerable position.”

Denel is meeting with National Treasury and the Department of Defence on releasing ringfenced funding. On the positive side, Denel told the committee that it has stabilised and secured some critical skills as well as brought operations online and is delivering on key programmes: for the South African Army’s G5 and G6 upgrade programmes (Projects Muhali and Topstar), initial deliveries were made in November 2023. Progress was also reported on development of the Badger infantry fighting vehicle for the South African Army under Project Hoefyster, and the completion of the Malaysian AV8 programme, for which Denel supplied turrets and missiles. Denel has also restarted the supply of barrels, spares and product support, and restarted the A-Darter air-to-air missile programme: trainer missiles are due for delivery to the SA Air Force this month, and production missiles next year. Upgrades to Umkhonto surface-to-air missiles for Finland were demonstrated, and Denel is supporting Seeker unmanned aerial vehicle (UAV) systems of the South African National Defence Force and the United Arab Emirates (UAE). Also for the SANDF, Denel is working on the next phase of the SA Army’s Ground-Based Air Defence System (GBADS).

On the negative side, Denel Pretoria Metal Pressings (PMP) “continues to battle with production constraints by equipment and infrastructure failures and requires immediate critical capex to continue operating, but substantial external investment, technology and leadership to take a step-up to true sustainability. A strategic partner that can provide funding as well as leadership knowledge is to be considered to exploit the opportunity to grow PMP again,” the company said in its presentation.

Denel said it is pursuing business worth R26 billion and to this end between August and October 2023 carried out live firing demonstrations of its truck-mounted T5 155 mm 52 calibre howitzer and G6 155 mm self-propelled howitzersat the Alkantpan test range. Representatives from eleven countries attended.

“R3.9bn of new orders contributing to Denel’s sustainability have been secured over the last year. The SANDF being the greater share,” the company reported. Denel hopes to achieve R3.5 billion revenue in 2026/27 and operating profit of R342 million. It recorded an operating loss of R500 million before interest and tax for March 2024.

(Source: https://www.defenceweb.co.za/)

 

05 Dec 24. Safran CEO says French crisis creates uncertainty, defence budget at risk.

• Summary
• Companies
• Says possible budget rollover adds pressure on defence
• Safran looking at France, US or Canada for carbon brakes plant
• Safran sets up proxy structure to expand US defence role

The fall of the French government has created political and economic uncertainty that can sap investor confidence, the head of partially state-owned Safran (SAF.PA), opens new tab said on Thursday.

“Obviously it creates political and economic uncertainty, that’s clear. It’s a situation that investors – whether financial, economic or industrial – don’t like,” CEO Olivier Andries told reporters, adding that a possible rollover of the 2024 budget into next year could harm the defence sector.

Jet engine maker Safran, 11% owned by the French government, is one of the world’s largest aerospace suppliers and its activities include strategic sectors such as defence and space.

Andries was among the first high-profile French CEOs and the first leader of a privatised group to address the fallout of France’s growing political crisis.

The euro zone’s second-largest economy faces uncertainty over its 2025 budget after far-right and leftist lawmakers toppled Michel Barnier’s minority government on Wednesday.

If parliament has not passed a budget by Dec. 20, a caretaker administration could propose emergency legislation that would roll over spending limits from 2024, pending the installation of a new government and a new 2025 budget bill.

Andries noted that this was the most probable scenario.

“In defence, that will create pressure,” he told reporters during a briefing on the group’s latest financial targets.

“Beyond that, where the pressure will land and how the defence ministry will manage that, I can’t say,” he said, adding: “The pressure is already there; we are feeling it”.

FACTORY SHORTLIST

Political and economic stability are among factors in a long-awaited decision on where to place a new carbon brakes factory, with France, the United States and Canada shortlisted, Andries said, adding that stable energy prices would be most critical.

Safran announced plans in 2019 to open a new factory for energy-intensive carbon brake production in Lyon, France.

The idea fell victim to the pandemic in 2020 and in 2022, plans to take advantage of a rebound in air travel by renewing the project were postponed for another 18-24 months as European energy prices soared following Russia’s invasion of Ukraine.

Safran is now looking at other options in addition to France for the plant, with a decision due in the first half of 2025.

Andries said Safran would look at three main criteria: competitive energy prices, stable and clean supplies based on nuclear or hydraulic power and a 10-year visibility on prices.

“After that, there are other criteria of economic and political stability,” he said.

“The first option is obviously France,” he said. Others included Quebec, where hydroelectric power is among the most competitive, and Oregon where energy prices are regulated.

European manufacturing firms are bracing for possible U.S. tariffs announced by the incoming Trump administration.

Safran is among Boeing’s (BA.N), opens new tab largest suppliers via a joint venture with GE Aerospace (GE.N), opens new tab to produce engines.

The French company is also the latest European supplier to try to target the world’s largest defence and space market by setting up a secure proxy structure in the United States. (Source: Reuters)

 

04 Dec 24. D-Fend Solutions, the leader in field-proven radio frequency (RF) cyber-based, non-kinetic, non-jamming, counter-drone – takeover technology, announced today that it has secured $31m in the initial closing of a new investment round. The round was led by Israel Growth Partners (IGP), with participation from existing investor Vertex Ventures and new investor Vertex Growth. This funding underscores the critical role of D-Fend’s proven innovations in enabling full control, safety, and continuity for security agencies in multiple sectors, while acting against continually rising rogue drone incidents across complex and sensitive environments. With this investment round, IGP General Partner Uri Erde join’s D-Fend’s Board of Directors, joining existing investor board members Yoram Oron of Vertex Ventures and Rami Hadar of Claridge Israel.

The funding will enable D-Fend to solidify its technological leadership and capabilities, expand its market reach into new territories and sectors, and advance its ability to tackle new and evolving drone risks. The funding round comes on the heels of strong continuous year-over-year revenue growth of over 60% and diverse and balanced expansion across geographies, sectors, and use cases. D-Fend’s global installed base has now reached nearly 30 countries, including Five Eyes (FVEY) alliance, G7 and major NATO member states. This investment will further support efforts to address constantly changing threats, penetrate additional market segments, integrate with more partners and technologies, and establish a stronger global presence for the company.

“This funding is a testament to the trust our investors have in our vision, technology, growth, brand, and customer base,” said Zohar Halachmi, CEO and Chairman of D-Fend Solutions. “The growing size, scope, and complexity of rogue drone threats demands advanced, precise, and reliable solutions. This investment will enable us to continue innovating and expanding our capabilities, ensuring we remain at the forefront of counter-drone technology, while delivering unparalleled control, safety and, uniquely, operational continuity to our global defense, homeland security, law enforcement, airport, and critical infrastructure customers.”

The investment follows an in-depth evaluation by IGP, who had previously been the sole institutional investor in Cellebrite (NASDAQ: CLBT), the global leader in digital investigation solutions for public safety and security agencies, prior to its IPO. IGP views D-Fend as a pioneering disruptor operating alongside some of the world’s largest aerospace and defense companies.  By providing its solution to the most demanding security agencies, D-Fend stands out for its groundbreaking RF cyber-takeover technology, and its ability to deliver unparalleled safety and operational continuity.

“D-Fend Solutions fits the profile and model which we find very attractive—a category creating company that develops and deploys deep and defensible technology to address threats posed by the mass proliferation of beneficial but also potentially dangerous devices and products, in this case drones,” said Uri Erde, General Partner of Israel Growth Partners. “Their innovative approach to counter-drone security, drawing upon a multi-disciplinary approach crossing air defense, electronic warfare and cybersecurity domains, combined with their reputation and proven ability to deliver and meet the needs of militaries, homeland security, and law enforcement agencies, positions them as a market leader in safeguarding sensitive environments against rapidly rising drone threats.”

D-Fend’s flagship technology, EnforceAir, employs RF cyber-takeover techniques to safely neutralize rogue drones without collateral damage or operational disruption in a highly controlled and surgical manner. Recognized by Booz Allen Hamilton as an innovator for its cyber takeover effector within the top emerging defense and security technology of non-kinetic counter-UAS, D-Fend Solutions has led cyber-takeover as a distinct and essential technology category within this space. Deployed on a massive scale and hailed by defense establishments as a success, EnforceAir protects sensitive environments—including military zones, airports, critical infrastructure, prisons, and public events—ensuring operational continuity and safety in even the most challenging scenarios.

