I think our naval franchise runs over 100 years as sole-source to the Navy's Nuclear Propulsion Program. Q4 delivered two CVN-81 steam generators from Mount Vernon. The base plan holds two Virginias and one Columbia per year; AUKUS brings some 2026 upside, though second-source scope is maybe a little hard to say. Concentration is structural: 68% of FY25 revenue from the U.S. Government, a single-counterparty exposure that's both existential and durable. Commercial Operations at roughly 30% growth in '26 is the de-concentration lever, yet government mix stays well over half for years.
← stream@BWXT solid