Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), a technology
company that delivers processing power for the most demanding
aerospace and defense missions, today announced it has completed
delivery of the processing hardware for the U.S. Army’s first six
Lower Tier Air and Missile Defense Sensor (LTAMDS) radars, being
built by Raytheon, an RTX business.
LTAMDS is the Army’s newest air and missile defense sensor that
will operate on the Army’s Integrated Air and Missile Defense
network. LTAMDS is a 360-degree, Active Electronically Scanned
Array radar that provides significantly more capacity and
capability against the wide range of advanced lower-tier threats,
including hypersonic missiles.
Mercury has provided radar processing systems to Raytheon for
Patriot® radars since 2009. In 2019, Raytheon was chosen by the
Army to deliver the first six LTAMDS radars, and Raytheon tapped
Mercury to develop an expanded suite of advanced electronic systems
that included the radar processing platform, the beamforming
platform, ethernet switching hardware, and high-power amplifiers
for the antenna array. In May, Mercury delivered the last of more
than 160 hardware units that fulfilled its obligations under the
proof of manufacturing contract.
“We are extraordinarily proud to meet our initial commitments to
the LTAMDS program, which will play an enormous role in the safety
and security of the United States and our allies for years to
come,” said Mitch Stevison, EVP and President of Mercury’s of
Mission Systems division. “The leading-edge processing technologies
we pioneered for this program represent a major step forward for
integrated air and missile defense.”
Mercury envisions, creates, and delivers innovative technology
solutions purpose-built to meet its customers' most pressing
high-tech needs. For more information, visit mrcy.com.
Mercury Systems – Innovation that Matters® by and for
People Who Matter Mercury Systems is a technology
company that pushes processing power to the tactical edge, making
the latest commercial technologies profoundly more accessible for
today’s most challenging aerospace and defense missions. From
silicon to system scale, Mercury enables customers to accelerate
innovation and turn data into decision superiority. Mercury is
headquartered in Andover, Massachusetts, and has 24 locations
worldwide. To learn more, visit mrcy.com. (Nasdaq: MRCY)
Forward-Looking Safe Harbor StatementThis press
release contains certain forward-looking statements, as that term
is defined in the Private Securities Litigation Reform Act of 1995,
including those relating to the Company’s focus on enhanced
execution of the strategic plan under a refreshed Board and
leadership team. You can identify these statements by the words
“may,” “will,” “could,” “should,” “would,” “plans,” “expects,”
“anticipates,” “continue,” “estimate,” “project,” “intend,”
“likely,” “forecast,” “probable,” “potential,” and similar
expressions. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those projected or anticipated. Such risks and uncertainties
include, but are not limited to, continued funding of defense
programs, the timing and amounts of such funding, general economic
and business conditions, including unforeseen weakness in the
Company’s markets, effects of geopolitical unrest and regional
conflicts, competition, inflation, changes in technology and
methods of marketing, delays in completing development, engineering
and manufacturing programs, changes in customer order patterns,
changes in product mix, continued success in technological advances
and delivering technological innovations, changes in, or in the
U.S. government’s interpretation of, federal export control or
procurement rules and regulations, changes in, or in the
interpretation or enforcement of, environmental rules and
regulations, market acceptance of the Company's products, shortages
in or delays in receiving components, supply chain delays or
volatility for critical components such as semiconductors,
production delays or unanticipated expenses including due to
quality issues or manufacturing execution issues, the impact of the
COVID-19 pandemic and supply chain disruption, inflation and labor
shortages, among other things, on program execution and the
resulting effect on customer satisfaction, inability to fully
realize the expected benefits from acquisitions, restructurings,
and execution excellence initiatives, or delays in realizing such
benefits, challenges in integrating acquired businesses and
achieving anticipated synergies, effects of shareholder activism,
increases in interest rates, changes to industrial security and
cyber-security regulations and requirements and impacts from any
cyber or insider threat events, changes in tax rates or tax
regulations, such as the deductibility of internal research and
development, changes to interest rate swaps or other cash flow
hedging arrangements, changes to generally accepted accounting
principles, difficulties in retaining key employees and customers,
which difficulties may be impacted by the termination of the
Company’s announced strategic review initiative, unanticipated
challenges with the transition of the Company’s Chief Executive
Officer and Chief Financial Officer roles, including any dispute
arising with the former CEO arising out of his resignation,
unanticipated costs under fixed-price service and system
integration engagements, and various other factors beyond our
control. These risks and uncertainties also include such additional
risk factors as are discussed in the Company's filings with the
U.S. Securities and Exchange Commission, including its Annual
Report on Form 10-K for the fiscal year ended July 1, 2022 and
subsequent Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K. The Company cautions readers not to place undue reliance
upon any such forward-looking statements, which speak only as of
the date made. The Company undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which such statement is made.
MEDIA CONTACTTurner BrintonMercury
Systemsturner.brinton@mrcy.com
Mercury Systems and Innovation That Matters are registered
trademarks of Mercury Systems, Inc. Other product and company names
mentioned may be trademarks and/or registered trademarks of their
respective holders.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7e050eef-c6a7-42c4-a2da-f6899097f6d0
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