About D-Fend Solutions

D-Fend Solutions is the leading counter-drone, cyber-takeover technology provider, enabling full control, safety, and continuity during rogue drone incidents across complex and sensitive environments to overcome both current and emerging drone threats. With thousands of successful deployments performed worldwide, in the most challenging real-life scenarios and for the most demanding end users, EnforceAir, the company’s core offering, focuses on the most dangerous drone threats in military, public safety, airport, prison, major event, critical infrastructure, and other environments. D-Fend Solutions’ technology has been chosen as best-in-class and is deployed by top-tier U.S. government agencies – including with U.S. military, federal law enforcement, and homeland security – as well as major international airports globally. EnforceAir autonomously executes RF cyber-takeovers of rogue drones for safe landings and controlled outcomes, ensuring the smooth flow of communications, commerce, transportation, and everyday life.

About Israel Growth Partners:

Israel Growth Partners (IGP) is a technology growth fund, empowering exceptional tech companies at growth stage and supporting strong management teams as they strive to build large global companies and become category leaders. We provide our companies with growth capital, strategic guidance, and firsthand experience – all aimed towards accelerated growth and successful partnership. (Source: PR Newswire)

 

04 Dec 24. Gogo Inc. (NASDAQ: GOGO) (“Gogo” or the “Company”) today announced the completion of its acquisition of Satcom Direct (“SD”), creating the only multi-orbit, multi-band, in-flight connectivity provider serving the needs of every segment of the global business aviation (“BA”) and military/government mobility markets. Gogo paid $375m in cash and issued five million shares of Gogo stock to SD ownership at close and could pay up to an additional $225m tied to realizing performance thresholds over the next four years. The transaction, including fees, was funded with $250m of debt and $150m of cash from the Gogo balance sheet. The interest rate on Gogo’s incremental debt is SOFR plus 6%, and the Company’s annual interest expense will increase by an estimated $25m to $27m. Gogo’s net leverage ratio at yearend 2024 is estimated to increase to 3.6x, and the Company expects to be back inside its target leverage range of 2.5x-3.5x within one to two years. The transaction is immediately accretive, with $18m of annual recurring cost savings achieved immediately after closing, and a total expected $25m to $30m in annual run-rate cost synergies to be achieved in the two years after close. The acquisition is expected to accelerate sales of Gogo’s soon-to-launch Galileo Low Earth Satellite (“LEO”) connectivity product, by:

• selling Gogo Galileo to SD’s 1,300 premium global broadband customers,
• selling new Galileo installs through the SD international sales force to the 12,000 medium and smaller business aircraft outside North America that have no broadband solution available today, and
• leveraging SD’s strong presence in the Mil/Gov market where there is strong demand for LEO connectivity in combination with SD’s GEO connectivity.

Combining with SD cements our position as the only in-flight connectivity provider able to satisfy the performance and cost needs of every segment of the global BA market,” said Oakleigh Thorne, Gogo Executive Chair. “With the launches of our next-generation LEO and 5G technologies, Gogo and SD are uniquely positioned to drive growth and future value creation.”

Gogo’s principal shareholders, GTCR, a leading private equity firm, and Thorndale Farm Inc., have expressed strong support for the acquisition and did not sell any shares in the transaction, reflecting their confidence in the long-term value creation potential of the combined company.

Leadership Transitions

In connection with the completion of the combination, Chris Moore, President of SD, has been appointed Gogo’s Chief Executive Officer and will lead the combined company, bringing years of satellite and telecommunications experience and success to his new role. He succeeds Thorne, who transitions to Executive Chair of the Gogo Board of Directors.

Moore said, “Uniting the complementary strengths of Gogo and SD marks an exciting new chapter for us as one company. Together, we are uniquely positioned to deliver unparalleled in-flight connectivity solutions across the underpenetrated global BA and military/government mobility markets. I am excited to expand Gogo’s reach and continue its legacy of exceptional service and cutting-edge technology.”

In addition, Zachary Cotner, Chief Financial Officer of SD, has been appointed Chief Financial Officer of the combined company, succeeding Jessi Betjemann. Mike Begler, who previously served as Senior Vice President of Gogo Production Operations, has been appointed Executive Vice President, Chief Operating Officer of the combined company.

Thorne continued, “I want to thank Jessi for her years of commitment and financial leadership at Gogo and wish her the best in her next chapter. As I transition to the Executive Chair role, I remain deeply committed to Gogo as a leader and an investor and look forward to working closely with Chris, Zach, Mike and our world-class team.”

Reiterates 2024 Guidance and Product Launch Timelines

Gogo reiterates the following standalone 2024 financial guidance previously provided on Tuesday, November 5, 2024:

• Total revenue in the range of $400m to $410m,
• Adjusted EBITDA in the range of $120m to $130m, which includes legal expenses from ongoing legal proceedings and approximately $20 m of operating expenses for strategic and operational initiatives including Gogo 5G and Gogo Galileo,
• Free Cash Flow in the range of $55m to $65m, which includes $35m in reimbursements tied to the FCC Reimbursement Program, and
• Capital expenditures of approximately $30m, which includes approximately $20m for strategic initiatives.

As previously disclosed upon announcement of the transaction, the combined company is expected to generate pro forma 2024 revenue of approximately $890m, Adjusted EBITDA Margin of approximately 24% and Free Cash Flow of more than $100m. Including the anticipated launch of Gogo Galileo, the combined company is expected to deliver long-term annual revenue growth in the 10% range, Adjusted EBITDA Margins in the mid-20% range and significant Free Cash Flow accretion, which will support strategic investments, de-levering and return of capital to shareholders. See “Non-GAAP Financial Measures” below.

Additionally, Gogo reiterates that its small-form-factor Galileo HDX LEO service remains on track to begin shipping to customers by the end of 2024, and it expects to launch its large form factor Galileo FDX, and its Gogo 5G network, late in the second quarter of 2025.

About Gogo

Gogo is a leading provider of inflight connectivity services able to satisfy the performance and cost needs of every segment of the global business aviation and government markets. We offer a customizable suite of smart cabin systems for highly integrated connectivity, inflight entertainment, and voice solutions. Gogo’s products and services are installed on thousands of business aircraft of all sizes and mission types from turboprops to the largest global jets, and are utilized by the largest fractional ownership operators, charter operators, corporate flight departments and individuals. In addition, Gogo delivers consistent, reliable connectivity globally to military and government customers that utilize heavy jets.

As of September 30, 2024, Gogo reported 7,016 business aircraft flying with its broadband ATG systems onboard, 4,379 of which are flying with a Gogo AVANCE L5 or L3 system; and 4,180 aircraft with narrowband satellite connectivity installed. Connect with us at www.gogoair.com.

 

04 Dec 24. AeroVironment Announces Fiscal 2025 Second Quarter Results.

AeroVironment, Inc. (“AeroVironment” or the “Company”) reported today financial results for the fiscal second quarter ended October 26, 2024.

Second Quarter Highlights:

• Record second quarter revenue of $188.5m up 4% year-over-year
• Second quarter net income of $7.5m and non-GAAP adjusted EBITDA of $25.9m
• Funded backlog of $467.1m as of October 26, 2024
• Announced its entry into an agreement for the acquisition of BlueHalo in an all-stock transaction with an enterprise value of approximately $4.1bn

“AeroVironment continues to deliver strong results, including record second-quarter revenue along with a healthy funded backlog that is 25% higher than the prior quarter,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “Key wins from our Loitering Munition Systems segment continue to drive growth for the company.

“We expect our proposed acquisition of BlueHalo to further advance our growth opportunities with a highly complementary portfolio of products, customers and capabilities in key defense space and intelligence sectors and establish AeroVironment as the next generation defense technology company for our customers. We look forward to continued momentum beyond fiscal year 2025.”

FISCAL 2025 SECOND QUARTER RESULTS

Revenue for the second quarter of fiscal 2025 was $188.5m, an increase of 4% as compared to $180.8m for the second quarter of fiscal 2024, reflecting higher product sales and service revenue of $5.5m and $2.2m, respectively. From a segment standpoint, the year-over-year increase was due to revenue growth in Loitering Munitions Systems (“LMS”) of 157% and MacCready Works (“MW”) of 42%, partially offset by a decrease in UnCrewed Systems (“UxS”) of 35%.

Gross margin for the second quarter of fiscal 2025 was $73.6m, a decrease of 2% as compared to $75.4m for the second quarter of fiscal 2024, reflecting lower product gross margin of $2.6m, partially offset by higher service margin of $0.9m. As a percentage of revenue, gross margin decreased to 39% from 42%, primarily due to an increase in the proportion of LMS product revenue and an increase of $0.5m of intangible amortization expense, partially offset by favorable LMS contract definitizations.

