Every material Form 8-K Kratos Defense & Security Solutions has filed with the SEC since August 07, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Kratos reported third quarter 2026 revenue of $471.8 million, up 35.7% from a year earlier, and raised its adjusted EBITDA guidance for fiscal 2026 while tightening its revenue range. GAAP results weakened, with a net loss of $0.2 million compared with net income of $8.7 million a year earlier, and the company issued an initial 2027 forecast that assumes a continuing resolution into early 2027.
Q3 2026 revenue $471.8 million vs. $347.6 million in Q3 2025; organic growth 23.2%
GAAP net loss of $0.2 million (EPS $0.00) vs. net income of $8.7 million ($0.05 per share) in Q3 2025; adjusted EPS $0.24 vs. $0.14
FY2026 guidance: revenue $1,780 - $1,810 million and adjusted EBITDA $176 - $180 million
Initial FY2027 forecast: revenue $2,100 - $2,200 million and adjusted EBITDA $230 - $240 million; Q1 2027 expected to be the lightest quarter
Kratos Defense & Security Solutions reported second quarter 2026 revenue of $458.8 million, up from $351.5 million a year earlier, and raised its full-year 2026 revenue guidance to $1.750 billion to $1.810 billion. The company posted an operating loss of $1.6 million for the quarter, compared with operating income of $3.7 million a year earlier, while GAAP net income rose to $4.4 million, helped by interest income, and GAAP EPS was $0.02 in both periods.
Q2 2026 revenue of $458.8 million, up 30.5% from $351.5 million; organic growth of 19.1%
Operating loss of $1.6 million versus operating income of $3.7 million in Q2 2025; net income of $4.4 million versus $2.9 million
Adjusted EPS of $0.21 versus $0.11 a year earlier; Adjusted EBITDA of $38.2 million
Q3 2026 revenue guidance of $460 million to $480 million and operating income guidance of $1 million to $4 million; Q2 operating cash flow use of $11.0 million
Kratos reported first quarter 2026 revenue of $371.0 million, up 22.6% from $302.6 million a year earlier, and GAAP net income of $11.9 million, or $0.07 per diluted share, versus $4.5 million, or $0.03, in the prior-year quarter. The company raised its fiscal 2026 guidance to revenue of $1.700 billion to $1.760 billion and adjusted EBITDA of $170.0 million to $176.0 million, including the recently closed Orbit Technologies acquisition, but reported first quarter operating income of $4.7 million, down from $6.6 million, and cash flow used in operations of $27.4 million.
Q1 2026 revenue $371.0 million, up 22.6%; organic growth 15.8%
GAAP net income $11.9 million ($0.07 per diluted share) vs. $4.5 million ($0.03) in Q1 2025
Fiscal 2026 revenue guidance raised to $1.700 billion to $1.760 billion; adjusted EBITDA guidance $170.0 million to $176.0 million
Q1 2026 operating income $4.7 million vs. $6.6 million a year earlier; cash flow used in operations $27.4 million
Kratos Defense & Security Solutions appointed David King, a former Dynetics CEO and Leidos Group President, to its Board of Directors effective March 23, 2026, and to the Audit Committee. Bill Hoglund stepped down from the Audit Committee but remains Board Chairman. The filing describes a board appointment and committee change, not a change in financial results or company strategy.
David King appointed to Board effective March 23, 2026, following a March 19, 2026 recommendation from the Nominating and Corporate Governance Committee
King joins the Audit Committee, which now includes Scott Anderson (Chairperson), Colonel Bradley Boyd (Retired), Scot Jarvis and King
Bill Hoglund stepped down from the Audit Committee effective March 23, 2026 and remains Chairman of the Board
King will receive standard non-employee director compensation and a standard indemnification agreement
Kratos Defense & Security Solutions completed its merger with Orbit Technologies on March 2, 2026, making Orbit an indirect wholly owned subsidiary. The purchase price was approximately $352.7 million in cash, funded from Kratos's balance sheet cash, at $13.725 per Orbit ordinary share. The filing does not report Orbit's financial results or the deal's effect on Kratos's earnings.
Merger completed March 2, 2026; Orbit ceased public trading on the Tel Aviv Stock Exchange
Purchase price of approximately $352.7 million in cash for 100 percent of Orbit's ordinary shares
Merger consideration of $13.725 per Orbit ordinary share, as set out in the November 4, 2025 merger agreement
Outstanding Orbit options were fully vested and cashed out at the merger consideration less exercise price
Kratos Defense & Security Solutions priced a firm underwritten public offering of 14,285,714 common shares at $84.00 each, and the underwriters exercised their 30-day option in full on February 27, 2026. The offering was completed on March 2, 2026, with expected net proceeds of about $1,172,999,977. The company says it will use the proceeds for capital expenditures, product development, balance sheet strengthening, the recent Nomad acquisition, the pending Orbit acquisition and other strategic M&A, which means existing shareholders will own a larger share of the company.
