Finance

Space Systems was the fastest-growing segment at Northrop Grumman in the third quarter of 2023, with 11% growth year-over-year. The company released Q3 results on Thursday, and raised guidance for Space.  Northrop Grumman reported a strong quarter overall on Thursday, posting $9.8 billion in sales, up 9% year-over-year. Each segment posted higher sales year-over-year. Company-wide, third...

Boeing’s Defense, Space & Security (BDS) segment posted a 3% revenue increase in the third quarter of 2023 compared to the same time last year. However, losses on a satellite contract poorly impacted the segment’s operating margin, which CFO Brian West called “disappointing.”  BDS reported $5.5 billion in revenue in Q3. However, the segment’s operating...

NanoAvionics co-founder Vytenis Buzas is stepping down from his role as CEO, the company announced Oct. 24. The company’s Chief Sales Officer Žilvinas Kvedaravičius will take over as interim CEO, with Buzas on the board. NanoAvionics, which is owned by Kongsberg Defence & Aerospace, said the move positions the company for its next phase of...

Revenue at Iridium Communications increased 7% in the third quarter of 2023 compared to the same time last year, but the company’s stock value dipped after the results were released on Oct. 19. Iridium did not have an update on its Qualcomm chip partnership, which one analyst noted is frustrating investors.  Iridium’s third quarter revenue...

Terran Orbital’s stock is at risk of being delisted if the company cannot raise its average share price over $1.  The New York Stock Exchange sent the satellite manufacturer official notice on Oct. 20 that it is not in compliance with requirements regarding share price. The average closing price of its stock was less than...

Arabsat has signed an MoU with Microsoft as it looks to play a key role in the acceleration of digital transformation and the development of its services. The two companies announced the MoU earlier this week. The two organizations will work together to accelerate Arabsat’s digital transformation by adopting cloud computing technology to improve performance...

Arlula, an Australian start-up company, is to gain further funding from Lockheed Martin Ventures, a subsidiary of Lockheed Martin. Arlula announced the new investment, Oct. 19. It is the second major investment that Arlula has had this year. It also had a successful round of funding led by Main Sequence Ventures earlier this year Founded...

Capella Space appointed Frank Backes as its new CEO, the company announced Tuesday. Payam Banazadeh, who founded the company and has led it since 2016, will serve as board director. Backes’ appointment is effective Oct. 23.  Backes joins Capella Space from Kratos Defense and Security Solutions, where he has been senior vice president for federal...

Lockheed Martin’s Space segment delivered a strong 8% revenue increase in the third quarter of 2023, led by higher sales on strategic and missile defense programs.  Lockheed Martin released its third quarter results on Tuesday, reporting company-wide net sales of $16.9 billion, an increase of 2% year-over-year. Missiles and Fire Control, Rotary and Mission Systems,...

ST Engineering iDirect appointed two new leaders to its executive team, naming Sridhar Kuppanna its new senior vice president of Engineering and Cynthia Harty as senior vice president of Corporate Strategy. Kuppanna is a new appointment to iDirect and joins the company from Ribbon Communications. There, he worked on secure cloud communications solutions. Kuppanna will...