Kratos receives ~$400M from DoW for hypersonic programs

Kratos Defense & Security Solutions (NASDAQ: KTOS) announced it has received approximately $400 million in funding from the Department of War for hypersonic system and other national security-related programs, according to a company press release.

The funding, which began arriving in June and increased through July, covers work that will be performed at secure Kratos facilities and government locations. The company said no additional details about the programs will be provided due to security and competitive considerations.

Eric DeMarco, President and CEO of Kratos, said the funding "is expected to accelerate our organic growth rate, increase our operating cash receipts, while reducing our customer receivables, inventory and assets where Kratos had previously 'leaned forward' to ensure we met or exceeded our customers schedule related and other expectations."

Dave Carter, President of Kratos' Defense and Rocket Support Services Division, said the company expects "additional important hypersonic related awards in the coming months," citing its Nemesis and Kraken initiatives as recent examples of its work in high-speed systems.

Kratos said it delivers both propulsion and flyer systems, including its Erinyes Hypersonic Flyer, Dark Fury, Zeus and Oriole Solid Rocket Motors. The company operates in hypersonic systems, ballistic missile targets, flight test vehicles, and tactical systems.

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