Income from operations for the second quarter of fiscal 2025 was $7.0 m as compared to $25.2m for the second quarter of last fiscal year. The decrease year-over-year was due to an increase in selling, general and administrative (“SG&A”) expense of $9.8m, which includes an increase of $2.5m of acquisition related expenses, an increase in research and development (“R&D”) expense of $6.7m and a decrease in gross margin of $1.7m.

Other loss, net, for the second quarter of fiscal 2025 was $0.7m, as compared to $4.8m for the second quarter of last fiscal year. The decrease in other loss, net was primarily due to a decrease in net interest expense and a decrease in net unrealized losses on investment holdings.

Benefit from income taxes for the second quarter of fiscal 2025 was $(0.2)m, as compared to provision for income taxes of $1.1m for the second quarter of last fiscal year.

Net income for the second quarter of fiscal 2025 was $7.5m, or $0.27 per diluted share, as compared to $17.8m, or $0.66 per diluted share, in the prior-year period, respectively.

Non-GAAP adjusted EBITDA for the second quarter of fiscal 2025 was $25.9m and non-GAAP earnings per diluted share were $0.47, as compared to $39.5m and $0.97, respectively, for the second quarter of fiscal 2024.

BACKLOG

As of October 26, 2024, funded backlog (defined as remaining performance obligations under firm orders for which funding is currently appropriated to us under a customer contract) was $467.1 m, as compared to $400.2 m as of April 30, 2024.

FISCAL 2025 — OUTLOOK FOR THE FULL YEAR

For fiscal year 2025, the Company continues to expect revenue of between $790m and $820m, non-GAAP adjusted EBITDA of between $143 m and $153 m and non-GAAP earnings per diluted share of between $3.18 and $3.49.

This guidance does not include the forecasted financial results associated with the anticipated acquisition of BlueHalo or certain acquisition related expenses which are contingent upon the consummation of the acquisition. The Company cannot provide guidance for or reconciliation to GAAP net income or earnings per diluted share without unreasonable efforts due to the inherent difficulty of forecasting the timing and/or amount of the acquisition related expenses that have not yet occurred (and have been excluded from the adjusted measures). Acquisition related expenses for the fiscal year ending April 30, 2025, which are expected to be significant, will be materially impacted by the timing of the close of the acquisition and, amongst other factors, shareholder approval, required regulatory approval processes including Hart Scott Rodino and certain other international regulatory approvals, which are, in part, outside the control of the Company. As the Company cannot predict the amount or timing of acquisition related expenses with a reasonable degree of accuracy, the Company believes such reconciliation could imply a degree of precision that might be confusing or misleading to investors.

The foregoing estimates are forward-looking and reflect management’s view of current and future market conditions, subject to certain risks and uncertainties, including certain assumptions with respect to our ability to efficiently and on a timely basis integrate acquisitions, obtain and retain government contracts, changes in the timing and/or amount of government spending, react to changes in the demand for our products and services, activities of competitors, changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates and investors should review all risks related to achievement of the guidance reflected under “forward-looking statements” below and in the Company’s filings with the Securities and Exchange Commission. (Source: BUSINESS WIRE)

 

04 Dec 24. Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF; Frankfurt: E06) (“Euro Manganese” or the “Company”) announced today that it has amended the US$100m funding package (the “Funding Package”) with OMRF (BK) LLC (“Orion”), which is managed by the Orion Resource Partners. The Funding Package, originally announced on November 28, 2023, supports the development of the Chvaletice Manganese Project (the “Project”) in the Czech Republic, and consists of a US$50m Convertible Loan Royalty Agreement (the “CLRA”), of which US$20m has been advanced to the Company, and a US$50m royalty on Project revenues (the “Royalty Financing”), subject to the Company meeting certain milestones related to the development of the Project.

Highlights of the Amendment to the Funding Package

• The current CLRA requires the Company pay cash interest to Orion. Based on the amendment to the CLRA, interest amounts accruing with effect from January 1, 2025 will be deferred and added to the principal balance of the convertible loan, conserving US$2.8m per annum of cash for the advancement of the Project. The CLRA amendment interest rate is 14.00%.
• The dates for certain milestone obligations under the amendments to the CLRA and Royalty Agreement (the “CLRA and Royalty Amendment”) have been extended to allow for advancement of the Project.
• Euro Manganese has been granted the right to repay the convertible loan at par at any time prior to conversion, including all accrued and unpaid interest, and may cancel the second tranche of the CLRA without penalty.
• Euro Manganese has been granted the right to terminate the Royalty Financing at any time prior to the satisfaction of the conditions precedent for the Royalty Financing for a fee of US$1m, provided that the outstanding convertible loan amounts under the CLRA (and all accrued and unpaid interest) have been repaid in full at such time.
• Euro Manganese will, subject to TSX Venture Exchange approval, and in the event certain conditions precedent are met with respect to future equity fundraising activities, issue warrants to purchase common shares of the Company to Orion.

Further details are available in Table 1 of this news release. All other material terms and conditions of the CLRA and Royalty Agreement, remain unchanged. Copies of the CLRA and Royalty Agreement are available on SEDAR+ and a copy of the CLRA and Royalty Amendment will be filed under the Company’s profile on SEDAR+.

Martina Blahova, Interim CEO of Euro Manganese, commented:

“We have maintained a strong and collaborative relationship with Orion and are pleased to have amended the Funding Package, accommodating the more gradual pace of development within the EV industry. Our team remains focused on progressing offtake discussions with potential customers and strategic partners and managing our resources for the next phase of growth.”

About Euro Manganese

Euro Manganese is a battery materials company focused on becoming a leading producer of high-purity manganese for the electric vehicle industry. The Company is advancing development of the Chvaletice Manganese Project in the Czech Republic and exploring an early-stage opportunity to produce battery-grade manganese products in Bécancour, Québec.

The Chvaletice Manganese Project is a unique waste-to-value recycling and remediation opportunity involving reprocessing old tailings from a decommissioned mine. It is also the only sizable resource of manganese in the European Union, strategically positioning the Company to provide battery supply chains with critical raw materials to support the global shift to a circular, low-carbon economy.

Euro Manganese is dual listed on the TSXV and the ASX and is also traded on the OTCQX.

 

04 Dec 24. AeroVironment may be classified as a small defense company, but it is a giant in mini-UAS. The company repeatedly beats larger companies in small UAV competitions. Those victories make it the company to beat in competitions for U.S. military small UAS. The company reported $717m in revenue for fiscal 2024 (ending April 30, 2024). This represented year-over-year growth of 33%, reflecting recent acquisitions and strong organic growth. Since 2017 revenue has grown at a 17.4% compound annual growth rate. Net income in fiscal 2024 was 59.7m, a sharp reversal from the 2023 net loss of $176.2m, which was primarily due to a goodwill impairment charge of $156m resulting from a long-term revaluation of the company’s MUAS segment. The company ended its fiscal 2024 year with a backlog of $400m, down somewhat from its backlog high of $424m at the end of fiscal 2023. AeroVironment’s UAV business remains heavily dependent on the U.S. government with 76% of sales coming from the U.S. government in fiscal 2024. Effective May 1, 2023 (the start of fiscal 2024), AeroVironment reorganized from four segments into three segments. The new segments are UnCrewed Systems (UxS), Loitering Munitions Systems (LMS) and McCready Works (MW). (Source: Teal Group)

 

04 Dec 24. Gooch & Housego battles industrial market headwinds.

A demand recovery is now forecast in the second half of the new financial year.

• Aerospace and defence revenue rises by a quarter
• Net debt down 19 per cent

Photonic components manufacturer Gooch & Housego’s (GHH) struggles with demand weakness in its industrial and medical laser markets was apparent in its annual flat revenue performance, but a 15 per cent sales improvement in the second half (on an organic, constant currency basis) highlighted progress in tough trading conditions as the company pointed to expectations of a “sustained recovery in demand” in subdued markets in the second half of 2025.

The company’s key industrial segment – which delivered half of total revenue in the year – is where the sales performance went backwards. While management noted that “the destocking patterns we saw in the first half of the year now appear to be behind us”, revenue still fell 9 per cent on laser and semiconductor market weakness.

Meanwhile, the loss-making aerospace and defence (A&D) segment grew revenue by 26 per cent on volume growth despite production yield softness, and life sciences revenue nudged up 2 per cent. A year-end order book of £105mn covers around 70 per cent of the consensus sales forecast for 2025.

Gooch is aiming for a mid-teen return on sales over the medium term under chief executive Charlie Peppiatt, who joined the company in 2022 and is implementing the results of a strategic review. The adjusted operating margin fell 130 basis points in the year to 7.7 per cent on a 13 per cent drop in profit to £10.5m, meaning that the company needs an uplift of around 750 basis points to hit its target. The statutory operating margin of 5 per cent compares to double-digit level seen for most of the 2010s.

