Applied Aerospace & Defense, a supplier of defense components and space structures including for SpaceX, saw its share price drop below its IPO price of $20 to $11.39 after reporting a Q2 loss of $154 million, largely driven by non-recurring IPO-related charges. The company nonetheless delivers strong growth with record adjusted EBITDA of $36.4 million, up 38.5% year over year, and revenue growth of 47.4%. Approximately 87% of its revenue comes from products for which it is the sole-source supplier, while its contracted backlog stands at $1.13 billion, providing long-term visibility. Analysts on average target a price of $25.75, more than double the current share price.
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