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Backlog
Represents the value of unfulfilled orders, showing future revenue visibility and overall product demand strength.Backlog has exploded to a record ~$498M (up 71% YoY, +21% sequential), fueled by large Space awards and strong Defense Tech bookings (Q1 book‑to‑bill 1.92 and >$350M in bookings across the last two quarters). That backlog underpins management’s confident 2026 revenue guide and margin recovery, but investors should weigh execution and timing risk—bookings are lumpy, delivery/margin realization will determine cash flow, and near‑term profitability is being compressed by heavy IRAD spend and acquisition-related charges.
Date | Backlog |
|---|---|
Jun 30, 2026 | $542.13M |
Mar 31, 2026 | $498.08M |
Dec 31, 2025 | $411.25M |
Sep 30, 2025 | $279.53M |
Jun 30, 2025 | $329.48M |
Mar 31, 2025 | $291.22M |
Dec 31, 2024 | $296.65M |
Sep 30, 2024 | $330.10M |
Jun 30, 2024 | $354.00M |
Mar 31, 2024 | $317.96M |