UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 333-253583 Leonardo DRS, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 13-2632319 (State or Other ...

Financial Data and Key Metrics Changes - The company reported revenues of $28 million for Q2 2021, representing a 61% year-over-year increase and a 12% sequential quarter increase [4] - Gross margins improved to 40%, up 4.35% or 435 basis points from the same quarter last year [4] - Adjusted EBITDA was $6.3 million, accounting for 22% of revenues, compared to an EBITDA margin of 10% in the same quarter last year [5][18] - The company has a strong balance sheet with over $96 million in net cash and zero financial debt [6][19] Business Line Data and Key Metrics Changes - The U.S. market remains the primary driver of growth, with established programs like SHORAD and Marine Corps GBAD contributing significantly [22] - The company is experiencing strong demand for its counter-UAS solutions, with a broadening pipeline of opportunities [9][10] - The inventory level increased to $31.6 million from $28.8 million at the end of 2020, with plans for further increases [20] Market Data and Key Metrics Changes - The U.S. market is showing real strength, with military modernization priorities driving demand despite budget concerns [23] - The European market is opening up gradually, with expectations for significant growth in 2023 [24] - The Middle East market has shown clear demand, although COVID-19 has slowed some opportunities [24] Company Strategy and Development Direction - The company plans to double its manufacturing capacity in both Israel and the U.S. to support growth [7] - There is a focus on maintaining high R&D investment and exploring acquisition opportunities [7] - The company anticipates further growth in the U.S. and global markets for its products in the coming years [14][15] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving over $120 million in revenues for the full year, representing around 60% year-over-year growth [5][15] - The company is strategically increasing inventory levels to mitigate supply chain risks due to global component shortages [6][19] - Management believes that the demand for their products will continue to grow, driven by military modernization efforts [23][25] Other Important Information - The company recorded a deferred tax asset of $6 million due to recent profitability, leading to a net income of $10.4 million for the quarter [18] - The company is launching three new radar systems this year, which are expected to enhance total addressable market and annual revenues [27] Q&A Session Summary Question: What drove the growth in the quarter? - The growth was primarily driven by the U.S. market, with established programs like SHORAD and Marine Corps GBAD contributing significantly [22] Question: How is the company thinking about capital deployment given the increase in cash? - The company is increasing inventory levels due to semiconductor market conditions and is preparing for growth beyond 2024 [26][27] Question: What is the status of the European market penetration? - The European market is emerging but slower than anticipated, with significant growth expected in 2023 [29] Question: Are the new Multi-Mission Hemispheric Radars on track for shipment? - The company is on track to ship the new radars by the end of the year, with no cannibalization of existing products expected [31] Question: Will the company maintain its gross margin? - The company expects to maintain a gross margin of around 40% going forward, which is not seen as temporary [41]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 333-253583 Leonardo DRS, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 13-2632319 (State or Othe ...

