Mercury Systems Awarded $24M Contract for Avionics Systems

Rhea-AI Summary

Mercury Systems, Inc. (NASDAQ: MRCY) has received a $24 million contract from a leading defense prime contractor for avionics systems intended for rotary wing platforms in the vertical heavy lift market. This contract, booked in the third quarter of fiscal 2022, is scheduled for shipment over the next several quarters. The award highlights Mercury's role as a trusted partner in delivering advanced mission-critical technology, enhancing operational capabilities for defense.

Positive

• Secured a $24 million contract with a leading defense prime contractor.
• Contract enhances operational capabilities of avionics systems for heavy lift rotary platforms.

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• None.

ANDOVER, Mass., March 24, 2022 (GLOBE NEWSWIRE) -- Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), a leader in trusted, secure mission-critical technologies for aerospace and defense, announced it received a $24 million contract award from a leading defense prime contractor for avionics systems to be used in a rotary wing platform for the vertical heavy lift market. The order was booked in the Company’s fiscal 2022 third quarter and is expected to be shipped over the next several quarters.

Why It Matters:
Mercury’s innovative technology will enable faster, safer and more efficient mission performance on land or at sea, improving operational capabilities of critical avionics systems while increasing payload and range.

"This award further demonstrates the value Mercury provides to leading prime contractors as a trusted partner in delivering high-performance systems,” said Jay Abendroth, vice president, Mercury Mission. "As an independent domestic supplier of open mission systems, our commitment to R&D, innovative solutions and breadth of experience enables our customers to meet the challenges of today’s adversarial environments.” 

Mercury envisions, creates and delivers innovative technology solutions purpose-built to meet its customers most pressing high-tech needs. For more information, visit mrcy.com or contact Mercury at (866) 627-6951 or info@mrcy.com.

Mercury Systems – Innovation That Matters^®
Mercury Systems is a global commercial technology company serving the aerospace and defense industry. Headquartered in Andover, Mass., the company delivers trusted, secure open architecture processing solutions powering a broad range of mission-critical applications in the most challenging and demanding environments. Inspired by its purpose of delivering Innovation that Matters, By and For People Who Matter, Mercury helps make the world a safer, more secure place for all. To learn more, visit mrcy.com, or follow us on Twitter.

Forward-Looking Safe Harbor Statement
This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the equity awards discussed herein and to fiscal 2022 business performance and beyond and the Company’s plans for growth and improvement in profitability and cash flow. You can identify these statements by the use of the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs, the timing and amounts of such funding, general economic and business conditions, including unforeseen weakness in the Company’s markets, effects of epidemics and pandemics such as COVID, effects of any U.S. Federal government shutdown or extended continuing resolution, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in, or in the U.S. Government’s interpretation of, federal export control or procurement rules and regulations, changes in, or in the interpretation or enforcement of environmental rules and regulations, market acceptance of the Company's products, shortages in or delays in receiving components, production delays or unanticipated expenses due to performance quality issues with outsourced components, inability to fully realize the expected benefits from acquisitions, restructurings and value creation initiatives such as 1MPACT, or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, effects of shareholder activism, increases in interest rates, changes to industrial security and cyber-security regulations and requirements, changes in tax rates or tax regulations, changes to interest rate swaps or other cash flow hedging arrangements, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, unanticipated costs under fixed-price service and system integration engagements, and various other factors beyond our control. These risks and uncertainties also include such additional risk factors as are discussed in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended July 2, 2021. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

CONTACT
Robert McGrail, Director of Corporate Communications
Mercury Systems Inc.
+1 (978) 967-1366   |   robert.mcgrail@mrcy.com

Mercury Systems and Innovation That Matters are registered trademarks of Mercury Systems, Inc. Other product and company names mentioned may be trademarks and/or registered trademarks of their respective holders.

FAQ

What is the value of the contract awarded to Mercury Systems on March 24, 2022?

Mercury Systems was awarded a $24 million contract for avionics systems for rotary wing platforms.

What market is the new avionics system contract targeting?

The contract targets the vertical heavy lift market.

When was the contract from the defense prime contractor booked?

The contract was booked in the third quarter of fiscal 2022.

What does the contract signify for Mercury Systems and its capabilities?

The contract signifies Mercury's role as a trusted partner in delivering advanced avionics technology.