Kratos International Customer Orders 20 Additional High-Performance Drones

Rhea-AI Summary

Kratos Defense & Security Solutions (NASDAQ: KTOS) has secured an additional order for 20 high-performance jet drones and support equipment from a longstanding international client. This order enhances Kratos's production capabilities, which the company had already ramped up in anticipation of future demand. President Steve Fendley highlighted that the increased production rates are exceeding initial expectations, indicating substantial backlog and confidence from customers. However, no further details about the contract award were disclosed due to competitive considerations.

Positive

• Secured an additional order for 20 jet drones, indicating strong customer demand.
• Increased production rates exceeding initial expectations, enhancing operational capacity.
• Establishment of substantial backlog of production orders, reflecting confidence in the company's offerings.

Negative

• None.

SAN DIEGO, Jan. 13, 2021 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a leading National Security Solutions provider and industry-leading provider of high-performance, jet-powered unmanned aerial systems, announced today that Kratos has received an additional order from a long-term international customer for 20 high-performance jet drones and support equipment to satisfy their continuing current and future missions and operations.

Steve Fendley, President of Kratos’ Unmanned Systems Division, said, “Over the last three years, in anticipation of future drone orders, Kratos ramped up production line rates on several of our drone systems so that we would have a constant rate of aircraft coming off the production line to meet not only contracted but also future demand. In most cases, our orders are now exceeding our initial production rates as a result of our increase in orders. This is great news for our company and our personnel as we have established such a substantial backlog of production orders and are now increasing our production rates even further. We appreciate our customers’ confidence in our systems and our ability to deliver within the often-tight schedules. Importantly, these international orders help our production economies-of-scale enabling us to retain our low-cost benchmarks for all our customers including international and across the U.S. Government.”

Due to competitive, customer-related, and other considerations, no additional information will be provided related to this new contract award.

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, please visit 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 29, 2019, 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 recent order did Kratos Defense (KTOS) receive?

Kratos Defense received an additional order for 20 high-performance jet drones from a long-term international customer.

How is Kratos Defense (KTOS) increasing its production capacity?

Kratos has ramped up production line rates over the past three years to meet current and future drone orders.

What impact does the new order have on Kratos Defense (KTOS)?

The new order enhances production capacity and indicates strong demand, contributing to a substantial backlog of orders.

Did Kratos Defense (KTOS) disclose any financial details about the new contract?

No additional financial details regarding the new contract were provided due to competitive considerations.