Financial Data and Key Metrics Changes - Revenues for Q1 2021 were over $25 million, representing a 67% year-over-year growth and an 8% increase compared to the previous quarter [6][19] - Gross margin improved to 40%, aligning with the company's target model [6] - Adjusted EBITDA for the quarter was $4.8 million, or 19% of revenues, compared to $0.9 million or 6% of revenues in Q1 2020 [20] - Net income for Q1 2021 was $3.8 million, up from $170,000 in the same quarter last year [20] - The company has a strong balance sheet with $96 million in net cash and zero financial debt at the end of the quarter [21] Business Line Data and Key Metrics Changes - Significant deliveries in Q1 included the IM-SHORAD program, with expectations to complete deliveries of 28 systems by midyear [26] - The company reported new business of $60 million in 2020, with significant contributions from the fourth quarter [24] Market Data and Key Metrics Changes - Positive trends in markets related to counter-UAS and base defense are developing in the U.S. and globally, with growing traction in European and Middle Eastern markets [11] - The U.S. Army awarded General Dynamics a framework of $1.2 billion covering multiple systems, with initial production expected to start soon [12] Company Strategy and Development Direction - The company is doubling manufacturing capacity in both Israel and the U.S. to address the semiconductor supply crisis and support growth [10] - New products are set to launch, including advanced tactical radars that enhance capabilities for near-term protection solutions [15][16] - The company aims to maintain a gross margin of around 40%, with potential for slight improvements [51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue guidance of over $120 million for 2021, reflecting more than 60% growth compared to the previous year [7][17] - The company is well-positioned to handle supply chain challenges due to proactive inventory management [23][43] - Management believes that the demand for their products will continue to grow despite potential budget pressures from the new U.S. administration [46] Other Important Information - The company successfully raised $56 million in March, enhancing its shareholder portfolio with long-term institutional investors [8] - The company is part of the Elbit Iron Fist solution for active protection systems, with serial production expected to commence in 2022 [13] Q&A Session Summary Question: Are there any delays in defense orders? - Management noted prolonged delivery dates from suppliers but emphasized that their inventory strategy has mitigated production hiccups [23] Question: What drove the growth in Q1? - Growth was driven by new business secured in 2020, with significant deliveries to the IM-SHORAD program [24][26] Question: What is the outlook for the total addressable market? - The total addressable market was increased by $1 billion, driven by new radar offerings addressing emerging defense needs [29] Question: Will the company be cash flow positive this year? - Management indicated strong cash flow performance in Q1 and expects to maintain a positive cash flow trajectory [32][33] Question: What is the status of the supply chain? - The company does not foresee issues affecting gross margins due to proactive inventory management and sourcing strategies [43] Question: Are there any new APS programs won recently? - The company is part of the Elbit APS program and has seen some new initiatives but expects significant revenues from these programs only in 2023 and beyond [45] Question: How does the new U.S. administration affect demand? - Management believes that the demand for their products will remain strong despite potential budget constraints, as they address new and emerging needs [46]

Rada Electronic Industries Ltd (RADA) Q4 2020 Earnings Conference Call February 10, 2021 10:00 AM ET Company Participants Ehud Helft - GK Investor Relations Dov Sella - CEO Avi Israel - CFO Conference Call Participants Brian Kinstlinger - Alliance Global Partners Ken Herbert - Canaccord Genuity Alex Silverman - AWM Investments Jeff Bernstein - Cowen Inc. Operator Ladies and gentlemen, thank you for standing by. Welcome to the RADA Electronics Industries Fourth Quarter and Full Year 2020 Results Conference C ...

RADA Electronic Industries Ltd. (RADA) Q3 2020 Earnings Conference Call November 10, 2020 10:00 AM ET Company Participants Kenny Green - Investor Relations Dov Sella - Chief Executive Officer Avi Israel - Chief Financial Officer Conference Call Participants Ken Herbert - Canaccord Brian Kinstlinger - Alliance Global Partners Will Manuel - Edison Group Jeff Bernstein - Cowen Operator Ladies and gentlemen, thank you for standing by. Welcome to the RADA Electronic IndustriesÂ' Third Quarter 2020 Results Confer ...

