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Release – Kratos Awarded $6.5 Million Contract to Provide Flight Testing for Hypersonic Research to Support Future Weapon Systems from DARPA

Posted on December 17, 2024December 17, 2024 by dburczyk@noblecapitalmarkets.com

SAN DIEGO, Dec. 17, 2024 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in Defense, National Security and Global Markets, was awarded a $6.5 million, single award contract by the Defense Advanced Research Projects Agency (DARPA) to provide flight testing for hypersonic research supporting future weapon systems. The two-year contract which began in August 2023 includes flight tests to develop, characterize, and validate critical hypersonic components for technology maturation and risk reduction.

The contract was awarded by the DARPA Defense Sciences Office (DSO) and supports their mission of creating the next generation of scientific discoveries and fueling innovation by leaning forward to expand the art of the possible. During program execution, Kratos is leveraging flight proven, affordable hypersonic test beds and sounding rocket-based launch vehicles to fulfill various flight experiment requirements and validate modeling and simulation (M&S) tools rapidly and affordably for future hypersonic flight testing.

Kratos is a leading provider of innovative products and solutions supporting ballistic missile targets, hypersonic systems, sub-orbital research, sounding rockets, unmanned drone systems, turbine technologies, directed energy and laser program systems. In recent years, Kratos has made significant investments in launch vehicle and hypersonic systems and technologies, including a focus on enabling affordable, rapid high-speed testing for the DoD and agencies including DARPA. Among the investments made by Kratos are the Erinyes hypersonic flyer, the Zeus solid rocket motor series and Dark Fury.

Dave Carter, President of Kratos’ Defense & Rocket Systems Division, said “Kratos’ investments in affordable and relevant hypersonic flight systems continue to pay off for our stakeholders and our customers. We are committed to helping our partners and customers, including DARPA, develop new technologies and execute test regimes and programs that push science towards its fundamental limits. We are excited and look forward to working with DARPA and supporting their mission.”

Eric DeMarco, President and CEO of Kratos said, “Our entire organization is laser focused on working with our government and industry partners and customers to rapidly deliver relevant, affordable systems and capabilities for United States National Security. Kratos’ in production and operational Erinyes and Zeus hypersonic systems, Valkyrie, Thanatos and entire family of affordable tactical jet UCAVs, Spartan family of low-cost turbojet engines for drones and cruise missiles and OpenSpace software-based TT&C and C2 systems for satellite communications are representative of the value Kratos delivers to each of our stakeholders.”

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.

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 31, 2023, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:
Claire Burghoff
Claire.Burghoff@kratosdefense.com

Investor Information:
877-934-4687
investor@kratosdefense.com

Source: Kratos Defense & Security Solutions, Inc.

Release – The GEO Group Announces $70 Million Investment in Expanding ICE Services Capabilities and New Corporate Reorganization

Posted on December 17, 2024December 17, 2024 by dburczyk@noblecapitalmarkets.com

Research News and Market Data on GEO

BOCA RATON, Fla.–(BUSINESS WIRE)–Dec. 16, 2024– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today a $70 million investment in capital expenditures to strengthen the Company’s capabilities to deliver expanded detention capacity, secure transportation, and electronic monitoring services to U.S. Immigration and Customs Enforcement (“ICE”). GEO is currently the largest service provider to ICE, currently providing approximately 21,000 detention beds (with a present census of 14,000) at 16 ICE Processing Centers with the ability to expand to a minimum of 32,000 beds at 23 facilities. GEO also presently provides electronic monitoring and case management services for approximately 185,000 participants under the Intensive Supervision Appearance Program, as well as secure ground transportation and air operations support services. With the objective of offsetting the $70 million investment in capital expenditures and further reducing debt, GEO intends to pursue the possible sale of several underperforming company-owned state correctional facilities.

In addition, GEO also announced several senior management changes. GEO’s Chief Executive Officer, Brian Evans, has given GEO notice of his retirement to pursue other opportunities, effective December 31, 2024. J. David Donahue will begin serving as the new Chief Executive Officer, effective January 1, 2025. Mr. Donahue has more than 40 years of experience in corrections and detention, having served in senior executive roles overseeing operational planning, facility activations, and managing operational teams. He joined GEO as the Eastern Region Vice President in 2009, after a distinguished career in corrections with the Federal Bureau of Prisons, Kentucky, and Indiana, where he served as Corrections Commissioner from 2005 to 2008. He also served as the Vice President of the American Correctional Association (“ACA”) and is an ACA-Certified Corrections Executive. During his tenure with GEO, Mr. Donahue was promoted to Senior Vice President and President of GEO Secure Services in 2016 and retired from GEO in July of 2020.

GEO previously announced the appointment of Paul Laird as Senior Vice President of Secure Services, effective January 1, 2025, replacing James Black who will retire on December 31, 2024 as previously announced. Mr. Laird joined GEO in 2015 as Eastern Region Director of Operations and was subsequently promoted to Western Region Vice President and was most recently transferred to Eastern Region Vice President. Prior to joining GEO, he served as Regional Director of the Federal Bureau of Prisons, North Central Regional Office, overseeing 20 facilities. Prior to that assignment, he served five years as the Chief Operating Officer of Federal Prison Industries and as Assistant Director of the Industries, Educational and Vocational Training Division. He also served on the AbilityOne Commission as a Presidential Appointee representing the United States Department of Justice between 2005 and 2015.

