The business of defense, November 2

In the quarter ended Sept. 30, 2026, Palantir's U.S. commercial revenue overtook its U.S. government revenue. U.S. commercial revenue reached $984 million, compared with $953 million from U.S. government customers. The company called it the first such crossover in its history.¹

U.S. commercial revenue$984 million

U.S. commercial revenue grew 148% year-over-year and 29% quarter-over-quarter to $984 million

U.S. government revenue$953 million

U.S. government revenue grew 96% year-over-year and 18% quarter-over-quarter to $953 million

Source: Palantir Q3 2026 results, Exhibit 99.1. As of Nov. 2, 2026.

Sources

• www.sec.gov ↗

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U.S. commercial revenue added $220 million from the previous quarter, compared with U.S. government's $144 million increase.¹ That reversed the government's $45 million lead in the previous quarter.²

U.S. commercial contract value moved differently from revenue. Palantir closed $1.463 billion in U.S. commercial total contract value in the third quarter, up 11% year over year.¹ That was down about 31% from the second quarter.^1–2

U.S. commercial remaining deal value reached $6.517 billion. It grew 4% sequentially, compared with 29% sequential growth in U.S. commercial revenue. Both contract-value measures presume customers exercise all available contract options and no contracts are terminated.¹

Palantir raised its full-year revenue guidance to $8.530 billion to $8.534 billion.¹ Its previous range was $8.150 billion to $8.158 billion.² It also raised U.S. commercial revenue guidance to more than $3.559 billion from more than $3.424 billion.^1–2

Leonardo DRS has received a subcontract from AeroVironment to support the Army's Enduring-High Energy Laser (E-HEL) production program, DefenseScoop reported Nov. 2, citing a DRS announcement.¹

Leonardo DRS landed a subcontract to provide “rugged integration expertise” to support the Army’s Enduring-High Energy Laser production program, the company announced Monday.

AeroVironment$464.8 millionactual

The Army awarded AeroVironment a $464.8 million deal for its Enduring-High Energy Laser (E-HEL) program

Prime contractor AeroVironment tapped DRS, per a press release

Leonardo DRS and AV did not immediately respond to questions Monday about the dollar value of the subcontract.

Reported by DefenseScoop, Sept. 2 and Nov. 2, 2026

Sources

• defensescoop.com ↗
• defensescoop.com ↗

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Aaron Hankins, vice president and general manager of DRS's land systems business, said the company is applying experience in vehicle integration, power and thermal management. The goal is to help AeroVironment deliver a mobile high-energy laser capability for the Army, he said.¹

AeroVironment holds the Army's $464.8 million other transaction agreement for E-HEL, announced in September with the intent of moving the system from prototype to production.^1–2 DRS and AeroVironment did not immediately respond to DefenseScoop's questions on Nov. 2 about the subcontract's dollar value.¹

DRS cited earlier directed-energy work, including a rapid prototyping effort to integrate a high-energy laser into an armored vehicle for live-fire evaluations.¹

BWX Technologies reported third-quarter 2026 results on Nov. 2. Its Government Operations segment widened its GAAP operating margin to 19.2% from 15.8% a year earlier. GAAP operating income rose 26% to $122.6 million.¹

revenue4%

Release summary: Government Operations third-quarter revenue $639.1 million vs $616.7 million, up 4%

operating income26%

Release summary: Government Operations third-quarter operating income $122.6 million vs $97.4 million, up 26%

Source: BWXT third-quarter 2026 earnings release, Exhibit 99.1 to Form 8-K. As of Nov. 2, 2026.

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• www.sec.gov ↗

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Profit grew faster than sales: segment revenue increased 4% to $639.1 million. BWXT attributed the revenue gain to growth in special materials and advanced nuclear, partly offset by lower naval propulsion volume.¹

Government Operations bookings fell to $323.0 million in the quarter from $2,086.1 million a year earlier. The year-ago quarter’s bookings were about 3.4 times that quarter’s revenue. The decline also extended across the first nine months, with bookings down year over year to $2,758.3 million.¹

Greece's Ministry of National Defense signed a contract on Nov. 2 for three Embraer KC-390 Millennium aircraft, with options for three more. The purchase runs through a government-to-government agreement with Portugal.¹

threeAircraft under signed contract

threeAdditional aircraft options

2027First delivery planned

The additional three aircraft are options in the signed contract.

Source: Embraer. As of Nov. 2, 2026.

