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Operating cash flow was negative $27.4 million in the quarter and free cash flow was about negative $43 million, as capacity is being built ahead of orders – Valkyrie units before a contract, plus new propulsion, radar and hypersonic facilities. Full‑year capex is guided to roughly $160 million. Funding’s equity – two offerings in eight months raised about $1.9 billion, lift‑ing share count roughly 11% this quarter and about 44% since 2023, leaving us debt‑free with $1.46 billion cash. Think financing, brother. Okay? All right?

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KTOS / How the build is being financed