Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Summary of Contract Assets And Liabilities

The following table summarizes our contract assets and liabilities:


		June 30,				December 31,
		2026				2025
		(in thousands)
Contract assets		$	187,120			$	156,298
Contract liabilities		$	26,154			$	22,814

Changes in contract assets and contract liabilities are primarily due to the timing of payments from customers and the Company satisfying performance obligations during the normal course of business. The amount of revenue recognized from changes in the transaction price associated with performance obligations satisfied in prior year during the period ended June 30, 2026 and December 31, 2025 was not material. The following table summarizes the changes in contract assets and contract liabilities for the six months ended June 30, 2026 and 2025:


		June 30,				June 30,
		2026				2025
		(in thousands)
Contract assets, beginning of period		$	156,298			$	107,222
Contract assets recorded during the period			151,880				100,777
Reclassified to accounts receivable during the period			(121,058	)			(74,409	)
Contract assets, end of period		$	187,120			$	133,590


		June 30,				June 30,
		2026				2025
		(in thousands)
Contract liabilities, beginning of period		$	22,814			$	29,868
Customer advances received			24,602				14,505
Recognition of unearned revenue			(21,262	)			(24,476	)
Contract liabilities, end of period		$	26,154			$	19,897

Summary of Disaggregated Revenue and Revenue Growth by End Markets

The following table presents our disaggregated revenue by end-markets for the three and six months ended June 30, 2026 and 2025, respectively. Substantially all of the Company’s customers are government or commercial enterprises based in the United States.


		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
		(in thousands, except percent)
Hypersonics & Strategic Missile Defense		$	43,417			$	34,960			$	79,105			$	65,016
Space & Launch			42,072				39,597				85,926				73,468
Tactical Missiles & Integrated Defense Systems			63,012				40,540				108,272				76,737
Maritime Defense Systems			33,562				—				59,970				—
Total revenue		$	182,063			$	115,097			$	333,273			$	215,221