Exhibit 99.1

______________________________________________

PRESS RELEASE

Applied Aerospace & Defense

Reports Third Quarter 2026 Financial Results

Huntsville, AL — November 11, 2026 — Applied Aerospace & Defense (NYSE: AADX)

(“Applied” or "the Company"), a premier provider of advanced design, engineering, and vertically

integrated manufacturing solutions for leading and next-generation space and defense

technology companies, today reported its financial results for the third quarter ended September

30, 2026.

Third Quarter 2026 & Recent Highlights:

•Achieved record revenue of $182.1 million, up 48.6% year over year

•Generated net income of $30.6 million and diluted earnings per share of $0.18

•Delivered Adjusted EBITDA of $39.7 million, up 37.4% year over year

•Grew contract backlog to nearly $1.3 billion providing solid multi-year revenue visibility

“Our third quarter reflected broad-based demand across our end markets,” said Trip Ferguson,

Chief Executive Officer of Applied. “We delivered record revenue of $182.1 million and Adjusted

EBITDA of $39.7 million. Excluding acquisitions completed in 2026, revenue grew 20.3%, while

those acquisitions added capabilities and capacity in areas that matter most to our customers.”

“What distinguishes Applied is the diversity of our growth,” Ferguson continued. “Space and

launch systems, defense aviation and airborne systems, and advanced sensing and precision

strike systems each delivered double-digit revenue growth, while backlog increased to nearly

$1.3 billion across the portfolio. Our long-standing customer relationships and embedded

positions on both enduring programs of record and next-generation programs provide multi-year

revenue visibility. We are making strategic investments to support this growth and to expand our

content on those programs.”

Third Quarter 2026 Financial Results

Consolidated revenue was $182.1 million, up 48.6% compared to the prior year period of $122.5

million. Revenue growth in the third quarter of 2026 was driven by strength across all the

Company’s key end markets, reflecting continued demand for our highly engineered systems

and contributions from recent acquisitions.  Excluding the impact of acquisitions completed in

2026, revenue increased $24.9 million or 20.3%.

The following table presents the Company’s revenue disaggregated by end market for the three

and nine months ended September 30, 2026 and 2025:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Space and Launch Systems	$39,148		$29,855		$113,001		$80,662
Defense Aviation and Airborne Systems	94,184		80,279		252,536		227,630
Advanced Sensing and Precision Strike Systems(1)	48,726		12,382		118,190		38,747
Total revenue	$182,058		$122,516		$483,727		$347,039

(1) Formerly C5ISR (Command, Control, Communication, Computers, Cyber, Intelligence, Surveillance,

and Reconnaissance) and Precision Strike Systems end market.  There were no changes to the

composition of each end market.

Revenue growth for the three months ended September 30, 2026 in Space and Launch

Systems of $9.3 million was primarily attributable to increased content on launch vehicle

programs amid higher launch cadence.

Revenue growth for the three months ended September 30, 2026  in Defense Aviation and

Airborne Systems of $13.9 million was primarily attributable to sustained aftermarket demand

across a large installed base of military rotorcraft, as well as continued new production activity.

Demand is supported by increases in global defense budgets across a broad range of fixed-

wing and rotorcraft platforms, including increasing funding for next-generation fixed-wing,

vertical lift, and autonomous airborne systems.

Revenue growth for the three months ended September 30, 2026 in Advanced Sensing and

Precision Strike Systems of $36.3 million was primarily attributable to increased sales volume

across a range of integrated air and missile defense systems. Near term demand is expected to

remain supported by missile and munition rearmament, layered missile defense priorities, and

continued national defense and budget investments in next-generation precision strike systems.

Contract Backlog

As of September 30, 2026, the Company had contract backlog of $1.26 billion.  Contract

backlog represents the total value of existing contracts, less amounts previously invoiced, as of

the backlog date.

Updated Full Year 2026 Outlook

For the full year 2026, the Company now expects total revenue of between $660 million and

$670 million, and non-GAAP Adjusted EBITDA of between $137 million and $142 million. The

Company will provide additional details on its third quarter 2026 earnings call.

Non-GAAP Adjusted EBITDA is provided in the full year 2026 Outlook on a forward-looking

basis. The Company does not provide a reconciliation of such forward-looking measures to the

most directly comparable financial measures calculated and presented in accordance with

GAAP because such reconciliation cannot be prepared without unreasonable effort given the

difficulty of projecting event driven transactional and other non-core operating items in any

future period. The magnitude of these items, however, may be significant.

