Tag: Defense

T3 Defense (DFNS) – Another Acquisition

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Monday, July 13, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Another Acquisition. On Friday, T3 Defense announced the acquisition of a 60% stake in Project35, a leading Israeli developer and manufacturer of drones, aerial interceptors and counter-UAV systems for Tier-1 defense customers in Israel and around the world. The acquisition launches T3 Defense into the center of the fast-expanding drone and counter-UAV (C-UAV) armament market, adding field-proven platforms and a new class of autonomous interceptor to its portfolio.

Terms. Under the terms of the transaction, T3 acquired its stake for 21,059,871 shares of T3 Defense common stock and a 12% promissory note due one day before the anniversary date in the principal amount of $1,250,000. At a current stock price of approximately $0.11, the value of the deal is about $3.56 million. Following closing, T3 Defense expects to work with Project35’s management team to support commercialization, production scaling, and expansion into additional customer programs, in addition to investing $2.5 million directly into the company’s operations over the next 12 months.


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Release – Kratos Receives Approximate $36 Million Air Defense System Single Award Contract

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July 2, 2026

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SAN DIEGO, July 02, 2026 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in the defense, national security and global markets, today announced that it has recently received an approximate $36 million sole-source contract award for a new air defense missile system. Kratos is a recognized industry leader in the rapid engineering, development and production at scale of affordable military-grade hardware, products and systems, including for hypersonic, missile, radar, air defense, directed energy, high-powered microwave, counter unmanned aerial system (C-UAS), chemical, biological, radiological, and nuclear (CBRN), unmanned aerial drone, strategic, and other systems. 

Tom Mills, President of Kratos’ C5ISR Division, said, “Building military-grade hardware on schedule and on budget, hardware that must work every time, is hard, and is also a clear differentiating capability of Kratos. The entire C5ISR team is proud to have been selected for this critical national security program.”

Eric DeMarco, President and CEO of Kratos, said, “Kratos’ air defense related hardware, products, and systems business, both in the United States and internationally, is currently seeing increased demand from numerous customers for multiple systems, platforms and technologies. Over the past several years, Kratos has made significant investments in property, plant, equipment and facilities, which we are continuing as we are laser focused on supporting the United States Department of War and the rebuild and recapitalization of our nation’s defense industrial base.”

Work under this contract award will be performed at a secure Kratos manufacturing facility. Due to security related, competitive and other considerations, no additional information related to this program will be provided.

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading-edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value-add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com and follow Kratos on LinkedIn and X.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 28, 2025, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:
Claire Cantrell
[email protected]

Kratos Investor Information:
877-934-4687
[email protected]

V2X (VVX) – A Major Recompete Win

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Monday, June 29, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Award. In its daily contract awards, on Friday, the Department of War announced it has awarded V2X subsidiary Vertex Aerospace a $500 million maximum firm-fixed-price, indefinite-delivery/indefinite-quantity contract for contractor logistic support services for the Air Force C-12 aircraft fleet. This is another in a long line of significant awards won by V2X, either new or re-competes, and highlights the Company’s diverse capabilities, in our view.

Details.  This contract provides time-sensitive movement of personnel, cargo, and medical evacuation, as well as test support for Air Force Materiel Command, Defense Intelligence Agency, Defense Security Cooperation Agency, and Pacific Air Forces. The contract is expected to be completed by June 30, 2031. The contract involves Foreign Military Sales. This contract was a competitive acquisition, and three offers were received.


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T3 Defense (DFNS) – Operating at the Critical Chokepoints of the Defense Industrial Base

Posted on by [email protected]


Monday, June 29, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Initiation. We are initiating research coverage of T3 Defense Inc. (NASDAQ: DFNS) with an Outperform rating and a $0.80 price target. T3 Defense is a global aerospace & defense holding company focused on acquiring and operating mission-critical defense businesses embedded at critical chokepoints of long-cycle national security programs. Through disciplined M&A, centralized capital and strategy, and decentralized operating autonomy, T3 Defense seeks to build the asymmetric edge by strengthening critical defense capabilities and compound long-term value.