GEO also announced the appointment of Daniel Ragsdale as Senior Vice President, Contract Administration and Compliance, effective January 1, 2025. Mr. Ragsdale joined GEO in 2017 as Executive Vice President, Contract Compliance, after a successful career at ICE, where he served as Deputy Director from 2012 to 2017. In that capacity, he served as Chief Operating Officer for ICE, leading 20,000 employees, including 7,000 criminal investigators at Homeland Security Investigations and 6,000 officers in Enforcement and Removal Operations. He also previously served as a Special Assistant U.S. Attorney in the Criminal Division of the U.S. Attorney’s Office for the District of Arizona.

George C. Zoley, Executive Chairman of GEO, said, “We are pleased to welcome back David Donahue to GEO in his new role as Chief Executive Officer. His more than 40 years of experience in corrections and detention, coupled with his experience in operational planning, facility activations, and managing and overseeing operational teams will serve as an asset to our Company as we face the new and expanding opportunities ahead. We are also pleased to welcome Paul Laird and Dan Ragsdale to our Senior Management team. Mr. Laird’s operational experience and Mr. Ragsdale’s background in federal contract administration will continue to be important assets for our Company.

We are continuing to prepare for what we believe are potentially unprecedented future growth opportunities. We are making a $70 million investment in capital expenditures to strengthen our capabilities to deliver expanded detention capacity, secure transportation, and electronic monitoring and related services to ICE. We also intend to pursue the possible sale of several of our underperforming company-owned state correctional facilities with the objective of offsetting these capital investments and further reducing our overall debt.”

About The GEO Group

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 99 facilities totaling approximately 80,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

Use of forward-looking statements

This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241216329043/en/

Pablo E. Paez (866) 301 4436
Executive Vice President, Corporate Relations

Source: The GEO Group, Inc.

Release – CoreCivic Announces Promotion of Patrick Swindle to President And Chief Operating Officer

Posted on December 16, 2024December 16, 2024 by dburczyk@noblecapitalmarkets.com

Research News and Market Data on CXW

BRENTWOOD, Tenn., Dec. 16, 2024 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (“CoreCivic”) announced today that CoreCivic’s Board of Directors (the “Board”) has appointed Patrick Swindle, who currently serves as CoreCivic’s Executive Vice President and Chief Operating Officer, to President and Chief Operating Officer, effective January 1, 2025.

Damon T. Hininger, who currently serves as CoreCivic’s Chief Executive Officer and President, will continue serving as CoreCivic’s Chief Executive Officer and as a member of the Board.

Mr. Hininger commented, “Patrick is an exceptional leader with a wide set of skills and talents and over the years has developed an in-depth knowledge of all aspects of our business, most recently having overseen the largest component of our business while serving as our Chief Operating Officer. Patrick has proven his ability to develop people and solve challenging problems, and I am confident that Patrick’s demonstrated abilities will serve us well as we enter a time period that we believe will have rapid growth.”

Mr. Swindle said, “I am humbled to be afforded this tremendous opportunity to serve as President and Chief Operating Officer of CoreCivic. I am honored to work alongside so many great professionals, and I look forward to helping our team to deliver our mission-critical services in a newly expanded role.”

Mr. Swindle joined CoreCivic in 2007 as Managing Director, Treasury and has held numerous positions, including Vice President, Strategic Development; Senior Vice President, Operations; and Executive Vice President and Chief Corrections Officer before promoting to Executive Vice President and Chief Operating Officer. Prior to joining CoreCivic, Mr. Swindle spent ten years in equity research in the equity capital markets divisions of SunTrust Equitable Securities, Raymond James Financial Services, Inc. and Avondale Partners, LLC. Mr. Swindle holds a bachelor’s degree in finance from Western Kentucky University.

About CoreCivic

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for more than 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements concerning executive leadership positions at CoreCivic and prospects of growth in CoreCivic’s business. These forward-looking statements may include such words as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Such forward-looking statements may be affected by risks and uncertainties in CoreCivic’s business and market conditions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Important factors that could cause actual results to differ are described in the filings made from time to time by CoreCivic with the Securities and Exchange Commission (“SEC”) and include the risk factors described in CoreCivic’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 20, 2024. Except as required by applicable law, CoreCivic undertakes no obligation to update forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

Release – V2X Opens New Corporate Headquarters in Reston, VA

Posted on December 16, 2024December 16, 2024 by dburczyk@noblecapitalmarkets.com

Research News and Market Data on VVX

RESTON, Va., Dec. 16, 2024 /PRNewswire/ — V2X Inc., (NYSE: VVX) announces the opening of its new corporate headquarters in Reston, Virginia. This strategic move aligns with V2X’s commitment to innovation and operational excellence in support of national security, defense, and mission readiness worldwide.

