Core Insights - The US military is experiencing significant delays in the delivery of F-35 Lightning II Joint Strike Fighters, with 2024 deliveries averaging a delay of 238 days [1][2] - The delays are primarily attributed to the Technology Refresh 3 (TR-3) upgrades, which are part of a modernization effort that has seen costs increase by approximately $6 billion and timelines extend by at least five years [2] - Despite the delays and rising costs, the Pentagon plans to procure around 2,500 F-35 aircraft, and international allies continue to place orders for the fighter jet [5][6] Delivery Delays - In 2023, most F-35s delivered were late, averaging a delay of 61 days, while in 2024, every delivered aircraft was late [1] - The Government Accountability Office (GAO) reported that the structure of on-time delivery incentives allowed contractors to deliver aircraft up to 60 days late and still receive some incentive fees [3] Cost and Budget Implications - The estimated lifetime cost of the F-35 program has risen to over $2 trillion, covering procurement, operations, and sustainment [6] - The modernization effort, originally budgeted at $2 billion, is now expected to cost significantly more due to the delays and additional requirements [2] Operational Readiness - The F-35 fleet's mission-capable rate is just over 50%, indicating ongoing challenges with readiness and reliability [6] - Lockheed Martin aims to deliver between 170 to 190 F-35s in the current year while continuing to implement Block 4 capabilities [4]