I think we've been the Navy's sole-source nuclear reactor supplier for more than 100 years. Q4 we shipped two steam generators for CVN-81 from Mount Vernon. The planning base is two Virginias and one Columbia a year; AUKUS adds some 2026 capacity, though second-source scope is maybe a little hard to say. 68% of FY25 revenue came from the U.S. Government — existential franchise, structural concentration, single counterparty. Commercial Operations guided to roughly 30% growth in '26 is the de-concentration path, but government mix stays well over half for the next few years.
← stream@BWXT solid