Naval Air Systems Command Awards Kratos $14.7 Million BQM-177A Subsonic Aerial Target System Contract

Rhea-AI Summary

Kratos Defense & Security Solutions (NASDAQ: KTOS) announced a contract award of $14.75 million from the U.S. Navy for software maintenance and updates of the BQM-177A Subsonic Aerial Targets (SSAT). This five-year Cost-Plus-Fixed-Fee Indefinite Delivery Indefinite Quantity contract supports the SSAT aircraft's evolution to meet modern threats. Steve Fendley, President of the Unmanned Systems Division, emphasized the importance of this contract in enhancing training and readiness for military operations.

Positive

• Award of a $14.75 million contract from the U.S. Navy.
• Contract duration is five years, ensuring long-term engagement.
• Supports software maintenance and evolution of the BQM-177A SSAT for modern threats.

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• None.

SAN DIEGO, Sept. 08, 2022 (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 its Kratos Unmanned Aerial Systems unit has received a Cost-Plus-Fixed-Fee Indefinite Delivery Indefinite Quantity contract award for $14,748,648 from the U.S. Navy for five year ordering period to continue software maintenance and updates of the BQM-177A Subsonic Aerial Targets (SSAT).

Steve Fendley, President of the Kratos Unmanned Systems Division, said, “This award provides the foundation to continue our work with the Navy, maturing and evolving the SSAT aircraft on pace with the threat environment. This enables us to collectively provide the training to stress and exercise our fleet prior to their deployments to increasingly challenging theaters of operation, ultimately strengthening our nation’s defense and helping protect the warfighter. Consistent with our corporate motto, we continue our trend to be ready for what’s next.”    

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 value of the KTOS contract awarded by the U.S. Navy?

The U.S. Navy awarded Kratos Defense a contract worth $14.75 million.

How long is the contract period for the KTOS contract with the U.S. Navy?

The contract with the U.S. Navy spans a period of five years.

What will the KTOS contract with the U.S. Navy support?

The contract will support software maintenance and updates for the BQM-177A Subsonic Aerial Targets (SSAT).

Who commented on the KTOS contract announcement?

Steve Fendley, President of the Kratos Unmanned Systems Division, commented on the contract.