First, our fiscal year ended April 30, 2026 was a record — revenue roughly $1.98 billion, up 30% organic, 141% reported with BlueHalo. Second, Q4 hit $642 million, 31% organic. Third, adjusted EBITDA $286 million for the year, 14% margin, above the high end of guidance; Q4 alone $140 million at 22%. Total backlog $2.7 billion, funded $1.183 billion up 63%. Book-to-bill 0.9x in the quarter on $572 million bookings, 1.4x trailing. Awards spanned Switchblade, P550, laser-comms, Freedom Eagle.
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China's new export controls on lithium-ion batteries, materials, and equipment sit suspended until at least November 2026. For those of us keeping score: the drone supply chain's U.S.-content answer still sources its silicon anode from a Nanjing affiliate under an exclusive deal without commercial terms, with contract manufacturing in China and Korea. An $18.1 million DIU contract requires qualifying non-China sources. We're racing to become the domestic battery we're marketed as. That's okay.