Applied Aerospace & Defense Inc. has filed to go public in the United States, aiming for a New York Stock Exchange listing under the symbol "AADX." The move places the Huntsville, Alabama-based engineering and manufacturing firm among a group of space and defense companies seeking public market capital as attention builds in the sector.
The company describes its business as providing advanced design, engineering and vertically integrated manufacturing solutions tailored to customers in space and defense technology. Applied Aerospace identifies three principal end markets it serves:
- Space and Launch Systems;
- Defense Aviation and Airborne Systems; and
- Command, Control, Communications, Computers, Cyber, Intelligence, Surveillance and Reconnaissance and Precision Strike Systems.
Applied Aerospace operates from eleven U.S. facilities that together offer approximately 1.5 million square feet of manufacturing space, according to the filing.
On a reported basis, the company posted $498.8 million in revenue for the fiscal year ended December 31, 2025, an increase of 24.8% from $399.8 million in the prior fiscal year. For that same 2025 fiscal year the company recorded a net loss of $17.0 million, an improvement from a $34.8 million net loss in the year ended December 31, 2024. The filing also presents a pro forma revenue figure of $604.3 million for the fiscal year ended December 31, 2025, reflecting the effect of the company’s acquisition of CBI.
On a quarterly basis, Applied Aerospace reported $134.4 million in revenue for the fiscal quarter ended March 31, 2026, which represents 21.0% year-over-year growth from $111.0 million in the quarter ended March 31, 2025. The company recorded a net loss of $15.1 million for the quarter ended March 31, 2026, compared with a net loss of $7.3 million in the prior-year quarter.
Balance sheet and capitalization details in the filing show that as of March 31, 2026 the company’s total indebtedness stood at approximately $1,017.8 million.
Ownership and deal management are also addressed in the filing. Greenbriar Equity Group, L.P. is expected to beneficially own approximately a controlling stake of the company’s common stock immediately following the offering. A syndicate of underwriters has been appointed to manage the offering: Morgan Stanley, Jefferies, BofA Securities, RBC Capital Markets and Guggenheim Securities.
Financial snapshot
- Fiscal year ended December 31, 2025 revenue: $498.8 million (24.8% growth from 2024).
- Fiscal year 2025 net loss: $17.0 million (improved from $34.8 million in 2024).
- Pro forma fiscal year 2025 revenue, including CBI acquisition: $604.3 million.
- Quarter ended March 31, 2026 revenue: $134.4 million (21.0% year-over-year growth).
- Quarter ended March 31, 2026 net loss: $15.1 million (vs. $7.3 million prior-year quarter).
- Total indebtedness as of March 31, 2026: approximately $1,017.8 million.
This filing outlines Applied Aerospace & Defense’s plan to enter the public markets while highlighting both its recent revenue growth and its ongoing losses and leverage as it prepares for the offering.