Applied Aerospace & Defense’s revenue surged by 24.8% in 2025, revealed the government-backed subcontractor in its US IPO filing on Friday, the latest in a wave of defense technology company listings in recent weeks.
The Huntsville, Alabama-based supplier of aerospace and defense equipment reported a net loss of $17 million on revenue of $498.8 million for the fiscal year ended December 31, compared to a net loss of $34.8 million on revenue of $399.8 million a year earlier.
IPOs in the defense technology sector are in the spotlight on the US IPO market, with issuers rushing to capitalize on the opportunity created by the American-Israeli war against Iran.
Arsis, the aerospace parts manufacturer Arxis, drone manufacturer AEVEX, precision component manufacturer Elmet Group, and radio signal analyzer manufacturer HawkEye 360 recently entered the New York Stock Exchange.
“The US IPO market is in the best shape I’ve seen since the late 1990s. This is not only due to the warm reception to operations across the risk spectrum but also to strong post-IPO returns,” said Reuters’ Josef Schuster, IPOX’s managing director.
Greenbriar Equity Group, a specialist in mid-sized companies, merged Applied Aerospace and PCX Aerosystems last year to form Applied Aerospace & Defense.
The company manufactures a wide range of products, including fuselages, flight control surfaces, solid propellant motor casings, and engine shafts for space and defense companies. According to its website, its clients include Anduril Industries, Boeing, and GE Aerospace.
Applied Aerospace & Defense plans to sell new shares as part of this offering. Approximately 83% of the company’s revenue came from contracts with the US government over the twelve months ended December 31.
Morgan Stanley and Jefferies are among the deal’s lead underwriters. Applied Aerospace & Defense will be listed on the New York Stock Exchange (NYSE) under the symbol “AADX.”
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