Defense tech Lyntris soars on earnings. One analyst sees another 120% upside.

Shares of Lyntris, a developer of military radar and communications systems, jumped around 21% on Thursday after its first earnings report as a public company. Revenue and adjusted earnings per share topped Wall Street expectations. Several houses turned more bullish on the stock, with Guggenheim seeing room for it to more than double.

Shares of defense tech Lyntris rose 20.77% on the New York Stock Exchange on Thursday to $11.34 apiece.

Lyntris’ revenue for the third quarter increased 90% year over year to $194 million. Analysts had expected the top line to rise to $136.9 million, Barron’s reports. Lyntris also reported adjusted earnings of $0.15 per share, versus the consensus estimate of $0.08 per share. On a GAAP basis, however, the company posted a net loss of $3 million, or $0.03 per share. The order book was another bright spot: as of September 30, it had expanded 113% versus the end of 2025 to $1.01 billion.

Management guidance also gave investors reason for optimism. The management expects full-year revenue of $623-630 million and adjusted EBITDA of $95.5-97 million. At the midpoints of those ranges, the figures imply revenue growth of around 61% and adjusted EBITDA growth of 54% versus the 2025 results.

Lyntris provides military communications and radar solutions spanning the process from early threat detection to response. The company went public on August 19 at $17.50 per share, receiving around $67 million in net proceeds, according to its earnings release. Even after Thursday’s jump, the stock closed 35% below its IPO price. It had lost around 20% the previous day amid a defense-sector selloff following the Democrats’ victory in the U.S. midterm elections, Barron’s notes.

Several analysts took a more positive view of the stock following the earnings. Guggenheim analyst Michael Ciarmoli reiterated his “buy” rating and raised his target price from $20 to $25 per share, implying 120% upside from the last close. “We think the positives clearly outweigh any perceived negatives,” Barron’s quoted Ciarmoli as saying. Baird analyst Peter Arment upgraded the stock from “neutral” to “outperform,” equivalent to a “buy,” while keeping his TP at $18 per share, implying 59% upside.

Raymond James analyst Brian Gesuale upgraded the stock from “outperform” to “strong buy,” maintaining his TP of $18 per share. He argues that the market is valuing Lyntris like a conventional government IT contractor, even though its growth and defense tech profile warrant a higher multiple.

Evercore ISI analyst Amit Daryanani took a more cautious stance, maintaining his “outperform” rating but cutting his TP from $22 to $17 per share, which still implies 50% upside from the last close.

Overall, Wall Street unanimously recommends buying Lyntris, with all seven analysts covering the stock bullish. The average target price of $19.67 per share is 74% above the last close.