Lyntris (LYNX) Registration filing summary

Company overview and business model

• Delivers “sense-to-act” connectivity solutions for defense, integrating sensor hardware, architecture, and data/software for U.S. and allied military customers.

• Solutions span maritime domain awareness, air & missile defense, and space ISR & resilient communications, with deployments across space, air, land, and sea.

• Vertically integrated model with proprietary IP, in-house engineering, and a modular, customer-centric approach supporting over 200 programs.

• Growth driven by organic expansion and 12 targeted acquisitions since 2018, creating a platform for integrated, mission-critical solutions.

• Workforce of over 1,000, including engineers and software specialists, with a significant portion holding security clearances.

Financial performance and metrics

• Revenue grew to $388.9M in 2025 (up 16.5% from 2024), with $241.0M in the first half of 2026 (up 34.6% YoY).

• Net losses: $8.5M in 2025 (improved from $31.0M in 2024); $13.0M loss in H1 2026.

• Adjusted EBITDA: $62.6M in 2025 (28.6% growth YoY), $37.8M in H1 2026; Adjusted EBITDA margin reached 16.1% in 2025.

• Backlog increased to $923.9M as of June 30, 2026, up from $475.8M at year-end 2025.

• Cash provided by operations was $34.9M in H1 2026, compared to cash used of $13.3M in H1 2025.

Use of proceeds and capital allocation

• Net IPO proceeds will be used to repay outstanding amounts under a new $200M term loan and $100M revolving credit facility, with any remainder for general corporate purposes.

• Recent refinancing replaced prior credit facilities, consolidating debt and extending maturities to 2031.

• No current plans to pay dividends; future earnings expected to be retained for growth and operations.