Strategic Performance and Operational Context - Achieved 13% organic revenue growth in 2025, marking back-to-back years of double-digit expansion driven by tactical radars and naval propulsion [5] - Maintained a book-to-bill ratio of 1.2 or better for the fourth consecutive year, validating a platform-agnostic strategy across diverse defense domains [5] - Intentionally increased internal R&D by 40% to expand footprints in high-growth airborne, missile, and space markets while advancing platform autonomy [5] - Successfully contained germanium supply chain constraints through recycling initiatives, strategic customer allocations, and new North American and European sourcing [5] - Monetized non-core laser intellectual property via a $100 million license agreement to focus resources on core defense growth vectors [5] - Concluded a legacy foreign ground surveillance program that was no longer viable due to technology obsolescence, clearing the slate for future execution [5] 2026 Outlook and Strategic Priorities - Initiated 2026 revenue guidance of $3.85 billion to $3.95 billion, assuming 6% to 8% organic growth supported by an $8.7 billion backlog [5] - Projecting 70 to 90 basis points of adjusted EBITDA margin expansion driven by improved Columbia Class profitability and operating leverage [5] - Increasing capital expenditures to approximately 5% of revenue to complete the Charleston naval facility and expand tactical radar production capacity [5] - Anticipating sustained demand from fiscal 2026 Defense Appropriations and supplemental funding aligned with priority areas like Counter UAS and air defense [5] - Focusing on modular electric propulsion architectures to address the Navy's evolving requirements for next-generation surface combatants and unmanned vessels [5] Leadership Transition - Transitioned leadership to John Baylouny as CEO and Sally Wallace as COO, emphasizing operational speed and internal leadership continuity [7]