Focus. The strategy targets Tier 2 and Tier 3 suppliers that form the industrial backbone of national security infrastructure, with particular emphasis on companies offering dual-use technologies, advanced AI applications, and critical manufacturing capabilities. Management is targeting high-growth areas in the defense industry, which is undergoing a strategic recapitalization driven by ongoing conflicts and rapid technological change.


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V2X (VVX) – Lowering Cost of Capital; More Flexibility

Posted on by [email protected]


Thursday, June 04, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Term Loan Repricing. V2X successfully repriced its approximately $869 million First Lien Term Loan. The repricing improves the applicable interest rate to SOFR plus an applicable margin of 2.0%, with an additional 25 basis-point reduction upon achieving specific corporate credit ratings of Ba3 (stable outlook) from Moody’s and BB (stable outlook) from S&P. The repricing also reduced the SOFR floor from 0.75% to 0.00%.

Implications. The transaction immediately lowers the Company’s borrowing costs and positions V2X to realize interest savings as the Company’s financial profile continues to strengthen. While the actual amount of interest savings will depend on SOFR rates, the transaction enhances the Company’s cost of capital and increases value for shareholders, in our view. With the closing, V2X has now successfully repriced its First Lien Term Loan four times since October 2023, highlighting the ongoing improvement in the Company’s financial profile, as well as the increased opportunity set, in our opinion.


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V2X (VVX) – Raising Price Target

Posted on by [email protected]


Tuesday, June 02, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Raising Price Target. With VVX share moving north of our $72 price target, we are increasing our target to $92 while maintaining our Outperform rating. At our new price target, VVX shares would trade at 0.8x our projected 2026 revenue, 11x our projected 2026 adjusted EBITDA, and 15.5x our projected 2026 adjusted EPS. These multiples are in line with VVX’s key competitors. VX shares are up approximately 52% y-t-d, versus an 11% rise for the S&P 500.

Overhang Removed. With American Industrial Partners’ May 2026 sale of approximately 2 million VVX shares, the firm is essentially out of V2X shares, completing a two-year process as AIP liquidated its 61%+ ownership stake in V2X acquired in the merger of Vectrus and Vertex, removing an ongoing overhang of stock, in our view. An entity affiliated with Vertex Aerospace did, however, continue to beneficially own 375,420 shares, or approximately 1.2%, of V2X’s outstanding common stock following the most recent share sale.


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V2X (VVX) – Strong First Quarter Results

Posted on by [email protected]


Tuesday, May 05, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Overview. V2X reported better-than-expected first-quarter results. Revenue increased 23% year-over-year to $1.25 billion, marking a record year-over-year organic growth rate for V2X. The growth was driven primarily by the ramp-up of training, foreign military sales, rapid prototyping, and engineering programs, as well as some discrete activities to support a national security customer.

1Q26 Results. Revenue came in at $1.254 billion, ahead of our $1.15 billion projection. Adjusted EBITDA of $85.6 million increased from $67 million last year and was above our $73.8 million projection. First quarter adjusted EPS was $1.53, up 55% year-over-year.


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Kratos Defense & Security (KTOS) – Awarded Another Significant Contract

Posted on by [email protected]


Friday, March 20, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Space Force. The Space Force’s Space Systems Command awarded Kratos a $447 million follow-on contract for Ground Management and Integration for the first two sets of Medium-Earth Orbit Missile Warning and Tracking satellites, according to a press release from the Agency. This follow-on award continues the positive award environment for Kratos, in our view.

