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Seth Siefman

Vice President and Equity Research Analyst at JPMorgan

Seth Seifman is a Vice President and Equity Research Analyst at JPMorgan Securities LLC, specializing in the aerospace, defense, and industrial sectors. He has covered a broad list of companies, including leading names such as Boeing and General Electric, and has issued over 475 ratings and price targets on 26 stocks, achieving a price target hit ratio of over 80% and a strong average return of approximately 44.86% with a success rate nearing 74%. Seifman started his analyst career at JPMorgan in 2006 after earning his undergraduate degree from Yale University in 1997, and he is recognized as a 4.98-star analyst for his research quality and track record. He holds professional securities credentials appropriate for his role in equity research.

Seth Siefman's questions to KRATOS DEFENSE & SECURITY SOLUTIONS (KTOS) leadership

Question · Q3 2025

Seth Siefman inquired about the progress of the Valkyrie program with the Marines, specifically the ramp-up to full-rate production and the potential for affordable mass. He also asked for a qualitative framework regarding the company's EBITDA progression and the timeline for becoming cash flow positive or narrowing cash burn.

Answer

Eric DeMarco, Kratos' President and CEO, explained that the Valkyrie program with the Marines is progressing as a typical program of record, with infrastructure, personnel, and equipment being put in place for production quantities. He anticipates dozens of aircraft annually in full-rate production. Mr. DeMarco stated that Kratos has a clear line of sight on when the business will turn cash flow positive, but noted that increasing opportunities and associated bid and proposal costs might slightly delay this, even as EBITDA margins are expected to expand.

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