10 unchanged sentences
We utilize interest rate derivatives to mitigate interest rate exposure with respect to our financing arrangements.
−Removed: There were $591.5 million of outstanding borrowings against the Revolver at June 27, 2025.
+Added: There were $441.5 million of outstanding borrowings against the Revolver at July 3, 2026.
C ONCENTRATION O F C REDIT R ISK
1 unchanged sentence
We place our cash and cash equivalents with financial institutions with high credit quality.
−Removed: As of June 27, 2025 and June 28, 2024, we had $309.1 million and $180.5 million, respectively, of cash and cash equivalents on deposit or invested with our financial and lending institutions.
+Added: As of July 3, 2026 and June 27, 2025, we had $214.3 million and $309.1 million, respectively, of cash and cash equivalents on deposit or invested with our financial and lending institutions.
We provide credit to customers in the normal course of business.
We perform ongoing credit evaluations of our customers’ financial condition and limit the amount of credit extended when deemed necessary.
−Removed: As of June 27, 2025, five customers accounted for 48% of our receivables, unbilled receivables and costs in excess of billings.
+Added: As of July 3, 2026, five customers accounted for 54% of our receivables, unbilled receivables and costs in excess of billings.
As of June 27, 2025, five customers accounted for 48% of our receivables, unbilled receivables and costs in excess of billings.
15 unchanged sentences
We have audited the accompanying consolidated balance sheets of Mercury Systems, Inc.
−Removed: and subsidiaries (the Company) as of June 27, 2025 and June 28, 2024, the related consolidated statements of operations and comprehensive loss, shareholders’ equity, and cash flows for each of the years in the three-year period ended June 27, 2025, and the related notes and financial statement schedule II - valuation and qualifying accounts (collectively, the consolidated financial statements).
−Removed: We also have audited the Company’s internal control over financial reporting as of June 27, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
−Removed: In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of June 27, 2025 and June 28, 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended June 27, 2025, in conformity with U.S.
+Added: and subsidiaries (the Company) as of July 3, 2026 and June 27, 2025, the related consolidated statements of operations and comprehensive loss, shareholders’ equity, and cash flows for each of the years in the three-year period ended July 3, 2026, and the related notes and financial statement schedule II - valuation and qualifying accounts (collectively, the consolidated financial statements).
+Added: We also have audited the Company’s internal control over financial reporting as of July 3, 2026, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
+Added: In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of July 3, 2026 and June 27, 2025, and the results of its operations and its cash flows for each of the years in the three-year period ended July 3, 2026, in conformity with U.S.
generally accepted accounting principles.
−Removed: Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 27, 2025 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
+Added: Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of July 3, 2026 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Basis for Opinions
18 unchanged sentences
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
−Removed: Critical Audit Matters
+Added: Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that:
2 unchanged sentences
Estimate of total contract costs to be incurred for certain fixed price contract revenue recognized over time
−Removed: As discussed in Note B to the consolidated financial statements, revenue recognized over time for the year ended June 27, 2025 represented 47% of total revenues.
+Added: As discussed in Note B to the consolidated financial statements, revenue recognized over time for the year ended July 3, 2026 represented 47% of total revenues.
For contracts where revenue is recognized over time under fixed price arrangements, the Company recognizes revenue based on the ratio of (1) actual contract costs incurred to date to (2) the Company’s estimate of total contract costs to be incurred.
13 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.