Focus. SSC’s Resilient MWT MEO program under SYD 84 is focused on the rapid acquisition of robust infrared sensing technology and integrating it into an entirely new satellite constellation in MEO. The system is designed to detect and track a range of threats, from large, bright intercontinental ballistic missile launches to dim, maneuvering hypersonic missiles, integrating it with the broader national missile defense architecture.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Defense Stocks Back in Focus as Global Tensions Reshape Market Attention

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Rising geopolitical tensions are once again pushing defense and national security companies into the spotlight. As governments around the world increase military spending and prioritize advanced technologies, investors are taking a closer look at defense contractors that sit across the evolving security landscape.

While global conflict headlines often drive short-term market volatility, they can also highlight longer-term structural trends in defense spending. For small- and mid-cap investors, the most interesting opportunities may lie outside the largest prime contractors, among companies focused on emerging technologies, logistics, and next-generation defense systems.

Over the past several years, the defense industry has undergone a meaningful shift. Governments are investing not only in traditional military hardware, but also in autonomous systems, advanced communications, cyber defense, and mission support services. These areas often involve smaller or mid-sized publicly traded companies that provide specialized capabilities within the broader defense ecosystem.

One company frequently cited in discussions around next-generation defense technology is Kratos Defense & Security Solutions (NASDAQ: KTOS). The company focuses on advanced technologies including unmanned aerial systems, satellite communications, and high-performance engineering solutions designed for national security applications. Kratos has positioned itself in areas such as affordable drone technology and space communications infrastructure—two segments receiving increasing attention as military strategies evolve toward autonomous and distributed systems.

Another company operating within the defense services ecosystem is V2X Inc. (NYSE: VVX). V2X provides mission-critical logistics, infrastructure, and operational support services to U.S. and allied defense organizations. These services include base operations support, supply chain management, and technology-enabled mission support—functions that are essential for maintaining global military readiness.

While companies like Kratos and V2X operate in different corners of the defense landscape, they illustrate how the sector has broadened beyond traditional weapons manufacturing. Modern defense capabilities rely on a complex network of technology providers, service contractors, and specialized engineering firms that support military operations both domestically and abroad.

Recent geopolitical developments have reinforced the importance of resilient supply chains, rapid deployment capabilities, and advanced surveillance technologies. These priorities are shaping procurement strategies across NATO members and other allied nations, many of which have committed to increasing defense budgets in the coming years.

For investors focused on small- and mid-cap equities, this dynamic creates a broader investable universe within the defense sector. Companies operating in niche areas—such as unmanned systems, military communications, cybersecurity, and logistics support—may benefit from increased demand as governments modernize their defense infrastructure.

At the same time, defense stocks can be influenced by political decisions, budget negotiations, and shifting geopolitical conditions. As a result, investors often evaluate these companies within the context of long-term spending cycles rather than short-term headlines.

The current global environment has underscored how critical defense readiness remains for governments worldwide. For market participants, it has also brought renewed attention to the companies providing the technologies and operational capabilities that underpin modern military strategy.

As geopolitical uncertainty persists, the defense sector is likely to remain an area closely watched by investors tracking global security trends and the companies positioned within this evolving industry.

Kratos Defense & Security (KTOS) – Funds to Pursue Growth

Posted on by [email protected]


Tuesday, March 03, 2026

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A Raise. Kratos raised a net $1.35 billion through the sale of 16,285,571 KTOS shares at $84/sh, including the Underwriters exercising the 30-day allotment in full. The offering closed on  March 2, 2026. Noble Capital participated in the raise.

Uses. The net funds will be used to continue to make important capital expenditures to scale operations and meet the growing demands of  The Department of War and National Security customers with respect to existing programs, recently awarded contracts and new opportunities, (ii) to continue to invest in new product, system and software product development, (iii) to strengthen the Company’s balance sheet to allow the Company to be responsive to anticipated contract awards from the large, strategic pipeline of opportunities, (iv) to fund the recent acquisition of Nomad, pending acquisition of Orbit, and select future strategic M&A opportunities, and (v) for general corporate purposes.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Kratos Awarded $61.1 Million Navy Contract Modification for Full-Rate Production of 70 BQM-177A Subsonic Aerial Targets and Equipment

