Reported results
- Revenue of $480.5 million, up 6% versus $454.7 million in fiscal Q1 2026, driven by product sales increase of $15.5 million and service revenue increase of $10.3 million
- GAAP gross margin of $124.6 million (26% of revenue), up from $95.1 million (21% of revenue) in prior year, reflecting higher product margin of $32.6 million partially offset by lower service margin of $(3.2) million
- GAAP loss from operations of $(10.9) million versus $(69.3) million in prior year; GAAP net loss of $(5.1) million or $(0.10) per diluted share versus $(67.4) million or $(1.44) per diluted share in prior year
- Non-GAAP adjusted EBITDA of $53.4 million versus $56.6 million in fiscal Q1 2026; non-GAAP earnings per diluted share of $0.59 versus $0.32 in prior year
- Funded backlog of $1.5 billion as of August 1, 2026, up 37% from $1.2 billion as of April 30, 2026; bookings of $0.7 billion with book-to-bill ratio of 1.4 for the quarter
- Autonomous Systems segment revenue of $346.0 million; Space, Cyber and Directed Energy segment revenue of $134.5 million
Guidance
- Fiscal year 2027 revenue guidance: $2.125 billion to $2.225 billion
- Fiscal year 2027 GAAP net income guidance: $10 million to $27 million
- Fiscal year 2027 GAAP earnings per diluted share guidance: $0.21 to $0.53
- Fiscal year 2027 non-GAAP adjusted EBITDA guidance: $305 million to $325 million
- Fiscal year 2027 non-GAAP earnings per diluted share guidance: $3.02 to $3.34
Notes
Current quarter negatively impacted by $43.4 million ($0.69 per diluted share) of intangible amortization and other non-cash purchase accounting expenses versus $79.7 million ($1.34 per diluted share) in prior year quarter. The significant prior-year intangible and amortization expenses were related to the BlueHalo acquisition completed in fiscal 2026. Company refined focus on executing with discipline on key franchise programs and expanding manufacturing capacity.
Price and volatility reaction
The stock moved +4.5% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -14.4 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 140.8 | 2026-09-09 |
| Close after release | 147.07 | 2026-09-10 |
| Realised move | +4.5% | close to close |
| 30d ATM IV change | -14.4 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-09-09 (8-K, Item 2.02). Read the original filing on sec.gov.