L3Harris Technologies Wins Next Phase of Missile Defense Contract

Rhea-AI Summary

L3Harris Technologies (NYSE:LHX) has secured a $121 million contract from the U.S. Missile Defense Agency for the development of space flight hardware aimed at enhancing the Hypersonic and Ballistic Tracking Space Sensor (HBTSS) program. This initiative is critical in addressing missile threats from near-peer adversaries using advanced infrared sensors. Previously, L3Harris was awarded a study contract for this program in 2019 and has been selected for additional projects related to missile detection and tracking in collaboration with the Department of Defense.

Positive

• Secured $121 million contract from Missile Defense Agency.
• Developing advanced space flight hardware for HBTSS program.
• Building on prior contract awarded in 2019, indicating ongoing project confidence.
• Selected for multiple layers in missile warning architecture, enhancing market position.

Negative

• None.

L3Harris Technologies (NYSE:LHX) was awarded a $121 million U.S. Missile Defense Agency contract to build space flight hardware to demonstrate the company’s solution for the Hypersonic and Ballistic Tracking Space Sensor (HBTSS) program.

HBTSS is one of several proposed missions within the Department of Defense’s next-generation proliferated low-Earth orbit space architecture. (Graphic: Business Wire)

“Our near-peer adversaries are making rapid advancements in missile technologies, posing a threat to our forward-deployed forces, allies and nation,” said Ed Zoiss, President, L3Harris Space and Airborne Systems. “L3Harris is leveraging our long-standing expertise in infrared remote sensing, advanced processing and communications, in addition to our recent wins in responsive space missions, to enable the Missile Defense Agency to quickly field significantly more capable and cost-effective mission solutions to address these threats.”

HBTSS is one of several proposed missions within the Department of Defense’s next-generation proliferated low-Earth orbit space architecture. The program’s objective is to detect and track traditional and emerging missile threats using infrared sensors and advanced processing capability.

The Missile Defense Agency awarded L3Harris a study contract in 2019 as the prior phase in this development program. L3Harris has also been competitively selected for two other layers of the missile warning and defense architecture. In December 2020, the Space Development Agency selected L3Harris to build and launch four space vehicles to detect and track ballistic and hypersonic missiles for launch in 2022. In April 2019, the U.S. Air Force selected L3Harris to design prototype payload and mission concepts for what has evolved into the U.S. Space Force’s medium-Earth orbit track custody demonstration.

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 air, land, sea, space and cyber domains. L3Harris has approximately $18 billion in annual revenue and 48,000 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/20210201005467/en/

FAQ

What is the value of the contract awarded to L3Harris by the Missile Defense Agency?

L3Harris was awarded a $121 million contract.

What program is L3Harris supporting with the new contract?

The contract supports the Hypersonic and Ballistic Tracking Space Sensor (HBTSS) program.

When was the study contract for HBTSS awarded to L3Harris?

The study contract was awarded in 2019.

How does the HBTSS program relate to missile threat detection?

The program aims to detect and track traditional and emerging missile threats using infrared sensors.

What is the significance of the HBTSS program for L3Harris?

It enhances L3Harris's capabilities in missile defense and strengthens their position in contracts with the Department of Defense.