Axon Enterprise Inc.AXON
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Redesigned Apollo cartridge testing well, expected to outperform bullets, enhancing product line.
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Defense & Geopolitical Fragmentation▲ · 1 stocks
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GM and Ford Expand Century-Old Rivalry Into Defense and Energy Storage
General Motors and Ford are taking their century-old rivalry into defense contracting and energy storage, CNBC reported on September 5. Ford joined GM this year in seeking U.S. military contracts after the Trump administration approached domestic automakers about using their mass manufacturing expertise, but GM is years ahead, already building a backlog around a U.S. Army contract for Infantry Squad Vehicles that could exceed $1 billion depending on congressional appropriations, and GM expects its 2026 defense revenue to grow to almost $700 million while targeting positive earnings in the segment this year. Both companies are also entering the energy storage system market, betting on rising electricity costs and data center power demand, with the global Energy Storage System market projected to grow from $668.7 billion in 2024 to $5.12 trillion by 2034. Ford Energy sits within its Model e electric vehicle segment, which is guided to a $4 billion loss in 2026 before targeting breakeven by 2029, and CEO Jim Farley told investors in July that Ford is in the third inning of selling out 20 gigawatt-hours of energy storage production capacity, backed by a five-year framework agreement with EDF Power Solutions North America.
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US strikes Iran, Iran announces missile and drone retaliation
The United States launched strikes on targets of Iran's Islamic Revolutionary Guard Corps (IRGC) inside Iran at 12:00 p.m. Eastern Time, according to U.S. Central Command (CENTCOM), following attempts to attack commercial ships in the Strait of Hormuz and U.S. personnel in the region. CENTCOM has not disclosed the number and locations of the targets hit, nor the munitions used. President Donald Trump said on Truth Social that the strikes were large and powerful, and were retaliation against Iran after it attempted to lay naval mines in the Strait of Hormuz and fired missiles at U.S. bases in Jordan. He warned that if Iran retaliates, the U.S. will escalate with heavier and more severe strikes. Later, Iran's Tasnim news agency reported that the Iranian military has begun decisive operations, and that U.S. bases and interests across the region will be targeted by Iranian missiles and drones. The situation makes a prolonged war more likely and could create political pressure ahead of the U.S. midterm elections in November. A Reuters/Ipsos poll showed Trump's approval rating at 33%, and only 36% of Americans approve of war with Iran. The strikes mark a new escalation in the conflict, after the U.S. and Iran resumed tit-for-tat attacks over the weekend for the first time in about a month. On Sunday, U.S. forces struck a rocket launch site on Iran's Larak Island, and Iran responded by firing missiles at U.S. bases in Jordan, but they were intercepted. The United Arab Emirates also said it intercepted Iranian drones over its waters. The Strait of Hormuz is the world's most important energy transit route; before the war, about one-fifth of global oil supply passed through it, according to the U.S. Energy Information Administration (EIA). The escalation increases risks to shipping and energy transport through the Strait, which could create volatility in global oil markets.
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OSI Systems Reports Record Q4 Earnings and Backlog
OSI Systems reported fourth quarter revenues of $484 million, down approximately 4% year over year, while delivering record non-GAAP earnings per share of $3.78, up 17%. Full year revenues reached a record $1.79 billion, up 4%, and adjusted earnings per share grew to a record $10.35, up 11%. The company ended the year with a record backlog of approximately $1.9 billion, and fourth quarter operating cash flow was a record $182 million. Management attributed the revenue shortfall to about $50 million of planned security deliveries deferred beyond the June 30 fiscal year end due to conflict-related delays and site access constraints in the Middle East, emphasizing these are deferred, not lost, orders. For fiscal 2027, OSI Systems guided revenues of $1.875 billion to $1.93 billion and adjusted earnings per share of $11.13 to $11.49.