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Breaking Defense reported that Greece chose the Millennium to replace its aging Lockheed Martin C-130H fleet.² The purchase also offers a refueling role: Embraer says the aircraft can operate as a tanker when configured with quick-installation air-to-air refueling equipment.¹

According to Breaking Defense, a Greek parliamentary committee reportedly approved procurement and follow-on support of three aircraft in June, with an expected budget of roughly €600 million.² Embraer's signing announcement gives no contract value.¹

The Department of War’s Office of Strategic Capital (OSC) announced a conditional loan commitment of up to $450 million to Neros. Neros is a U.S.-based developer and manufacturer of dual-use small unmanned aircraft systems.¹

Office of Strategic Capitalup to $450 millioncontingent

conditional loan commitment

Nerosdomestic manufacturing expansionplanned

This investment is intended to support Neros' domestic manufacturing expansion and reduce reliance on foreign-made components.

The conditional loan commitment specifies additional steps Neros must complete before financial close, including satisfying various financial, legal, technical, investment, due diligence and other requirements.

Department of War, Office of Strategic Capital

Sources

• www.war.gov ↗

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The planned expansion reaches beyond Neros’ own drones: OSC expects the capacity to supply components to other U.S. and allied drone manufacturers as well as support Neros’ internal production. Those components are intended to comply with the National Defense Authorization Act.¹

OSC financing, alongside additional private capital, would support expanded domestic manufacturing of drone platforms, ground control systems and components including motors, radios, flight electronics, sensors and batteries. The company’s Torrance, California facility is intended to help bring production of complete systems and subcomponents, including propulsion motors, flight stacks, radios and thermal sensors, into the United States.¹

Neros must satisfy financial, legal, technical, investment, due diligence and other requirements before financial close. The announcement does not disclose the loan term, interest rate, amount of additional private capital or any production or capacity figures.¹

The Air Force issued requests for information on Nov. 2, 2026, for the Extended Range Attack Munition (ERAM) and an ERAM Glide version.^1–2

More than 1,000All-up rounds: required production capacity

No later than 3 months after awardDeliveries begin

No later than 15 months after awardDeliveries complete

Award is pending approval and funding. These are requested capabilities, not awarded orders.

Source: Department of the Air Force, SAM.gov ERAM notice FA865927W0002. As of Nov. 2, 2026.

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The ERAM notice asks respondents to show they can produce more than 1,000 all-up rounds, with deliveries beginning no later than three months after award. Deliveries must finish no later than 15 months after award. Award remains subject to approval and funding.¹

Both notices begin two-step competitive processes.^1–2 For ERAM, only respondents whose initial submissions are selected by the Agreements Officer can receive the Step 2 request for Commercial Solutions Proposals.¹

The glide version requires delivery of capability within 14 months after award. That capability must reach technology readiness level 7 and manufacturing readiness level 8. Its glide ratio must be at least 10:1.²

ERAM responses are due Nov. 19, 2026.¹ Glide responses are due Dec. 2, 2026.² Both deadlines are at 2 p.m. Central.^1–2

Oshkosh Defense is helping Grid Aero reconfigure its Lifter aircraft for manufacturability, Defense News reports. Lifter’s metal construction helped attract Oshkosh because it aligns with the company’s manufacturing capabilities.³

Grid Aerolow-rate productionplanned

Initially, Grid Aero will conduct low-rate production

Oshkoshpilot production lineplanned

while Oshkosh establishes a pilot production line

Reported by Defense News

Sources

• www.defensenews.com ↗

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Oshkosh would technically be considered a subcontractor, though the companies describe the arrangement as a partnership. Grid Aero will initially handle low-rate production while Oshkosh establishes a pilot line. Oshkosh Defense Chief Growth Officer Logan Jones told Defense News production would move to Oshkosh in stages as customer demand grows.³

Grid Aero CEO Arthur Dubois told Breaking Defense he expects a pilot line at Oshkosh in roughly a year. He estimated another six to 12 months of testing for Lifter prototypes. He described a goal of producing hundreds, if not thousands, of aircraft by the early 2030s.² The partnership announcement identifies no government order.¹

V2X raised its full-year 2026 guidance across all metrics on Nov. 2. Third-quarter revenue was $1.27 billion, up 9% from a year earlier.¹ President and CEO Jeremy C. Wensinger attributed the guidance increase to year-to-date performance, backlog and existing demand signals.¹

−$41,041Operating cash flow (GAAP)

$111,538Adjusted operating cash flow (non-GAAP)

Adjusted operating cash flow excludes M&A payments and related costs and MARPA facility activity.

Source: V2X third-quarter 2026 results, SEC Exhibit 99.1. As of November 2, 2026.

