Mercury Systems smashed Q2 revenue expectations with $289.8M, up 6.1% YoY, but missed EPS targets. Their $1.9B backlog surged 35.7% YoY, fueled by record overtime revenue—CEO calls it a demand-driven win. Yet the stock dipped as operating margins fell, blamed on higher costs from ramping key programs. They’re partnering with Palantir to boost AI-driven factory efficiency, aiming to turn backlog into cash faster—but warn margin gains will take time. Revenue’s strong, backlog’s massive, but growth comes with short-term cost trade-offs.
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