Priced 14,285,714 shares at $84.00 per share; underwriters exercised option for an additional 2,142,857 shares in full on February 27, 2026
Expected net proceeds of approximately $1,172,999,977 after underwriting discounts and commissions
Offering closed March 2, 2026; Robert W. Baird & Co. acted as representative of the underwriters
Proceeds earmarked in part for the recent Nomad acquisition and the pending Orbit acquisition
Kratos reported fourth-quarter 2025 revenue of $345.1 million, up from $283.1 million a year earlier, and GAAP net income of $5.9 million, or $0.03 per share, versus $3.9 million. The company also issued its first 2026 base case guidance, with revenue of $1.595 billion to $1.675 billion and adjusted EBITDA of $157.0 million to $167.0 million, including the recently closed Nomad acquisition. Free cash flow used in operations was $125.4 million for full year 2025, which shareholders may weigh against the revenue growth.
Q4 2025 revenue $345.1 million, up 21.9% from $283.1 million; organic growth 20.0%
Q4 2025 GAAP net income $5.9 million ($0.03 per share) vs. $3.9 million; adjusted EPS $0.18 vs. $0.13
Full year 2025 revenue $1.347 billion; net income $22.0 million; free cash flow used $125.4 million
2026 base case guidance: revenue $1.595 billion to $1.675 billion; adjusted EBITDA $157.0 million to $167.0 million
Kratos signed a merger agreement on November 4, 2025 to acquire Orbit Technologies Ltd, an Israel-based satellite communications provider listed on the Tel Aviv Stock Exchange, for $13.725 per share in cash, or about $356.3 million in total. The company said the deal will be funded from cash on its balance sheet, and closing is expected by the end of March 2026, subject to conditions including Orbit shareholder approval and regulatory approvals in Israel.
Orbit shareholders would receive $13.725 per share in cash; aggregate consideration is expected to be about $356.3 million.
Closing is expected by the end of March 2026 and requires majority Orbit shareholder approval, Israel Competition Authority approval, and approval of the Israeli Ministry of Defense.
Orbit would pay Kratos a termination fee of $14,252,000 in certain circumstances, such as accepting a superior proposal.
Either party may terminate if the merger is not completed within 270 days of the agreement date; Orbit would report through Kratos' Microwave Electronics Division.
Kratos reported third quarter 2025 revenue of $347.6 million, up from $275.9 million a year earlier, and net income of $8.7 million, or $0.05 per diluted share, versus $3.2 million, or $0.02, in the same period of 2024. The company raised its full year 2025 revenue guidance to $1.320 billion to $1.330 billion and raised its 2026 organic revenue growth forecast to 15 percent to 20 percent, though third quarter operating cash flow was negative $13.3 million.
Q3 2025 revenue of $347.6 million, up 26.0 percent from $275.9 million; Adjusted EBITDA of $30.8 million versus $24.6 million
Net income of $8.7 million, or $0.05 per diluted share, versus $3.2 million, or $0.02, in Q3 2024
Full year 2025 revenue guidance raised from $1.290-$1.310 billion to $1.320-$1.330 billion; Adjusted EBITDA guidance of $114-$120 million maintained
Cash flow used in operations was $13.3 million in Q3 2025, with free cash flow use of $41.3 million after $28.0 million in capital expenditures
Kratos reported second quarter 2025 revenue of $351.5 million, up 17.1 percent from $300.1 million a year earlier, while GAAP net income fell to $2.9 million, or $0.02 per share, from $7.9 million, or $0.05. The company raised its full-year 2025 revenue and Adjusted EBITDA guidance and gave initial third-quarter guidance, but the second-quarter bookings-to-revenue ratio was 0.7 to 1.
Q2 2025 revenue was $351.5 million, up from $300.1 million, with organic growth of 15.2 percent.
GAAP net income was $2.9 million, or $0.02 per share, versus $7.9 million, or $0.05 per share, in Q2 2024; Adjusted EPS was $0.11 versus $0.14.
Full-year 2025 revenue guidance is $1.29 billion to $1.31 billion and Adjusted EBITDA guidance is $114 million to $120 million, both increased.
KUS segment reported an operating loss of $0.3 million in Q2 2025, compared with operating income of $3.6 million a year earlier.
Kratos Defense & Security Solutions priced a public offering of 12,987,013 common shares at $38.50 per share, with the sale expected to close June 27, 2025. The underwriters exercised their 30-day option in full on June 26, 2025, for an additional 1,948,052 shares. The company expects net proceeds of about $483,750,000 and plans to use them for program investments, acquisitions and general corporate purposes, including debt repayment, but the new shares will dilute existing shareholders.
