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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 (NASDAQ: KTOS) announced advancements in its XQ-58A Tactical UAS technology via multiple contracts. The focus is on enhancing its operational capabilities to meet the evolving needs of the Department of Defense (DoD). Steve Fendley, President of Kratos Unmanned Systems Division, emphasized the intersection of global events and budget realities, highlighting the importance of innovative, cost-effective defense solutions. Kratos aims to rapidly bring breakthrough technologies to market, specializing in unmanned systems, satellite communications, and cyber defense.
Kratos Defense & Security Solutions (NASDAQ: KTOS) announced a $49,568,200 Full Rate Production (FRP) contract from the U.S. Navy for 55 BQM-177A Subsonic Aerial Targets, enhancing military training capabilities. This contract is part of a partnership that has delivered over 1,000 high-performance jet target aircraft since its inception. The total potential value could reach $227,647,890 if options for future lots are exercised. Operations will primarily take place in Sacramento, CA, and Ft. Walton Beach, FL. The company emphasizes cost-effective, innovative solutions for national security and defense.
Kratos Defense & Security Solutions (Nasdaq:KTOS) reported strong revenue growth for fiscal year 2022, with total revenues reaching $898.3 million, up 10.7% from the previous year. In Q4 2022, revenues were $249.3 million, marking a 17.8% increase year-over-year. Despite this growth, Kratos posted a net loss of $36.9 million for the year, impacted by non-cash expenses and R&D costs. The company’s book to bill ratio was 1.2 to 1 for Q4 and 1.1 to 1 for the fiscal year, indicating strong order intake. Looking ahead, Kratos forecasts 2023 revenue growth of approximately 10% with anticipated improvements in margins and cash flow.
Kratos Defense & Security Solutions (Nasdaq: KTOS) has launched its new OpenEdge™ products, marking a significant advancement in satellite terminal technology. This is the industry's first open standards-based, software-enabled satellite terminal, designed to enhance flexibility and reduce lifecycle costs in satellite ground systems. OpenEdge employs virtualized software modems on off-the-shelf devices, enabling seamless integration with existing networks and supporting a range of communications applications. Notably, Intelsat plans to adopt these terminals, which promise improved service deployment speed and enhanced security features.
Kratos Defense & Security Solutions (NASDAQ: KTOS) will announce its financial results for the fourth quarter and Fiscal Year End of 2022 on February 23, 2023, after market close. A conference call to discuss these results will commence at 2:00 p.m. Pacific (5:00 p.m. Eastern). Interested participants can register online to receive dial-in information. A replay of the call will be accessible via the company’s website. Kratos specializes in transforming technology for national security, focusing on unmanned systems, satellite communications, and hypersonic systems, among others.
Kratos Defense & Security Solutions (NASDAQ: KTOS) has been awarded a contract by Leidos to support the development of an air-breathing hypersonic system under the Expendable Hypersonic Multi-Mission ISR and Strike Program, known as Mayhem. This contract will last 51 months and involves conducting the System Requirements Review and Conceptual Design Review. The project aims to enhance capabilities in hypersonic technology, utilizing scramjet engines. Kratos aims to produce high-performance hypersonic weapon systems through collaboration with industry partners.
Kratos Defense & Security Solutions (NASDAQ: KTOS) announced the successful intercept test of a medium-range ballistic missile (MRBM) by a Standard Missile 3 (SM-3) Block IIA from the Japanese destroyer JS Maya. This marks the first instance of a Maya-class destroyer firing an SM-3 Block IIA in the Japan Flight Test Aegis Weapon System-07 event, which involved Kratos' subscale missile targets. The tests demonstrated the capabilities of Kratos' target vehicles, supporting critical national security exercises alongside the Japan Maritime Self-Defense Force and the U.S. Missile Defense Agency.
Kratos Defense & Security Solutions (Nasdaq: KTOS) announced a potential value contract worth approximately $13 million for electronic warfare systems. This contract will be incrementally funded and performed at secure facilities. Kratos specializes in national security technologies, including unmanned systems, missile defense, and cyber warfare. Yonah Adelman, President of Kratos Microwave Electronic Division, emphasized the significance of this contract in supporting national security. The company focuses on innovative, affordable technology for defense and commercial markets.
Kratos Defense & Security Solutions (Nasdaq: KTOS) has secured an initial funding of $30 million for a potential $250 million program related to Command, Control, Communication, Computing, Combat System Intelligence, Surveillance and Reconnaissance (C5ISR). This single award represents the largest program in the history of the Kratos Microwave Electronic Division (KMED). The company has a backlog of approximately 2X revenue and anticipates sustained organic growth into 2023.
CEO Eric DeMarco emphasized Kratos' strategy of delivering advanced technology affordably, positioning the company for further awards in various sectors.
Boom Supersonic has introduced Symphony, a new propulsion system for its Overture supersonic airliner, collaborating with industry leaders like FTT, GE Additive, and StandardAero. Symphony aims to provide an economically and environmentally sustainable supersonic experience, achieving net zero carbon emissions and compliance with Chapter 14 noise levels. The new engine is projected to enhance operating efficiency, increasing time on wing by 25% and reducing maintenance costs by 10%. Overture is on schedule for type certification in 2029, with production starting in 2024.
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