Getting the portfolio right is a key part of the growth strategy and Gooch has taken steps to rightsize. It sold the underperforming manufacturer of optoelectronic components and laser modules EM4 during the year, and acquired precision optics company Phoenix for its A&D business in October.

The balance sheet position provides the necessary flexibility. Net debt fell £6m to £25.8m, and the leverage ratio of 0.9 times is undemanding.

Analysts at Investec are “encouraged that management has not opted to aggressively cut costs to mitigate near-term headwinds”. They forecast a 42 per cent improvement in operating profit in 2025.

The shares trade on 11 times forward consensus earnings, almost half the level of the 5-year average. A PEG ratio of 0.8 times is also attractive, given the City anticipates EPS growth of 56 per cent and 22 per cent, respectively, in the next two financial years as the backdrop improves. Buy.  Last IC view: Buy, 550p, 04 Jun 2024. (Source: Investors Chronicle)

 

04 Dec 24. Houlihan Lokey is pleased to announce that TEKEVER, Europe’s leader in AI-centric unmanned aerial systems, has successfully completed a €70 m growth equity raise. The strategic growth equity round was led by Baillie Gifford and included participation from the NATO Innovation Fund, the U.K.’s National Security Strategic Investment Fund (NSSIF), and Crescent Cove Advisors LP, among others. The transaction closed on 25 October 2024. TEKEVER is Europe’s leader in AI-centric unmanned aerial systems (UAS) serving both military and commercial end markets. The company designs and produces highly differentiated unmanned aircraft and offers a managed intelligence, surveillance, and reconnaissance (ISR) service to its global customer base. TEKEVER’s vertically integrated business model, based on deep expertise in both hardware and software, enables the company to deliver unmatched results for its customers and respond to rapidly evolving mission demands. The Series B round of €70 m was led by Baillie Gifford and supported by strategic investors, including the NATO Innovation Fund (NIF), the U.K.’s NSSIF, Crescent Cove Advisors LP, Iberis Capital, and Cedrus Capital. Together, the investor group brings unmatched expertise and global perspectives, helping TEKEVER drive forward its vision to redefine security and defence.  TEKEVER will use the investment to accelerate R&D focused on enhancing and developing cutting-edge UAS technologies, expanding global production, delivery, and support to meet growing demand, and strengthening its position as a trusted partner in global security and defence markets.  Houlihan Lokey served as the lead financial advisor to TEKEVER on its Series B fundraising. This transaction underscores Houlihan Lokey’s expertise and leadership in the global Aerospace & Defense (A&D) sector and private capital markets, marking a significant milestone in the rapidly growing defense technology sector. It also highlights the firm’s ability to deliver exceptional outcomes through collaboration across its A&D practice, Iberian network, and Equity Private Placement capability in complex transactions.

 

03 Dec 24. Italy’s small defense firms ride high amid military spending boon. Italy’s small, family-owned defense companies are more profitable and are growing faster than the country’s massive state-run firms or the foreign players in the Italian market, a new report has revealed. Family-run firms have long been the backbone of Italian capitalism, pushing the country to become the eighth biggest manufacturing power in the world, and the report by Italy’s Mediobanca shows they are outperforming in the defense sector. While accounting for a relatively small chunk of Italy’s defense industry – €6.3 bn ($6.6 bn), or 15.6 percent of sector revenue – medium-sized family firms boasted an Earnings Before Interest and Taxes (EBIT) margin last year of 12.2 percent, almost double the national average of 6.2 percent, the report said. Top of the table for EBIT margin, which is a measure of profitability, was small cyber firm DEAS – Difesa e Analisi Sistemi, with a margin of 54 percent. Boasting a margin of 44.5 percent, second place was taken by GEM Elettronica, a family-controlled company which has operated in the naval electronics sector since 1977 and became the exception that proves the rule when it was taken over by defense giant Leonardo in September.

“Italian family-owned medium-sized enterprises outperformed all the other categories, on the back of their leaner and more flexible operating structures,” the authors of the report claimed.

Family firms also outperformed state firms and foreign-owned firms when it came to growth, notching up 29.2 percent growth in 2023.

“They have bigger margins of growth and by forming part of the supply chain for the bigger firms they allow those firms to have greater flexibility,” said Carlo Festucci, the general secretary of Italian defense industry association AIAD.

“The big firms meanwhile help them secure financing from banks,” he added.

Small firms apart, the Mediobanca report revealed a series of other illuminating stats about the Italian defense industry, including how 36 of the top 100 firms in Italy are foreign owned and make up 25.1 percent of turnover in the sector, while the big, state-owned firms like Leonardo and shipyard Fincantieri contribute 59.3 percent of turnover.

Italy’s top 100 firms are dual use, in that they handle both civil and defense contracts, with only 49 percent of their total €40.7 bn turnover specifically derived from defense contracts – approximately €20 bn.

That figure was up 6.6 percent on 2022 the report noted.

Of the 181,000 employed by the firms, 54,000 are exclusively involved in defense work, it added.

Leonardo generates 75 percent of its turnover from defense while for Fincantieri the figure is 27 percent.

Licenses issued for arms imports by Italy in 2023 totaled €1.25 bn, 40.5 percent of which came from the United States, while licenses for exports reached €6 bn, with France the chief destination on €465.4 m followed by Ukraine on €417m then the United States on €390 m. (Source: glstrade.com/Defense News)

 

03 Dec 24. Leonardo has no plans to change its stake in Germany’s Hensoldt. Leonardo (LDOF.MI) has no intention to change its stake in Germany’s Hensoldt (HAGG.DE) the Italian defence and aerospace group’s chief executive said on Tuesday.

“Our stake is good as it is. For fair play we will wait for a decision by the German government, to make any change,” CEO Roberto Cingolani told reporters ahead of a conference in Rome. Leonardo holds a 23.8% stake in Hensoldt. (Source: Google/Reuters)

 

02 Dec 24. Veteran Ventures Capital (VVC), a venture capital firm investing in dual-use national security technology businesses led by veteran entrepreneurs and leaders, today announced a strategic investment in Turion Space (Turion). Turion is at the forefront of solving two of space’s most pressing capability gaps: space domain awareness and non-earth imaging, both critical to maintaining space operations and expanding in-space mobility. Turion solves this through their first-of-its-kind Droid micro-satellites, equipped with advanced sensors to improve space situational awareness and mitigate debris at a fraction of the cost of its competitors. The Droid.001 is currently operational with flight heritage, capturing non-earth images for government and commercial clients. These satellites, in 2024 alone, will have accomplished over 100 imaging missions. The capital raised in this round will be used to expand Turion’s satellite fleet as they prepare to launch their Droid.002, a larger satellite with enhanced imaging capabilities, and the further development of autonomous docking and maneuvering systems that can deorbit defunct satellites and perform in-orbit repairs and inspections.

Veteran Ventures Capital invested in Turion’s recently closed and oversubscribed Series A funding round.

Turion’s DROID.002 satellite build completed in November 2024. Another critical step in building the foundation of their orbital infrastructure.

Turion’s engineering team proudly standing beside their DROID.002 satellite ahead of launch vehicle integration.

Veteran Ventures Capital invested in Turion’s recently closed and oversubscribed Series A funding round.  Turion has raised nearly $20 m in venture capital to date. Its veteran-led team, growing to over 70 employees, including former engineers from SpaceX and other aerospace leaders, is leveraging decades of experience to tackle space’s most pressing challenges.

Turion’s technologies have gained significant traction across national security customers, including a recently awarded $15m Strategic Financing Increase (STRATFI) program contract from the U.S. Space Force’s SpaceWERX, U.S. Space Force’s innovation arm, in addition to securing a $1.9m Tactical Funding Increase (TACFI) program contract from SpaceWERX to develop systems capable of engaging uncooperative space objects. Their Droid.001 satellite, launched in June 2023, is a 32-kilogram spacecraft designed to improve space situational awareness, with its data now integrated into the U.S. Space Force’s Unified Data Library. Turion is developing a range of satellites that will perform critical satellite services, including the micro-Droid, set for a demonstration in 2026, which will be equipped with grapplers to capture space debris. Co-funded by NASA, this spacecraft is an essential step toward Turion’s vision of mitigating space debris and ensuring safe satellite operations for its customers.