12,987,013 shares priced at $38.50 per share in a firm commitment underwritten offering with Robert W. Baird & Co. as representative
Underwriters exercised the 30-day option for 1,948,052 additional shares in full on June 26, 2025
Expected net proceeds of approximately $483,750,000, to fund programs, targeted acquisitions, debt paydown and general corporate purposes
Offering completed June 27, 2025, under an S-3ASR shelf registration effective since February 21, 2024
Kratos reported first quarter 2025 revenue of $302.6 million, up 9.2% from $277.2 million a year earlier, and GAAP net income of $4.5 million, or $0.03 per share, versus $1.3 million, or $0.01 per share, in the prior-year quarter. The company reaffirmed its full-year 2025 revenue guidance of $1,260 million to $1,285 million and issued initial second-quarter 2025 revenue guidance of $300 million to $310 million.
Q1 2025 revenue was $302.6 million, up 9.2%, with 7.4% organic growth; operating income was $6.6 million versus $7.0 million a year earlier
GAAP net income attributable to Kratos was $4.5 million ($0.03 per diluted share) versus $1.3 million ($0.01) in Q1 2024; adjusted EPS was $0.12 versus $0.11
Cash flow used in operations was $29.2 million in Q1 2025; free cash flow use was $51.8 million after $22.6 million of capital expenditures
Consolidated backlog was $1.508 billion at March 30, 2025, up from $1.445 billion at December 29, 2024
Kratos reported fourth quarter 2024 revenue of $283.1 million, up 3.4% from a year earlier, and full year 2024 revenue of $1.136 billion, up 9.6%. Full year 2024 GAAP net income was $16.3 million, or $0.11 per share, compared with a net loss of $8.9 million in 2023, and the company issued initial 2025 guidance that assumes a continuing resolution is resolved by March 14, 2025.
Q4 2024 revenue $283.1 million vs. $273.8 million in Q4 2023; Q4 GAAP net income $3.9 million, or $0.03 per share
Full year 2024 GAAP net income $16.3 million, or $0.11 per share, vs. a net loss of $8.9 million in 2023
2025 guidance: revenue $1,260-$1,285 million, operating income $34-$39 million, adjusted EBITDA $112-$118 million
Free cash flow was used at $8.5 million for full year 2024 after $58.2 million of capital expenditures
Kratos reported third quarter 2024 revenue of $275.9 million, up from $274.6 million a year earlier, and GAAP net income of $3.2 million, or $0.02 per share, compared with a net loss of $1.6 million in the prior-year quarter. Operating income, Adjusted EBITDA and Adjusted EPS were lower than a year earlier, and the company affirmed its full year 2024 financial forecast.
Q3 2024 revenue was $275.9 million versus $274.6 million in Q3 2023; Unmanned Systems revenue rose to $64.2 million from $56.7 million.
GAAP net income attributable to Kratos was $3.2 million ($0.02 per share), compared with a $1.6 million loss ($0.01 per share) in Q3 2023.
Operating income was $6.5 million versus $12.2 million, and Adjusted EBITDA was $24.6 million versus $27.7 million; Adjusted EPS was $0.11 versus $0.12.
Full year 2024 guidance was affirmed, with revenue of $1,125 million to $1,150 million; the company will provide 2025 guidance with its fiscal 2024 results in late February 2025.
Kratos Defense & Security Solutions disclosed that director Daniel Hagen resigned from its board and all related committees, effective immediately. The company said the resignation was not due to any disagreement with the company on its operations, policies or practices.
Daniel Hagen informed the board of his decision to resign on October 2, 2024
Resignation covers the board seat and all related board committees, effective immediately
Company states the resignation is not the result of a disagreement or dispute on operations, policies or practices
Kratos Defense & Security Solutions reported second quarter 2024 revenue of $300.1 million, up 16.8% from $256.9 million a year earlier, and GAAP net income attributable to Kratos of $7.9 million, or $0.05 per share, compared with a net loss of $2.7 million, or $0.02 per share, in the second quarter of 2023. The company affirmed its full year 2024 revenue guidance of $1,125 million to $1,150 million and gave initial third quarter revenue guidance of $265 million to $280 million.
Q2 2024 revenue $300.1 million, up from $256.9 million; Unmanned Systems revenue $85.8 million, up 64.7%
Q2 2024 Adjusted EBITDA $29.9 million, compared with $21.6 million in Q2 2023
Full year 2024 revenue guidance of $1,125 million to $1,150 million affirmed; Q3 2024 revenue guidance $265 million to $280 million
Q2 2024 operating cash flow was negative $2.7 million; consolidated backlog was $1.303 billion at June 30, 2024
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