Press release
Kratos Reports First Quarter 2024 Financial Results
First Quarter 2024 Revenues of $277.2 Million Increased 19.6 Percent over First Quarter 2023 Revenues of $231.8 Million, including 19.5 Percent Organic Growth
About this update from Kratos Defense & Security Solutions, Inc.
[{"type":"text","content":"First Quarter 2024 Revenues of $277.2 Million Increased 19.6 Percent over First Quarter 2023 Revenues of $231.8 Million, including 19.5 Percent Organic Growth First Quarter 2024 Unmanned Systems Revenues of $59.4 Million Increased 23.8 Percent over First Quarter 2023 Revenues of $48.0 Million, including 21.8 Percent Organic Growth First Quarter 2024 KGS Revenues of $217.8 Million Reflect 18.5 Percent Organic Growth over First Quarter 2023 Revenues of $183.8 Million First Quarter 2024 and Last Twelve Months Ended March 31, 2024 Consolidated Book to Bill Ratio of 1.1 to 1First Quarter 2024 Bookings of $317.8 Million Affirms Full Year 2024 Financial Forecast SAN DIEGO, May 07, 2024 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS), a Technology Company in the Defense, National Security and Global Markets, today reported its first quarter 2024 financial results, including Revenues of $277.2 million, Operating Income of $7.0 million, Net Income of $1.3 million, Adjusted EBITDA of $26.0 million and a consolidated book to bill ratio of 1.1 to 1.0. Included in first quarter 2024 Net Income and Operating Income is non-cash stock compensation expense of $9.2 million and Company-funded Research and Development (R&D) expense of $9.6 million, primarily reflecting ongoing development efforts, including in our Space and Satellite business to develop and expand our virtual, software-based OpenSpace command & control (C2), telemetry tracking & control (TT&C), Kratos owned and operated Global Space Domain Awareness (SDA) System and other solutions. Kratos reported first quarter 2024 GAAP Net Income attributable to Kratos of $1.3 million and Earnings Per Share of $0.01 compared to a GAAP Net Loss attributable to Kratos of $7.0 million and a GAAP Net Loss per share of $0.05 for the first quarter of 2023. Adjusted EPS was $0.11 for the first quarter of 2024, compared to $0.06 for the first quarter of 2023. First quarter 2024 Revenues of $277.2 million increased $45.4 million, or 19.6 percent, from first quarter 2023 Revenues of $231.8 million. Including the impact of the Sierra Technical Services, Inc. (STS) acquisition on a pro forma basis as if acquired at the beginning of 2023, first quarter 2024 consolidated Revenues reflect organic growth of 19.5 percent, including 21.8 percent organic growth in Unmanned Systems, 18.5 ...