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FY2025 매출 $9.12억에 백로그 $14억이 향후 매출을 선확정한다. RTX(FY25 매출 13%·LTAMDS 레이더)와 미 해군(10%)이 최대 고객으로, 국방예산·레이더 수요에 연동된다. 반대편 리스크는 프라임 집중과 방산 프로그램 실행이다. 재평가 트리거는 백로그의 매출 전환, LTAMDS 등 레이더 물량, 그리고 방산 엣지 AI 채택이다.","analysis_en":"Mercury Systems's thesis is its position as a defense-semiconductor bridge, ruggedizing commercial chips to defense grade for primes. It supplies mission computing, sensor processing and RF/microwave to 300+ programs across 35 countries, with 80%+ of revenue from primes — ruggedizing NVIDIA and Intel commercial processors into radar and EW systems is the core capability, so the entry of AI compute into defense is demand. FY2025 revenue of $912M with a $1.4B backlog pre-commits future sales. RTX (13% of FY25 revenue, LTAMDS radar) and the US Navy (10%) are its largest customers, tied to defense budgets and radar demand. Offsetting risks are prime concentration and defense-program execution. Re-rating triggers are backlog-to-revenue conversion, radar volumes such as LTAMDS, and the adoption of defense edge AI.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"RTX","counterparty_slug":"rtx","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-06","basis":"10-K (FY2024 10%·FY2023 14%)","value":13,"period":"FY2025","basis_en":"10-K"},"note":"레이시온(RTX) 레이더에 신호처리 서브시스템 공급. FY2025 매출의 13%를 차지한 최대 고객. 2024년 2월 미 육군 LTAMDS 레이더 9기분 최대 9,600만달러 3년 하청 수주(미군+폴란드).","note_en":"Supplies signal-processing subsystems into Raytheon (RTX) radars - largest customer at 13% of FY2025 revenue. Feb 2024: up to $96M, three-year LTAMDS subcontract covering nine radars for the US Army and Poland.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-11","url":"https://www.sec.gov/Archives/edgar/data/1049521/000104952125000024/mrcy-20250627.htm","title":"Mercury Systems 10-K FY2025","title_en":"Mercury Systems 10-K FY2025","excerpt":"RTX Corporation comprised 13%, 10%, and 14% of our revenues in fiscal years 2025, 2024 and 2023.","excerpt_en":"RTX comprised 13%, 10%, and 14% of revenues in FY2025/2024/2023."},{"stance":"confirms","publisher":"GlobeNewswire","publisher_en":"GlobeNewswire","kind":"ir","lang":"en","published_at":"2024-02-01","url":"https://www.globenewswire.com/news-release/2024/02/01/2822461/18849/en/Mercury-Awarded-Subcontract-for-the-U-S-Army-s-Next-Generation-LTAMDS-Radar-System.html","title":"머큐리, 미 육군 LTAMDS 레이더 하청 수주","title_en":"Mercury awarded subcontract for the US Army's LTAMDS radar","excerpt":"Three-year subcontract worth as much as $96 million with Raytheon, an RTX business... hardware for the next nine LTAMDS radars for the U.S. Army and Poland.","excerpt_en":"Up to $96M three-year subcontract with Raytheon for nine LTAMDS radars."}]},{"direction":"revenue","counterparty":"Lockheed Martin","counterparty_slug":"lockheed-martin","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-06","basis":"10-K (FY2024 11%·FY2023 13%)","value":10,"period":"FY2025","basis_en":"10-K (11% FY2024, 13% FY2023)"},"note":"록히드마틴 등 프라임에 방산 처리·RF 서브시스템 공급 — 매출 80%+의 프라임 채널 대표.","note_en":"Defense processing and RF subsystems to primes like Lockheed Martin — representative of the prime channel (80%+ of revenue).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-11","url":"https://www.sec.gov/Archives/edgar/data/1049521/000104952125000024/mrcy-20250627.htm","title":"Mercury Systems 10-K FY2025","title_en":"Mercury Systems 10-K FY2025","excerpt":"Lockheed Martin comprised 10%, 11%, and 13% of our revenues in fiscal years 2025, 2024 and 2023.","excerpt_en":"Lockheed Martin comprised 10%, 11%, and 13% of revenues in FY2025/2024/2023."},{"stance":"confirms","publisher":"StockTitan","publisher_en":"StockTitan","kind":"news","lang":"en","published_at":"2025-08-05","url":"https://www.stocktitan.net/sec-filings/MRCY/10-k-mercury-systems-inc-files-annual-report-15b1f5a2f73a.html","title":"Mercury FY2025 매출 $912M, 프라임 80%+","title_en":"Mercury FY2025 revenue $912M, 80%+ from primes","excerpt":"프라임에 방산 처리·RF 서브시스템 공급(80%+).","excerpt_en":"Defense processing and RF subsystems to primes (80%+)."