Located in the heart of Northern Virginia’s business corridor, the headquarters provides a collaborative workspace to support the company’s global employees.

“Our new headquarters represents the next chapter of V2X’s growth and evolution,” said Jeremy C. Wensinger, President and Chief Executive Officer of V2X. “We are in a position to attract top talent and strengthen our ability to deliver solutions to our clients and partners worldwide.”

The new location reinforces V2X’s presence in a region that serves as a hub for defense, technology, and aerospace industries and will advance V2X’s missions.

About V2X
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.

Media Contact
Angelica Spanos Deoudes
Senior Director, Marketing and Communications
Angelica.Deoudes@goV2X.com
571-338-5195

Investor Contact
Mike Smith, CFA
Vice President, Treasury, Corporate Development and Investor Relations
IR@goV2X.com
719-637-5773

View original content to download multimedia:https://www.prnewswire.com/news-releases/v2x-opens-new-corporate-headquarters-in-reston-va-302332017.html

SOURCE V2X, Inc.

Release – V2X and Parsons Establish Joint Venture to Pursue National Science Foundation Antarctica Contract

Posted on December 10, 2024December 10, 2024 by dburczyk@noblecapitalmarkets.com

Research News and Market Data on VVX

RESTON, Va., Dec. 10, 2024 /PRNewswire/ — V2X Inc., (NYSE: VVX) is pleased to announce a strategic joint venture with Parsons Corporation (NYSE: PSN) in pursuit of the National Science Foundation Antarctica Science and Engineering Support Contract (ASESC) with an $8 billion ceiling value. The newly formed joint venture, named Polar Science Alliance (PSA), is a wholly dedicated entity which will enable world class scientific research support services for the United States Antarctic Program (USAP) over the next two decades.

For over six decades, the National Science Foundation (NSF) has maintained a vital U.S. presence in Antarctica, conducting extensive research on the continent and its ecosystems. The NSF’s endeavors seek to comprehend Antarctica’s influence on global processes like climate change and leverage the unique features of the region for scientific studies that are unparalleled elsewhere. Under the ASESC, the NSF oversees all U.S. scientific research activities and logistical operations in Antarctica and aboard vessels in the Southern Ocean through the USAP, which stands as one of the largest scientific research programs in the Antarctic region.

“V2X and Parsons have united to form a powerhouse team equipped to provide unmatched support to the NSF and support the USAP in its scientific research initiatives in Antarctica,” said Ken Shreves, Senior Vice President of Mission Support at V2X. “With work from the Arctic U.S. Space Force base to the West-central Pacific Ocean U.S. Army Kwajalein Atoll, V2X is the top tier mission critical support services provider of choice for any geographical and geopolitical environment in the world.”

V2X brings over a decade of experience in large-scale polar operations and logistics expertise and was recently awarded the follow-on option ten year period, supporting the multibillion-dollar U.S. Space Force, Pituffik Space Base in Greenland. V2X boasts decades of expertise in science support services. Leveraging industry-leading best practices and insights gleaned from a diverse portfolio of global programs in remote, challenging, and austere environments, V2X maximizes operational efficiency across all phases of mission execution, catering to the needs of government clients globally for the past 80 years.

“PSA stands ready to bring the experience and resources of its parent companies, Parsons and V2X, to the world-class United States Antarctic Program,” added Jon Moretta, President, Engineered Systems for Parsons. “Parsons brings years of experience in polar operations to this joint venture, including work as the modernization designer and builder on the Antarctica Infrastructure Modernization for Science Project. We’re proud to team with V2X for the opportunity to be NSF’s USAP support services partner in enabling the world-class Antarctic science program.”

Parsons is a leader in providing the federal government with solutions to the most complex infrastructure challenges. Parsons has 55 years of successful and proven polar operations experience beginning in 1970 on the North Slope of Alaska. The company’s capabilities span program and construction management, engineering and planning, and logistics. As a global solutions provider, Parsons works in all environments, including the freezing temperatures and volcanic rock of Antarctica. The company uses technological innovation and harnesses the potential of artificial intelligence to empower smarter decision-making, drive efficiency, and support clients worldwide across infrastructure, the environment, and national security.

The Polar Science Alliance collectively brings world class capabilities in global logistics, operations and engineering coupled with over 100 years science and research support experience. To learn more about Polar Science Alliance, visit www.polarsciencealliance.com. To learn more about Parsons’ federal infrastructure solutions, visit www.parsons.com/federal-infrastructure/. To learn more about V2X and its capabilities, please visit www.goV2X.com.

About V2X
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.

About Parsons
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.

Media Contact
Angelica Spanos Deoudes
Senior Director, Marketing and Communications
Angelica.Deoudes@goV2X.com
571-338-5195

Investor Contact
Mike Smith, CFA
Vice President, Treasury, Corporate Development and Investor Relations
IR@goV2X.com
719-637-5773

View original content to download multimedia:https://www.prnewswire.com/news-releases/v2x-and-parsons-establish-joint-venture-to-pursue-national-science-foundation-antarctica-contract-302326796.html

SOURCE V2X, Inc.

