Lyntris Revenue Surges 90% in Third Quarter 2026 as Backlog More Than Doubles Falls Church, Virginia, November 4, 2026 – Lyntris Inc., a defense technology…
Lyntris Inc. (LYNX) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Lyntris Revenue Surges 90% in Third Quarter 2026 as Backlog More Than Doubles Falls Church, Virginia, November 4, 2026 – Lyntris Inc. (“Lyntris” or “the Company”) (NYSE: LYNX), a defense technology company delivering “sense-to-act” connectivity solutions for the mode
How this was made
The 30-second read
Why it matters
The earnings beat and backlog expansion may drive the stock higher, reflecting strong demand in defense and space sectors.
Market read
First‑report earnings with significant revenue growth provide fresh trading impetus for Lyntris and its sector.
What to watch
Potential integration costs from recent IPO proceeds and credit facility refinancing could affect near-term margins.
Lyntris Revenue Surges 90% in Third Quarter 2026 as Backlog More Than Doubles
Third-quarter revenue increased 90.4%, all three core missions grew, Adjusted EBITDA rose to $28,505 (dollars in thousands), operating cash flow was $84,036 (dollars in thousands), and backlog reached $1,013 million. GAAP results remained a net loss of $ (3,025) (dollars in thousands), reflecting stock-based compensation, acquisition and IPO-related costs, and loss on debt extinguishment.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total revenueGAAP | $194.4M | – | 90.4 % |
| Q3 2026 cost of revenueGAAP | $151.2M | – | – |
| Q3 2026 gross profitGAAP | $43.24M | – | – |
| Q3 2026 selling, general and administrative expensesGAAP | $28.34M | – | – |
| Q3 2026 depreciation and amortizationGAAP | $3.81M | – | – |
| Q3 2026 total operating expensesGAAP | $32.15M | – | – |
| Q3 2026 operating incomeGAAP | $11.09M | – | – |
| Q3 2026 interest expense, netGAAP | $6.46M | – | – |
| Q3 2026 total other expenseGAAP | $13.88M | – | – |
| Q3 2026 net lossGAAP | −$3.02M | – | – |
| Q3 2026 basic and diluted net loss per shareGAAP | $ (0.03) | – | – |
| Q3 2026 net loss marginGAAP | (1.6) % | – | – |
| Q3 2026 Adjusted EBITDAnon-GAAP | $28.50M | – | 91% |
| Q3 2026 Adjusted EBITDA Marginnon-GAAP | 14.7 % | – | – |
| Q3 2026 Adjusted Net Incomenon-GAAP | $17.01M | – | – |
| Q3 2026 Adjusted EPSnon-GAAP | $ 0.15 | – | – |
| Q3 2026 net cash provided by operating activitiesGAAP | $84.04M | – | – |
| Q3 2026 capital expenditures (property plant and equipment and software)other | −$4.57M | – | – |
| Q3 2026 Free Cash Flownon-GAAP | $79.47M | – | – |
| Nine months ended September 30, 2026 total revenueGAAP | $435.4M | – | 54.9 % |
| Nine months ended September 30, 2026 gross profitGAAP | $107.3M | – | – |
| Nine months ended September 30, 2026 operating incomeGAAP | $12.10M | – | – |
| Nine months ended September 30, 2026 net lossGAAP | −$18.02M | – | – |
| Nine months ended September 30, 2026 basic and diluted net loss per shareGAAP | $ (0.17) | – | – |
| Nine months ended September 30, 2026 net loss marginGAAP | (4.1) % | – | – |
| Nine months ended September 30, 2026 Adjusted EBITDAnon-GAAP | $66.34M | – | 65% |
| Nine months ended September 30, 2026 Adjusted EBITDA Marginnon-GAAP | 15.2 % | – | – |
| Nine months ended September 30, 2026 Adjusted Net Incomenon-GAAP | $30.63M | – | – |
| Nine months ended September 30, 2026 Adjusted EPSnon-GAAP | $ 0.28 | – | – |
| Nine months ended September 30, 2026 net cash provided by (used in) operating activitiesGAAP | $118.9M | – | – |
| Nine months ended September 30, 2026 Free Cash Flownon-GAAP | $108.3M | – | – |
| Backlog as of September 30, 2026other | $1.01B | – | – |
| Net Leverage Ratio as of September 30, 2026non-GAAP | 1.2x | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Q3 2026 Maritime Domain AwarenessThe increase was primarily attributable to sustained, and increasing, demand across a range of allied nation programs, which include our integrated C2 software tools and sensor solutions. | $54.30M | – | 29.4 % |
