Kratos Awarded $8.6 Million Task Order to Complete 50shp Class Recuperated Turbine Engine for Future Group 3 UAVs

Rhea-AI Summary

Kratos Defense & Security Solutions (Nasdaq: KTOS) has received an $8.6 million task order from the Air Force Research Laboratory for its Advanced Turbine Technologies for Affordable Mission program. This contract mandates the design, construction, assembly, and testing of a cost-effective turboshaft engine for Group 3 UAVs, which will also support hybrid electric aircraft. Successful completion follows prior concept studies, aiming to enhance the engine's power-to-weight ratio and durability. KTT, based in Florida, will oversee the project.

Positive

• Award of an $8.6 million task order, enhancing revenue potential.
• Focus on developing affordable and high-performing turbine engines.
• Potential for growth in hybrid electric aircraft market.

Negative

• None.

SAN DIEGO, June 24, 2021 (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 an $8.6 million task order under its Advanced Turbine Technologies for Affordable Mission (ATTAM) ID/IQ contract. The program will be managed by the Turbine Engine Division of the Air Force Research Laboratory (AFRL/RQT). Under the contract KTT will complete the design, build, assemble and test of an affordable turboshaft engine for Group 3 UAVs. The engine design is convertible to produce the electrical power required of advanced hybrid electric aircraft. The award follows the successful completion of multiple programs where KTT completed concept and engine trade studies for Group 3 UAVs with the guided leadership of AFRL/RQT. The objective of the awarded task order is to complete the engine development for flight testing and to demonstrate the high-power-to-weight, high-efficiency, and increased durability of the recuperated engine design. Work will be performed by KTT in Florida.

Stacey Rock, President of Kratos Turbine Technologies Division, said, “The recent award demonstrates KTT’s commitment to developing high-performing and affordable engines for the warfighter. 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 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 27, 2020, 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 KTOS for?

Kratos Defense has been awarded an $8.6 million task order for developing a turboshaft engine under its Advanced Turbine Technologies program.

What is the significance of the contract awarded to Kratos Defense?

The contract signifies Kratos' commitment to developing affordable engines for military UAVs and supports hybrid electric aircraft technology.

When was the contract awarded to Kratos Defense announced?

The contract was announced on June 24, 2021.

Who is managing the new engine development task order for KTOS?

The task order is managed by the Turbine Engine Division of the Air Force Research Laboratory.

What are the expected outcomes of the new engine development project?

The project aims to demonstrate high power-to-weight ratio, efficiency, and durability for the new turboshaft engine.