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distributions of what followed similar states, measured before today's news. Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"Q2 sales growth was 30.5%, with 19.1% organic growth, while operating loss was $1.6M. Demand is strong, but the company is investing ahead of it. H1 CFO was negative $38.4M and gross capex $37.1M; the $1,348.4M equity raise explains much of the large cash balance. Asset sales improve cash after investment, not the underlying operating cash result.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Monitor funded orders, contract cost execution and collections against factory and inventory spending. Distinguish announced capacity targets and the bid pipeline from customer-funded production, and reconcile FCF definitions before comparing periods."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1069258/000106925826000075/ktos202606288kexhibit991.htm","title":"August 4 results, investment plans and guidance ranges","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1069258/000106925826000077/ktos-20260628.htm","title":"August 4 Form 10-Q: segment detail, acquisitions and cash financing","retrieved":"2026-09-19"}],"business":{"drivers":["Funded contract conversion and production mix","Government Solutions scale and unmanned platform adoption","Unbilled work, inventory and internally funded capacity"],"description":"Kratos supplies defense and national-security products through Government Solutions and Unmanned Systems. Its businesses span engines, rocket support, microwave electronics, communications and uncrewed platforms. Government contracts drive revenue, but internally funded development, inventory and factories can consume cash before awards or deliveries. Nomad and Orbit are already included in Government Solutions, making reported and organic growth different measures."},"earnings":{"source":"estimated from 10-Q filed 2026-08-04 plus 90 days","next_report_date":"2026-11-02"},"identity":{"cik":1069258,"sic":"3760","name":"KRATOS DEFENSE & SECURITY SOLUTIONS, INC.","symbol":"KTOS","cluster":"Transport, industrials & defense","exchange":"Nasdaq"},"research":{"risks":["Appropriations and contract timing can delay funded production.","Bid pipeline and manufacturing targets are not guaranteed demand.","Inventory, development and unbilled work consume cash ahead of collections.","Acquisition mix and integration complicate organic growth comparisons.","Fixed-price cost execution and FX can pressure margins.","Asset sales, grants and equity financing can obscure recurring cash conversion."],"title":"Defense growth before the capacity build pays for itself","question":"Can production growth outrun the cash committed to factories, inventory and unbilled work?","economics":"H1 sales of $829.8M comprised $668.1M Government Solutions and $161.7M Unmanned Systems. Adjusted EBITDA was $76.9M versus $3.1M operating income. CFO was negative $38.4M, gross capex $37.1M and CFO less capex negative $75.5M. Asset disposals supplied $13.5M; Q2 company FCF specifically added $9.3M from company-owned aircraft. H1 acquisitions consumed $346.8M, JV funding $6.9M and award withholding $59.1M. Net equity proceeds of $1,348.4M are financing, not cash generated by customers. June cash was $1,437.6M. Backlog included approximately $1,572M funded and $512.7M unfunded; the $15B bid pipeline is separate. Guidance calls for $1.750B-$1.810B sales, $173M-$176M adjusted EBITDA, $30M-$50M CFO and $125M-$135M capex, with a separately published $85M-$105M FCF use. The model keeps these definitions and independent ranges visible.","change_note":"First segment/cash scenarios distinguishing organic growth, funded demand, disposal cash and the equity-funded capacity build.","checkpoints":[{"event":"Q3 and annual delivery","watch":"Compare $460M-$480M Q3 sales and $40M-$45M adjusted EBITDA with cash investment.","timing":"Q3 ends September 27; FY2026 ends December 27","date_status":"estimated"},{"event":"Capacity spending","watch":"Separate inventory/work-in-process in CFO from gross PP&E, asset sales and grants.","timing":"Through 2027 company investment period","date_status":"estimated"},{"event":"Funded backlog","watch":"Track appropriated work and conversion independently from the bid pipeline.","timing":"Each quarterly filing","date_status":"estimated"}],"countercase":"Investment can be economically justified yet dilute owners or depress cash for years before contract conversion. Customer-funded work, inventory and capital equipment classifications can shift without changing the total cash burden. A strong backlog does not eliminate fixed-price cost, staffing or milestone risk.","limitations":["Company backlog includes funded and unfunded commitments; the $15B bid pipeline is not contracted revenue. Proposed government budgets and capacity targets are not orders.","The reported Q2 growth rate includes Nomad and Orbit; the organic growth rate is lower. Forecast segment sales include these already acquired businesses without adding acquisition revenue again.","The annual CFO, capex and FCF guidance ranges are separately published ranges, not a disclosed matched-endpoint reconciliation. This model computes its own CFO-minus-gross-capex measure and shows disposal cash separately.","Q2 company FCF adds $9.3M proceeds from company-owned Valkyries. Asset proceeds and construction grants are investing cash; they do not improve modeled revenue, earnings or CFO.","Working-capital investment in engines and drone work-in-process is in CFO. It is not also treated as PP&E. Some previously planned capex moved to customer-funded work or inventory classifications.","There is no complete balance sheet, contract cost-at-completion rollforward or forward EPS. Further acquisitions, grants, aircraft sales and equity financing are not presumed."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":470000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":480200000.00000006},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":479478780.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":523067759.9999999}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 revenue","value":829.8,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1069258/000106925826000077/ktos-20260628.htm","source_date":"2026-08-04"},{"id":"h1_kgs","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 kgs","value":668.1,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1069258/000106925826000077/ktos-20260628.htm","source_date":"2026-08-04"},{"id":"h1_unmanned","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 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