---
schema_version: "secwatch.filing_event.v1"
accession: "0001049521-23-000045"
form_type: "8-K"
ticker: "MRCY"
cik: "0001049521"
company_name: "MERCURY SYSTEMS INC"
filed_at: "2023-11-07T23:59:59+00:00"
generated_at: "2026-06-08T13:09:02.271734+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Mercury Systems Q1 revenue $181M (-20% YoY), GAAP loss $0.64; reaffirms FY24 outlook

## Summary
- Revenue of $181.0M, down from $227.6M YoY; GAAP net loss $36.7M ($0.64 loss per share) vs $14.3M loss prior.
- Adjusted EPS $(0.24) vs $0.24 prior; adjusted EBITDA $2.0M vs $31.2M prior.
- Free cash flow -$47.1M vs -$73.4M prior; bookings $191.5M, book-to-bill 1.06; backlog $1.15B.
- Reiterated full-year FY2024 guidance; completed 2 of 20 challenged programs, on track to complete 5 by H1.
- Amended credit facility to temporarily raise leverage covenant to 5.25x for Q2 due to government shutdown uncertainty.

## SEC filing metadata
- accession: 0001049521-23-000045
- form_type: 8-K
- ticker: MRCY
- cik: 0001049521
- company_name: MERCURY SYSTEMS INC
- filed_at: 2023-11-07T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1049521/000104952123000045/0001049521-23-000045-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1049521/000104952123000045/mrcy-20231107.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001049521-23-000045
- JSON: https://secwatch.observer/filing/0001049521-23-000045.json
- Plain text: https://secwatch.observer/filing/0001049521-23-000045.txt

## Key facts
- Debt Financings
  MERCURY SYSTEMS INC amended revolving credit of $576.5 million with Bank of America, N.A.
  - Instrument: revolving credit
  - Principal: $576.5 million
  - Counterparty: Bank of America, N.A
  - Event: amendment
  source text: as the administrative agent. The Company paid a consent fee of 0.125% of the principal amount of the revolving credit commitments held by such consenting lender. The Company had $576.5 million in outstanding borrowings both prior to and following the closing of Amendment No. 5. The foregoing description of the Amendment No. 5 does not purport to be complete and is
  evidence_url: https://www.sec.gov/Archives/edgar/data/1049521/000104952123000045/0001049521-23-000045-index.htm
- Earnings Releases
  MERCURY SYSTEMS INC reported financial results for the first quarter ended September 29, 2023.
  - Period: the first quarter ended September 29, 2023
  - Result: reported results
  source text: On November 7, 2023, the Company issued a press release and an earnings presentation regarding its financial results for the first quarter ended September 29, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1049521/000104952123000045/0001049521-23-000045-index.htm
- Material Agreements
  MERCURY SYSTEMS INC amended Amendment No. 5 with a syndicate of commercial banks and Bank of America, N.A acting as the administrative agent (effective 2023-11-07).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: a syndicate of commercial banks and Bank of America, N.A acting as the administrative agent
  - Effective: 2023-11-07
  source text: On November 7, 2023, the Company and certain of the Company’s subsidiaries, as guarantors, entered into Amendment No. 5 (“Amendment No. 5”) to the Company’s Credit Agreement dated May 2, 2016, as amended to date
  evidence_url: https://www.sec.gov/Archives/edgar/data/1049521/000104952123000045/0001049521-23-000045-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.