Lockheed Martin Appoints Evan Scott as New CFO Following Malave’s Departure

Lockheed Martin (NYSE: LMT) announced a key leadership change as Evan Scott has been named the company’s new chief financial officer, effective immediately. Scott succeeds Jesus "Jay" Malave, who is leaving to pursue other opportunities.

Scott is a 26-year veteran of the company, previously serving as treasurer and CFO of two Lockheed Martin business units. Chairman, President, and CEO James Taiclet praised Scott's extensive experience and leadership, noting his deep understanding of the company’s operations and mission.

The company reaffirmed that it will hold its scheduled first quarter 2025 earnings webcast on April 22 at 11 a.m. ET. CEO James Taiclet and VP Maria Ricciardone will discuss results, confirm prior 2025 guidance—excluding effects from tariff changes and the recent Next Generation Air Dominance development—and provide updates on key business topics.

Earnings results and accompanying materials will be posted at www.lockheedmartin.com/investor prior to the market opening on the same day.

Lockheed Martin and Bulgaria Mark Arrival of First F-16 Block 70 Jet

Lockheed Martin and the Bulgarian Ministry of Defence celebrated the arrival of the first F-16 Block 70 fighter jet in Bulgaria, marking the beginning of F-16 operations in the country. The event took place at Graf Ignatievo Air Base.

Bulgaria has ordered 16 F-16 Block 70 jets, with the first eight scheduled for delivery by the end of 2025. These jets are equipped with the Northrop Grumman APG-83 AESA Radar, advanced avionics, and a structural service life of 12,000 hours. They also include the Automatic Ground Collision Avoidance System (Auto GCAS), credited with saving 13 pilots since its introduction in 2014.

Mike Shoemaker, vice president and general manager of the Integrated Fighter Group at Lockheed Martin, stated that the milestone represents a significant step in regional security and defense cooperation.

Bulgaria joins a European network of over 700 F-16s and a global fleet of more than 3,100. Lockheed Martin is currently working through a backlog of 114 F-16 Block 70/72 jets, with 26 delivered so far from its Greenville, South Carolina facility.

Source: Lockheed Martin Newsroom (lockheedmartin.com)

Eighth Lockheed Martin GPS III Satellite Arrives in Florida for Launch Prep

Lockheed Martin has delivered the eighth GPS III satellite (SV08) to Florida for final preparations ahead of a U.S. Space Force launch planned for late spring 2025. The satellite, built in Littleton, Colorado, was rapidly transported via Air Force C-17 following a short-notice launch call-up, demonstrating Lockheed Martin’s readiness to meet urgent mission demands.

Part of the 31-satellite operational constellation, GPS III SV08 enhances global positioning, navigation, and timing capabilities for military and civilian users. The GPS III series delivers improved accuracy and resilience, including up to 60 times greater anti-jamming capabilities through its next phase, the GPS III Follow-On (GPS IIIF) program.

GPS III SV09 and SV10 are standing by for future launches, while production is well underway for the more advanced GPS IIIF satellites, expected to begin launching in 2027. These next-generation systems will further enhance commercial flight safety, regional military protection, and overall system durability.

**Lockheed Martin Delivers First TPY-4 Radar to U.S. Air Force, Kicking Off 3DELRR Program Testing**

Lockheed Martin has delivered the first TPY-4 radar system to the U.S. Air Force following successful completion of early phase testing, marking a major milestone in the Three-Dimensional Expeditionary Long-Range Radar (3DELRR) program. The radar system, designed for high-performance air surveillance and missile defense, will now enter the government testing phase.

The TPY-4 features a fully digital, software-defined architecture capable of rapidly adapting to emerging threats, including those in jamming environments. It provides long-range early warning capabilities and is deployable in both fixed and mobile variants, with transportability across various platforms including aircraft, rail, and truck.

The delivery aligns with a broader radar acquisition contract awarded by the Air Force as part of its modernization efforts. Lockheed Martin’s radar systems are trusted by over 45 nations and are known for their reliability, mobility, and advanced threat detection capabilities.

Norway Becomes First Partner Nation to Complete F-35 Fighter Jet Deliveries

Lockheed Martin announced the delivery of the final two F-35A fighter jets to Norway, marking the completion of its full order of 52 aircraft. This makes Norway the first partner nation in the F-35 program to fulfill its program of record.

The F-35s will enhance Norway’s national defense capabilities and its cooperation with European allies, particularly in the Nordic region. The fleet will play a key role in protecting the strategically important High North and contributing to NATO operations.

Norwegian Minister of Defence Tore O. Sandvik highlighted the importance of the aircraft for safeguarding the country's sovereignty. Lockheed Martin emphasized the F-35’s ability to integrate with defense systems, improving situational awareness and strengthening transatlantic security.

The F-35 is currently operational in 20 allied nations, with over 1,150 aircraft flying from 48 bases worldwide. Designed for modern, multi-domain warfare, the F-35 provides unmatched connectivity and versatility to meet evolving global threats.

Lockheed Martin Awarded Up to $4.94 Billion by U.S. Army for Precision Strike Missile Production

Lockheed Martin has secured an indefinite delivery indefinite quantity (IDIQ) contract from the U.S. Army worth up to $4.94 billion to produce additional Precision Strike Missiles (PrSM). The contract is designed to boost production capacity and support the Army’s modernization and long-range strike capabilities.

PrSM is the Army’s next-generation surface-to-surface missile with a range exceeding 400 kilometers. It is compatible with HIMARS and MLRS platforms and features open systems architecture for future upgrades. Lockheed Martin is using advanced digital technologies such as AR, data analytics, and simulation tools to streamline production and improve performance.

