Lyntris (NYSE: LYNX) revenue jumps 90% and backlog more than doubles

What happened

Lyntris Inc. (NYSE: LYNX) said third-quarter revenue rose 90% to $194 million, with organic growth of 89%. The quarter ended Sept. 30.

The defense technology company's backlog more than doubled this year, so the sales jump comes with orders still to be worked off. Backlog stood at $1.01 billion on Sept. 30. That is up 113% from $476 million at Dec. 31, 2025 and up from $924 million at June 30.

Lyntris also guided to full-year 2026 revenue of $623 million to $630 million and Adjusted EBITDA of $95.5 million to $97 million.

Chief Executive Brian Morrison said in the Nov. 4 release that Lyntris "delivered a commanding quarter."

Key numbers

Metric	Latest	Change	Source
Q3 2026 revenue	$194.43 million	from $102.09 million, +90.4%	SEC 8-K
Q3 2026 Adjusted EBITDA	$28.51 million	from $14.89 million, +91%	SEC 8-K
Backlog at Sept. 30, 2026 (change since Dec. 31, 2025)	$1.01 billion	+113%	SEC 8-K
Q3 2026 free cash flow	$79 million	from -$4 million	SEC 8-K
Q3 2026 net loss	$3.03 million	from $3.47 million	SEC 8-K
Full-year 2026 revenue guidance	$623 million to $630 million		SEC 8-K

Read more: Lyntris (LYNX) company research

Where the growth came from

Air missile defense did most of the lifting. Air Missile Defense revenue rose 154% to $83 million and added $51 million of the $92 million total increase. Lyntris says flagship radar programs are moving into full and low-rate production.

Space ISR Resilient Communications revenue rose 108% to $57 million. The company links that to recently awarded international and domestic space payload programs. Maritime Domain Awareness grew 29% to $54 million on demand across allied nation programs.

Lyntris received more production orders on the LTAMDS program, backed by a $1.7 billion contract awarded to the prime in 2025. The company says that extends its production visibility through 2028.

On SPY-6, it completed qualification of a critical hardware assembly. That work is supported by a $1.8 billion contract extension awarded to the prime in 2026. Those contract values belong to the prime, not to Lyntris.

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Profit, cash and one-time items

Profit did not follow revenue on a GAAP basis. Net loss was $3 million, or $0.03 per diluted share, essentially unchanged from the third quarter of 2025. The net loss margin narrowed to 1.6% from 3.4%.

Three items were included in the quarter. They were $5 million of stock-based compensation expense and $3 million of costs tied to acquisitions, strategic initiatives and the IPO that did not qualify for deferral as offering costs.

The third was a $7 million loss on extinguishment of debt related to the refinancing.

Adjusted EBITDA, a non-GAAP measure, rose 91% to $29 million. The margin was 14.7% against 14.6% a year earlier. Adjusted profit grew in step with sales, not faster. The company credits cost controls and economies of scale.

Operating cash flow was $84 million, against cash used in the year-earlier quarter. Free cash flow was $79 million, reversing a $4 million outflow.

Deferred revenue was $79.3 million, up from $30.0 million at Dec. 31, 2025. Accounts payable were $55.7 million, up from $29.4 million. Both are working-capital lines to read alongside the cash figure.

Refinancing and IPO proceeds

On July 31, 2026, Lyntris entered a new credit facility with a $200 million term loan and a $100 million revolving line of credit. Each matures on July 31, 2031.

Term loan proceeds, $15 million of cash on hand and about $73 million drawn on the revolver repaid all amounts under the prior credit facilities.

The IPO closed on Aug. 20, 2026. It sold 17 million shares at $17.50 each, for $298 million in total, including about 5.7 million shares sold by the company.

Lyntris itself received net proceeds of about $67 million. It used about $60 million to repay revolver borrowings. The revolver was fully repaid at quarter end.

Net leverage ratio, a non-GAAP measure, improved to 1.2x. Cash was $88.4 million at Sept. 30 versus $19.1 million at Dec. 31, 2025.

Long-term debt, net of the current portion and deferred financing costs, was $190.5 million versus $281.1 million. Net interest expense for the quarter was $6.46 million versus $8.58 million a year earlier.

Why it matters

This report gives a baseline for judging the company. Through nine months, revenue was $435 million, up 55%. Adjusted EBITDA was $66 million, up 65%, with a margin of 15.2% against 14.3%.

Those figures are the base for judging the full-year guidance ranges.

The caveat is the gap between adjusted and reported results. The nine-month net loss was $18 million versus $13 million a year earlier. Adjusted EBITDA excludes $41.0 million of adjustments, up from $8.4 million. Those include $20.1 million of stock-based compensation versus $0.76 million.

The company says its outlook rests on several assumptions. They cover contract retention, the timing and amount of U.S. and allied nation spending, subcontractor performance and the cost of critical components.

It also says backlog can be modified, delayed or terminated, and that customers can terminate on advance notice.

What's next

The next quarterly report is the next test, because it completes the year against the guidance ranges. Revenue and Adjusted EBITDA inside those ranges would support the growth story. A shortfall, or backlog below its Sept. 30 level, would weaken it.

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