Lockheed Martin will not meet its 2023 delivery plan for the F-35 fifth-generation fighter due to delayed TR-3 upgrades

Lockheed Martin expects that it will be unable to meet its plan to deliver the fifth-generation F-35 Lightning II fighter jets in 2023. The reason is the delay in the Technology Refresh 3 (TR-3) upgrade.

Here's What We Know

In December 2022, Lockheed Martin said it expected to deliver 147-153 fighter jets in 2023 and 2024. CEO Jim Taiclet and CFO Jay Malave believe actual deliveries will be lower. They revealed this during a call with investors this week.

The TR-3 hardware and software upgrade kit will improve the F-35's processing core and form the basis of a larger Block 4 upgrade that will enhance its electronic warfare capabilities. The TR-3 upgrade is 12 months behind schedule. The upgrade is likely to take place between December 2023 and April 2024.

Jim Tyklet confirmed that testing of the F-35 TR-3 aircraft could be completed between October and December this year. At the same time, the chief executive believes that the modernisation delay will not affect Lockheed Martin's revenues and profits in 2023. At the end of the first quarter, the company's revenues were almost $15 billion and profits were $1.7 billion.

Source: Defense News