Conference Call and Webcast

Applied will host a conference call today at 8:30 a.m. Eastern Time to discuss the Company's

financial results. The live webcast of the conference call and accompanying presentation

materials can be accessed through Applied’s website at https://investors.applied-ad.com/. For

those unable to access the webcast, the conference call can be accessed by dialing (877)

407-0789 (domestic) or +1 (201) 689-8562 (international) and requesting the Applied Third

Quarter 2026 Earnings Conference Call. An audio replay of the conference call can be accessed

by dialing (844) 512-2921 (domestic) or +1 (412) 317-6671 (international) and providing the

passcode 13761567.

About Applied Aerospace & Defense

Applied Aerospace & Defense, Inc. is a premier provider of advanced design, engineering, and

vertically integrated manufacturing solutions for leading and next-generation space and defense

technology companies. Applied builds complex, mission-critical hardware for extreme operating

environments across three core markets: Space and Launch Systems, Defense Aviation and

Airborne Systems, and Advanced Sensing and Precision Strike Systems. With over 120 years of

advanced manufacturing heritage, Applied employs a nationwide infrastructure of 11 purpose-

built facilities across six states and more than 1.5 million square feet of production capacity,

supported by IP-enabled process expertise for the full lifecycle management of rapid

prototyping, large-scale production, and aftermarket sustainment of enduring platforms. Applied

Aerospace & Defense is a publicly traded company on the New York Stock Exchange (NYSE)

under the ticker symbol “AADX.” To learn more visit www.applied-ad.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private

Securities Litigation Reform Act of 1995. All statements other than statements of historical fact

are forward-looking statements, including statements about our future results of operations,

financial condition, business strategy, prospects, and plans and objectives.  Forward-looking

statements may be identified by words such as “anticipate,” “believe,” “contemplate,” “continue,”

“could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,”

“target,” “will” or “would,” the negative of these words, or similar terms or expressions, although

not all forward-looking statements contain these identifying words.

Forward-looking statements are based on our current expectations and projections about future

events and trends we believe could affect our business, financial condition, results of

operations, and prospects. These statements involve risks, uncertainties, and other factors that

could cause actual results to differ materially from those expressed or implied by the forward-

looking statements. Such risks, uncertainties and other factors include, without limitation:

•changes in economic, capital market, and political conditions in the U.S. and globally;

•changes in U.S. or foreign government defense spending, policies, and priorities;

•significant declines in business with key customers, or the cancellation, reduction, or

deferral of customer orders;

•our performance on our contracts and programs, including our ability to control costs;

•the rapid pace of technological change, and the potential for reduced demand for our

capabilities and products if we fail to keep up;

•our ability to establish and maintain important relationships with government agencies

and prime contractors;

•requests or expectations from government customers that we make investments in our

business that may not directly benefit stockholders;

•our acquisition strategy, including our ability to complete acquisitions on satisfactory

terms and successfully integrate acquired businesses;

•our ability to attract, train, and retain experienced senior management and qualified

engineering, operational, and other personnel, and the impact of work stoppages or

other labor disruptions;

•shortages, delays, or increased costs associated with critical components, raw materials,

and services from suppliers and subcontractors;

•disruptions affecting our manufacturing facilities and operations;

•our ability to renew facility leases on favorable terms, and the potential business impact

associated with relocating operations, including risk to our information technology

systems and security;

•technology failures, cybersecurity incidents, and unauthorized access to our information

systems or sensitive proprietary information;

•settlements, penalties, remediation, and attorney’s fees if we fail to comply with the

numerous legal and regulatory requirements to which we are subject;

•fines and compliance- and remediation-related costs associated with environmental,

health and safety laws, regulations, and permitting requirements;

•pending, threatened, and future legal and regulatory proceedings, audits, investigations,

and other contingencies;

•changes in trade policies, the implementation of sanctions, imposition of tariffs and

counter-tariffs, and other trade measures and restrictions;

•our ability to protect and enforce our intellectual property rights and defend against

infringement claims;

•our indebtedness, restrictive covenants under our credit facilities, and the effect of debt

service obligations on our operational and financial flexibility; and

•other risks and uncertainties described in our filings with the Securities and Exchange

Commission.

You should not rely on forward-looking statements as predictions of future events. The forward-

looking statements in this press release relate only to events as of the date on which the

statements are made. Except as required by law, we undertake no obligation to update or revise

any forward-looking statements to reflect events, circumstances, or new information after the

date of this press release. We may not achieve the plans, intentions, or expectations in our

forward-looking statements, and you should not place undue reliance on them. Our forward-

looking statements do not reflect the potential impact of any future acquisitions, mergers,

dispositions, joint ventures, or investments.