“Turion Space is developing the google earth for space observation and situational awareness. The capabilities they are building for national security and commercial customers represent the kind of high-impact, dual-use technologies that aligns perfectly with VVC’s mission,” said Derren Burrell, Managing Partner of Veteran Ventures Capital. “Their work in advanced space domain awareness, through a specialization in non-earth imaging, addresses a growing concern for both national security and commercial operators. Their technologies have the potential to transform how we manage space safety, particularly with space becoming more of a contested warfighting domain, making this a critical addition to our portfolio.”

With plans to produce 45 satellites annually by 2027, including the upcoming launch of their Droid Alpha satellite in early 2025, Turion is poised for rapid growth. Their enhanced mobility satellites offer advanced in-orbit capabilities for non-earth imaging, satellite servicing, and debris removal. These developments place Turion at the forefront of the emerging satellite non-earth imaging and servicing markets, projected to grow substantially in the coming years as space becomes increasingly crowded.

“We are excited to partner with Veteran Ventures Capital, precisely because their team and advisors have significant expertise in new space technology and the national security opportunities surrounding it,” said Ryan Westerdahl, Co-founder and CEO of Turion Space. “With their investment, we will further enhance our capabilities and provide innovative solutions for non-earth imaging, space debris removal, and satellite servicing, addressing a critical need for both government and commercial operators.”

About Veteran Ventures Capital

Veteran Ventures Capital invests in dual-use national security technologies, focusing on companies led by veteran entrepreneurs and leaders. Committed to advancing U.S. technological superiority, Veteran Ventures Capital provides capital, mentorship, and strategic guidance to high-growth companies serving critical government and commercial markets. VVC’s portfolio includes leading companies in defense, aerospace, cybersecurity, and other sectors essential to national security.

About Turion Space

Turion Space is a leader in non-earth imaging, space debris removal, and satellite servicing solutions. The company develops autonomous spacecraft designed to provide high resolution space domain awareness capabilities, deorbit defunct satellites, perform in-orbit inspections, and repair essential assets. Based in Irvine, California, Turion Space is committed to making space safer and more sustainable through advanced technologies that support the future of space exploration and national security. (Source: PR Newswire)

 

02 Dec 24. BMT, a global leader in maritime design, technical consultancy, and engineering, has acquired Australian Maritime Technologies (AMT), an independent, wholly Australian-owned naval design and marine engineering consultancy based in Melbourne. Specialising in engineering, design, and consulting services for marine projects, AMT has built a strong reputation for high-quality service delivery, which strengthens BMT’s capabilities in ship design and engineering for defence and commercial maritime customers. The synergies between BMT and AMT position them to deliver advanced solutions, combining BMT’s global reach with AMT’s depth of Australian expertise.

Founded in 1987, AMT has earned a strong reputation as an innovative naval engineering consultancy, delivering high-impact design and engineering solutions to clients such as the Royal Australian Navy and leading defence primes like Luerssen and BAE Systems. Through its strategic partnership with Luerssen Australia, AMT has played a key role in establishing in-country design capability for the Arafura Class Offshore Patrol Vessel (OPV) programme, supporting a smooth transition to through-life OPV design and engineering. This collaboration supports the growth of Luerssen Australia’s sovereign design expertise, including the transfer of Design Authority for the OPV programme.

AMT’s experience in naval ship design spans a wide range of combatants, auxiliary, and specialist vessels. It played a key role as the ship designer in the mid-life combat and platform systems upgrades for the Royal New Zealand Navy’s ANZAC Class Frigates, a programme it was initially part of 35 years ago.

With a team of around 60 highly skilled professionals, AMT is known for its customer-centric approach, supporting the Royal Australian Navy and a host of other customers in the APAC region. Their expertise has made a lasting impact on defence initiatives, including the ANZAC Frigates and OPV programmes, solidifying AMT’s position as a trusted partner in the defence sector. Now, joining forces with BMT, AMT is poised to leverage BMT’s global resources while continuing to deliver world-class naval engineering expertise in Australia and beyond.

Graeme Nayler, Regional Business Director, APAC, at BMT, said: “We are thrilled to welcome AMT into the BMT family. Their extensive expertise in multidisciplinary naval ship design, mechanical systems, and combat systems integration aligns seamlessly with BMT’s vision to deliver innovative, comprehensive solutions to clients worldwide. This acquisition strengthens our maritime engineering and design capabilities and expands our commercial reach, driving growth across the Asia-Pacific region.”

Rob Dunbar, Managing Director of AMT, added: “Joining BMT offers an exciting opportunity for AMT. Our shared values and BMT’s focus on innovation will enable us to further advance our sovereign Australian naval design and maritime engineering capabilities while creating new growth opportunities for our expanded team.”

Sarah Kenny OBE, Chief Executive of BMT, commented: “This acquisition is a key step in our strategy to enhance our capabilities and expand our presence in the defence and maritime sectors across the Asia-Pacific. BMT’s extensive experience in naval programmes – including the Fleet Solid Support (FSS) Ships, Queen Elizabeth-class carriers, Tide Class, Norwegian Logistics Support Vessel, and Type 31 Frigate – complements AMT’s specialised local expertise. By combining BMT’s global reach with AMT’s Australian capabilities, we are well-positioned to deliver innovative solutions that meet our clients’ evolving needs. This partnership not only strengthens our support for the Royal Australian Navy but also opens new avenues for growth and innovation in the regional market.”

Both BMT and AMT are committed to employee ownership, with BMT operating as an Employee Benefit Trust and AMT as a staff-owned company. This approach ensures that AMT, as a wholly Australian and staff-owned entity, will maintain its independence and core values while leveraging BMT’s global resources. This creates an environment where employees are empowered to drive continued success.

 

02 Dec 24. SIXGEN, a full-spectrum solutions provider across the digital battlespace to U.S. national security and critical infrastructure sectors, announced today the acquisition of Kyrus Tech (“Kyrus” or the “Company”), a specialized software development firm for mission-critical cyber solutions to the Intelligence and Defense Communities, including data science, reverse engineering, and other advanced capabilities. This strategic combination enhances SIXGEN’s mission to deliver advanced products and platforms and provide scalable, tailored solutions that address today’s increasingly complex digital threat landscape through a novel approach to innovation and IP-enabled services.

Kyrus is the third company to join SIXGEN within the past six months, following the recent acquisitions of Boldend and Secure Enterprise Engineering, with a purpose to collectively solve for and to build the next generation of integrated mission solutions to counter near-peer digital adversaries. This latest acquisition represents Washington Harbour Partners’ continued enablement of intentional strategic investment in full-spectrum cyber as part of its ongoing commitment to national defense and protection of critical infrastructure.

“Kyrus brings highly specialized capabilities that align with SIXGEN’s vision of building a formidable ecosystem of solutions for the modern digital warrior,” said Jack Wilmer, CEO of SIXGEN. “Grounded in the thoughtful integration of the expertise of Kyrus, Boldend, and Secure EE, SIXGEN is ushering in a new era of technology in key areas, unifying Full-spectrum Cyber, Electronic Warfare, Secure Radio Frequency Communications, and other multi-domain digital operations. This consolidated strength enables us to double down in our support of the nation’s most critical, mission-oriented agencies and accelerate our priorities.” Kyrus adds approximately eighty highly talented engineers and subject matter experts to SIXGEN’s already impressive pool of engineers, software developers and solutions architects.

Specializing in reverse engineering and secure development of both advanced software and tailored hardware systems, Kyrus has built a reputation for being the company of choice to deliver robust, innovative solutions and deep technical expertise. The integration of Kyrus’ highly specialized engineering talent with SIXGEN’s advanced offerings and cyber operators further amplifies our ability to address the complex needs of our customers across multiple fronts of the digital domain. This powerful combination of expertise and market momentum will create a unique and unified force multiplier for operators and our national mission sets.

“SIXGEN is the perfect fit for Kyrus, its customers, and employees – driven by mission, culture, innovation – all values that are critical to serving our nation,” said Dan Hall, CEO of Kyrus. “I am thrilled to combine our specialized software development and reverse engineering expertise with SIXGEN’s growing portfolio of highly differentiated capabilities, enabling us to accelerate our mission impact and continue delivering solutions to tackle today’s rapidly shifting cyber challenges – both protecting critical infrastructure and supporting our national mission sets across the DoD and IC communities. SIXGEN’s recent acquisitions of Boldend and Secure Enterprise Engineering were incredibly purposeful, and the entire Kyrus team is excited to join SIXGEN on their continued differentiated trajectory.” The combination positions SIXGEN for large-scale opportunities and reinforces its standing as the top destination for exceptional talent in the digital domain. Dan Hall will be joining SIXGEN as a Board Director and an Executive Vice President, focused on continuing the combined company’s positive customer impacts.

