KRATOS DEFENSE & SECURITY SOLUTIONS, INC.

Listed Company

KTOSCIK 0001069258NasdaqLarge AcceleratedGuided Missiles & Space Vehicles & PartsDelawareFY ends Dec 28

Period

FY 2025

Revenue

$1.35B

Net Income

$22.00M

Total Assets

$2.47B

Equity

$2.00B

Shares Out

170.33M

Op. Cash Flow

$-42.10M

Business

KRATOS DEFENSE & SECURITY SOLUTIONS, INC. is a technology-focused defense and national security company that designs, develops and fields hardware, systems and software for mission-critical applications. It offers unmanned aerial, ground and seaborne systems, jet and turbofan engines, solid rocket motors and hypersonic vehicles, microwave electronics, satellite C2/TT&C and space domain awareness, cybersecurity and virtual/augmented reality training solutions. The company operates two reportable segments: Kratos Government Solutions (microwave electronics, space/satellite, C5ISR, turbine technologies, training and defense support) and Unmanned Systems (aerial, ground, seaborne and C3 systems). Kratos sells to U.S. government agencies, allied militaries, large prime contractors and commercial customers through prime contracts, sole-source awards, IDIQ vehicles and international sales channels.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	1,347	1,136	1,037	898	812
Total costs	1,039	849	769	672	586
Gross profit	308	287	269	226	225
Selling, general and administrative expenses	240	217	199	183	160
Merger and acquisition related items	2	700,000	400,000	700,000	2
Research and development expenses	40	40	38	39	35
Operating income	26	29	31	−3	28
Interest income (expense), net	6	−3	−21	−18	−23
Other income (expense), net	3	500,000	500,000	600,000	−100,000
Total other income (expense), net	8	−3	−20	−30	−24
Income before income taxes	34	27	11	−33	4
Provision for income taxes	12	10	9	200,000	4
Net income from consolidated operations	22	16	2	−33	−2
Less: Net income attributable to noncontrolling interest	0	0	11	4	400,000
Net income (loss) attributable to Kratos	22	16	−9	−37	−2
Basic income (loss) per common share attributable to Kratos (in dollars per share)	0.14	0.11	−0.07	−0.29	−0.02
Diluted income (loss) per common share attributable to Kratos (in dollars per share)	0.13	0.11	−0.07	−0.29	−0.02
Basic (in shares)	163	149	130	127	125
Diluted (in shares)	165	151	130	127	128

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	561	329	73	81	349
Accounts receivable, net	165	118	129	106	94
Unbilled receivables, net	292	206	200	223	191
Inventoried costs, net	188	162	156	126	92
Prepaid expenses	13	18	16	12	10
Other current assets	44	39	20	35	23
Total current assets	1,263	872	594	583	758
Property, plant and equipment, net	362	288	244	213	168
Operating lease right-of-use assets, net	43	38	46	47	39
Goodwill	596	569	569	558	494
Intangible assets, net	54	54	62	55	43
Other assets	144	130	118	95	88
Investment in joint venture	5	0	—	—	—
Total assets	2,467	1,951	1,633	1,552	1,590
Accounts payable	70	82	63	57	50
Accrued expenses	61	39	35	34	27
Accrued compensation	82	72	65	52	47
Billings in excess of costs and earnings on uncompleted contracts	73	76	102	—	58
Current portion of operating lease liabilities	13	11	12	11	10
Current portion of finance lease obligations	3	2	1	—	—
Other current liabilities	9	15	14	16	26
Total current liabilities	311	297	293	234	221
Long-term debt	0	175	219	250	297
Operating lease liabilities, net of current portion	34	30	38	41	33
Finance lease liabilities, net of current portion	96	64	51	—	—
Other long-term liabilities	30	32	34	77	76
Total liabilities	471	598	634	604	629
Commitments and contingencies (Note 14)	—	—	—	—	—
Preferred stock, $0.001 par value, 5,000,000 authorized, 0 shares issued and outstanding at December 28, 2025 and December 29, 2024	0	0	0	0	0
Common stock, $0.001 par value, 195,000,000 shares authorized; 168,875,032 and 151,092,292 shares issued and outstanding at December 28, 2025 and December 29, 2024, respectively	200,000	200,000	0	0	0
Additional paid-in capital	2,636	2,017	1,655	1,608	1,579
Accumulated other comprehensive income (loss)	2	−500,000	2	−800,000	600,000
Accumulated deficit	−642	−664	−680	−671	−634
Total stockholders equity	1,996	1,353	—	—	—
Total liabilities and stockholders equity	2,467	1,951	1,633	1,552	1,590

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	47	40	33	31	26
Deferred income taxes	8	4	3	−3	−400,000
Amortization of lease right-of-use assets	12	12	12	10	9
Stock-based compensation	36	30	25	26	26
Loss on extinguishment of debt	500,000	0	0	—	—
Amortization of deferred financing costs	500,000	700,000	700,000	800,000	1
Provision for doubtful accounts	0	0	1	0	−200,000
Accounts receivable	−45	11	−13	−5	3
Unbilled receivables	−81	−6	14	−22	−16
Inventoried costs	−19	−5	−30	−24	−5
Prepaid expenses	5	−2	−4	−2	2
Other assets	−27	−36	−12	−19	−7
Operating lease liabilities	−12	−12	−11	−11	−9
Accounts payable	−14	15	4	5	−5
Accrued expenses	22	2	1	6	−7
Accrued compensation	11	7	12	800,000	−1
Billings in excess of costs and earnings on uncompleted contracts	−6	−26	28	3	24
Income tax receivable and payable	900,000	−300,000	−500,000	100,000	1
Other liabilities	−3	−2	−2	−7	−5
Net cash provided by (used in) operating activities	−42	50	65	−26	—
Cash paid for acquisitions, net of cash acquired	0	−12	300,000	−132	−12
Proceeds from sale of assets	12	0	8	200,000	2
Investment in joint venture	−5	0	0	—	—
Capital expenditures	−95	−58	−52	−45	−47
Net cash used in investing activities	−88	−70	−44	−177	−52
Proceeds from the issuance of common stock, net of issuance costs	556	331	0	0	0
Borrowing under credit facility	0	10	69	100	0
Repayment under credit facility, term loan and other debt	−185	−53	−101	−43	−5
Payments of employee taxes withheld from share-based awards	−20	−17	−4	−13	−9
Payments under finance leases	−2	−1	−2	−1	−1
Proceeds from shares issued under equity plans	10	8	7	6	6
Proceeds from state grant for capital construction	2	0	0	—	—
Net cash provided by (used in) financing activities	361	278	−31	−63	−9
Net cash provided (used)	230	258	−9	−266	−26
Effect of exchange rate changes on cash and cash equivalents	1	−1	800,000	−2	−2
Net increase (decrease) in cash and cash equivalents	231	257	−9	−268	−32
Cash paid during the year for interest	6	15	20	14	20
Net cash paid during the year for income taxes	7	5	7	4	2
Financing lease obligations incurred	35	15	7	9	6
Capital expenditures included in accounts payable and accrued expenses	8	9	600,000	3	3
Common stock issuance for purchase of noncontrolling interests	0	11	11	3	0
Common stock issuance for acquisition	37	500,000	15	5	0
Common stock issued for contingent acquisition consideration	500,000	0	0	—	—

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