Mercury Systems wins $56M contract to support compute-intensive processing requirements for radar application

Rhea-AI Summary

Mercury Systems announced a significant contract worth $56 million from a leading defense contractor to support rapid data processing for a defense radar application. This award, received in the fiscal 2022 fourth quarter, is expected to be delivered over the coming quarters. Mercury's rugged servers enhance the performance of advanced radar systems by efficiently processing large amounts of sensor data, ensuring timely situational awareness in defense operations. The company focuses on providing secure, innovative technology solutions tailored to critical military needs.

Positive

• Awarded a $56 million contract enhancing revenue prospects.
• Contract supports increasing demand for advanced radar processing solutions.

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• None.

ANDOVER, Mass., July 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 $56 million contract award from a leading defense prime contractor to facilitate the rapid data processing requirements for a defense radar application. The award was received in the Company’s fiscal 2022 fourth quarter and is expected to be delivered over the next several quarters.

Why It Matters:
Advanced radar systems, equipped with the processing power of Mercury’s rugged servers, sort and analyze immense amounts of sensor data at the edge to enable rapid and reliable situational awareness and early warning for defense platforms, weapons systems and their crews.

“The processing power of Mercury’s rugged servers brings the performance of the data center to the edge so the massive amount of data collected by today’s advanced radar applications can be analyzed quickly and securely,” said Joe Plunkett, vice president, Mercury Embedded. “In addition to helping rapidly unlock insights, our field-proven solutions minimize program costs and reduce risk.”

Mercury’s rugged servers provide data center level performance to solve compute-intensive processing challenges while maintaining system-wide integrity and protecting critical data for loss or compromise. Featuring trusted, secure, US designed and manufactured motherboards with the latest commercial server-class compute power, Mercury servers are the processing technology choice for sensitive mission critical applications.

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?

Mercury Systems received a $56 million contract.

Which sector does the $56 million contract pertain to?

The contract is for the defense sector, specifically for radar applications.

When was the contract awarded to Mercury Systems?

The contract was awarded in the fiscal 2022 fourth quarter.

What technology is Mercury Systems providing for the defense radar application?

Mercury is providing rugged servers for advanced data processing.

How does Mercury's technology impact defense operations?

Mercury's technology improves situation awareness by efficiently processing sensor data.