“The addition of Kyrus is a powerful step toward achieving our vision for a fully-integrated and robust cyber and multi-domain platform,” said Mina Faltas, Founder & Chief Investment Officer at Washington Harbour Partners. “SIXGEN, with Kyrus onboard, is now even better positioned to make an outsized impact on safeguarding our national security and critical infrastructure.” Washington Harbour Partners reaffirms its support for SIXGEN’s expansion and long-term vision for creating a top-tier solutions provider across the digital battlespace, uniquely positioned to defend the nation against the most advanced cyber threats and serving the most sensitive mission operations.

Washington Harbour was advised by Holland & Knight on legal matters and PwC on financial. Morse Law served as legal advisor to Kyrus Tech.

About SIXGEN

SIXGEN is a mission-driven leader in cyber, dedicated to supporting the U.S. Department of Defense, intelligence community, other federal agencies, and U.S. critical infrastructure. With a focus on operational excellence and innovative solutions, SIXGEN ensures operational mission success in the digital domain across the full spectrum of cyber.

For more information, please visit www.sixgen.io

About Kyrus Tech

Kyrus is a mission-focused leader in cyber, committed to advancing national defense and securing critical infrastructure. Headquartered in Sterling, VA, with an additional location in Denver, CO, Kyrus continuously pushes boundaries to solve the most complex challenges, earning a reputation for delivering exceptional results and cutting-edge cyber solutions to federal clients through expertise in research, development, and reverse engineering.

For more information, please visit www.kyrus-tech.com

About Washington Harbour Partners

Washington Harbour Partners LP, based in Washington DC, is a private investment firm that brings a fresh approach to investors and founders, providing flexibility and deep operational expertise at all stages of the investment cycle – from growth equity to control buyouts to public markets. The firm has deep domain expertise in the areas of software, defense technologies, cyber, government & business services, and technology-enabled consumer services. (Source: BUSINESS WIRE)

 

02 Dec 24. Crane Company (NYSE:CR) (“Crane” or the “Company”), a premier industrial manufacturing and technology company, announced that it has entered into a definitive agreement to sell its Engineered Materials business to KPS Capital Partners, LP (“KPS”) for $227m. Max Mitchell, Chairman of the Board, President and Chief Executive Officer of Crane Company said, “This divestiture reflects yet another important step forward following the numerous actions we have taken over the last few years to simplify our portfolio and focus our resources on our two strategic growth platforms: Aerospace & Electronics and Process Flow Technologies. Those simplification actions have included the divestiture of non-core assets including Crane Supply and the defeasement of legacy liabilities in 2022, followed by our 2023 separation transaction. Since the separation, we have continued to invest in our strategic growth platforms organically, and further strengthened those businesses with four strategic acquisitions: Baum Lined Piping, Vian Enterprises, CryoWorks, and Technifab Products. We will continue to actively manage our portfolio to drive sustainable, profitable growth for all our stakeholders.”

Mr. Mitchell concluded: “Engineered Materials is a great business with leadership positions in the markets in which it operates with dedicated Crane associates that I am very proud of, and we look forward to watching its continued growth under the ownership of KPS. I wish to thank our Engineered Materials team for their support and understanding regarding this decision.”

Crane Company and KPS anticipate closing the transaction in the first quarter of fiscal year 2025 subject to customary closing conditions, including receipt of regulatory approvals.

Engineered Materials will be presented as discontinued operations beginning with results for the fourth quarter of 2024, and retrospectively for prior periods. Our last full-year 2024 adjusted earnings per diluted share (EPS) guidance published on October 28, 2024 was a range of $5.05 to $5.20. We are now updating that guidance solely to reflect Engineered Materials’ presentation as discontinued operations, and our revised adjusted EPS from continuing operations guidance is $4.71 to $4.86. For the fourth quarter of 2024, we expect adjusted EPS from continuing operations of $1.10 to $1.25.

About Crane Company

Crane Company has delivered innovation and technology-led solutions to its customers since its founding in 1855. Today, Crane is a leading manufacturer of highly engineered components for challenging, mission-critical applications focused on the aerospace, defense, space and process industry end markets. The Company has two strategic growth platforms, Aerospace & Electronics and Process Flow Technologies. Crane has approximately 7,500 employees in the Americas, Europe, the Middle East, Asia and Australia. For more information, visit www.craneco.com.

About KPS Capital Partners

KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $21.4bn of assets under management (as of September 30, 2024). For over three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment, and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better and generates investment returns by structurally improving the strategic position, competitiveness, and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies currently generate aggregate annual revenues of approximately $23.7bn, operate 251 manufacturing facilities in 30 countries, and have approximately 65,000 employees, directly and through joint ventures worldwide (as of September 30, 2024, pro forma for recent acquisitions). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.

KPS Mid-Cap focuses on investments in the lower end of the middle market that require up to $200m of initial equity capital. KPS Mid-Cap targets the same type of investment opportunities and utilizes the same investment strategy that KPS’ flagship funds have for over three decades. KPS Mid-Cap leverages and benefits from KPS’ global platform, reputation, track record, infrastructure, best practices, knowledge and experience. The KPS Mid-Cap investment team is managed by Partners Pierre de Villeméjane and Ryan Harrison, who lead a team of experienced and talented professionals. (Source: BUSINESS WIRE)

 

02 Dec 24. Honeywell lowers sales, profit forecasts after Bombardier agreement. Honeywell (HON.O) on Monday cut its profit and sales forecasts for the fourth quarter and the full year to take into account investments associated with an agreement to provide aviation-related technology for Bombardier’s (BBDb.TO) aircraft. Honeywell’s shares fell about 2% to $226 after the bell. The agreement will provide Honeywell’s avionics, propulsion and satellite communication technologies for Bombardier’s aircraft. Honeywell said it expects the agreement to have a near-term impact on its financials, given the investments for research and development. The company added that it estimates revenue potential of up to $17bn over the duration of the agreement. Honeywell lowered its fourth-quarter sales forecast to between $9.8bn and $10.0bn, from its prior forecast range of $10.2bn to $10.4bn. (Source: Reuters)

 

29 Nov 24. Chemring is well placed as warfare evolves. Last week, the UK defence secretary, John Healey, announced that five Royal Navy warships were to be mothballed as part of a £500mn cost-cutting drive. The ‘senior service’ hasn’t seen those sort of losses in a single day since the Battle of Jutland, but matters weren’t quite as dire as appearances would have us believe. It turns out that all the vessels have been inactive for an extended period and have played no part in deliberations over the disposition of ships ready for combat.

One of their number, HMS Bulwark, had been undergoing a major refit. Its status had been uncertain for some time, and a shortage of recruits reportedly didn’t help either. With budgetary constraints to the fore, the situation isn’t likely to improve in the near-term, unless Healey is considering the reintroduction of impressment.

In addition to the warships, the decision was taken to pull the plug on a drone system and retire some largely obsolete helicopters. There’s always a hue and cry whenever ministers take out the pruning shears, but we might realistically expect further rationalisation measures ahead of next year’s strategic defence review. Despite the government’s somewhat vague commitment to increasing defence spending to 2.5 per cent of GDP (no timetable given), the “do more with less” mantra currently holds sway in Whitehall.

For investors considering a foray into the aerospace/defence sector, it’s worth remembering that the war in Ukraine has forced a strategic rethink as to how armaments can be effectively employed on the 21st-century battlefield. The widespread use of unmanned aerial vehicles (UAVs) in the conflict provides a case in point.

Because they have proved to be highly effective, the proliferation of drone technologies has sparked a race to develop effective counter-measures (c-UAV). According to National Defense University Press, the US military may have forked out around $700mn (£555mn) to develop these measures in FY2023. The Washington-based publishing house estimates the worth of the global c-UAV market will rise to around $5bn by 2029.

The military use of UAVs falls within the realm of asymmetrical warfare, and it does provide opportunities for smaller defence contractors who can’t go toe-to-toe with the likes of BAE Systems (BA.) on big-ticket capital projects. Chemring (CHG) provides a case in point. Amongst other things, the contractor’s Roke subsidiary has developed a range of AI-powered technologies to detect, confirm, and neutralise UAV threats.

In November, it was announced that a Norwegian subsidiary of Chemring had signed a 12-year framework agreement with Diehl Defence for the supply of MCX energetic material – for use in military applications such as explosives, propellants, and pyrotechnics.

