Lyntris (LYNX) Registration filing summary

Company overview and business model

• Provides “sense-to-act” connectivity solutions for defense, enabling threat detection, decision-making, and action in multi-domain environments.

• Solutions span Maritime Domain Awareness, Air & Missile Defense, and Space ISR & Resilient Communications, serving over 200 programs with no single program exceeding 7% of revenue.

• Vertically integrated across sensor architecture, hardware, and data/software, with a modular, merchant-supplier approach and a focus on proprietary IP.

• Built through a targeted acquisition strategy, completing 12 acquisitions since 2018 to create an integrated platform.

• Workforce exceeds 1,000 employees, including a high proportion of engineers and cleared personnel, with facilities supporting rapid prototyping and secure manufacturing.

Financial performance and metrics

• Revenue for the year ended December 31, 2025 was $388.9M, up 16.5% from $334.0M in 2024; six months ended June 30, 2026 revenue was $241.0M, up 34.6% year-over-year.

• Net losses: $8.5M in 2025 (net loss margin 2.2%), improved from $31.0M in 2024 (net loss margin 9.3%).

• Adjusted EBITDA for 2025 was $62.6M (16.1% margin), up from $48.6M (14.6% margin) in 2024; six months ended June 30, 2026 Adjusted EBITDA was $37.8M (15.7% margin).

• Backlog grew to $923.9M as of June 30, 2026, from $475.8M at year-end 2025.

• Cash flow from operations was $34.9M for the six months ended June 30, 2026; cash and equivalents were $29.2M as of June 30, 2026.

Use of proceeds and capital allocation

• Net proceeds of ~$69.5M (at $20.50/share midpoint) expected, with ~$60M to repay outstanding amounts under the new revolving credit facility; remainder for general corporate purposes.

• No proceeds from shares sold by selling stockholders.