Kratos 10-Q Details Q3 Revenue of $471.8M, $1.40B Cash and $2.65B Backlog
KTOS is trading near its 52-week low of $32.5 (0.3% above the low) on elevated volume (2.3× avg).
Summary
Kratos' Q3 10-Q confirms $471.8 million of revenue (up 35.7%) but a $0.2 million net loss, with $1.40 billion of cash, no revolver borrowings and record $2.65 billion backlog behind the guidance raise already announced today.
Key Events · Earnings and Guidance · KTOS
-
Q3 Revenue Jumps 35.7%
Revenue rose to $471.8 million from $347.6 million, with KGS up $136.8 million on hypersonic, turbine and microwave growth plus $20.4 million from Nomad and $23.3 million from Orbit; Unmanned Systems fell $12.6 million against a prior-year $16.1 million Valkyrie shipment.
-
Quarter Slips to Operating Loss
Operating income swung to a $4.9 million loss and net loss was $0.2 million, as SG&A climbed to $95.0 million from $59.8 million on acquisition costs, $8.7 million more intangible amortization and $9.0 million more stock compensation.
-
Cash Builds to $1.40 Billion
Cash and equivalents reached $1,404.3 million versus $560.6 million at December 28, 2025, after $1,348.4 million of net equity proceeds from the February 2026 offering; the $300 million revolver is undrawn.
-
Backlog Hits $2.65 Billion
Remaining performance obligations were $2.650 billion, of which $2.067 billion was funded, versus $1.480 billion total a year earlier, with Nomad and Orbit contributing about $258.1 million.
Analysis · KTOS · Manufacturing
The headline numbers were already out today via the 8-K and press coverage, so this 10-Q is not a new surprise — but it is the first full look at the balance sheet behind them. Cash stands at $1,404.3 million against $560.6 million at year-end, funded largely by the February 2026 equity raise that brought in $1,348.4 million net, and there is no debt outstanding on the $300 million revolver. The offset is profitability: the quarter swung to a $4.9 million operating loss and a $0.2 million net loss as SG&A jumped to $95.0 million from $59.8 million, driven by $8.7 million of added intangible amortization from Nomad and Orbit plus $9.0 million more stock compensation. Backlog of $2.650 billion, of which $2.067 billion is funded, is the number that supports the raised 2026 and initial 2027 outlook.
How filings like this one have moved
In the 30 days to Nov 6, 2026, 35.2% of the 2649 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, KTOS was trading at $32.61 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $6.3B. The 52-week trading range was $32.50 to $134.00. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.