Kratos Wins THAICOM 10 Gateway Systems Contract, Narrows 2026 Revenue Outlook
Key Facts
Kratos said on November 9, 2026, that Gulf Space Technology, formerly known as Thaicom, had awarded it a contract to deliver gateway antenna systems for the high-capacity, software-defined THAICOM 10 satellite. The contract includes Q/V/Ka-band systems, along with the ground infrastructure needed to operate the satellite’s gateways. The company said higher frequency bands enable roughly two to three times more bandwidth than high-throughput Ka-band satellites. Kratos did not disclose the contract’s financial terms. The announcement comes as the company posted revenue and bookings growth in the third quarter and narrowed its full-year 2026 revenue outlook.
The supply scope includes Q/V/Ka-band antennas and radio-frequency equipment, fiber-optic transmission systems, as well as timing and reference systems and gateway-site infrastructure. The contract also integrates Kratos’ monitoring and control system, according to details of the deal announcement. This equipment supports connectivity between the satellite and ground networks as part of THAICOM 10’s design as a high-capacity, software-defined satellite. The deal is therefore distinct from a contract to manufacture the satellite itself; the announced work focuses on antenna and gateway systems. The use of higher frequency bands is a technical element of the project, with Kratos saying bandwidth could increase by about two to three times compared with high-throughput Ka-band satellites.
Kratos’ third-quarter 2026 revenue was about $471.8 million, up 35.7% year over year, with organic growth of 23.2%, compared with revenue of $347.6 million in the same period of 2025. The company recorded a GAAP net loss of $0.2 million for the quarter. Adjusted earnings per share, meanwhile, were $0.24, versus $0.14 in the third quarter of 2025. The figures show revenue growth and higher adjusted earnings per share alongside a slight GAAP net loss. The publicly available official release did not include a documented comparison with analyst estimates, so the figures alone do not confirm that the company exceeded market expectations.
Consolidated bookings were $1.037 billion in the third quarter, putting the book-to-bill ratio at 2.2 times. Consolidated backlog rose to $2.650 billion on September 27, from $2.084 billion on June 28. The bid and proposal pipeline also increased to $15.5 billion on September 27, compared with $15.0 billion on June 28. Kratos said the largest increases in the pipeline came from space, training and hypersonic systems. Backlog and the pipeline reflect contracted work and opportunities the company is pursuing, while neither on its own specifies when those opportunities will convert into revenue.
The company raised its adjusted earnings before interest, taxes, depreciation and amortization outlook to $176–180 million. It also issued preliminary guidance for 2027 revenue of $2.1–2.2 billion and adjusted earnings before interest, taxes, depreciation and amortization of $230–240 million. Chief Executive Eric DeMarco said the quarterly results reflected accelerating business, with notable strength in the hypersonic systems and space segments. He added that the company expects to continue benefiting from higher production volumes and expansion during 2027.
Kratos said the continuation of the U.S. continuing funding resolution underpinned its expectation that the first quarter of 2027 would be the weakest of the year. That estimate links the funding path with the timing of production and revenue, while the 2027 outlook remains preliminary, according to the company. The company expects to report fourth-quarter and full-year 2026 results in late February 2027. That update is expected to include any revisions to the outlook and 2027 operating and free cash flow guidance. The stock closed at $35.10 on November 6, up 5.12% in that session, and that prior performance does not establish that the November 9 contract announcement caused the share move.