Financial Data and Key Metrics Changes - The company reported a revenue of $17.5 million for Q2 2020, representing a 75% year-over-year growth and a 60% quarter-over-quarter growth [29][33] - Gross margins remained stable at approximately 36% [5][34] - Operating income was $634,000, compared to an operating loss of $843,000 in Q2 2019 [35] - Adjusted EBITDA was $1.7 million, which is 10% of revenues, compared to a negative EBITDA of $268,000 in Q2 2019 [36] - Net income attributable to shareholders was $707,000, or $0.02 per share, compared to a net loss of $564,000 or $0.01 per share in Q2 2019 [36] Business Line Data and Key Metrics Changes - The company has increased its revenue guidance for 2020 from $65 million to over $70 million, indicating a growth of over 58% year-over-year [9] - The company has significantly increased its inventory to $26.5 million from $17.2 million at the end of 2019 to support future growth [37] Market Data and Key Metrics Changes - The addressable market for the company is estimated at about $5 billion over the next decade, with a strong interest in their solutions globally [12][13] - The company noted that defense spending is generally less exposed to macroeconomic downturns, and they have not seen cancellations of existing orders [17][30] Company Strategy and Development Direction - The company is focused on maintaining its leadership in the radar technology market and is investing in R&D for next-generation tactical radars [31][54] - The company is optimistic about its growth trajectory, expecting to benefit from long-term acquisition programs and a strong backlog [14][19] Management's Comments on Operating Environment and Future Outlook - Management indicated that the pandemic has not had a material financial impact on the company, and they expect continued growth into 2021 [6][10] - The company believes that defense spending will remain resilient, particularly in the niches they focus on [19][30] - Management expressed confidence in their ability to navigate potential challenges posed by the pandemic and changing economic conditions [11][22] Other Important Information - The company is involved in several major programs, including the APF for fighting vehicles and the U.S. Army Bradley program, with production expected to commence in 2022 [23][24] - The company has a strong balance sheet with $30 million in net cash, which supports their growth and working capital needs [10] Q&A Session Summary Question: Has the revenue mix changed with more than 50% coming from the U.S.? - Management expects the U.S. to account for over 50% of revenue in the near term, especially next year [39][40] Question: Will inventory levels continue to increase? - The company plans to maintain inventory levels to address emergent needs while transitioning to serial production [41][42] Question: Any changes in the competitive landscape? - Management has not observed significant changes in competition, maintaining a lead over competitors [44] Question: What are the assumptions for SHORAD orders? - The company expects to receive orders for the first battalion this year, with additional battalions ordered next year [46][47] Question: How is R&D spending expected to change? - R&D spending is expected to stabilize, with ongoing development of three radars [50] Question: What is the status of the C-RAM opportunity? - The C-RAM program is under initial testing, with more details not yet available [69] Question: Is the new revenue guidance too conservative? - Management believes the guidance is realistic, considering uncertainties in the market [72]

RADA Electronic Industries Ltd (RADA) Q1 2020 Earnings Conference Call May 19, 2020 10:00 AM ET Company Participants Ehud Helft - GK Investor Relations Dov Sella - Chief Executive Officer Avi Israel - Chief Financial Officer Conference Call Participants Ken Herbert - Canaccord Brian Kinstlinger - Alliance Global Partners Austin Moeller - Canaccord Operator Ladies and gentlemen, thank you for standing by. Welcome to the RADA Electronic Industries First Quarter 2020 Results Conference Call. All participants a ...

Financial Data and Key Metrics Changes - Q4 2019 revenues reached $14 million, marking a 71% increase compared to Q4 2018, the highest in the company's history [4] - Full year revenues were $44.3 million, up 68% year-over-year, exceeding initial targets [5] - Gross margin remained stable at 36% for both the quarter and the full year [19] - Operating loss for Q4 was $209,000, compared to $102,000 in Q4 2018, while the full year operating loss was $2.1 million [20][22] - Net loss attributable to shareholders for Q4 was $295,000, compared to $86,000 in the same quarter last year [20] Business Line Data and Key Metrics Changes - The company is focusing on radar technology, particularly in counter-drone and point defense solutions, which are gaining traction in the market [6][9] - The Bradley Active Protection Program is a key focus, with qualification ongoing and production expected to follow [10][11] - Short-range air defense solutions for the Marine Corps and US Army are also significant, with a projected market of $2 billion over the next decade [13] Market Data and Key Metrics Changes - The addressable market for Active Protection Systems (APS) is estimated at $3 billion over the next decade, split evenly between the US and the rest of the world [12] - The company is seeing increased interest in its solutions globally, particularly in the US and Israel [9] Company Strategy and Development Direction - The company plans to exceed $65 million in revenues for 2020, representing over 47% growth [6] - Investment in production infrastructure in both the US and Israel is aimed at supporting future growth [16] - The company is positioned for significant growth due to its advanced radar technology and evolving market demands [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing strong market demand and a robust pipeline [6][16] - The impact of the coronavirus on business development is acknowledged, but current sales and deliveries remain unaffected [14][15] Other Important Information - The company raised approximately $23.5 million from investors in a secondary offering, strengthening its balance sheet [22] - As of year-end 2019, the company had $13.8 million in cash and no financial debt [22] Q&A Session Summary Question: 2020 outlook and revenue acceleration - Management indicated that they have enough pipeline and backlog to support continuous growth in Q1 and throughout 2020 [24] Question: Details on the Bradley Active Protection Program - Qualification is set to begin soon, with key milestones dependent on successful customer tests [26][27] Question: Update on the Germantown facility - The facility is expected to deliver over 200 radars to the US market, with deliveries starting soon [29] Question: Impact of the Bradley program delay - Management confirmed that the delay is unique to the Bradley vehicle and does not affect other programs [32] Question: Revenue breakdown by geography - The US accounts for about 50% of revenue, with gradual increases in other international markets [35] Question: Expectations for Q1 revenue - The fourth quarter of 2019 serves as a baseline for expected sequential growth throughout 2020 [37]

