Mercury Systems receives $21M follow-on order for high-definition video recorders

Rhea-AI Summary

Mercury Systems has secured a follow-on order worth $21.3 million from a leading defense prime contractor for high-definition video recorders, tailored for an airborne fighter platform. This order, expected to be delivered over upcoming quarters, highlights Mercury's reputation for speed, affordability, and technical expertise in the defense sector. The company emphasizes its commitment to delivering purpose-built solutions and its ongoing success in expanding its technology and content through mergers and acquisitions.

Positive

• Secured a follow-on order of $21.3 million, indicating strong demand for high-definition video recorders.
• Highlights reputation for speed, affordability, and technical competency, which may enhance future sales.
• Reinforces commitment to delivering critical technology solutions for defense applications.

Negative

• None.

ANDOVER, Mass., March 09, 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 $21.3 million follow-on order from a leading defense prime contractor for high-definition video recorders to be used on an airborne fighter platform. The order was received in Mercury’s fiscal 2022 second quarter and is expected to be delivered over the next several quarters.

Why It Matters
Based on the Company’s innovative high definition and recording system (HDVR) architecture, Mercury’s video recorders support challenging intelligence, surveillance, and reconnaissance (ISR) applications enabling users to make mission-critical decisions quickly.

“Our customer chose Mercury for this critical program because of our reputation for speed to market, affordability and technical competency,” said Jay Abendroth, vice president, Mercury Mission. “This follow-on order is testament to the work of our Systems Torrance team, reinforcing our commitment to deliver critical purpose-built solutions in support of our customer and their mission. Further, our ongoing success in awards on long term modern platforms reinforces our successful content and technology expansion strategy through M&A.”

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 products and services 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 value of the recent order secured by Mercury Systems on March 9, 2022?

The recent order secured by Mercury Systems was valued at $21.3 million.

What type of product did Mercury Systems receive an order for from a defense contractor?

Mercury Systems received an order for high-definition video recorders.

How does the recent order impact Mercury's position in the defense technology market?

The order reinforces Mercury's reputation for speed, affordability, and technical competency in the defense technology market.

When is the delivery expected for the recent order by Mercury Systems?

The delivery for the order is expected to occur over the next several quarters.

What applications will the new high-definition video recorders support?

The new high-definition video recorders are designed for intelligence, surveillance, and reconnaissance (ISR) applications.