The Hampshire-based contractor also revealed that its US business was handed an order for critical components for use in an undisclosed US missile programme. Together the contracts are worth around £278mn, boosting the countermeasures & energetics division’s order book by around a third. Broker Jefferies maintains that its “investment thesis on the stock is that this medium-term revenue/profit growth is undervalued by the market”. Certainly, the recent deals have improved the sales mix, with all the attendant implications for unit profitability. Even prior to the announcements, analysts at Shore Capital were pointing to a 240-basis point increase in the cash margin to 16.7 per cent by 2027.

It wouldn’t be fanciful to suggest that the nature of the conflict in Ukraine, regardless of its eventual outcome, will have a profound impact on defence procurement considerations. The country’s capacity for innovation under pressure, and its ability to maximise its resources to counter Russia by leveraging asymmetrical warfare, provides a template for large-scale drone warfare.

There are means of assessing the probable direction of UK procurement. In October, the House of Lords international relations and defence committee published the Ukraine: a wake-up call report. The paper outlines the central lessons of the Ukraine conflict for UK defence policy. The report falls in line with analysis from the European Defence Agency, which calls for an increase in resources, but in a more coordinated way. So, the ongoing conflict, dreadful as it may be, is likely to give rise to enhanced opportunities for smaller contractors.

Even after the recent new business wins, Chemring has a 23 per cent upside potential, based on analysts’ average price target, together with a FactSet consensus recommendation of ‘buy’ based on six separate ratings. (Source: Investors Chronicle)

 

02 Dec 24. Rheinmetall completes strategic acquisition of U.S. vehicle specialist Loc Performance Products, LLC.

Market position in North America in the competition for high-volume major orders in the USA is strengthened.

Rheinmetall AG has now completed the takeover of the U.S. company Loc Performance Products, LLC. The Düsseldorf-based technology group announced the purchase of the renowned vehicle specialist based in Plymouth, Michigan, in August 2024. Following approval by competent supervisory authorities, the transaction was closed on November 29, 2024. In future, the company will operate under the name American Rhein¬metall Vehicles. The agreed purchase price is based on an enterprise value of USD 950m.

With this strategic acquisition in the USA, Rheinmetall is expanding its position in the world’s largest defense market and strengthening its core business in the field of land vehicles for military customers worldwide.

The investment follows Rheinmetall’s drive for growth in the United States, which will be an important domestic market for the Group in the future. Rheinmetall expects the acquisition to bring considerable benefits not only for its American business, but also for its global activities. With this acquisition, Rheinmetall is expanding its industrial base in the USA and creating further access for its technologies in North America.

The acquisition strengthens Rheinmetall’s production capacities in the USA in particular, with a view to targeted high-volume major orders for U.S. Army vehicle programs with a total potential of over USD 60 bn. Rheinmetall is one of two remaining participants in the current prototype phase of the XM30 program. This serves to introduce a new generation of infantry fighting vehicles. The volume is estimated at around USD 45 bn for around 4,000 infantry fighting vehicles. At the same time, Rheinmetall is applying for the Common Tactical Truck (CTT) program, which has a volume of around USD 16 bn for around 40,000 trucks.

Armin Papperger, Chairman of the Executive Board of Rheinmetall AG: “We are making this investment because we have a clear strategy for growth and the United States will be an important core market for us in the coming years. I would like to extend a warm welcome to the approximately one thousand employees at Loc Performance Products to the Rheinmetall Group. We greatly appreciate your expertise and look forward to our joint successes.”

Armin Papperger continues: “The acquisition of Loc Performance Products proves that we are consistently focusing on success in the USA and want to expand our share of the large market volume. We have a promising position in two major military projects, both in the XM30 infantry fighting vehicle program and in the CTT project. Everything therefore speaks in favor of this acquisition: Loc Performance Products is already pursuing a sustainable business model with robust organic growth, has a highly qualified workforce and offers us ample capacity reserves for the targeted orders in the USA. We can thus realize 100% local value creation in the USA.”

With the purchase, American Rheinmetall Vehicles is acquiring a modern, efficient production area of 160,000 square meters with considerable capacity for future expansion. The company’s broad-based activities will contribute directly to the Rheinmetall Group’s fast-growing U.S. military vehicle business, which is managed by American Rheinmetall Vehicles, based in Sterling Heights, MI.

Loc Performance Products, LLC was founded in 1971 in Plymouth, MI and is a diversified full-service provider for both military and commercial customers. In addition to its headquarters in Plymouth, MI, the company has additional locations in Lansing, MI and Lapeer, MI as well as in St. Marys, OH.

The vehicle specialist is a high-performance full-service provider of driveline, suspension, track systems, rubber products, armor products and fabricated structures for vehicle platforms. The company is an established supplier to the U.S. Government and, in particular, OEM for most military ground vehicle track systems in the USA. The company’s products are also used by well-known vehicle manufacturers in the agriculture, construction, mining, locomotive, mass transportation and oil and gas industries.

The production capacities of Loc Performance Products include, in particular, modernized manufacturing, machining and welding technologies that can meet the critical manufacturing requirements of the U.S. Army’s XM30 and CTT programs.

With more than 1,000 highly qualified employees, Loc Performance Products has an experienced workforce with a high level of technical expertise – including in the maintenance, repair and combat enhancement of military combat vehicles – whose services will now be integrated into Rheinmetall’s internal supply chains.

American Rheinmetall Vehicles, LLC offers U.S. customers next-generation tracked and wheeled combat vehicles and tactical wheeled vehicle platforms. The company is actively supporting the U.S. Army on two high priority modernization programs: the XM30 combat vehicle program, where the Lynx XM30 has reached Phases 3 and 4, and the Common Tactical Truck (CTT) program, where the HX3 CTT recently completed evaluation by the U.S. Army.

The American Rheinmetall family includes American Rheinmetall Vehicles in Sterling Heights (MI) and Troy (MI), American Rheinmetall Munitions in Stafford (VA), Windham (ME) and Camden (AR), American Rheinmetall Systems in Biddeford (ME) and the American parent company American Rheinmetall Defense in Reston (VA). www.rheinmetall-us.com

 

05 Dec 24. EM&E Group, a leader in innovation and technology in the defense and security sectors, has raised its stake in Indra to 14.3% of the IBEX 35 listed company. The company, which was already Indra’s leading industrial partner and second largest shareholder only behind SEPI, has now increased its stake by 6%, strengthening its position in the company. In the current geopolitical context, EM&E thereby demonstrates its firm commitment to the growth and development of the technology industry and consolidates its presence in the strategic sectors of defense, aerospace and security, strengthening synergies with Indra, a key player in these sectors. EM&E, with an estimated turnover of more than 300m euros in 2024, more than 60% of which will come from the international market, is thus expanding its influence and responding to the high global demand for remote weapon stations, ammunition guidance systems, anti-drone solutions, robots and border surveillance systems, solutions in which it is a European and international reference. With an order book of more than 1bn euros, EM&E has recently renewed its BBB rating, a recognition that accredits its solvency to undertake corporate operations and which only 8% of audited companies achieve. Founded in 1989, EM&E has based its growth on a strategy of vertical integration of capabilities and technologies and a strong commitment to investment in R&D, which has enabled it to position itself at the technological forefront in the development of complex defense systems with high reliability and added value. With a workforce of almost 1,300 professionals and a clear commitment to territorial cohesion, with centers in Madrid, Huesca, Cordoba, Asturias, Cadiz and Valencia, the Group is consolidating the various investments it has made this year. These include the acquisition of new infrastructures, the creation of the new electronics subsidiary EM&E Electronics and the companies it will integrate, as well as the incorporation of new strategic capabilities such as robotics and photonics. With its 14.3% stake in Indra, the EM&E Group consolidates its commitment to strengthening the Spanish industrial fabric and contributing to improving Spain’s competitiveness in the global defense and security sector.

 

29 Nov 24. Drone Accessory Maker Unusual Machines Shares Surge After Donald Trump Jr. Joins Advisory Board. Florida-based Unusual Machines, Inc., a drone and drone components manufacturer, announced on November 27th that Donald Trump Jr., an investor in the Company, has joined the Company’s advisory board.

“Don Jr. joining our board of advisors provides us unique expertise we need as we bring drone component manufacturing back to America,” said Allan Evans, Unusual Machines CEO. “He brings a wealth of experience and I look forward to his advice and role within the Company as we continue to build our business.”

“The need for drones is obvious. It is also obvious that we must stop buying Chinese drones and Chinese drone parts,” said Don Jr. “I love what Unusual Machines is doing to bring drone manufacturing jobs back to the USA and am excited to take on a bigger role in the movement”.

