Key Highlights

  • Revenue was USD 194.43 million, up 90% year over year, with a net loss of USD 0.03 per diluted share.
  • Adjusted EBITDA was USD 29 million at a 14.7% margin, and adjusted EPS was USD 0.15 against USD 0.02.
  • Backlog was USD 1,013 million at September 30, against USD 924 million in June and USD 476 million in December.
  • 2026 guidance: Revenue USD 623 million to USD 630 million, adjusted EBITDA USD 95.5 million to USD 97 million.

Which parts of the Business produced a 90% revenue increase at Lyntris (NYSE:LYNX) in the quarter it went public? Revenue was USD 194.43 million, against USD 102.09 million a year earlier, and the company said organic growth was 89%. The net loss was USD 3.0 million, or USD 0.03 per diluted share, the same per-share figure as the prior-year quarter. Nine-month revenue was USD 435.4 million, up 55%.

Air and Missile Defense Leads the Mission Mix

Air and Missile Defense revenue was USD 83.37 million against USD 32.84 million, an increase of 154%. Management tied the growth to flagship radar programs moving into full and low-rate production, along with early-stage programs. The company reported additional production orders on the LTAMDS program, backed by a USD 1.7 billion contract awarded to the prime in 2025, and completed qualification of a hardware assembly for the SPY-6 radar program, backed by a USD 1.8 billion contract extension awarded to the prime in 2026.

Space ISR and Resilient Communications revenue was USD 56.76 million against USD 27.30 million, up 108%, on recently awarded international and domestic space payload programs. Maritime Domain Awareness revenue was USD 54.30 million against USD 41.95 million, up 29%, which the company linked to allied nation programs including its command and control software tools and sensor solutions. Further awards included antenna feed systems for a lunar and deep-space ground network.

Profit, Cash Flow and Backlog

Gross profit was USD 43.24 million against USD 27.63 million, and selling, general and administrative expenses were USD 28.34 million against USD 18.80 million. The quarter included USD 5 million of stock-based compensation, USD 3 million of acquisition, strategic initiative and IPO costs, and a USD 7 million loss on extinguishment of debt. Adjusted EBITDA was USD 29 million, up 91%, with a Margin of 14.7% against 14.6%. Adjusted Net Income was USD 17 million, or USD 0.15 per share.

Net cash provided by Operating Activities was USD 84 million, against USD 3 million used a year earlier, and free cash flow was USD 79 million against a USD 4 million outflow. Backlog reached USD 1,013 million, which management said reflects continued Demand across its core missions and flagship programs.

IPO Proceeds, Refinancing and Leverage

The company closed a USD 298 million initial public offering on August 20, 2026, selling 17 million shares at USD 17.50, of which about 5.7 million were sold by the company for net proceeds of about USD 67 million. About USD 60 million of those proceeds repaid revolver borrowings. On July 31 it entered a new Facility of a USD 200 million term Loan and a USD 100 million revolver, both maturing July 31, 2031, and used the proceeds to repay its prior Credit facilities. The revolver was fully repaid by quarter end.

Cash was USD 88.37 million against USD 19.15 million at year end 2025, and total Debt was USD 197.9 million against USD 284.7 million. Net debt was USD 109.53 million, and the net Leverage ratio was 1.2x.

Data Points to Watch

Revenue of USD 194.43 million sits alongside backlog of USD 1,013 million, free cash flow of USD 79 million and net debt of USD 109.53 million.

For full year 2026, management guided to revenue of USD 623 million to USD 630 million and adjusted EBITDA of USD 95.5 million to USD 97 million. It stated that its guidance depends on contract retention, the timing of U.S. and allied spending, subcontractor performance and component costs. Nine-month revenue of USD 435.4 million and nine-month adjusted EBITDA of USD 66 million are the year-to-date reference points.