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V2X states its cash forecast on an adjusted basis, and the adjustments change the picture of its year so far. Operations generated $67.3 million in the third quarter. For the nine months through Oct. 2, operations used $41.0 million. Adjusted operating cash flow for that period was positive $111.5 million.¹

The adjustments added back $141.1 million of activity under a facility V2X calls MARPA, which the release does not describe. They also added back $11.5 million of mergers and acquisitions, integration and related payments.¹

V2X now forecasts full-year adjusted operating cash flow of $175 million to $195 million.¹

Elbit Systems has been awarded a contract valued at approximately $170 million to establish and operate a training and simulation center for the Israel Defense Forces (IDF) Artillery Corps. The Israel Ministry of Defense contract, announced Nov. 2, 2026, will be performed over 15 years.¹

training infrastructureincluding mission and driving simulators, classrooms and dedicated facilitiesplanned

Elbit will develop and deliver training infrastructure

training, maintenance and support servicesthroughout the contract periodplanned

Elbit will also provide training, maintenance and support services throughout the contract period

The contract will be performed over a period of 15 years.

Source: Elbit Systems release via PR Newswire. As of Nov. 2, 2026.

Sources

• www.prnewswire.com ↗

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Elbit's responsibilities span the training infrastructure and continuing services: it will develop and deliver mission and driving simulators, classrooms and dedicated facilities. It will also provide training, maintenance and support throughout the contract period.¹

Voyager Technologies reported its third-quarter 2026 results on Nov. 2. Net sales reached $88.7 million, up 124% from a year earlier. Its operating loss widened to $61.9 million from $24.0 million a year earlier.¹

total net sales$88,715 thousand

Voyager total net sales for the three months ended Sept. 30, 2026 were $88,715 thousand, up 124.1% from $39,587 thousand

loss from operations$(61,903) thousand

Voyager loss from operations, three months ended Sept. 30, 2026, was $(61,903) thousand

Source: Voyager Technologies Q3 2026 results, Exhibit 99.1 to Form 8-K. As of Nov. 2, 2026.

Sources

• www.sec.gov ↗

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Operating activities used $29.7 million in the third quarter.¹ On Sept. 28, Voyager announced completion of a $402.5 million offering of 0% convertible senior notes due in 2032. Net proceeds were approximately $391.6 million, of which Voyager intended to use about $52.5 million for capped calls and the remainder for general corporate purposes.³

From the second quarter, sales rose 68% while operating losses grew 20.4%. Voyager attributes nine-month sales growth partly to contributions from recent acquisitions. Its third-quarter earnings release does not report segment profit or separate organic from acquired sales. Voyager also raised the lower end of its full-year 2026 revenue guidance to a revised range of $285 million to $305 million.¹

Companywide third-quarter gross margin was 11.5%, versus 15.4% a year earlier. Voyager attributes increased operating losses primarily to investment in technology development, expanded operational capabilities and integration of acquired businesses.¹

The Army is seeking a mature, available tracked self-propelled 155mm howitzer from existing production lines for its Mobile Tactical Cannon-Tracked (MTC-T) requirement. It seeks a system with a credible baseline of testing, safety and evaluation already completed.¹

tracked self-propelled 155mm howitzermature and availablerequested

from existing production lines with a credible baseline of testing, safety, and evaluation already completed

Other Transaction for Prototype Project agreementsone or moreplanned

Government intends to award one or more Other Transaction for Prototype Project agreements under 10 USC 4022

The Government further reserves the right to award to all, part, or none of the companies who submit proposals.

Source: SAM.gov, MOSAIC-27-01. As of Nov. 2, 2026.

Sources

• sam.gov ↗

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Army Contracting Command at Detroit Arsenal posted the call Nov. 2. The notice also names a Resupply Vehicle-Tracked (RSV-T) in its title, though its description details only the cannon requirement.¹

Phase 1 questions are due Nov. 10 at 3 p.m. Eastern.¹ Responses are due Nov. 16 at 3 p.m. Eastern.¹

The Navy is considering using the Naval Air Systems Consortium for prototype efforts that may proceed through other transaction agreements under 10 U.S.C. 4022. More information is expected at the aviation autonomy and artificial intelligence industry day, but the notice is not a solicitation and commits the government to neither a solicitation nor an award.¹

Industry day event dates

December 8-9, 2026

Registration deadlineNovember 20, 2026 or earlier if event capacity is reachedcontingent

November 20, 2026 or earlier if event capacity is reached

Attendance cap per organization

Maximum of three (3) attendees per organization.

