Lockheed Martin anticipates that it will be incapable of fulfilling its plan to supply the fifth-generation F-35 Lightning II fighter planes in 2023, due to the postponement of the Technology Refresh 3 (TR-3) upgrade.
Here’s the information we have. In December 2022, Lockheed Martin stated that they expected to transport 147-153 fighter planes in 2023 and 2024.
Nevertheless, CEO Jim Taiclet and CFO Jay Malave believe that the actual shipments will be lower. They disclosed this during a conference with shareholders this week. The TR-3 hardware and software upgrade package will enhance the F-35’s processing core and serve as the foundation for a more comprehensive Block 4 upgrade that will enhance its electronic warfare abilities.
The TR-3 upgrade is delayed by 12 months, and it is projected to take place from December 2023 to April 2024. Jim Tyklet verified that testing of the F-35 TR-3 aircraft could be completed between October and December of this year.
Additionally, the CEO is of the opinion that the modernization delay will not impact Lockheed Martin’s revenue and earnings in 2023. At the conclusion of the first quarter, the firm’s revenues were almost $15 billion, and its earnings were $1.7 billion.