Company: MRCY
Filing Date: 2025-09-10
Form Type: DEF 14A
Source: 0001049521-25-000029
Chunk: 52

Company: MERCURY SYSTEMS INC
Filing Date: 2025-09-10
Form: DEF 14A
Chunk 52
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 growth engine that is consistently bidding and winning new contracts to drive industry leading organic growth at target margins.

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◦ Margin Expansion : Drive comprehensive cost management efforts enterprise-wide, including improvement in gross margins across all programs and products.

◦ Cash Release : Enhance our cash flow conversion, including improvements in delivery and collection.

These actions have advanced our progress towards industry-leading organic growth, adjusted EBITDA margins and cash flow. Ultimately, we aspire to innovate and advance our processing platform, expand our content across aerospace and defense platforms, and deliver uncompromising performance for all of our stakeholders. During the first two fiscal years of our transformation, we achieved a total shareholder return ("TSR") of approximately 55%. We are confident in our long-term strategy and believe we are well positioned for future growth and success.

### 2025 Financial Results
Our results on key financial measures for fiscal 2025 were as follows:

• Our revenues increased by approximately 9.2%, from $835.3 million for fiscal 2024 to $912.0 million for fiscal 2025.

• Our net loss was $37.9 million for fiscal 2025, compared to $137.6 million for fiscal 2024. Our adjusted EBITDA, a non-GAAP financial measure, increased from $9.4 million for fiscal 2024 to $119.4 million for fiscal 2025. The adjusted EBITDA results discussed in this paragraph are subject to the adjustments set forth in "Appendix B: Reconciliation of GAAP Measures to Non-GAAP Measures."

• Our cash flows provided by (or used in) operating activities in fiscal 2025 were $138.9 million, a Mercury record, compared to $60.4 million in fiscal 2024. Our free cash flow, a non-GAAP financial measure defined as cash flows from operating activities less capital expenditures for property and equipment, was $119.0 million for fiscal 2025 and $26.1 million for fiscal 2024. The free cash flow results discussed in this paragraph are subject to the adjustments set forth in "Appendix B: Reconciliation of GAAP Measures to Non-GAAP Measures."

• Our bookings increased from $1.02 billion in fiscal 2024 to $1.03 billion in fiscal 2025. Our book-to-bill ratio decreased from 1.22x in fiscal 2024 to 1.13x in fiscal 2025.

• Our