Kratos Defense & Security Solutions Inc. reported a net loss of $22.2 million, or 37 cents per share, on revenues of $153 million in its first quarter, which ended March 27.
The loss was greater than the $16.2 million net loss the company recorded in the same quarter of 2015, achieved on total revenues of $157.1 million.
Kratos (Nasdaq: KTOS) said in its May 4 financial announcement that it had a funded backlog of projects worth $554 million, an unfunded backlog of $355 million, and a bid and proposal pipeline of $7.1 billion.
The business mentioned two recent unmanned systems contract wins: the first phase of DARPA’s Gremlins contract — which will attempt to develop an aircraft that will travel in swarms to overwhelm an enemy — as well as a second program for a high-performance tactical unmanned aircraft for a confidential customer. A Kratos representative said the company might be able to disclose more about the customer in the future. DARPA, the Defense Advanced Research Projects Agency, is the Pentagon’s research and development arm.
Also on May 4, Kratos offered details of two restructuring programs which trimmed more than 120 people from its payrolls during the quarter. Kratos made a “significant cost reduction action and reorganization” in its Public Safety & Security Business. In addition, the corporation closed its Charleston Marine Container manufacturing plant — part of its Modular System Division — in April. Currently Kratos Defense has approximately 2,700 employees on its payroll.