Applied Aerospace & Defense, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except share and per share data)

	September 30,		December 31,
	2026		2025
Assets
Current assets:
Cash and cash equivalents	$11,456		$15,475
Accounts receivable, net	72,730		71,386
Contract assets	245,603		140,817
Inventories	45,375		57,375
Prepaid expenses and other current assets	10,437		6,521
Total current assets	385,601		291,574
Property, plant and equipment, net	182,819		119,777
Goodwill	582,686		342,491
Intangible assets, net	342,972		199,672
Other assets	41,994		45,787
Total assets	$1,536,072		$999,301
Liabilities and shareholders' equity
Current liabilities:
Accounts payable	$65,191		$37,894
Contract liabilities	29,810		21,550
Accrued expenses and other current liabilities	42,092		26,342
Current portion of long-term debt	5,318		7,068
Current portion of finance lease liabilities	1,772		1,628
Total current liabilities	144,183		94,482
Long-term debt, net	399,150		626,975
Finance lease liabilities, net of current portion	28,735		30,405
Deferred income taxes	56,071		35,184
Other non-current liabilities	49,306		52,791
Total liabilities	677,445		839,837
Shareholders' equity:
Common stock, $0.01 par value; 1,000,000,000 shares authorized, 172,393,518 and 129,678,789 shares issued and outstanding at September 30, 2026 and December 31, 2025	1,724		1,297
Additional paid-in capital	1,059,075		221,850
Accumulated deficit	(201,526)		(63,037)
Accumulated other comprehensive loss	(646)		(646)
Total shareholders' equity	858,627		159,464
Total liabilities and shareholders' equity	$1,536,072		$999,301

Applied Aerospace & Defense, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

(in thousands, except share and per share data)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenue	$182,058		$122,516		$483,727		$347,039
Cost of goods sold	139,340		88,180		370,244		249,792
Gross profit	42,718		34,336		113,483		97,247
Selling, general, and administrative expenses	15,992		12,119		167,609		36,065
Intangible asset amortization expense	10,327		6,538		28,540		19,614
Operating income (loss)	16,399		15,679		(82,666)		41,568
Interest expense, net	9,943		17,296		53,963		50,950
Income (loss) before income taxes	6,456		(1,617)		(136,629)		(9,382)
Income tax (benefit) expense	(24,158)		(4,357)		1,860		(134)
Net income (loss) and comprehensive income (loss)	$30,614		$2,740		(138,489)		(9,248)
Earnings (loss) per share – basic and diluted	$0.18		$0.03		$(0.92)		$(0.10)
Weighted average shares outstanding – basic and diluted	172,393,518		88,550,670		151,180,574		88,407,020

Applied Aerospace & Defense, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

	Nine Months Ended September 30,
	2026		2025
Cash flows from operating activities:
Net loss	$(138,489)		$(9,248)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	42,710		29,481
Share-based compensation expense	113,315		2,406
Non-cash interest expense of debt discount and issuance costs	8,408		2,071
Deferred income taxes	(12,135)		(401)
Net changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable, net	9,584		(317)
Contract assets	(92,171)		(30,549)
Inventories	20,814		(10,915)
Prepaid expenses and other current assets	721		(9,676)
Accounts payable	16,585		15,245
Contract liabilities	3,585		(8,944)
Accrued expenses and other current liabilities	(44,908)		(3,065)
Operating lease right-of-use assets and liabilities	1,376		1,660
Net cash used in operating activities	(70,605)		(22,252)
Cash flows from investing activities:
Purchases of property and equipment	(42,605)		(10,443)
Payment for acquisitions, net of cash acquired	(305,810)		(10,351)
Net cash used in investing activities	(348,415)		(20,794)
Cash flows from financing activities:
Proceeds from issuance of long-term debt, net of discount	326,935		—
Repayments of long-term debt	(568,976)		(4,259)
Proceeds from revolving line of credit	61,100		27,000
Repayments of revolving line of credit	(56,100)		—
Payments on finance lease liabilities	(1,416)		(640)
Payments on equipment financing obligations	(879)		(741)
Capital contributions received	18,700		—
Net proceeds from issuance of common stock in initial public offering	635,637		—
Net cash provided by financing activities	415,001		21,360
Net decrease in cash and cash equivalents	(4,019)		(21,686)
Cash and cash equivalents, beginning of period	15,475		27,466
Cash and cash equivalents, end of period	$11,456		$5,780

Non-GAAP Financial Measures

We present in this press release certain financial information based on our Adjusted EBITDA,

Adjusted EBITDA Margin, and Free Cash Flow. The non-GAAP financial measures are

supplemental measures of our performance that we believe help investors understand our

financial condition and operating results and assess our future prospects. We believe that

presenting these non-GAAP financial measures, in addition to the corresponding GAAP financial

measures, is important because they exclude non-cash or other items that may not be indicative

of or are unrelated to our core operating results and the overall health of our company. We

believe that providing this information assists our investors in understanding our operating

performance and the methodology used by management to evaluate and measure such

performance. We also use Free Cash Flow as a key factor in planning for and consideration of

strategic acquisitions and repayment of debt.  When read in conjunction with our GAAP results,

these non-GAAP financial measures provide a baseline for analyzing trends in our underlying

businesses and can be used by management as one basis for financial, operational and

planning decisions. Finally, these measures are often used by analysts and other interested

parties to evaluate companies in our industry.

