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Industry · Missiles and space subsystems

Karman's quarterly bookings include seven-year Lockheed Martin contract

Backlog reaches $1.7 billion, up 108% from year-end 2025.

Karman Space & Defense reported nearly $465 million in third-quarter bookings on Nov. 5, 2026. Bookings included a seven-year Lockheed Martin contract supporting the THAAD program.1

Karman reports Q3 bookings of nearly $465 million

Third quarter fiscal 2026

Bookingsnearly $465 million

Karman reports Q3 bookings of nearly $465 million across all end markets, including a seven-year Lockheed Martin contract supporting THAAD

Total revenue$201,623 thousand

Karman Q3 2026 (three months ended Sept. 30) total revenue was $201,623 thousand vs $121,787 thousand a year earlier, up 65.6%

Source: Karman Space & Defense, Q3 FY2026 earnings release, SEC Exhibit 99.1. As of November 5, 2026.

Sources
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Backlog reached $1.7 billion at September's end, up 108% from year-end 2025. Karman defines backlog as the value or estimated value of existing contracts less amounts previously invoiced, including purchase orders, long-term agreements and authorizations to proceed. The release does not separate acquired contributions to bookings or backlog.1

Sources (1)
  1. Karman Space & Defense Reports Third Quarter Fiscal Year 2026 Financial Results (Exhibit 99.1) www.sec.gov
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    Industry · Prime contractors

    Lockheed's missiles segment sales rise 24% with margin nearly steady

    Missiles and Fire Control accounts for most of Lockheed's backlog increase from year-end through the third-quarter close.

    Lockheed Martin's Missiles and Fire Control segment increased sales 24% in third-quarter 2026.1 Sales reached $4.5 billion. Its operating margin edged down to 14.0% from 14.1% a year earlier.2 Companywide, sales rose 11% to $20.7 billion.1

    Lockheed's missiles segment outpaces companywide sales growth

    Year-over-year sales growth, third quarter 2026 (%)

    Missiles and Fire Control24%
    Lockheed Martin companywide11%

    Companywide sales include Missiles and Fire Control.

    Source: Lockheed Martin third-quarter 2026 financial results. As of Oct. 22, 2026.

    TGOs tgos.io

    Lockheed attributed the segment's sales increase primarily to production ramps on Patriot Advanced Capability-3, Terminal High Altitude Area Defense, Guided Multiple Launch Rocket Systems and Precision Strike Missile programs.1

    Also announced

    Costs on the F-35 Lot 20 advance acquisition contract began exceeding current contractual authorization and funding during the quarter. Production contracts for lots 20 and higher remain under negotiation. Lockheed warned that without additional authorization and funding from the government, its operating results, cash flows and financial condition will suffer in future periods.1

    Missiles and Fire Control accounted for about 97% of Lockheed's backlog increase from the prior year-end through the third-quarter close, by our calculation.2 Total backlog reached $292.0 billion.1–2 It included $52.5 billion associated with the multi-year award to produce PAC-3 Missile Segment Enhancement interceptors.1

    Sources (2)
    1. Lockheed Martin Reports Third Quarter 2026 Financial Results news.lockheedmartin.com
    2. Lockheed Martin 8-K, Exhibit 99.1, Oct. 22, 2026 www.sec.gov
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    Industry · Munitions

    Lockheed to bring Hadrian automation into its Texas munitions plant

    Lockheed workers will run a 24-machine cell, expected to start operating in early 2027, as the company expands its Grand Prairie manufacturing operation.

    Lockheed Martin announced Oct. 14 that Hadrian will bring a highly automated machining cell inside its Grand Prairie, Texas, facility. Lockheed expects the 24-machine cell to begin operating in early 2027 and add dedicated capacity for critical defense components.1

    Hadrian will bring a highly automated machining cell to the Grand Prairie facility

    Lockheed Martin's Grand Prairie operation

    Hadrian24-machine cellplanned

    Expected to be operational in early 2027

    Lockheed Martinproduction workforceplanned

    operated by Lockheed Martin's production workforce

    Source: Lockheed Martin, Oct. 14, 2026

    Sources
    TGOs tgos.io

    Lockheed's production workforce will operate the cell. Hadrian CEO Chris Power said his company would bring automation, software and workforce training from its own factories into Lockheed to produce more, faster. The announcement follows a seven-year agreement the companies signed in 2025.1

    The cell will join a broader expansion at Grand Prairie, where Lockheed is investing $300 million and increasing its manufacturing footprint to more than 735,000 square feet. Across the facility, Lockheed expects to have added nearly 100 new advanced machines by the end of 2026. The release does not specify the Hadrian arrangement's value or commercial terms, who funds the cell, or which components or programs it will machine.1

    Also announced: Lockheed plans to create 6,000 jobs across the United States, including 2,000 in Texas, as it expands advanced manufacturing capacity for critical munitions.1

    Grand Prairie supports all of Lockheed's Missiles and Fire Control programs, including PAC-3 MSE, THAAD, PrSM and JATM. Lockheed expects the expansion and Hadrian partnership to help Grand Prairie reach record production levels and deliver components to final-assembly sites including Camden, Arkansas, and Troy, Alabama.1

    Sources (1)
    1. Lockheed Martin: Lockheed Martin Expands Advanced Munitions Manufacturing in Texas, Driving Thousands of New American Jobs (Oct. 14, 2026) news.lockheedmartin.com
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