| Q3 2026 Air & Missile DefensePerformance was driven by embedded growth across flagship radar programs accelerating into full and low-rate production, and expansion in early-stage programs. | $83.37M | – | 153.8 % |
| Q3 2026 Space ISR & Resilient CommunicationsThe increase was primarily attributable to growth in recently awarded programs for our international and domestic space payload solutions. | $56.76M | – | 107.9 % |
| Nine months ended September 30, 2026 Maritime Domain AwarenessThe filing reported growth across all three core missions, across both U.S. and allied nations. | $167.0M | – | 52.0 % |
| Nine months ended September 30, 2026 Air & Missile DefenseThe filing reported growth across all three core missions, across both U.S. and allied nations. | $154.1M | – | 48.8 % |
| Nine months ended September 30, 2026 Space ISR & Resilient CommunicationsThe filing reported growth across all three core missions, across both U.S. and allied nations. | $114.3M | – | 68.6 % |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full Year 2026 outlook
- Revenuebetween $623 million and $630 million
- NoteAdjusted EBITDA of between $95.5 million and $97 million
What drove it
- Total revenue increased $92 million, or 90%, to $194 million, primarily attributable to organic growth across all three core missions, across both U.S. and allied nations.
- Air & Missile Defense was the largest Q3 mission by revenue at $ 83,369 (dollars in thousands) and grew 153.8 %.
- LTAMDS received additional production orders, extending Lyntris' production visibility through 2028.
- SPY-6 completed qualification of a critical hardware assembly and was positioned for increased production.
- Adjusted EBITDA Margin was 14.7 %, compared to 14.6 %, with margin improvement reflecting effective cost controls and economies of scale on higher revenues.
Concerns
- Lyntris reported a Q3 GAAP net loss of $ (3,025) (dollars in thousands) and a nine-month GAAP net loss of $ (18,018) (dollars in thousands).
- Third-quarter results included $5 million of stock-based compensation expense, $3 million of costs associated with acquisitions, strategic initiatives and the IPO that did not qualify for deferral as offering costs, and $7 million of loss on extinguishment of debt related to the Refinancing.
- Backlog includes contracts subject to modification, delay or termination by customers, which may affect realization of revenue.
- The company identified risks around government spending, contract funding and timing, subcontractor and supplier performance, and availability and cost of critical components.
What to watch
- Conversion of $1,013 million of backlog into revenue and the timing of performance on core mission programs.
- Progression of LTAMDS production visibility through 2028 and increased SPY-6 production.
- Delivery against full-year 2026 revenue guidance of between $623 million and $630 million and Adjusted EBITDA guidance of between $95.5 million and $97 million.
- Sustainability of Adjusted EBITDA Margin after the 14.7 % reported in Q3.
- Debt, cash generation and the impact of the July 31, 2026 refinancing and IPO-related debt repayment.
Balance sheet and cash flow
- Cash: $ 88,367 (dollars in thousands) as of September 30, 2026, compared to $ 19,148 (dollars in thousands) as of December 31, 2025.
- Total debt: $ 197,900 (dollars in thousands) as of September 30, 2026, compared to $ 284,701 (dollars in thousands) as of December 31, 2025.
- Net debt: $ 109,533 (dollars in thousands) as of September 30, 2026, compared to $ 265,553 (dollars in thousands) as of December 31, 2025.
- Long-term debt, net of current portion and deferred financing costs: $ 190,507 (dollars in thousands) as of September 30, 2026, compared to $ 281,114 (dollars in thousands) as of December 31, 2025.
- Closed $298 million initial public offering on August 20, 2026 of 17 million shares of common stock at $17.50 per share, including approximately 5.7 million shares sold by the Company. Lyntris received net proceeds of approximately $67 million.
- Used approximately $60 million of the net proceeds from the IPO to repay outstanding borrowings under the Company’s revolving credit facility.
