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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, Inc. (Nasdaq: KTOS) recently hosted U.S. Representative Brian Mast at their Kratos Turbine Technologies (KTT) facility in Jupiter, Florida. The visit showcased KTT's expertise in propulsion, highlighting their fastest-growing division within Kratos. KTT's organic business growth is driven by strong demand for their products and services, including defense engines, commercial engines, space turbopumps, hypersonic power generation systems, engine overhauls, and maintenance.
During the visit, Congressman Mast engaged with employees, observed the engine build process, design methods, manufacturing procedures, and engine testing. The congressman also discussed his initiatives focusing on national security, defense, local community issues, and economic policies. Stacey Rock, President of KTT, emphasized Mast's strong advocacy for KTT's work in developing affordable, high-performing engines for cruise missiles and unmanned aerial systems (UAS).
Shield AI has achieved a significant milestone in autonomous aircraft technology by successfully demonstrating multi-jet autonomy flights using two Kratos MQM-178 Firejets. The test featured two autonomous agents piloted by Shield AI's 'Hivemind' AI Pilot, showcasing coordinated maneuvers and operationally relevant collaborative behaviors. This advancement highlights the potential for future unmanned jets and drones with on-board computing and seamless in-air communication.
Brandon Tseng, Shield AI's President and Co-founder, emphasized the importance of this achievement in their goal to bring autonomy to the world. The company envisions AI pilots commanding all unmanned systems within the next decade, enabling the deployment of millions of intelligent, resilient drones. Notably, the algorithms used are not to a specific number of aircraft, suggesting scalability for larger formations in the future.
Kratos Defense & Security Solutions (NASDAQ: KTOS) reported strong Q2 2024 financial results, with revenues of $300.1 million, up 16.8% year-over-year. The company saw significant growth in its Unmanned Systems segment, with revenues increasing 64.7% to $85.8 million. Kratos achieved a consolidated book-to-bill ratio of 1.1 to 1 for both Q2 and the last twelve months. Key financial highlights include:
- Operating Income: $12.5 million
- Net Income: $7.9 million
- Adjusted EBITDA: $29.9 million
- Earnings Per Share: $0.05
- Adjusted EPS: $0.14
The company affirmed its full-year 2024 financial forecast and provided guidance for Q3 2024, expecting revenues between $265-$280 million and Adjusted EBITDA of $20-$23 million.
Kratos Defense & Security Solutions (NASDAQ: KTOS) has announced its schedule for the second quarter 2024 earnings conference call. The call is set for Wednesday, August 7th, following the release of financial results after market close. Management will discuss the company's operations and financial performance starting at 2:00 p.m. Pacific (5:00 p.m. Eastern).
Interested participants can access the call through the company's website at www.kratosdefense.com. Registration is required via an online form, which will provide a dial-in number and unique PIN for call access. For those unable to join the live broadcast, a replay will be made available on Kratos' website.
GE Aerospace and Kratos Defense & Security Solutions have signed a Memorandum of Understanding to partner on the development and production of small affordable engines for potential use in unmanned aerial systems (UAS), collaborative combat aircraft, and similar applications. This agreement, once finalized, will replace an existing joint development agreement and includes full-scale engine production.
The companies have been collaborating for the past year on a small affordable engine, which was initially developed and ground tested by Kratos. Under the current agreement, they have completed additional development efforts and are conducting tests. The team plans to continue development, with altitude testing scheduled for next year at GE Aerospace's test cell in Evendale, Ohio.
Kratos Defense & Security Solutions (KTOS) has successfully demonstrated the Kratos Trolley Launch System (KTLS) for its Valkyrie jet drone, showcasing affordable runway flexibility. The KTLS allows the Valkyrie to take off autonomously from traditional runways or straight roads without requiring additional acceleration devices. This demonstration, funded by Kratos, took place at the North Dakota GrandSky Range. The KTLS, alongside the RATO method, enables full payload and fuel maximization by eliminating conventional landing gear requirements, thereby reducing costs. This development highlights Kratos' commitment to delivering near-term, cost-effective defense solutions.
Kratos Defense & Security Solutions announced the successful first flight of its Erinyes™ Hypersonic Test Bed on June 12, 2024. The test, conducted at NASA's Wallops Flight Facility in Virginia, was part of a collaboration with the Missile Defense Agency and the Naval Surface Warfare Center. This inaugural flight validated a new platform for hypersonic experimentation, enabling data collection for multiple experiments. Kratos' CEO, Eric DeMarco, highlighted the company's focus on rapid, cost-effective development and its potential impact on future growth. The Erinyes platform is intended to accelerate technology readiness without adding risk to existing programs.
Kratos Defense & Security Solutions has appointed Claire Burghoff as Vice President of Government Affairs & Corporate Communications, effective June 24, 2024. Claire will lead corporate communications and support strategic government affairs initiatives. Previously with Cornerstone Government Affairs, she has over 15 years of public relations experience intersecting with public policy. Claire's role will enhance Kratos’ visibility and reputation, leveraging her expertise to communicate the company's value to key stakeholders. CEO Eric DeMarco and Senior VP Ben Goodwin emphasized her significant contributions and strategic insights for advancing Kratos’ mission.
Kratos Defense & Security Solutions (Nasdaq: KTOS) has launched a podcast titled 'Cyber Compliance and Beyond' to assist businesses with cybersecurity compliance. The podcast aims to help companies navigate compliance requirements, including CMMC, FedRAMP, and HIPAA, essential for government contracts and regulated industries. Host Cole French, with over a decade of experience, will provide practical advice through real-world scenarios and expert discussions. Episodes are available on all major streaming platforms and release on the first Tuesday of every month.
Kratos Defense announced the 200th launch of its BQM-177A Sub-Sonic Aerial Target (SSAT) on April 2, 2024, at Naval Air Weapons Station China Lake, California, supporting the U.S. Navy's AIM-9X mission. The BQM-177A emulates high-speed, sea-skimming anti-ship cruise missile threats, capable of speeds over 0.95 Mach and altitudes as low as 6.6 feet. This versatile aerial target supports various mission needs with multiple payload options. Steve Fendley, President of Kratos Unmanned Systems Division, and Greg Crewse, Program Manager for the Navy’s Aerial Targets Program Office, highlighted the important role and future relevance of the BQM-177A in military training and operations.
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