L3Harris Awarded $117 Million Space Object-Tracking Modernization Contract

Rhea-AI Summary

L3Harris Technologies (NYSE:LHX) has secured a $117 million contract extension for the MOSSAIC program, enhancing space situational awareness for the U.S. Space Force. This contract, awarded in February 2020, aims to maintain and modernize systems that track space objects, with a total estimated value of $1.2 billion over ten years. Key efforts will improve the tracking of satellite threats, ensuring the U.S. is better prepared in space operations.

Positive

• Secured $117 million for third-year option of MOSSAIC program.
• Estimated contract value of $1.2 billion over 10 years enhances long-term revenue outlook.
• Strengthens capabilities in space domain awareness for U.S. Space Force.

Negative

• None.

Highlights:

• Supports US Space Force efforts to protect satellites
• Maintains and upgrades space domain awareness and command and control systems
• Third-year option continues work first awarded in 2020

 

MELBOURNE, Fla.--(BUSINESS WIRE)-- L3Harris Technologies (NYSE:LHX) has been awarded $117 million for option-year three of a U.S. Space Force and U.S. Space Command contract to continue maintaining and modernizing infrastructure to track objects in space. The Maintenance Of Space Situational Awareness Integrated Capabilities (MOSSAIC) program has an estimated contract value of $1.2 billion over 10 years.

L3Harris won the initial MOSSAIC contract in February 2020 to maintain and upgrade radar and optical sensors and command and control systems that provide timely, accurate space domain awareness data for military, civil and commercial users.

“Better understanding the behavior of objects in space is critical to warfighting operations,” said Ed Zoiss, President, L3Harris Space and Airborne Systems. “Our modernization initiatives enable the U.S. Space Force to better understand threats to satellites.”

L3Harris space superiority capabilities and differentiated technology provide the foundation for space domain control, protecting assets and preserving strategic advantages. A trusted partner of the Space Force and other agencies, L3Harris has served the space superiority mission for more than 30 years.

About L3Harris Technologies

L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across space, air, land, sea and cyber domains. L3Harris has more than $17 billion in annual revenue and 47,000 employees, with customers in more than 100 countries. L3Harris.com.

Forward-Looking Statements

This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about the value or expected value of orders, contracts or programs or about system or technology capabilities are forward-looking and involve risks and uncertainties. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220406005173/en/

Kristin P. Jones

Space and Airborne Systems

Kristin.P.Jones@L3Harris.com

571-419-4718

Jim Burke

Corporate

Jim.Burke@L3Harris.com

321-727-9131

Source: L3Harris Technologies

FAQ

What is the latest contract awarded to L3Harris Technologies?

L3Harris Technologies was awarded a $117 million contract extension for the MOSSAIC program.

What is the purpose of the MOSSAIC program?

The MOSSAIC program aims to maintain and upgrade systems for tracking objects in space and improving space situational awareness.

How much is the total estimated value of the MOSSAIC program?

The total estimated value of the MOSSAIC program is $1.2 billion over 10 years.

When was the original MOSSAIC contract awarded to L3Harris?

The original MOSSAIC contract was awarded in February 2020.

How does the MOSSAIC program benefit the U.S. Space Force?

The MOSSAIC program enhances the U.S. Space Force's ability to understand and protect against threats to satellites.