Release – Kratos XQ-58A Demonstrates Collaborative EW and Kill Chain Closure under USMC Control in Large Force Exercise

Posted on December 5, 2024December 5, 2024 by dburczyk@noblecapitalmarkets.com

Research News and Market Data on KTOS

SAN DIEGO, Dec. 05, 2024 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a Technology Company in the Defense, National Security and Global Markets and an industry-leading provider of high-performance, jet-powered unmanned aerial systems, today announced the successful performance of a recent series of flight tests of the United States Marine Corps’ XQ-58A Valkyrie, manufactured by Kratos. These flights and exercises were conducted jointly earlier this year by Kratos, Northrop Grumman Corporation, Autodyne, the United States Marine Corps (USMC), the United States Navy, and the United States Air Force (USAF).

Kratos’ XQ-58A Flies in Joint Emerald Flag Exercise

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/94bd48b4-0b84-4660-8063-18330361338a

The test was conducted as a part of Emerald Flag 2024—a multiservice and multi-domain training exercise. During this milestone event, the USMC demonstrated cooperative kill chain closure between crewed and uncrewed strike platforms, specifically Kratos’ XQ-58A Valkyrie, for the first time in a large-force exercise.

The USMC kill chain closure demonstration, hosted in a joint force environment, showcased collaborative electronic warfare (EW) operations in addition to newly added tactical data link capabilities. These tests mark the first time the Department of Defense (DoD) controlled an XQ-58 using expeditionary methods. Initial results indicate the system met threshold requirements for autonomously exchanging relevant tactical information. These capabilities significantly enhance the Marine Air-Ground Task Force’s ability to conduct integrated and joint operations, contributing to the USMC’s mission to deter conflict and, when necessary, defeat enemies in complex and evolving scenarios.

These flights were conducted in partnership with the Office of the Under Secretary of Defense for Research and Engineering, the Naval Air Warfare Center Aircraft Division (NAWCAD) AIRWorks, and industry partners. Flight test support was provided by the 40^th Flight Test Squadron, the 46^th Test Squadron, the 96^th Test Wing, and the Marine Operational Test & Evaluation Squadron 1 (VMX-1).

The latest event was witnessed by the USMC Deputy Commandant of Aviation, Lt. Gen. Bradford Gering, as well as officers and civilians from the Marine Corps Cunningham Group, Marine Corps Warfighting Laboratory, Naval Air Systems Command (NAVAIR) Expeditionary and Maritime Aviation-Advanced Development Team (XMA-ADT), and the Office of the Secretary of Defense (OSD).

As the USMC advances towards the operational fielding of a new uncrewed system, Kratos is at the vanguard of technological advancement to ensure the Marines have the best tactical asset to complement their fleet of F-35B aircraft.

Flying alongside four USMC F-35B aircraft from the Marine Fighter Attack Squadron 214 (VMFA-214) and two USAF F-15E/EX aircraft from the 40^th Flight Test Squadron, the USMC XQ-58A operated under vehicle-level autonomy to perform maneuvers in a simulated threat environment. The Valkyrie’s on-board sensors identified and geolocated relevant threats, and simultaneously passed targeting data to collaborating air and ground platforms over tactical networks.

During the exercise, the XQ-58A was also flown by a USMC aviator, and control was passed between air and ground control methods which can command multiple Valkyries simultaneously. This demonstration of the XQ-58A’s ability to support crewed-uncrewed teaming and Expeditionary Advanced Base Operations (EABO) marks a significant milestone in the Marine Air-Ground Task Force Unmanned Aerial System Expeditionary (MUX) Tactical Aircraft (TACAIR) development.

Steve Fendley, President of Kratos Unmanned Systems Division, said, “We’re proud to be leading the industry effort to demonstrate and deliver this critical collaborative uncrewed aircraft capability. The mission capability demonstrated during the latest exercise – enabling Marine Corps pilots to lead a strike package of multiple Valkyries seamlessly transferring C2 between crewed aircraft and expeditionary ground control stations, to autonomously accomplish the mission while reducing risk exposure – will be a force multiplier. Our integrated, autonomous collaborative platform, jet-powered aircraft systems truly validate the DoD’s goal of achieving effective, survivable, affordable mass.”

Flying since 2019, the Kratos XQ-58A Valkyrie is a high-performance, runway-flexible tactical unmanned aerial vehicle capable of long-range flights at high-subsonic speeds. The Valkyrie can serve as a loyal wingman, conduct single unmanned aircraft system operations, or operate in swarms. Combining affordability, survivability, long-range, high-subsonic speeds, maneuverability, and ability to carry flexible mission kit configurations and mix of lethal weapons from its internal weapons bay and wing stations, the XQ-58A provides unmatched operational flexibility at an affordable price for multiple DoD customers.

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.

