Mercury Systems, Inc. has recently released its 10-K report, revealing key insights into its financial performance and business operations. The company, headquartered in Andover, Massachusetts, is a technology firm that specializes in manufacturing and selling components, products, modules, and subsystems for the aerospace and defense industries. Its products and solutions are utilized in approximately 300 programs with 25 defense contractors and commercial aviation customers across the United States, Europe, and the Asia Pacific region.
In the fiscal year 2024, Mercury Systems reported consolidated revenues of $835.3 million, a decrease of 14.2% from the previous year's $973.9 million. The company's net loss for fiscal 2024 amounted to $137.6 million, in contrast to a net loss of $28.3 million in fiscal 2023. Additionally, the diluted net loss per share for fiscal 2024 was $2.38, compared to $0.50 in the prior fiscal year. The adjusted loss per share for fiscal 2024 stood at $0.69, while the adjusted EBITDA was $9.4 million.
The company underwent significant business developments during fiscal 2024, including the execution of the planned evolution of its 1MPACT value creation initiative, workforce reductions resulting in cost savings measures, and amendments to its credit agreement. Notably, Mercury Systems also consolidated its Mission Systems and Microelectronics divisions into a unified structure, streamlining its organizational setup and aligning priorities.
The 10-K report also highlighted the impact of the FAST Act Modernization and Simplification of Regulation S-K on the company's financial reporting, limiting the discussion to the two most recent fiscal years. The report provided detailed financial data, including net revenues, cost of revenues, gross margin, operating expenses, loss from operations, interest income and expense, other expenses, and net loss, offering investors and stakeholders a comprehensive overview of Mercury Systems' financial performance.
The market has reacted to these announcements by moving the company's shares 0.2% to a price of $34.0. For the full picture, make sure to review Mercury Systems's 10-K report.
