Jonathan Siegmann

McGrath explained the 300-series is a true production run, non-recurring retired on the first 16 Tranche 1 sats, high BUS commonality; direct.

Cited added 75,000 sq ft in Houston and >1M sq ft total with unused 300-series line capacity; direct.

Altemus recounted the M&A strategy (KinetX, Lanteris, Goonhilly) and the long Goonhilly partnership, but gave no second-half modeling; partial.

McGrath confirmed much of the new backlog is near-term over the next 24 months, with 60% to 65% converting this year plus additional expected awards; direct.

Altemus confirmed the Tracking Layer is unaffected and customer indications point to continued growth and replenishment, but had no insight into SDA/SpaceX talks.

Altemus said the Supernova cargo lander flies independently on a Falcon Heavy, so LTV is not tied to Artemis V sequencing and he sees no significant delay.

Steve praised Lanteris' Palo Alto/San Jose facilities and said IM may build larger satellites for the 4th and 5th NSNS constellation nodes as Mars-data-relay precursors.

Steve said CLPS continues and the LTVS solicitation is ready to award, but the government shutdown puts award timing in question.

LASSO Army development program participation confirmed. Details pending announcement. Additional new loitering munitions in development beyond current Rogue 1.

Sole supplier of manned vehicles to Navy SEALs with recurring maintenance revenue. AUVs deployed for ASW (temperature/salinity measurement for acoustic compensation), harbor security. 10-12 different underwater vehicle models. European harbor security wins. Vehicles range from 1,000m to 3,000m+ depth.

Rogue 1 quadcopter weighs only ~10 lbs (lightest in competition), cost goes down with smaller size. Nano drones produced in volume at competitive costs. Accuracy and weight advantages vs fixed-wing competitors. Ukraine experience shows no single solution, capability matters alongside cost.

George Bobb responded. Space-based sensing and electronic subsystems for missile tracking most relevant. SDA tranche and OPIR programs provide heritage. Early RFPs being received. Historical participation in Israel defense systems but Golden Dome is bigger, broader, and more space-based.

Optionality move, not M&A slowdown signal. Acquisitions available but prices insane (19-20x EBITDA, outbid 30% in one case). May buy stock, redeem bonds, or wait for M&A pricing sanity. Leverage heading to 0.5x next year without action.

Bell emphasized Leidos differentiator is not hull construction but payload, mission packages, C5ISR, and autonomous control using LAVA software that make vessels effective in combat. Robust dialogue with Navy and INDOPACOM but still waiting on firm plans and timing for MUSV program awards.

Cage noted fourth VBA provider limits capacity additions but sustaining current volumes is the expectation. Already shaping for end-of-2026 recompete. Expanding into rural and behavioral health.

Bell outlined maritime network strategy using existing shipyards rather than building own, FAA modernization, TSA screening, and border security as investment priorities. Cage confirmed capital-light model with Huntsville campus upgrades for defense production throughput.