Financial Data and Key Metrics Changes - Q3 2019 revenues reached $11.3 million, representing a 60% increase year-over-year, marking the highest revenue in the company's history [4][9] - Gross margin remained stable at 36%, consistent with the previous year and recent quarters [9] - The company expects 2019 revenues to exceed $43 million, indicating a sequential growth of at least 15% in Q4 [5][12] Business Line Data and Key Metrics Changes - Significant investments in R&D were made, with expenses increasing to $1.9 million from $0.8 million in Q3 2018 [10] - Sales and marketing expenses were $0.9 million, slightly below the previous quarter [11] - General and administrative expenses rose to $1.8 million, reflecting the establishment of a U.S. presence [11] Market Data and Key Metrics Changes - The market for radar technology is shifting towards long-term programs, particularly in the U.S. and Israel, which is expected to establish a backlog for future orders [6][7] - The total addressable market for the company's products is estimated to be at least $5 billion, indicating substantial growth potential [19] Company Strategy and Development Direction - The company is focusing on counter-drone technology and the development of Active Protection systems, anticipating a sustained growth period [6][8] - Investments are being made in production infrastructure in both the U.S. and Israel to support future growth [8] - The company aims to stabilize operating expenses and reach profitability in 2020 [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, citing a strong pipeline of potential orders, particularly in the U.S. market [7][19] - The company is preparing for significant growth, with expectations of revenue contributions from various contracts materializing mainly in 2021 [14][16] Other Important Information - As of September 30, 2019, the company had $16.7 million in cash and no financial debt, with inventory increasing to $17.3 million to support expected product deliveries [12] - The U.S. production facility is set to begin operations by the end of December 2019 [36] Q&A Session Summary Question: Impact of BAE contract with Dutch Army - Management expects the contract to be awarded in the first half of 2020, with no revenue impact anticipated for 2019 [14][15] Question: Timeline for U.S. Bradley contract - Revenue from this contract is expected to materialize mainly in 2021, with testing and validation occurring in 2020 [16] Question: Pipeline of contracts - The pipeline includes several large opportunities, but specific quantification was not provided [17] Question: Sustainability of growth rates - Management believes the market's total addressable size supports continued growth, despite potential tough comparisons [18][19] Question: Competitive landscape - The company acknowledges competition but maintains a performance-over-price advantage [20] Question: IM-SHORAD program timeline - Revenue from the IM-SHORAD program is expected to start in 2021, with significant testing and validation required [23][24] Question: Cash usage and future cash balance - The company is comfortable with its cash position and does not foresee issues supporting growth [29] Question: Inventory management - Inventory levels are expected to increase gradually to meet demand, but not significantly [31][32] Question: CAPEX and infrastructure expansion - CAPEX investments will be adjusted based on market growth and production needs [33] Question: Readiness of U.S. production facility - The facility is nearly ready, with the first assembled radar expected by the end of December [36][37]