Lockheed to Develop F-35 Warfighting Systems Under $1.4B Navy Contract

Lockheed Martin (NYSE: LMT) has booked a five-year, $1.44 billion contract from the U.S. Navy to continue developing warfighting capabilities for the F-35 program.

The company will develop Multiship Infrared Search and Track Increment 2, Electronic Warfare Band 2/5 Radar Warning Receiver, Beyond Line of Sight communications and Modernized Countermeasure Controller, DOD said Tuesday.

Services under the undefinitized contract are for production lots 16 and 17 of aircraft procured by U.S. military branches, non-Department of Defense participants and foreign military sales clients

The cost-plus-incentive-fee contract also covers the development of combat data systems and training support.

Work will occur in Texas, New Hampshire, Maryland, Florida, California, New York and Arizona through March 2028.

Naval Air Systems Command will finance the contract using Air Force and Navy research, development, test and evaluation accounts for fiscal year 2023, FMS customer funds and non-DOD participants funds.

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