Press Contact:
Claire Burghoff
claire.burghoff@kratosdefense.com

Investor Information:
877-934-4687
investor@kratosdefense.com

Release – FreightCar America, Inc. to Present at NobleCon20

Posted on November 27, 2024November 27, 2024 by dburczyk@noblecapitalmarkets.com

Research News and Market Data on RAIL

CHICAGO, Nov. 26, 2024 (GLOBE NEWSWIRE) — FreightCar America, Inc. (NASDAQ: RAIL or the “Company”), a diversified manufacturer and supplier of railroad freight cars, railcar parts and components, today announced that the Company will present and conduct investor meetings at Noble Capital Markets’ Emerging Growth Equity Conference on December 3-4, 2024 in Boca Raton, Florida.

Nick Randall, President and Chief Executive Officer, and Mike Riordan, Chief Financial Officer, will begin the presentation at 1:30 PM CT on December 3^rd and conduct one-on-one investor meetings scheduled on both days.

Interested parties can access a replay of the presentation on the Investor Relations section of the Company’s website at https://investors.freightcaramerica.com under the “News and Events” section.

About FreightCar America

FreightCar America, headquartered in Chicago, Illinois, is a leading designer, producer and supplier of railroad freight cars, railcar parts and components. We also specialize in railcar repairs, complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. Since 1901, our customers have trusted us to build quality railcars that are critical to economic growth and instrumental to the North American supply chain. To learn more about FreightCar America, visit www.freightcaramerica.com.

Investor Contact: RAILIR@riveron.com

Source: FreightCar America, Inc.

Release – Great Lakes Dredge and Dock to Present at NobleCon20 – Noble Capital Markets’ Twentieth Annual Emerging Growth Equity Conference on Tuesday, December 3, 2024

Posted on November 27, 2024November 27, 2024 by dburczyk@noblecapitalmarkets.com

Research News and Market Data on GLDD

HOUSTON, Nov. 26, 2024 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced today that its President and Chief Executive Officer, Lasse Petterson, and Senior Vice President and Chief Financial Officer, Scott Kornblau, will present at NobleCon20 – Noble Capital Markets’ Twentieth Annual Emerging Growth Equity Conference at Florida Atlantic University, Executive Education Complex, in Boca Raton, Florida on Tuesday, December 3, 2024, at 10:30 AM Eastern Standard Time.

A high-definition video webcast of the presentation will be available the following day on the Company’s website https://investor.gldd.com/investor-relations and as part of a complete catalog of presentations available at Noble Capital Markets’ Conference website: www.nobleconference.com and on Channelchek www.channelchek.com the investor portal created by Noble. The webcast will be archived on the company’s website, the NobleCon website, and on Channelchek.com for 90 days following the event.

The Company
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 134-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

About Noble Capital Markets, Inc.
Established in 1984, Noble Capital Markets is an SEC / FINRA registered full-service investment bank and advisory firm with an award-winning research team and proprietary investor distribution platform. We deliver middle market expertise to entrepreneurs, corporations, financial sponsors, and investors. Over the past 40 years, Noble has raised billions of dollars for companies and published more than 45,000 equity research reports. Noble launched www.channelchek.com in 2018 – an investor community dedicated exclusively to public emerging growth and their industries. Channelchek is the first service to offer institutional-quality research to the public, for FREE at every level without a subscription. More than 7,000 public emerging growth companies are listed on the site, and content including equity research, webcasts, and industry articles.

Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking” statements as defined in Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (the “SEC”), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. These cautionary statements are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining the benefits of the “safe harbor” provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future events.

Although Great Lakes believes that its plans, intentions and expectations reflected in this press release are reasonable, actual events could differ materially. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.

For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

Release – Graham Corporation to Present at the Noble Capital Markets Conference

Posted on November 22, 2024November 22, 2024 by dburczyk@noblecapitalmarkets.com

Research News and Market Data on GHM

BATAVIA, N.Y.–(BUSINESS WIRE)– Graham Corporation (NYSE: GHM) (“GHM” or “the Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries, today announced that Christopher J. Thome, Vice President – Finance and Chief Financial Officer, and Matt Malone, Vice President of Graham Corporation and General Manager of Barber-Nichols, will present and host investor meetings at the Noble Capital Markets Emerging Growth Equity Conference at the Florida Atlantic University in Boca Raton on Wednesday, December 4, 2024.

The Company presentation is scheduled to begin at 10:30 a.m. Eastern Time. A high-definition video webcast of the presentation will be available the following day at GHM Investor Relations, and as part of a complete catalog of presentations available at Noble Capital Markets’ Conference website and on Channelchek the investor portal created by Noble. The webcast will be archived on the company’s website, the NobleCon website, and on Channelchek.com for 90 days following the event.

