Kratos Awarded $54M Task Order to Develop a Low Cost, Limited Life Engine for Attritable and Expendable Systems

Rhea-AI Summary

Kratos Defense & Security Solutions (Nasdaq: KTOS) announced a $6.8 million task order contract for the development of a low-cost engine as part of the Air Force Research Laboratory's ACOLLET program. The Kratos Turbine Technologies Division will perform key component testing and engine optimization studies in Florida. The project aims to enhance mission capability while reducing costs. Kratos is committed to supporting the United States military and investing in next-generation turbine engine technologies.

Positive

• Awarded a $6.8 million contract to develop a low-cost engine for expendable systems.
• Focus on key component testing and optimization under the ACOLLET program.
• Engagement with the Air Force Research Laboratory indicates strong government collaboration.

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• None.

SAN DIEGO, July 25, 2022 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a leading National Security Solutions provider, announced today that Kratos Turbine Technologies (KTT) Division has been awarded a task order contract to develop a low cost, limited life engine for attritable and expendable systems. The contract is part of the Air Force Research Laboratory, Aerospace Systems Directorate, Turbine Engine Division (AFRL/RQT), Attritable Cost Optimized Limited Life Engine Technologies (ACOLLET) program. Under prior and existing contracts, KTT has completed component rig and core engine testing and has recently begun full engine ground testing. The initial, $6.8M, effort will focus on key component testing and engine optimization trade studies to validate the capabilities the engine can bring to future systems. Additional, unfunded, options are available to complete the engine design and testing for future flight demonstrations. The work will be performed by KTT in Florida.

KTT’s Attritable and Expendable Turbofan Engine

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1c7b82ca-7df7-4034-99de-75990b2072c7

Stacey Rock, President of Kratos Turbine Technologies Division, said, “The new contract allows KTT to continue the great working relationship with AFRL’s Turbine Engine Division to bring disruptive engine technology to the warfighter. Both parties are focused on increasing system mission capability, while providing engines at a lower cost. All of Kratos is focused on supporting the United States warfighter and industrial base, including making significant investments in the development and production of next generation engines and supporting STEM opportunities in the USA. We look forward to continuing to support the AFRL in the development of transformative and affordable turbine engine technologies.”

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms and systems for United States National Security related customers, allies and commercial enterprises. Kratos is changing the way breakthrough technology for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research and streamlined development processes. At Kratos, affordability is a technology and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training, combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.KratosDefense.com.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 26, 2021, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:
Yolanda White
858-812-7302 Direct

Investor Information:
877-934-4687
investor@kratosdefense.com

FAQ

What is the recent contract awarded to Kratos Defense & Security Solutions for?

Kratos has been awarded a $6.8 million task order contract to develop a low-cost, limited life engine under the Air Force's ACOLLET program.

How does the new contract impact Kratos stock (KTOS)?

The contract may positively impact KTOS stock through enhanced revenue potential and partnerships with the military.

Where will the engine development work be conducted?

The engine development work will be performed by Kratos Turbine Technologies in Florida.

What is the focus of the contract awarded to Kratos?

The focus is on key component testing and engine optimization to validate future system capabilities.

What are the future prospects for Kratos under this contract?

There are additional unfunded options available for further engine design and testing for future flight demonstrations.