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Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS) is a specialized national security technology company dedicated to providing mission-critical products, services, and solutions that align with the United States' national security priorities. Headquartered in San Diego, California, Kratos employs approximately 3,900 engineers and technical professionals who are committed to advancing the technological frontier in several critical areas.
Kratos' core capabilities span sophisticated engineering, manufacturing, and systems integration offerings. These capabilities are pivotal for various national security platforms and programs, including C5ISR (Command, Control, Communications, Computers, Combat Systems, Intelligence, Surveillance, and Reconnaissance), satellite communications systems, electronic warfare, unmanned systems, missile defense, cyber warfare, cybersecurity, information assurance, and critical infrastructure security.
The company's operations are divided into two main segments:
- Kratos Government Solutions (KGS): This segment is an amalgamation of several operating units that focus on microwave electronic products, space, training, and cybersecurity, C5ISR/modular systems, turbine technologies, and defense and rocket support services. The KGS segment is the primary revenue driver for the company.
- Unmanned Systems: This segment encompasses the development and deployment of unmanned aerial, ground, and seaborne vehicles, alongside related command, control, and communications systems. Kratos' advancements in unmanned systems are both innovative and cost-effective, making significant contributions to modern warfare and defense strategies.
Recent achievements by Kratos include the successful integration of Shield AI’s Hivemind with Kratos' Firejet, showcasing the potential of autonomous systems in national defense. Additionally, Kratos has demonstrated the capability of its OpenSpace® Software Ground System to support interoperability and multi-mission operations in collaboration with partners like Telesat Government Solutions and Cobham Satcom.
Kratos remains at the forefront of defense technology, continually evolving to meet the complex demands of modern warfare and national security.
Kratos Defense & Security Solutions has announced a refinancing initiative affecting approximately $300 million in outstanding 6.5% Senior Secured Notes and its $90 million Revolving Credit Facility. The company plans to implement a new 5-year $200 million Revolving Credit Facility and a $200 million Term Loan A, expecting to save about $10 to $13 million in annual interest payments. While the refinancing will incur one-time charges of $13 to $15 million in the first fiscal quarter, Kratos anticipates recouping these costs within a year.
Kratos Defense & Security Solutions (Nasdaq: KTOS) reported fiscal 2021 revenues of $811.5 million, an increase of 8.5% from 2020, and fourth quarter revenues of $211.6 million, up 2.5%. The Unmanned Systems segment saw revenues rise 24% to $231.9 million for the year. Despite revenue growth, the company reported a net loss of $2.0 million for the year, compared to $79.6 million net income in 2020, influenced by a lack of non-cash tax benefits. The company expects FY22 revenues between $880-$920 million.
Kratos Defense & Security Solutions (NASDAQ: KTOS) will release its fourth quarter and fiscal year 2021 financial results on February 22, 2022, after market close. A conference call to discuss the results will start at 2:00 p.m. Pacific Time. Analysts can join by dialing 866-393-0674, while the public can access the call at 877-344-3935. The call will also be available for live streaming on the company’s investor relations website. A replay will be accessible two hours post-call.
Kratos Defense & Security Solutions (Nasdaq:KTOS) announced an offer to redeem $300 million in 6.5% Senior Secured Notes due November 2025, with a Redemption Date set for March 14, 2022. The redemption is contingent on the completion of a refinancing for its revolving credit facility, which is projected to save the company approximately $10 to $13 million in annual cash interest payments. This refinancing aims to bolster Kratos' cash reserves for future growth, particularly in the Unmanned Systems sector.
Kratos Defense & Security Solutions (Nasdaq: KTOS) announced a $20 million contract from an international client for unmanned aerial target drone systems. The contract covers aerial target drones, spares, ground control systems, and training services. Steve Fendley, President of Kratos' Unmanned Systems Division, emphasized the affordability and performance of their systems as pivotal for expanding their international presence. Work will be conducted at Kratos facilities and other locations. Specific details about the contract remain undisclosed due to competitive reasons.
Kratos Defense & Security Solutions (Nasdaq: KTOS) announced a significant increase of approximately $50 million in the contract value for its existing C5ISR Program. This program focuses on Command, Control, Communications, Computing, Combat Systems, and Intelligence, Surveillance and Reconnaissance, providing essential hardware and engineering services. Kratos specializes in crucial national security technologies, including Unmanned Aerial Drone systems and Missile & Radar Systems. The work is performed at secure facilities, highlighting Kratos' commitment to national security.
Kratos Defense & Security Solutions (Nasdaq: KTOS) announced a significant milestone achieved by Kongsberg Satellite Services (KSAT), which successfully completed over 50,000 satellite passes in one month using Kratos’ OpenSpace virtualized ground systems. This achievement highlights the growing trend towards dynamic and digital ground systems in the satellite industry. Kratos' OpenSpace product lines, which include OpenSpace quantum and SpectralNet, facilitate the transition from traditional hardware to scalable, flexible software solutions.
Kymeta and Kratos Defense & Security Solutions have formed a strategic partnership to develop advanced products for modern ground systems. The collaboration aims to enhance the use of electronically-steered antennas with a focus on software-defined remote terminals that can connect to various satellite orbits (LEO, MEO, GEO). This aligns with industry trends towards dynamic satellite systems and supports interoperability standards set by the Digital IF Interoperability Consortium. Both companies aim to innovate and harness emerging technologies in the satellite communication sector.
Kratos Defense & Security Solutions (Nasdaq: KTOS) has enhanced its Earth Observation & Remote Sensing Service Chain (EO/RS SC) for the OpenSpace Platform. The update focuses on boosting automation and optimizing costs for satellite operators and Ground Station-as-a-Service providers. It offers more than a gigabit-per-second of downlink throughput using standard hardware, which allows for quick deployment and reconfiguration in various environments. This development aims to enhance performance while lowering operational expenses, supporting both current and next-generation satellites.
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