Applied Aerospace Q2 revenue $167.3M (+47.4% YoY); net loss $154M on IPO costs; backlog $1.13B

Applied Aerospace & Defense, Inc.

Record revenue of $167.3M, up 47.4% YoY; adjusted EBITDA $36.4M, up 38.5%.
Net loss of $154.0M driven by share-based comp and June 2026 IPO transaction expenses.
Backlog over $1.1B; C5ISR/Precision Strike revenue surged $35.9M YoY.
Completed $683M IPO (~34.2M shares at $20), net proceeds ~$635.6M; net leverage 2.7x pro forma.
FY2026 guidance: revenue $670-690M, adjusted EBITDA $150-155M.

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