About Graham Corporation

Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries. Graham Corporation and its family of global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems. Graham Corporation routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241121655123/en/

For more information:
Christopher J. Thome
Vice President – Finance and CFO
Phone: (585) 343-2216

Deborah K. Pawlowski / Craig P. Mychajluk
Alliance Advisors IR
716-843-3908 / 716-843-3832
dpawlowski@allianceadvisors.com
cmychajluk@allianceadvisors.com

Source: Graham Corporation

Release – Kelly Enhances Pediatric Therapy Services with Strategic Acquisition of Children’s Therapy Center, Bolstering Market Leadership

Posted on November 19, 2024November 19, 2024 by dburczyk@noblecapitalmarkets.com

Research News and Market Data on KELYA

Kelly’s acquisition of Children’s Therapy Center (CTC) further expands growth opportunities in the high-margin, high-demand therapeutic services segment.
The integration of CTC into Kelly Education’s Pediatric Therapy Services will bolster service delivery, offering Minnesota school districts access to comprehensive therapy solutions to address the increasing demand arising from student special education needs.
The addition of CTC brings increased scale to the current network of licensed therapists, enabling flexible practice in clinics or schools.

TROY, Mich., Nov. 19, 2024 (GLOBE NEWSWIRE) — Today, Kelly (Nasdaq: KELYA, KELYB) announced that it has acquired Children’s Therapy Center (CTC). Specializing in occupational, physical, and speech therapy for children from birth to eighteen, CTC operates from its headquarters in Eagan, MN, with an additional office in Apple Valley, MN. This acquisition will integrate CTC into Kelly Education’s Pediatric Therapy Services (PTS) portfolio. This provides opportunities for Minnesota school districts, including those who currently partner with Teachers On Call (TOC), a Kelly Education Company, to integrate PTS’s related therapy services to meet the growing demand of student special education needs. The terms of the acquisition were not disclosed.

“Children’s Therapy Center’s people-focused culture aligns well with Kelly’s values,” said Nicola Soares, president of Kelly Education. “CTC’s therapist-focused model emphasizes provider-child relationships and is dedicated to achieving positive outcomes for children. This expansion also enables us to bring value to the Center’s strong therapist retention practices by offering flexibility to practice in either school or clinical settings, underscoring our commitment to growth and comprehensive service delivery.”

CTC offers diverse interventions supported by continuous professional development for its therapists. Focused on delivering best-in-class service and ensuring the highest standards of care, CTC is committed to strong compliance, implementing robust processes to ensure adherence to federal, state, and local regulations.

“I am excited about the direction of this innovative adoption by Kelly Education’s PTS specialty brand, bringing together our unique strengths to advance holistic care for children,” said Sue Fuller, founder of Children’s Therapy Center. “This collaboration represents a unified vision and offers a remarkable opportunity to transform how we deliver services, ensuring that every child receives the support necessary for their growth and well-being.”

About Kelly

Kelly (Nasdaq: KELYA, KELYB) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners, we connect job seekers around the world with meaningful work. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Visit kellyservices.com.

About Kelly Education

Kelly Education powers the future of learning through customized workforce solutions, including hiring and recruiting, business management, professional development, academic and social-emotional support across the full continuum of education––from PreK-12, special education, and therapeutic services to executive search and beyond. Kelly Education is a business of Kelly (Nasdaq: KELYA, KELYB), a global workforce solutions provider that connects businesses and individuals with limitless opportunities through meaningful work. Learn more at kellyeducation.com or connect with us on LinkedIn, Facebook, and X.

Forward-Looking Statements

This release contains statements that are forward looking in nature and, accordingly, are subject to risks and uncertainties. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Kelly’s financial expectations, are forward-looking statements. Factors that could cause actual results to differ materially from those contained in this release include, but are not limited to, (i) changing market and economic conditions, (ii) disruption in the labor market and weakened demand for human capital resulting from technological advances, loss of large corporate customers and government contractor requirements, (iii) the impact of laws and regulations (including federal, state and international tax laws), (iv) unexpected changes in claim trends on workers’ compensation, unemployment, disability and medical benefit plans, (v) litigation and other legal liabilities (including tax liabilities) in excess of our estimates, (vi) our ability to achieve our business’s anticipated growth strategies, (vi) our future business development, results of operations and financial condition, (vii) damage to our brands, (viii) dependency on third parties for the execution of critical functions, (ix) conducting business in foreign countries, including foreign currency fluctuations, (x) availability of temporary workers with appropriate skills required by customers, (xi) cyberattacks or other breaches of network or information technology security, and (xii) other risks, uncertainties and factors discussed in this release and in the Company’s filings with the Securities and Exchange Commission. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. All information provided in this press release is as of the date of this press release and we undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

KLYA-FIN

Contact Information

Media Contact:
Danielle Nixon
816-737-8414
danielle.nixon@kellyservices.com

Analyst Contact:
Scott Thomas
(248) 251-7264
scott.thomas@kellyservices.com

Release – Great Lakes Dredge and Dock’s Cape Hatteras and Cape Canaveral Multi Cat Vessels Win Prestigious WorkBoat’s Significant Boat of the Year Award

Posted on November 18, 2024November 18, 2024 by dburczyk@noblecapitalmarkets.com

Research News and Market Data on GLDD

HOUSTON, Nov. 18, 2024 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced that its newly launched Multi Cat dredge support vessels, Cape Hatteras and Cape Canaveral, have been awarded the prestigious 2024 Significant Boat of the Year title at the International WorkBoat Show. This award underscores the Company’s commitment to safety, innovation, and operational excellence in the dredging and maritime sectors.

