Every material Form 8-K Mercury Systems filed with the SEC in 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.
Mercury Systems reported first quarter fiscal 2025 results for the period ended September 27, 2024, with revenue of $204.4 million, up from $181.0 million a year earlier. GAAP net loss narrowed to $17.5 million, or $0.30 per share, from $36.7 million, or $0.64 per share, and adjusted EPS was $0.04 compared with $(0.24) a year earlier. The filing does not include new guidance.
Revenue of $204.4 million, up from $181.0 million in the prior-year quarter
Bookings of $247.7 million, a book-to-bill ratio of 1.21; total backlog of $1.34 billion, up $187.8 million year-over-year
GAAP net loss of $17.5 million ($0.30 per share) vs. $36.7 million ($0.64 per share); adjusted EBITDA of $21.5 million vs. $2.0 million
Free cash flow was $(20.9) million vs. $(47.1) million in the prior-year quarter
At its October 23, 2024 annual meeting, Mercury Systems shareholders re-elected three Class III directors to three-year terms ending in 2027 and approved a 2024 Employee Stock Purchase Plan. Shareholders also approved the executive pay advisory vote, though by a narrower margin, and ratified KPMG LLP as auditor for fiscal 2025. The board then named William L. Ballhaus Chairman and Barry R. Nearhos Lead Independent Director and set its committee assignments.
Orlando P. Carvalho received 51,733,429 votes for and 2,268,914 withheld; Debora A. Plunkett received 51,753,414 for.
Advisory say-on-pay vote: 38,372,223 for and 15,351,270 against, with 278,850 abstentions.
The 2024 Employee Stock Purchase Plan passed with 53,871,056 for and 116,252 against.
On October 23, 2024, the board elected William L. Ballhaus Chairman and Barry R. Nearhos Lead Independent Director.
Mercury Systems reported fourth-quarter and fiscal 2024 results with revenue down and a larger GAAP net loss than a year earlier, though fourth-quarter adjusted EBITDA rose. The company also amended its credit agreement, cutting total commitments from $1.1 billion to $900.0 million, with $591.5 million outstanding both before and after the change.
Q4 fiscal 2024 revenue was $248.6 million versus $253.2 million a year earlier; GAAP net loss was $10.8 million ($0.19 per share) versus $8.2 million ($0.15 per share).
Fiscal 2024 revenue was $835.3 million versus $973.9 million; GAAP net loss was $137.6 million ($2.38 per share) versus $28.3 million ($0.50 per share).
Q4 adjusted EBITDA was $31.2 million versus $21.9 million; full-year adjusted EBITDA was $9.4 million versus $132.3 million.
Amendment No. 6, dated August 13, 2024, lowers the revolver cap to $750.0 million until a $75.0 million minimum consolidated EBITDA test is met, raises permitted receivables factoring to $100.0 million from $60.0 million, and sets maturity
On June 17, 2024, Mercury Systems approved and implemented a workforce reduction eliminating about 100 positions as the next phase of its reorganization, with expected employee separation charges of about $5 million in the fiscal quarter ending June 28, 2024. The company expects annualized savings of about $15 million, a portion of which will be reinvested, with the remainder supporting improved profitability and operating leverage in fiscal 2025.
June 17, 2024: workforce reduction eliminating about 100 positions approved and implemented
Expected restructuring charges of about $5 million for employee separation, recorded in the quarter ending June 28, 2024
Expected annualized savings of about $15 million, including headcount and non-headcount savings
Tod Brindlinger appointed Senior Vice President of Operations effective June 10, 2024, reporting to COO Roger Wells
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 Mercury Systems filing is on SEC EDGAR ↗. 8-K briefs of other companies →