The company emphasized its commitment to delivering critical defense capabilities at speed and scale to ensure national security and readiness in an evolving threat environment.

Lockheed Martin and Google Cloud Partner to Advance Generative AI for National Security

On March 27, 2025, Lockheed Martin and Google Public Sector announced a strategic collaboration to integrate Google’s generative AI into Lockheed Martin’s AI Factory ecosystem. This partnership aims to accelerate the development of advanced AI-driven capabilities for national security, aerospace, and scientific innovation.

The integration will leverage Google Cloud’s Vertex AI platform alongside Lockheed Martin’s secure, traceable AI infrastructure to enhance decision-making, real-time analytics, predictive maintenance, engineering design, supply chain resilience, and workforce training. Both companies emphasize a commitment to trustworthy, secure, and scalable AI technologies, including deployment in highly secure, air-gapped environments.

**Lockheed Martin's Aegis Combat System Demonstrates Ability to Counter Hypersonic Threats**

On March 25, 2025, Lockheed Martin announced the successful completion of Flight Test Other 40 (FTX-40), known as Stellar Banshee, in partnership with the U.S. Navy and Missile Defense Agency. Conducted off the coast of Kauai, Hawaii, the test validated the Aegis Combat System’s ability to detect, track, and engage an advanced hypersonic Medium Range Ballistic Missile (MRBM) target using a simulated SM-6 Block IAU interceptor.

This test marked a significant milestone in hypersonic defense, showcasing the new Aegis Baseline 9 software in a virtualized setup. The simulation underscored the system's capacity to handle real-world hypersonic threats, offering a glimpse into future live-fire intercept missions.

Chandra Marshall, vice president of Multi-Domain Combat Solutions at Lockheed Martin, highlighted the system’s strategic advantage: “Aegis Baseline 9’s hypersonic defense capability enables our warfighters to respond to threats more quickly and effectively.”

Stellar Banshee is the third in a series of developmental tests under Capability Package 24 / BMD 5.1.5, which includes the Sea-Based Terminal Increment 3 configuration. It follows last year’s successful Stellar Sisyphus (FTX-23) and FTM-32 tests, which demonstrated sensor tracking and interception of MRBM targets with upgraded SM-6 missiles.

The results further solidify Aegis as a flexible and scalable cornerstone of missile defense, adaptable for both sea- and land-based platforms.

More information is available at www.lockheedmartin.com/aegis.

Lockheed Martin’s Precision Strike Missile Exceeds Expectations in Extended-Range Test

Lockheed Martin and the U.S. Army announced the successful completion of a key flight test of the Precision Strike Missile (PrSM) on March 24, 2025, at Vandenberg Space Force Base. This milestone demonstrates the missile's extended-range capabilities and marks another step forward in advancing long-range precision strike systems.

According to Lockheed Martin, the PrSM exceeded performance expectations during the test, highlighting its ability to neutralize targets at distances beyond 400 km. The system is designed with an open architecture and modular configuration, making it compatible with both HIMARS and M270 launchers—critical to the Army's modernization plans.

The extended-range demonstration follows a similar successful flight in February and reflects Lockheed Martin’s commitment to developing cutting-edge missile technology. Carolyn Orzechowski, vice president of Precision Fires Launchers and Missiles, emphasized the company’s focus on delivering reliable, high-performance solutions to maintain battlefield superiority.

The PrSM is part of Lockheed Martin’s broader 21st Century Security strategy, supporting the Army’s goal of achieving air dominance through innovation and integrated systems.

Lockheed Martin has integrated its AN/TPQ-53 multi-mission radar with the Joint Task Force – Southern Border’s command and control systems, enhancing U.S. Northern Command’s border security efforts. The radar’s open architecture enables seamless integration with various sensors, providing real-time situational awareness and rapid adaptability to emerging threats.

This deployment follows successful demonstrations in exercises like Northern Strike and Desert Guardian 1.0, proving the system’s agility in countering airborne and ground threats, including drones. The AN/TPQ-53’s ability to deploy within five minutes ensures quick response capabilities, reinforcing U.S. border security operations.

Lockheed Martin Corporation reported fourth-quarter 2024 net sales of $18.6 billion, slightly below the $18.9 billion achieved in the same period of 2023, partly due to a shorter reporting period of 13 weeks versus 14 weeks the prior year. Fourth-quarter net earnings were $527 million, or $2.22 per share, significantly impacted by $1.7 billion ($1.3 billion after-tax, or $5.45 per share) in losses related to classified programs. Free cash flow was $441 million, compared to $1.7 billion in Q4 2023, reflecting a $990 million pension contribution.

For the full year 2024, net sales increased to $71.0 billion, up 5% from $67.6 billion in 2023, while net earnings were $5.3 billion, or $22.31 per share, down from $6.9 billion, or $27.55 per share, the previous year. The company reported $7.0 billion in operating cash flow and $5.3 billion in free cash flow for 2024, both lower than 2023 due to higher pension contributions.

CEO Jim Taiclet emphasized the company’s record year-end backlog of $176 billion, underscoring strong global demand for its advanced defense technologies. The company invested over $3 billion in research and development, capital improvements, and digital transformation to enhance its manufacturing and operational capabilities. Key initiatives included integrating emerging technologies like AI, advanced sensors, and cyber-hardened data links, as well as advancing air power solutions combining 6th-, 5th-, and 4th-generation aircraft with wingman drones.

Looking ahead to 2025, Taiclet highlighted the company’s commitment to maintaining U.S. air superiority, driving innovation, and collaborating across industry and government to deliver reliable, cutting-edge mission solutions. Lockheed Martin’s derisking actions in Q4 2024 position it for strong performance while continuing to return over 100% of free cash flow to shareholders.