We define Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization,

as adjusted to eliminate certain non-cash charges and other items not reflective of ongoing

operations, which include: acquisition-related expenses, integration expenses and restructuring

costs, share-based compensation expense and other costs. We define Adjusted EBITDA Margin

as Adjusted EBITDA expressed as a percentage of revenue.  We define Free Cash Flow as

cash provided by (used in) operating activities less purchases of property and equipment. 

Although we use Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow for the

purposes described above, these non-GAAP financial measures have inherent limitations and

should neither be considered in isolation nor as substitutes for analyzing our financial results as

reported under GAAP. For example, Adjusted EBITDA and Adjusted EBITDA Margin:

•do not reflect significant interest expense or the related cash requirements to service our

debt;

•exclude depreciation and amortization, which are non-cash charges, but do not account

for the future cash needs to replace depreciated or amortized assets;

•exclude substantial amortization expense associated with our intangible assets, limiting

the measures’ usefulness;

•do not include our provision for income taxes which generally represents taxes paid in

the period or that are payable in the future, which are necessary aspects of our

operations;

•exclude share-based compensation expense, which is an important component of

employee compensation; and

•exclude costs related to the IPO and certain acquisition-related and post-merger

integration and restructuring costs, which are necessary elements of certain acquisitions.

Because of these limitations, Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow

should not be considered as measures of cash available for investment in our business.

Management addresses these limitations by evaluating these metrics alongside other GAAP

measures, such as revenue, to assess our operating performance. These metrics are non-

GAAP financial measures, are not defined by GAAP and should not be considered alternatives

to net income (loss) or cash flows from operations as determined under GAAP. Moreover, our

methods of calculating Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow may

differ from those used by other companies with similarly titled measures and therefore may not

be directly comparable.

Adjusted EBITDA

The following table sets forth the reconciliation of net income (loss) to Adjusted EBITDA and

presentation of net income (loss) margin and Adjusted EBITDA margin for the three and nine

months ended September 30, 2026 and 2025:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except percentages)	2026		2025		2026		2025
Net income (loss)	$30,614		$2,740		$(138,489)		$(9,248)
Income tax (benefit) expense	(24,158)		(4,357)		1,860		(134)
Interest expense, net	9,943		17,296		53,963		50,950
Depreciation and amortization	15,474		10,094		42,710		29,481
Share-based compensation expense	2,473		802		113,315		2,406
Transaction costs(1)	1,816		75		20,977		637
Integration and restructuring costs(2)	3,507		757		7,827		4,134
Legal contingencies loss(3)	—		137		—		253
Management fees(4)	—		406		482		1,083
Other(5)	—		919		—		956
Adjusted EBITDA	$39,669		$28,869		$102,645		$80,518
Net income (loss) margin	16.8%		2.2%		(28.6)%		(2.7)%
Adjusted EBITDA margin	21.8%		23.6%		21.2%		23.2%

(1)Includes transaction-related costs associated with mergers, acquisitions, and costs related to

the IPO.

(2)Includes acquisition integration and restructuring costs, including plant consolidation and

reconfiguration, reductions in force, and executive severance expense.

(3)Includes losses from legal disputes and settlements from third parties.

(4)Includes management fees paid to our parent company in accordance with our management

services agreement which was terminated upon the closing of the IPO.

(5)Includes other costs that we believe are not indicative of day-to-day operations of the

business.

Free Cash Flow

The following table sets forth the reconciliation of net cash provided by (used in) operating

activities to free cash flow for the three and nine months ended September 30, 2026 and 2025: :

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Cash provided by (used in) operating activities	$11,486		$(5,586)		$(70,605)		$(22,252)
Less: Purchases of property and equipment	(20,966)		(6,430)		(42,605)		(10,443)
Free cash flow	(9,480)		(12,016)		(113,210)		(32,695)

###

Contacts: 

David Myers, SVP Marketing & Strategy

David.Myers@applied-aerospace.com

Investor Contact:

Applied@icrinc.com