- At quarter end, the revolver was fully repaid.
Analysis
Lyntris reported a sharp acceleration in third-quarter revenue, with total revenue of $ 194,429 (dollars in thousands), up 90.4 % from $ 102,092 (dollars in thousands). Growth was broad based across all three core missions. Air & Missile Defense was the largest contributor at $ 83,369 (dollars in thousands), up 153.8 %, while Space ISR & Resilient Communications increased 107.9 % and Maritime Domain Awareness increased 29.4 %. Management attributed the quarter to organic growth across U.S. and allied-nation programs, radar production activity, and recently awarded space payload programs.
Profitability improved on the company’s adjusted measures. Q3 Adjusted EBITDA rose to $ 28,505 (dollars in thousands) from $ 14,890 (dollars in thousands), and Adjusted EBITDA Margin was 14.7 % versus 14.6 %. The company cited cost controls and economies of scale on higher revenue. GAAP operating income was $ 11,090 (dollars in thousands), but the company recorded a net loss of $ (3,025) (dollars in thousands), after $ 13,881 (dollars in thousands) of total other expense. The quarter included a $7 million loss on extinguishment of debt related to the Refinancing, alongside stock-based compensation and acquisition, strategic initiative and IPO-related costs.
Cash generation and leverage changed materially. Net cash provided by operating activities was $ 84,036 (dollars in thousands), compared with $ (3,484) (dollars in thousands) in the prior-year quarter, and Free Cash Flow was $ 79,469 (dollars in thousands), compared with $ (3,832) (dollars in thousands). Cash was $ 88,367 (dollars in thousands) at September 30, 2026, total debt was $ 197,900 (dollars in thousands), and net debt was $ 109,533 (dollars in thousands). Net Leverage Ratio improved to 1.2x from 4.2x at December 31, 2025, following the IPO, refinancing and repayment of the revolver.
Backlog reached $1,013 million at September 30, 2026, versus $924 million at June 30, 2026 and $476 million at December 31, 2025. The company linked the increase to demand across its core missions and flagship programs, including additional LTAMDS orders and qualification progress on SPY-6. Backlog remains subject to modification, delay or termination by customers under the company’s contract terms.
For full-year 2026, Lyntris expects total revenue of between $623 million and $630 million and Adjusted EBITDA of between $95.5 million and $97 million. The filing did not provide prior-period outlook, so no comparison to previous guidance is available. The central reported issues are conversion of the enlarged backlog, execution on radar and space programs, and whether operating leverage and cash conversion continue while the company manages customer funding, supply chain and component-cost risks.
Management, verbatim
Lyntris delivered a commanding quarter: revenue grew 90%, and backlog more than doubled year to date.
Brian Morrison, Chief Executive Officer
With a stronger balance sheet following our IPO, we are investing to deliver on our customers’ most urgent missions.
Brian Morrison, Chief Executive Officer
Not in the filing
stated, not guessed- Prior outlook or previous-release guidance was not provided, so comparison against prior guidance is unavailable.
- Gross margin was not reported.
- Quarterly sequential revenue, segment revenue, margin and earnings comparisons were not reported.
- Full-year 2026 guidance for gross margin, operating expenses and tax rate was not reported.
- GAAP net income reconciliation for forward-looking Adjusted EBITDA was not provided.
- Share repurchases, dividends and other shareholder capital returns were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Lyntris Inc., a NYSE-listed defense technology firm, filed an 8‑K reporting its Q3 2026 results.
Ticker impact
Lyntris reported Q3 2026 revenue up 90% to $194M and backlog more than doubled, a material earnings surprise.
likely upside as market prices in the revenue surge
Revenue jump and backlog expansion indicate higher future sales, while net loss remains minimal, supporting a bullish reaction.
Market effects
Boosts defense technology sector sentiment, highlighting demand for sense-to-act connectivity.
Positive for U.S. defense contractors and allied suppliers.
Reinforces confidence in defense spending trends globally.
Counterpoint
If the net loss persists, investors may remain cautious despite revenue growth.
Key entities
- companyLyntris Inc.
Defense technology provider reporting Q3 2026 results.
- executiveBrian Morrison
CEO of Lyntris who commented on the results.
