Revenue (Tables)

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Summary of Contract Assets And Liabilities

The following table summarizes the Company’s contract assets and liabilities:


		September 30,				December 31,
		2026				2025
		(in thousands)
Contract assets		$	208,275			$	156,298
Contract liabilities		$	42,495			$	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 during the nine months ended September 30, 2026 and 2025 were not material. The following table summarizes the changes in contract assets and contract liabilities for the nine months ended September 30, 2026 and 2025:


		September 30,				September 30,
		2026				2025
		(in thousands)
Contract assets, beginning of period		$	156,298			$	107,222
Contract assets recorded during the period			189,197				123,804
Reclassified to accounts receivable during the period			(137,220	)			(84,046	)
Contract assets, end of period		$	208,275			$	146,980


		September 30,				September 30,
		2026				2025
		(in thousands)
Contract liabilities, beginning of period		$	22,814			$	29,868
Customer advances received			44,164				16,377
Recognition of unearned revenue			(24,483	)			(27,456	)
Contract liabilities, end of period		$	42,495			$	18,789

Summary of Disaggregated Revenue and Revenue Growth by End Markets

The following table presents the Company’s disaggregated revenue by end-markets for the three and nine months ended September 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 September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
		(in thousands)
Hypersonics & Strategic Missile Defense		$	51,095			$	36,608			$	130,200			$	101,624
Space & Launch			37,908				40,697				123,834				114,165
Tactical Missiles & Integrated Defense Systems			67,577				44,482				175,849				121,219
Maritime Defense Systems			45,043				—				105,013				—
Total revenue		$	201,623			$	121,787			$	534,896			$	337,008