0001193125-26-222116
SEC filingQ1 营收增 51% 至 $151.2M，净利转正 $7.8M，Seemann 收购驱动增长。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $151,210K | $100,124K | +51.0% |
| Gross Profit | $63,865K | $39,451K | +61.9% |
| Gross Margin | 42.2% | 39.4% | +280bps |
| Operating Income | $21,452K | $9,963K | +115.3% |
| Operating Margin | 14.2% | 10.0% | +420bps |
| Net Income | $7,794K | ($4,798K) | 转正 |
| Diluted EPS | $0.06 | ($0.04) | — |
| Adjusted EBITDA | $44,786K | $30,319K | +47.7% |
| Operating Cash Flow | $209K | ($13,584K) | — |
| Free Cash Flow | ($7,166K) | ($18,626K) | — |
Q1 营收增长 51.0% 至 $151.2M，主要受 Seemann 收购（新增 Maritime 业务 $26.4M）及所有终端市场增长驱动。Space & Launch 和 Tactical Missiles 分别增长 29.5% 和 25.0%，反映发射与导弹防御需求强劲。毛利率提升 280bps 至 42.2%，得益于经营杠杆和效率改善。经营利润率提升 420bps 至 14.2%，但部分被收购相关摊销和整合费用抵消。
净利转正至 $7.8M，主要由于营收增长和毛利率提升，但利息费用（$12.6M）和所得税（$0.8M）仍构成压力。经营现金流仅 $0.2M，远低于净利，主要因应收账款和合约资产增加（合计 $16.2M）占用现金。剔除一次性项目后，Adjusted EBITDA 为 $44.8M，利润率 29.6%，同比下降 70bps，反映收购整合成本。
| 分部 | 营收 | 同比 | 驱动 |
|---|---|---|---|
| Hypersonics & Strategic Missile Defense | $35,688K | +18.7% | 战略项目增长 |
| Space & Launch | $43,854K | +29.5% | 发射与航天器订单 |
| Tactical Missiles & Integrated Defense Systems | $45,260K | +25.0% | 无人机与GMLRS需求 |
| Maritime Defense Systems | $26,408K | 新增 | Seemann收购 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $73,798K | +$39,839K |
| Total Debt | $855,538K | +$442,371K |
| Inventory | $16,140K | +$5,478K |
| Contract Assets | $169,370K | +$13,072K |
| Operating Cash Flow | $209K | +$13,793K |
| Capex | $7,375K | +$2,333K |
| Free Cash Flow | ($7,166K) | +$11,460K |
总债务增加至 $855.5M，主要因 Seemann 收购融资。杠杆率升至 2.11x。经营现金流疲软，营运资本占用显著。