Kratos Receives $30 Million in C5ISR Contract Awards

Rhea-AI Summary

Kratos Defense & Security Solutions (Nasdaq: KTOS) announced recent contract awards totaling approximately $30 million for Command, Control, Computing, Communication, Combat, Intelligence, Surveillance, and Reconnaissance (C5ISR) Systems, primarily in missile defense. The majority of the work will occur over the next 24 months at secure Kratos facilities. Company officials expressed confidence in meeting mission-critical needs, highlighting Kratos' positioning as a leading technology solutions provider for the Department of Defense and national security customers.

Positive

• Award of approximately $30 million in contracts strengthens financial position.
• Majority of work to be completed over the next 24 months, ensuring steady revenue stream.
• Demonstrates customer confidence in Kratos' capabilities and technology.

Negative

• None.

SAN DIEGO, July 02, 2020 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a leading National Security Solutions provider, announced today that it has recently received approximately $30 million in contract awards for Command, Control, Computing, Communication, Combat, Intelligence, Surveillance and Reconnaissance (C5ISR) Systems, focused primarily on missile defense related combat systems.  Kratos is an industry leader in the rapid development, demonstration and fielding of affordable leading technology products and solutions in support of the United States and its allies’ national security missions.  Kratos C5ISR Modular Systems Business is an industry leader in manufacturing, producing and delivering C5ISR Systems for Missile, Radar, High Power Directed Energy, Ballistic Missile Defense, Unmanned Aerial Vehicle, Chemical, Biological, Radiation, Nuclear and High Explosive (CBRNE) and other programs and applications.  Work under these recent program awards will be performed at secure Kratos manufacturing and production facilities.  The majority of the performance under these contract awards will be completed over the next 24 months.  Due to customer, competitive and other considerations, no additional information will be provided related to these U.S. National Security related program awards.

Tom Mills, President of Kratos C5ISR Business, said, “These recent contract awards to support critical national security related systems and programs are representative of the confidence of Kratos’ customers in our ability to meet their mission critical needs and requirements, on schedule and on budget.  Our entire organization is proud to support the Department of Defense, other customers, government agencies and the warfighter in the execution of their mission.”

Eric DeMarco, President and CEO of Kratos Defense, said, “We believe that these recent contract awards are representative of Kratos’ positioning as a disruptive leading technology systems, products and intellectual property company, including our focus on unmanned jet drones, space and satellite communications, microwave electronics, next generation jet engines for tactical systems, missile defense and hypersonic vehicles.  At Kratos, affordability is a technology, and we are executing on our plan to be an alternative provider to our DoD and National Security customer base in our key focus areas.”

About Kratos Defense & Security Solutions, Inc.
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. Kratos specializes in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems, and next-generation turbojet 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 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 was announced by Kratos Defense on July 2, 2020?

Kratos Defense announced approximately $30 million in contract awards for C5ISR Systems, focusing on missile defense.

How much funding did Kratos Defense receive for missile defense related combat systems?

Kratos Defense received approximately $30 million in contract awards.

What is the duration for the completion of the work under the new contracts?

The majority of the performance under these contracts is expected to be completed over the next 24 months.

Where will the work for the new contracts be performed?

Work will be performed at secure Kratos manufacturing and production facilities.

What market does Kratos Defense primarily serve?

Kratos Defense primarily serves national security-related customers, including the Department of Defense.