Every material Form 8-K Kratos Defense & Security Solutions filed with the SEC in 2025, 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 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
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Kratos Defense & Security Solutions filing is on SEC EDGAR ↗. 8-K briefs of other companies →