Mercury Systems receives $14M order for SiP assemblies

Rhea-AI Summary

Mercury Systems Inc. (NASDAQ: MRCY) announced a $14 million order from a major defense contractor for system-in-package (SiP) assemblies, slated for delivery over the coming quarters. This order aligns with Mercury's commitment to onshore manufacturing, addressing Department of Defense (DoD) needs for secure microelectronics. The company emphasizes that their investments in advanced SiP technology facilitate innovative solutions for evolving defense requirements. This delivery reflects Mercury's strategic position in providing trusted solutions for defense applications.

Positive

• Received a $14 million order from a prominent defense prime contractor.
• Aligns with DoD's requirement for onshore microelectronics manufacturing.
• Investment in advanced SiP technology enhances capabilities in defense applications.

Negative

• None.

ANDOVER, Mass., April 12, 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 $14 million order from a leading defense prime contractor to provide system-in-package (SiP) assemblies for an airborne secure processing application. The order was received in the Company’s fiscal 2022 third quarter and is expected to be delivered over the next several quarters.

Why It Matters:
Mercury’s leadership in trusted microelectronics, as exemplified by its revolutionary system-in-package (SiP) technology, is enabling new sensor processing applications for a variety of defense platforms and programs while the secure and trusted chip-scale open system architecture (OSA) directly addresses the DoD’s requirement for onshore manufacturing of critical, state-of-the-art microelectronics. 

“Developing these advanced system-in-package (SiP) assemblies in the U.S. is another example of how Mercury is making commercial technology profoundly more accessible to defense,” said Roger Wells, president, Mercury Microelectronics. “Our significant investments in onshore trusted, microelectronics and expertise in secure, heterogeneous packaging are enabling Mercury to deliver complex solutions to our customers to meet the evolving demands of today’s defense environments and DoD requirements.”

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 was the recent order Mercury Systems received?

Mercury Systems received a $14 million order for system-in-package assemblies for an airborne secure processing application.

When was the order announced by Mercury Systems?

The order was announced on April 12, 2022.

Who is the primary customer for the recent order?

The primary customer is a leading defense prime contractor.

What does the $14 million order entail?

The order entails the provision of system-in-package (SiP) assemblies to be delivered over the next several quarters.

How does this order affect Mercury Systems' position in the defense market?

This order strengthens Mercury's position as a supplier of trusted microelectronics to the defense sector, addressing key DoD requirements.