},{"stance":"confirms","publisher":"GlobeNewswire","publisher_en":"GlobeNewswire","kind":"ir","lang":"en","published_at":"2022-05-10","url":"https://www.globenewswire.com/news-release/2022/05/10/2440260/18849/en/Mercury-Systems-and-Lockheed-Martin-sign-memorandum-of-agreement-to-collaborate-on-sensor-processing-technology-in-Switzerland.html","title":"머큐리-록히드, 스위스 F-35 센서 처리 협력","title_en":"Mercury and Lockheed Martin collaborate on sensor processing in Switzerland","excerpt":"With a potential lifetime value of $40 million, the contract supports Lockheed Martin's offset agreement... Switzerland's planned procurement of 36 F-35A Lightning II aircraft. (스위스 F-35 36대 오프셋, 생애 $40M)","excerpt_en":"Potential lifetime value of $40M, supporting Lockheed's offset for Switzerland's 36 F-35As."}]},{"direction":"revenue","counterparty":"미 해군 (US Navy)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-06","basis":"10-K","value":10,"period":"FY2025","basis_en":"10-K"},"note":"FY2025 매출의 10%를 차지한 직접 최종 고객. FY2023~24에는 10% 미만이었다가 신규로 공시선에 진입.","note_en":"Direct end customer at 10% of FY2025 revenue; below the 10% disclosure line in FY2023-24.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-11","url":"https://www.sec.gov/Archives/edgar/data/1049521/000104952125000024/mrcy-20250627.htm","title":"Mercury Systems 10-K FY2025","title_en":"Mercury Systems 10-K FY2025","excerpt":"The United States Navy comprised 10% of our revenues in fiscal 2025, and accounted for less than 10% in fiscal years 2024 and 2023.","excerpt_en":"The US Navy comprised 10% of revenues in FY2025."}]},{"direction":"revenue","counterparty":"프라임·방산 (미션컴퓨팅)","counterparty_slug":null,"confidence":"high","metric":null,"note":"프라임 방산사에 러기드 미션컴퓨팅·RF 공급(35개국 300+ 프로그램) — 매출 80%+가 나오는 본체.","note_en":"Rugged mission computing and RF to prime defense firms (300+ programs in 35 countries) — the core generating 80%+ of revenue.","sources":[{"stance":"confirms","publisher":"MatrixBCG","publisher_en":"MatrixBCG","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://matrixbcg.com/blogs/how-it-works/mrcy","title":"Mercury Systems 사업구조(상용칩→방산등급)","title_en":"Mercury Systems business model","excerpt":"프라임 방산사에 러기드 컴퓨팅·RF 공급(35개국 300+ 프로그램).","excerpt_en":"Rugged computing and RF to prime defense firms (300+ programs)."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-05","url":"https://www.sec.gov/Archives/edgar/data/0001049521/000104952125000022/a2025q4earningsreleaseex.htm","title":"Mercury Systems FY2025 실적(8-K)","title_en":"Mercury Systems FY2025 results (8-K)","excerpt":"프라임 방산사에 러기드 컴퓨팅·RF 공급(35개국 300+ 프로그램).","excerpt_en":"Rugged computing and RF to prime defense firms (300+ programs)."}]},{"direction":"cost","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"mid","metric":null,"note":"엔비디아 상용 GPU/프로세서를 러기드화해 미션컴퓨터에 탑재 — AI 컴퓨팅의 방산 진입 통로.","note_en":"Ruggedizes NVIDIA commercial GPUs/processors into mission computers — the conduit for AI compute entering defense.","sources":[{"stance":"confirms","publisher":"MatrixBCG","publisher_en":"MatrixBCG","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://matrixbcg.com/blogs/how-it-works/mrcy","title":"Mercury Systems 사업구조(상용칩→방산등급)","title_en":"Mercury Systems business model","excerpt":"러기드 미션컴퓨팅에 엔비디아 등 상용 프로세서 가공·탑재.","excerpt_en":"Ruggedizes commercial processors (NVIDIA, etc.) into mission computers."}]},{"direction":"cost","counterparty":"Intel","counterparty_slug":"intel","confidence":"mid","metric":null,"note":"인텔 등에서 임베디드 프로세서 조달 — 러기드 컴퓨팅의 상용 실리콘 원가 축.","note_en":"Sources embedded processors from Intel and others — the commercial-silicon cost axis of rugged computing.","sources":[{"stance":"confirms","publisher":"MatrixBCG","publisher_en":"MatrixBCG","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://matrixbcg.com/blogs/how-it-works/mrcy","title":"Mercury Systems 사업구조(상용칩→방산등급)","title_en":"Mercury Systems business model","excerpt":"임베디드 프로세서를 인텔 등에서 조달.","excerpt_en":"Sources embedded processors from Intel and others."}]},{"direction":"cost","counterparty":"RF·마이크로일렉트로닉스 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"RF·마이크로일렉트로닉스 부품·자체 제조(피닉스 팹) — 서브시스템 성능의 원가 축(비공개).","note_en":"RF/microelectronics parts and in-house manufacturing (Phoenix fab) — the cost axis of subsystem performance (undisclosed).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-05","url":"https://www.sec.gov/Archives/edgar/data/0001049521/000104952125000022/a2025q4earningsreleaseex.htm","title":"Mercury Systems FY2025 실적(8-K)","title_en":"Mercury Systems FY2025 results (8-K)","excerpt":"RF·마이크로일렉트로닉스 부품·제조(피닉스 팹).","excerpt_en":"RF/microelectronics parts and manufacturing (Phoenix)."}]}]}