Key Highlights

  • Quarterly Revenue rose 90% to USD 194 million, and organic growth reached 89% as each of the three mission areas expanded.
  • Backlog reached USD 1,013 million at September 30, 2026, up 113% from USD 476 million at December 31, 2025 and above USD 924 million at June 30.
  • The company booked a USD 3 million net loss, or USD 0.03 a diluted share, while adjusted EBITDA, a non-GAAP figure, climbed to USD 29 million for a 14.7% margin.
  • Full-year 2026 revenue guidance sits between USD 623 million and USD 630 million, and adjusted EBITDA is expected at USD 95.5 million to USD 97 million.

Air Defense and Space Programs Drive Most of the Growth

Lyntris (NYSE:LYNX) announced third-quarter figures on November 4, 2026, covering the period ended September 30. Revenue expanded USD 92 million to USD 194 million. Air and Missile Defense rose 153.8% to USD 83.4 million as flagship radar programs shifted into full and low-rate production. Space ISR and Resilient Communications jumped 107.9% to USD 56.8 million, while Maritime Domain Awareness added 29.4% to USD 54.3 million. The Virginia-based firm calls itself a defense technology Business that supplies connectivity for the battlespace. Nine-month revenue totaled USD 435.4 million, a 54.9% increase, and the nine-month net loss came to USD 18 million, or USD 0.17 a share, versus USD 13 million a year earlier. Management attributes the Margin improvement to cost controls and scale.

Net Loss Holds Steady as Margins and Cash Flow Strengthen

The company still recorded a USD 3 million net loss, matching the prior year, though the net loss margin narrowed to 1.6% from 3.4%. The quarter carried USD 5 million of stock-based compensation, USD 3 million of acquisition, strategic and IPO costs, and a USD 7 million loss on Debt extinguishment linked to a refinancing. Adjusted Net Income reached USD 17 million, or USD 0.15 a share, compared with USD 2 million. Operating Cash Flow came in at USD 84 million, versus a USD 3 million outflow, and free cash flow, also non-GAAP, was USD 79 million. Net Leverage improved to 1.2 times.

IPO Proceeds, Refinancing and Program Awards

The initial public offering closed on August 20, 2026: 17 million shares priced at USD 17.50, of which around 5.7 million came from the company, raising net proceeds near USD 67 million out of a USD 298 million offering. About USD 60 million went to repay revolver borrowings. On July 31, 2026, the company agreed a USD 200 million term Loan and a USD 100 million revolver, both maturing in 2031, to replace earlier facilities. Awards included additional LTAMDS production orders and SPY-6 hardware qualification, with the primes' contracts valued at USD 1.7 billion and USD 1.8 billion. Intuitive Machines also chose the company for antenna feed systems. Risks include dependence on government programs and the timing of production ramps.

Where Things Stand

Plausibly, but not assured. Lyntris (NYSE:LYNX) ended the quarter with Backlog above USD 1 billion, up from USD 924 million at June 30. Guidance implies fourth-quarter revenue of about USD 188 million to USD 195 million (calculated from nine-month revenue and the outlook range), roughly flat with the third quarter, so year-over-year growth may cool. Watch production timing on radar programs, cash conversion and the first full quarter after the IPO and refinancing.