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Mar 29, 2024
Mercury Q3 2024 Earnings Report
Mercury's financial performance declined with a net loss, but backlog increased and strategic priorities showed progress.
Key Takeaways
Mercury Systems reported a decline in revenue and profitability for Q3 2024, with a net loss of $44.6 million and adjusted EBITDA of -$2.4 million. However, the company saw an increase in backlog to $1.29 billion, up 17% year-over-year, and made progress in its strategic focus areas.
Q3 FY24 bookings were $219.9 million, resulting in a book-to-bill ratio of 1.06.
Q3 FY24 revenue reached $208.3 million, but GAAP net loss was $44.6 million.
Adjusted EBITDA for Q3 FY24 was -$2.4 million.
Record backlog grew to $1.3 billion, a 17% increase year-over-year.
Mercury
Mercury
Forward Guidance
Mercury Systems expects full fiscal year 2024 revenue to be in the range of $800.0 million to $850.0 million and bookings to exceed $1 billion. The company also anticipates positive free cash flow for the full fiscal year.