This announcement does not commit the Government to issue a solicitation, make an award

SAM.gov special notice NAWCAD-SN-26-PAE(A)SI_AI

Sources

• sam.gov ↗

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The Navy is inviting contractors, developers and academic researchers outside the consortium, known as NASC, to the Dec. 8-9 industry day in California, Md.¹

NASC is managed by Consortium Management Group, which administers its agreement with the Navy.³ The invitation comes from the Portfolio Acquisition Executive Aviation autonomy and super intelligence/artificial intelligence leadership team.¹ The Navy's portfolio acquisition executives have a mandate to use faster contracting mechanisms, including other transaction authorities.⁴

The tentative agenda puts super intelligence and artificial intelligence on Dec. 8, including weapons-system architectures supporting those capabilities. Dec. 9 focuses on autonomy, with functions of interest including dynamic mission planning and replanning, automated deck handling, air-to-air refueling and flight autonomy.²

Industry and academic attendees can request 30-minute presentation slots, with 20 available across both days; expressing interest does not guarantee a slot.² The event takes place at the UMD SMART Conference Center. Registration closes Nov. 20, or earlier if capacity is reached, with a maximum of three attendees per organization.¹

The Department of the Air Force is seeking industry input on a Cislunar Space System that would include up to five spacecraft carrying government-provided payloads.¹ The request for information was posted Nov. 2, 2026.²

preliminary design study contractsup to fiveplanned

The Government intends to award up to five Firm Fixed Price preliminary design study contracts after considering RFI information and other sources.

space vehiclesup to fivecontingent

The Government is notionally interested in procuring up to five space vehicles to meet DAF mission needs in late CY29.

The RFI is not a request for proposal and does not guarantee an RFP or contract.

SAM.gov, Request for Information for a Cislunar Space System

Sources

• sam.gov ↗

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The government intends to award up to five firm-fixed-price preliminary design study contracts after considering responses and other relevant information. The request for information does not guarantee a request for proposals or contract. The spacecraft may serve as seed vehicles to inform the acquisition strategy for a potential future proliferated cislunar constellation.¹

The government is notionally interested in procuring up to five vehicles to meet mission needs in late calendar 2029. It seeks information on a rapid, low-risk solution with minimal non-recurring engineering.¹

Each vehicle would require a spacecraft bus and accommodation of a government-provided payload. The scope also includes a ground segment for mission management, telemetry, tracking, control and communications, plus a space launch solution.¹

• Marine Corps Cyberspace Environment operational support services and enterprise AI integration RFI (Marine Corps Systems Command). Tue Nov 3, 1 p.m. ET: responses due. No further extension will be provided⁹.
• Space Electronic Systems Prototype Development (SESPD) Phase III presolicitation (Naval Research Laboratory). Fri Nov 6, 4 p.m. ET: questions or feedback due. The lab is not requesting proposals yet¹⁵.
• Next Generation Hypersonic Cruise Missiles RFI (DARPA). Fri Nov 6, 5 p.m. ET: responses due on a potential new program¹⁶.
• F-35 JPO Enterprise Data Science and Analytics Support RFI (Naval Air Systems Command). Tue Nov 10, 5 p.m. ET: responses due^{1, 14}.
• Air Operations Center Common Air Defense Picture RFI (Air Force Kessel Run). Fri Nov 13, 3 p.m. ET: responses due on software for air and missile defense planning, situational awareness and reporting^{2, 10}.
• Space Environment Technologies and Science BAA Call 004 (Air Force Research Laboratory). Fri Nov 13, 1 p.m. MT: proposals due¹¹.

Selected events

10 November 2026 (Tuesday)

Registration forms for the NUWC Newport Code 25 Industry Day are due no later than 10 November 2026 (Tuesday)

Thursday 12 November 2026

Naval Undersea Warfare Center Division Newport holds a Code 25 Command and Control (C2) Follow-On Industry Day on Thursday 12 November 2026

Source: SAM.gov, Naval Undersea Warfare Center Division Newport. As of Nov 2, 2026.

Sources

• sam.gov ↗

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• V2X third-quarter 2026 earnings. Mon Nov 2: results after market close, call at 4:30 p.m. ET³.
• BWX Technologies third-quarter 2026 earnings. Mon Nov 2: results after market close, call at 5 p.m. ET⁴.
• Leidos third-quarter 2026 earnings. Tue Nov 3: call at 8 a.m. ET⁵.
• Curtiss-Wright third-quarter 2026 earnings. Thu Nov 5: call at 10 a.m. ET⁶.
• Karman Space & Defense third-quarter fiscal 2026 earnings. Thu Nov 5: results after market close, call at 4:30 p.m. ET⁷.
• Kratos third-quarter 2026 earnings. Thu Nov 5: results after market close, call at 5 p.m. ET⁸.
• Command and Control Follow-On Industry Day (Naval Undersea Warfare Center Division Newport, Code 25). Tue Nov 10: registration forms due. Thu Nov 12: industry day on contractor support to help design, build, integrate, test and sustain C2 systems¹².

Further out

• Resilient Missile Warning Tracking Low Earth Orbit Ground Entry Points RFP (Space Development Agency). Mon Nov 23, 4 p.m. ET: proposals due on the final RFP¹³.