Posted on by [email protected]

February 25, 2026

SAN DIEGO, Feb. 25, 2026 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a leader in defense, national security and global markets, announced today that it has been awarded a $61,068,139 modification to a previously awarded firm-fixed-price contract (N0001923C0021) by the U.S. Navy. This contract modification exercises options to procure full-rate production Lot Seven for 70 of the BQM-177A Subsonic Aerial Targets, along with 70 Rocket-Assisted Takeoff (RATO) attachment kits and associated technical and administrative data. The systems will support weapons system test and evaluation and fleet training requirements for the U.S. Navy.

“Achieving full-rate production of the BQM-177A reflects the Navy’s continued confidence in Kratos’ ability to deliver reliable, high-performance aerial target systems at scale,” said Steve Fendley, President of Kratos Unmanned Systems Division. “This award underscores our commitment to providing affordable, mission-relevant unmanned systems that directly support Navy training, test, and evaluation requirements while maintaining production readiness for future demand. As with all previous awards or modifications, the exercise of this final option is at the maximum negotiated production quantity of seventy aircraft resulting in a total contract value of $238,798,157. In anticipation of further full rate production contracts, Kratos is continuing to invest in capital production improvements that will further improve either our capacity or efficiency.”

The BQM-177A is a subsonic, surface-launched aerial target designed to support realistic threat representation for advanced weapons testing and fleet training operations.

Work under the contract is expected to be performed in the following locations (with the expected share of the work): Sacramento, California (50%); Dallas, Texas (20%); Fort Walton Beach, Florida (5%); Blacksburg, Virginia (4%); Santa Ana, California (2%); Newton, Kansas (2%); Concord, California (2%); Milwaukie, Oregon (2%); Chatsworth, California (2%); and various other locations within the continental United States (11%). The contract is expected to be completed in August 2028.

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, advanced vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 28, 2025, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:
Claire Cantrell
[email protected]

Investor Information:
877-934-4687
[email protected]

V2X (VVX) – A Strong End to the Year

Posted on by [email protected]


Wednesday, February 25, 2026

V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Overview. In the fourth quarter, V2X drove record quarterly revenue, adjusted EBITDA, and adjusted cash flow. These results reflect the strength of the Company’s strategy and alignment with national security priorities for readiness and modernization. V2X continues to see momentum across the business coming through contract wins in key growth areas, and we are encouraged by the ongoing demand for the Company’s mission solutions.

4Q25 Results. Revenue increased 5% y-o-y to a record $1.22 billion.  Adjusted EBITDA was $88.7 million for the quarter, also a record for the Company. and exceeding management’s expectations. Adjusted net income was $49.3 million and adjusted EPS was $1.56, both representing double-digit year-over-year growth. We were at $1.19 billion, $81 million, and $1.33, respectively.


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Kratos Defense & Security (KTOS) – An Acquisition, Awards, and More

Posted on by [email protected]


Monday, February 23, 2026

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Acquisition. In a 424B3 filing, Kratos disclosed that it acquired Nomad Global Communication Solutions, Incorporated, for an initial amount of 972,136 KTOS shares or approximately $100 million. Nomad provides mobile command, control, and communications systems for space and satellite systems, UAVs, counter UAVs, and other systems, with clients including all branches of the U.S. armed forces, Homeland Security, and other Agencies, among others. We expect management to provide additional detail and color on the earnings call.

Drone Dominance. Kratos has been selected to participate in the initial Phase 1 Gauntlet for the Office of the Secretary of War’s Drone Dominance Program. This opportunity seeks to identify and evaluate platforms capable of demonstrating multiple one-way attack missions through a live competition. Upon successful completion of the Gauntlet, participants will be ranked and extended a prototype delivery award based on their performance and placement. The Drone Dominance Program represents a  $1.1 billion investment in groundbreaking unmanned systems technologies. The program aims to procure approximately 350,000 units.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.