Applied Aerospace & Defense, Inc. — Form 8-K
Filed August 12, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 68/100
What the filing says
Applied Aerospace & Defense (NYSE: AADX) completed a $683.0M IPO in June 2026, raising $635.6M in net proceeds via sale of 34.2M shares at $20/share. Q2 2026 revenue reached $167.3M (+47.4% YoY), with record Adjusted EBITDA of $36.4M (+38.5% YoY). However, GAAP net loss was $154.0M in Q2, primarily driven by $110.1M share-based compensation and $5.2M IPO transaction costs. Contract backlog stands at $1.13B; FY2026 guidance: revenue $670–690M, Adjusted EBITDA $150–155M.
Why this rating
IPO is capital event for public-market entry; balance sheet strengthened significantly (net leverage reduced to 2.7x). Revenue growth strong (+47%), backlog robust. GAAP losses are IPO-driven non-recur items; underlying Adjusted EBITDA margin healthy at 21.8%. Material for growth trajectory but company size suggests event is expected, not transformational.
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