Don Jr.’s appointment comes at a pivotal moment for Unusual Machines, following the recent release of our Brave F7 FPV Flight Controller. This achievement underscores the Company’s commitment to onshoring U.S. drone component manufacturing. By reducing reliance on foreign-made products and strengthening domestic supply chains, Unusual Machines is helping to safeguard U.S. technological leadership in the drone industry. Don Jr.’s expertise will be invaluable in accelerating this mission as the Company continues to expand its product line.

The president-elect’s eldest son’s appointment comes two days after his father threatened to slap China with “an additional 10% tariff, above any additional tariffs” unless the country is able to stop the trafficking of chemicals used to make fentanyl through the US. Trump had previously threatened tariffs of 60% on import goods from China during his campaign.

The company has denied claims that Don Jr. might help Unusual Machines secure government approvals.

“I would never ask him to do anything or facilitate anything like that,”

Evans told The Wall Street Journal.

He said the president-elect’s son’s business network would help Unusual Machines meet demand for drone parts made outside of China.

Trump Jr. had previously owned 331,580 shares of Unusual Machines before a share offering and currently owns no shares, the company disclosed in the filing on Wednesday. It is unclear how much he paid for the shares or what price he sold them at.

Don Jr. joined venture capital firm 1789 Capital as a partner earlier this month and said he would recuse himself from business involving the government and has no interest in joining his father’s administration.

Department of Defense officials earlier this year approved an Unusual Machines flight controller for use in the military – the company’s first such rubber stamp, according to the Journal.

Earlier this month, the company reported $1.5m in sales in the third quarter, mostly from selling drones directly to consumers. Unusual Machines reported $3.6 m in revenue for the nine months ended Sept. 30 and a net loss of $4.9 m in the same period. In February, Unusual Machines went public and acquired the drone brands Fat Shark and Rotor Riot.

Unusual Machines is looking to move into sales of Pentagon-compliant drones and drone parts to businesses, the report said.

Evans told the Journal he thinks the incoming president’s more protectionist policies will help the drone industry flourish in the US.

Trump Jr.’s involvement with Unusual Machines was announced just a few days after Trump ally Elon Musk, who founded Tesla and SpaceX, slammed the Pentagon’s F-35 fighter jet program and argued in favor of the use of autonomous drones in warfare.

About Unusual Machines

Unusual Machines manufactures and sells drone components and drones across a diversified brand portfolio, which includes Fat Shark, the leader in FPV (first-person view) ultra-low latency video goggles for drone pilots. The Company also retails small, acrobatic FPV drones and equipment directly to consumers through the curated Rotor Riot e-commerce store. With a changing regulatory environment, Unusual Machines seeks to be a dominant Tier-1 parts supplier to the fast-growing multi-bn-dollar U.S. drone industry.

According to Fact.MR, the global drone accessories market is currently valued at $17.5 bn and is set to top $115 bn by 2032.

Sources: Unusual Machines; yahoo!tech; New York Post

For Information:

Chief Executive Officer Dr. Allan Evans, who previously served as Chief Operating Officer at Red Cat and CEO of Fat Shark owns 1.5% of the stock.

Chief Operating Officer Drew Camden was President of Rotor Riot from 2018, until Rotor Riot’s acquisition by Red Cat Holdings in 2020 and holds 1.6%. Jeff Thompson CEO of Red Cat owns 5.9%. (Source: UAS VISION)

 

03 Dec 24. SRT Marine Systems confident of 2025 outlook despite short-term challenges. SRT Marine Systems LON:SRT, the AIM-listed engineering firm that builds maritime surveillance, security, management and safety products, and integrated systems, has been charting a course to less stormy waters in 2024. The marine security company published its final results for the 15-months to end-June today (2nd December) and at least in the first six months of the calendar year, the company was still in firmly in recovery. SRT published 15-month results as in March the company decided to change its year-end from end-March to end-June in order to: “[…] tender for certain pending new system contracts.” What this means is that SRT will now report its six-month interim results for end-December by end-March, and its full-year final results to end-June by end-December. The rationale for the change in accounting periods is that SRT is tendering for a piece of business in a certain part of the world where the potential client requires bidders to have a specific minimum financial ratio criterion in relation to the size of the target new project, in order to bid for the contract. Under its current financial year some of its existing system project deliveries, which were expected to complete in March, will now slip into the next quarter because SRT’s government clients are taking more time than expected to sign-off, something compounded by Ramadan and Eid.

Kevin Finn, SRT’s chairman explained: “We had expected some of the GBP320m of new contracts to commence during the current financial period, and therefore took action to prepare. This has entailed the forward purchase of certain equipment ready to ship against early contractual milestone, and the build-up of additional implementation capacity.   However, due to unexpected extended customer contract administrative processes the commencement of these contracts was delayed into the new financial year.”

SRT’s reporting date change could be net-positive for SRT

This would mean that SRT’s financial ratios – with regards to this specific tender – would be less than they should be (had the contracts agreed already gone through on schedule) and would have affected SRT’s ability to bid for this new contract. As an investor this change in reporting dates should be seen as a good thing, as it is a big thing for a listed company to change its accountancy period, and if SRT believes that it needs to take this measure, its management must feel that it is in a very strong position to win the contact, which could be very positive for the company’s bottom-line

So, in this unique 15-month period, the company reported revenues of GBP14.8m. This was a long way behind the revenue of GBP30.5m that SRT reported for the 12-months to end-March 2023. The company saw gross profit of GBP4.2m, and although not a comparative period in the 12-months to end-March 2023 the company reported gross profit of GBP11m.

However, administrative costs and FX ballooned to GBP17.2m by the end of the 15-month period. For the year to end-March, admin and FX costs were GBP10.9m, which saw SRT’s loss before tax of GBP14.4m. Again, although isn’t a direct comparison loss before tax for the period to end-March 2023 was GBP646,172.

Finn commented: “[…] Whilst the combination of increased overheads and delayed revenues has resulted in a significant loss for the period, these extensive preparations have placed us in a good position to successfully implement […] multiple system projects within the expected two-year time frame.”

SRT paying off loans and debts

In terms of debt, SRT’s bank debt at the end of June was GBP1.5m and was drawn-down in September 2023 as part of the UK Government’s Recovery Loan Scheme and was at an interest rate of 3.5% above base rate with repayments starting in September of this year. SRT pushed the final repayment of GBP0.5m to this month.

SRT also has GBP8.32m in loan notes which have a three-year tenor and interest rates of between 8% and 12%. As well as bank debt and bonds, SRT has, as noted above, equipment loans of GBP4.15m for components of a systems project. This is being paid back quarterly at a 4% interest rate and a three-year term.

The company secured GBP320m of system contracts and had a pipeline of around GBP1.2bn which Kevin Finn, SRT’s chairman said the company expects to convert into contracts in 2025.

As previously reported, SRT Marine Systems is a global leader in maritime domain awareness technologies, products and systems. The company develops and provides integrated maritime surveillance, monitoring, management and safety systems which are used by coastguards and fishery authorities for the purposes of managing and controlling their maritime domain. The SRT Vessel Monitoring Systems (VMS) system enables governments and national authorities to be able to reliably track, monitor and manage fishing vessels of any size and type in real time, without range limitation, at optimal cost.

Confident outlook for 2025

To give SRT credit, their current underperformance is due to factors outside its control, namely its clients delaying on rubber-stamping contracts already agreed. Now if this situation were to extend, it could blow up into a real issue for the defence and security contractor, however, management has confidence that the necessary documentation will imminently be secured, making the next reporting period a great deal rosier. Moreover, with GBP1.2bn of contracts in the pipeline, and the strong possibility of winning a big deal, signalled by management taking evasive action and changing the company’s reporting date to give it a good chance of winning what must be significant new business, the outlook looks favourable.

SRT’s CEO, Simon Tucker said: “I had hoped for, and expected, a much better financial result for the financial period ending June 2024. We under-estimated the time it would take for the final administrative processes to complete for contracts worth approximately GBP320m, resulting in significantly lower revenues and profit contribution during the period. However, this time, and the investment received during the period, has given a critical advantage in that we have been enabled […] to prepare and build up our capacity to execute on multiple system contracts simultaneously.”

The company still seems to have the backing of existing and new investors, evidenced by successful fundraising in the last year, raising GBP10.5m this time last year, and another GBP8.5m (before expenses) in November.

The company’s shares opened the week at 39.675p, down 5.5% from one-year ago. The company has a market capitalisation of GBP93m. (Source: https://www.thearmchairtrader.com/)

————————————————————————————————————————————————————————————————————————————————————————————————————————————–

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

——————————————————————————————————————————————————————————————————————————————————————————————————————————————