The Cape Hatteras and Cape Canaveral, built by Conrad Shipyard in Morgan City, Louisiana, are 99-foot Damen 3013 Multi Cat vessels equipped with cutting-edge technology and features that elevate both safety and efficiency in dredging operations.

Chris Gunsten, Senior Vice President of Project Services and Fleet Engineering at Great Lakes commented, “These vessels represent a milestone for our Company and the dredging industry. The Multi Cat design introduces critical safety enhancements by enabling pipe handling and connection work to take place securely on deck, significantly reducing the risk of man overboard incidents. The vessels are a perfect fit with our Company’s strong safety culture and already have shown their ability to improve our dredging efficiency while supporting vital shoreline protection and waterway maintenance.”

The Cape Hatteras and Cape Canaveral vessels are not only the first Damen Multi Cats built in the U.S., but also represent a major step forward in supporting dredging operations with enhanced safety, reduced manual labor, and greater operational flexibility. Their design eliminates the need for additional floating support vessels, contributing to improved operational efficiency and reduced environmental impact. The vessels’ cutting-edge equipment ensures safe and effective navigation and communication on complex dredging projects.

Lasse Petterson, Great Lakes’ President and Chief Executive Officer commented, “Great Lakes is committed to leveraging advanced technologies to maintain and improve U.S. shorelines and waterways. These Multi Cat vessels are integral to the Company’s mission to lead the dredging industry with innovative, safe, and efficient solutions.”

The Company

Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 134-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

Release – Kratos Awarded $116.7 Million Prime Contract from the U.S. Space Development Agency for Ground System to Support Advanced Fire Control Missions

Posted on November 13, 2024November 13, 2024 by dburczyk@noblecapitalmarkets.com

Research News and Market Data on KTOS

Kratos Led Team Will Design, Implement and Operate Ground Infrastructure Supporting Interoperability Across Multi-Vendor LEO Constellations Using its Kratos OpenSpace® Platform

SAN DIEGO, Nov. 13, 2024 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in the defense, national security and global markets, announced today that it has been awarded a contract valued at a maximum of $116.7 million over five years to create and operate an Advanced Fire Control Ground Infrastructure (AFCGI) for the U.S. Space Development Agency’s (SDA) Advanced Fire Control (AFC) program. The AFC will deliver integrated space and ground elements to demonstrate advanced fire control missions for missile defense.

Advanced fire control brings highly sophisticated systems for space-based sensing. These systems enable precise, real-time coordination for tracking operations in space for effective responses to threats. Among its applications, the AFCGI will support SDA’s Fire-control On Orbit-support-to-the-war Fighter program, also known as FOO Fighter or F2, which is tasked with detecting and tracking advanced missile threats, including hypersonic missiles.

As the AFCGI prime contractor, Kratos will lead a team of partner companies to:

Deliver and manage ground segment resources, including ground entry points and terrestrial network connections;
Fit-out and manage a government-owned, contractor-operated (GOCO) facility called the Demonstration Operations Center;
Manage a government-procured, contractor-operated cloud environment to provide cloud services, including hosting space vehicle mission operations center software and interfacing with mission partner systems; and,
Provide program management, systems engineering, integration, verification, and operations and maintenance of the AFC ground infrastructure.

Members of the Kratos-led team include ASRC Federal Systems Solutions, LLC, Peraton, Inc., Sphinx Defense, Inc. and Stellar Solutions, Inc.

Core to the AFCGI, Kratos will provide a Ground Resource Manager (GRM) which will be built for the FOO Fighter program and designed to support any future fire control demonstrations. Built upon Kratos’s OpenSpace Ground Platform, the GRM will ensure interoperability to support new space vehicles built by multiple manufacturers from multiple AFC constellations. OpenSpace is an orchestrated, software-defined and cloud-native platform based on accepted industry standards. With it, these satellite manufacturers will be able to synchronize their Command and Control (C2) missions into the AFCGI infrastructure, and new network elements and software applications will integrate seamlessly into the AFCGI. The GRM will act as the hub for the AFC constellations, serving to demonstrate modern capabilities as they evolve to support increasingly sophisticated operational programs.

Phil Carrai, President of Kratos’ Space Division stated, “Advancements in missile technology and hypersonics that can travel at more than 3000 mph present new adversarial threats and will require new defensive capabilities to identify, track and respond to them rapidly. The AFCGI will serve as a standing sandbox for exploring and validating new technologies, solutions and techniques to address these threats with commensurate speed and agility. The GRM will enable the Space Force to capitalize on best of breed technologies from across the most advanced developers, and seamlessly integrate and orchestrate their operations.”

About Kratos OpenSpace
Kratos’ OpenSpace family of solutions enables the digital transformation of satellite ground systems to become a more dynamic and powerful part of the space network. The family consists of three product lines: OpenSpace SpectralNet for converting satellite RF signals to be used in digital environments; OpenSpace quantum products, which are virtual versions of traditional hardware components; and the OpenSpace Platform, the first commercially available, fully orchestrated, software-defined ground system. These three OpenSpace lines enable government agencies, commercial satellite operators and other service providers to implement digital operations at their own pace and in ways that meet their unique mission goals and business models. For more information about the OpenSpace family visit www.KratosDefense.com/OpenSpace.

