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Kratos Defense & Security Solutions (KTOS) investor relations material
Kratos Defense & Security Solutions Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue reached $351.5M, up 17.1% year-over-year, with 15.2% organic growth and broad-based gains, especially in Defense Rocket and C5ISR segments.
Major new program wins include Poseidon (potential $750M value) and Deimos, with Poseidon ramping in 2027 after facility completion.
Tactical drone business momentum: Valkyrie named USMC program of record, Airbus partnership for European Valkyrie, and additional sole-source opportunities.
Net income for Q2 2025 was $2.9M, down from $7.9M in Q2 2024; adjusted EBITDA was $28.3M, compared to $29.9M last year.
Backlog reached $1.414B, up from $1.30B a year ago, with a $13B bid and proposal pipeline.
Financial highlights
Adjusted EBITDA for Q2 2025 was $28.3M, above guidance, but gross margin declined to 21.0% from 25.7% year-over-year due to higher costs and less favorable mix.
Cash and cash equivalents rose to $783.6M at June 29, 2025, from $329.3M at year-end, mainly due to a $555.9M equity raise.
Cash flow used in operations was $10.6M in Q2; free cash flow used was $31.1M after $20.5M in capex.
Six-month revenue increased 13.3% year-over-year to $654.1M; net income for the period was $7.4M, down from $9.2M.
Operating cash flow was negative $40.9M for the first half, reflecting increased working capital and inventory purchases.
Outlook and guidance
Full-year 2025 revenue guidance raised to $1.29B–$1.31B (11–13% organic growth); adjusted EBITDA guidance increased to $114M–$135M.
Q3 2025 revenue guidance is $315M–$325M, with adjusted EBITDA expected at $29M–$34M.
2026 base case organic revenue growth forecast of 13–15% over 2025 is substantially covered by existing programs.
Margin/EBITDA rate expected to increase 100–150 bps in 2026, with further improvement in 2027 as higher-margin programs ramp.
Continued elevated capex planned for facility and production expansion, especially in Rocket Systems and Hypersonic businesses.
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