The company posted revenue of $194.4 million for the third quarter, nearly doubling the $102.1 million reported during the same period last year. This performance comfortably cleared the $136.9 million forecast set by analysts. Despite the top-line growth, the firm recorded a net loss of $3 million, or 3 cents per share, showing only marginal improvement from the $3.5 million loss incurred a year prior. Adjusted earnings landed at 15 cents per share.

Driving investor optimism is a massive backlog of $1.01 billion, which has grown 113% year-to-date. Looking ahead, management raised its guidance, projecting full-year revenue between $623 million and $630 million. This outlook significantly outpaces the $526.1 million consensus estimate, signaling that demand for the company’s defense contracts remains robust despite the volatility seen in the stock’s early days on the public market.