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.

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 31, 2023, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:
Claire Burghoff
claire.burghoff@kratosdefense.com

Investor Information:
877-934-4687
investor@kratosdefense.com

Source: Kratos Defense & Security Solutions, Inc.

Release – FreightCar America, Inc. Reports Third Quarter 2024 Results

Posted on November 12, 2024November 12, 2024 by dburczyk@noblecapitalmarkets.com

Research News and Market Data on RAIL

Company delivers 83% year-over-year revenue growth with strong gross margin

Raises mid-point of full year Adjusted EBITDA guidance

CHICAGO, Nov. 12, 2024 (GLOBE NEWSWIRE) — FreightCar America, Inc. (NASDAQ: RAIL) (“FreightCar America” or the “Company”), a diversified manufacturer and supplier of railroad freight cars, railcar parts and components, today reported results for the third quarter ended September 30, 2024.

Third Quarter 2024 Highlights

Revenues of $113.3 million on 961 railcar deliveries, compared to revenues of $61.9 million on 503 railcar deliveries in the third quarter of 2023, up 83% and 91% respectively
Gross margin of 14.3% with gross profit of $16.2 million, compared to gross margin of 14.9% with gross profit of $9.2 million in the third quarter of 2023
Net loss of ($107.0) million, or ($3.57) per share and Adjusted net income of $7.3 million, or $0.08 per share, driven by a ($110.0) million non-cash loss on warrant liability due to a significant appreciation in share price
Adjusted EBITDA of $10.9 million, compared to Adjusted EBITDA of $3.5 million in the third quarter of 2023, up 211%
Ended the quarter with a backlog of 3,611 units valued at $372 million

“We again demonstrate the power of our disciplined approach to growth and operational excellence. Delivering another solid quarter, that continues the momentum for a record-setting year out of our operating facility. Our team has consistently followed through on our commitments, with robust product shipments and adaptable operating capabilities. This reinforces our ability to meet our customers’ needs while improving our gross margins, and further demonstrates the power of our value proposition. We continue to showcase our ability to secure business through innovative solutions, and our ease of doing business which has led to a consistent higher quality of earnings,” commented Nick Randall, President and Chief Executive Officer of FreightCar America.

Randall continued, “Our pipeline is invigorated, with consistent demand across a broad range of railcar types. As we head into the fourth quarter, we are well positioned to sustain this momentum through our differentiated offerings and unique market approach. Our commitment to innovation and operational flexibility sets us apart in the industry, ensuring that we deliver long-term value for our customers and shareholders.”

Fiscal Year 2024 Outlook

The Company has updated its outlook for fiscal year 2024 as follows:

Mike Riordan, Chief Financial Officer of FreightCar America, commented, “Given our strong order activity and delivery performance year to date, we are narrowing and raising the mid-point of our previously issued full-year EBITDA guidance to between $37 million and $39 million while reaffirming our previously stated revenue and delivery guidance. As we move forward, I am confident in our ability to achieve profitable growth and cash generation across the enterprise with an even stronger financial profile.”

Third Quarter 2024 Conference Call & Webcast Information

The Company will host a conference call and live webcast on Tuesday, November 12 at 11:00 a.m. (Eastern Time) to discuss its third quarter 2024 financial results. FreightCar America invites shareholders and other interested parties to listen to its financial results conference call via the following live and recorded methods:

Live Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1693396&tp_key=feca4932b6

Recorded Webcast: A recorded webcast will be available until Tuesday, November 26, 2024, on FreightCar America’s website following the conference call date at: https://investors.freightcaramerica.com/news-events/event-calendar/

Teleconference: Dial-in numbers for the live Conference Call are (877) 407-0789 or (201) 689-8562. Please call in at least 10 minutes prior to the start time of the call. An audio replay may be accessed at (844) 512-2921 or (412) 317-6671; Passcode: 13749627.

About FreightCar America

Forward-Looking Statements

This press release contains statements relating to our expected financial performance, financial condition, and/or future business prospects, events and/or plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These risks and uncertainties relate to, among other things, the cyclical nature of our business; adverse geopolitical, economic and market conditions, including inflation; material disruption in the movement of rail traffic for deliveries; fluctuating costs of raw materials including steel and aluminum; future changes in U.S. tax laws and regulations or interpretations thereof; delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion, delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings, and other competitive factors. The factors listed above are not exhaustive. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

This press release includes measures not derived in accordance with generally accepted accounting principles (“GAAP”), such as EBITDA, Adjusted EBITDA, Adjusted net income (loss) and Adjusted EPS. These non-GAAP measures should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP and may also be inconsistent with similar measures presented by other companies. Reconciliations of these measures to the applicable most closely comparable GAAP measures, and reasons for the Company’s use of these measures, are presented in the attached pages.

Investor Contact:

RAILIR@Riveron.com

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